Nitrogen Gas / Nitrogen Fertilizers — Latest Analysis (Middle East Situation)

Key Insights: Current urea prices ($618–$683/ton) remain well below the 2022 peak of $1,009/ton, yet have surged 70–80% within just three weeks. Should the Strait remain closed through the spring planting season (April–May), prices may approach the 2022 level. III. Comparative Analysis of Nitrogen Fertilizer Listed Companies 3.1 Valuation Overview Company Code Country Share Price Market Cap P/E Revenue (FY25) EBITDA Margin Dividend Yield Analyst Rating CF Industries CF USA $124.90 $19.2B 13.9x $7.08B ~41% 1.6% Hold Nutrien NTR Canada $76.50 $36.8B 16.0x ~$27.0B ~22% 2.9% Buy Yara International YAR.OL Norway NOK 516 ~$12.0B 10.0x $15.7B ~18% 4.3% Buy OCI Global OCI.AS Netherlands €3.09 €652M N/M $1.09B ~8% N/A Hold (in liquidation) LSB Industries LXU USA $14.77 ~$1.1B ~45x $615M ~26% 0% Hold Mosaic MOS USA $23.65 $7.5B 7–16x $12.1B ~20% 2.8% Mixed Grupa Azoty ATT.WA Poland PLN 18.74 ~$450M N/M $3.4B Low N/A Hold SABIC Agri-Nutrients 2020.SR Saudi Arabia SAR 116.60 ~$6.2B ~14x ~$2.5B ~35% 5%+ Buy China Bluestar http://3983.HK China HKD 3.32 ~$2.0B ~8x ~$1.5B ~20% 5%+ Strong Buy Hubei Yihua 000422.SZ China CNY 13–19 ~$2.0B ~30x ~$2.4B ~10% ~1% Hold 3.2 Major Private/Government-Owned Players Company Country Capacity Current Status (as of March 2026) QAFCO (Qatar Fertiliser Company) Qatar 5.6M tons urea + 3.8M tons ammonia/year ⚠️ Fully停产 — Strait of Hormuz closure + LNG facilities attacked IFFCO India 4.24M tons urea/year Operational, but Middle East imports disrupted SKW Piesteritz Germany ~1.2M tons ammonia/year Under severe pressure from high gas prices; Germany’s largest ammonia/urea producer Borealis/OMV Austria ~2.0M tons fertilizers/year Reducing output due to high TTF gas prices Achema Lithuania ~2.0M tons fertilizers/year Largest Baltic producer, impacted by EU gas prices Togliattiazot Russia ~3.0M tons ammonia/year Constructing Taman export terminal; constrained by sanctions

Blue Low-Carbon Ammonia Industry: Current Status, Trends, Outlook, and Strategic Recommendations Report 2026

3.8.2 Ma’aden: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.8.3 Ma’aden: Sales Volume, Revenue, Pricing, and Gross Margin for Blue Low-Carbon Ammonia in the Chinese Market (2021–2026) 3.8.4 Ma’aden: Company Profile and Core Business Activities 3.8.5 Ma’aden: Latest Corporate Developments 3.9 PAO NOVATEK 3.9.1 PAO NOVATEK: Basic Information, Blue Low-Carbon Ammonia Production Base(s), Headquarters, Key Competitors, and Market Position 3.9.2 PAO NOVATEK: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.9.3 PAO NOVATEK: Sales Volume, Revenue, Pricing, and Gross Margin for Blue Low-Carbon Ammonia in the Chinese Market (2021–2026) 3.9.4 PAO NOVATEK: Company Profile and Core Business Activities 3.9.5 PAO NOVATEK: Latest Corporate Developments 3.10 ADNOC Group 3.10.1 ADNOC Group: Basic Information, Blue Low-Carbon Ammonia Production Base(s), Headquarters, Key Competitors, and Market Position 3.10.2 ADNOC Group: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.10.3 ADNOC Group: Sales Volume, Revenue, Pricing, and Gross Margin for Blue Low-Carbon Ammonia in the Chinese Market (2021–2026) 3.10.4 ADNOC Group: Company Profile and Core Business Activities 3.10.5 ADNOC Group: Latest Corporate Developments 3.11 LSB Industries 3.11.1 LSB Industries: Basic Information, Blue Low-Carbon Ammonia Production Base(s), Headquarters, Key Competitors, and Market Position 3.11.2 LSB Industries: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.11.3 LSB Industries: Sales Volume, Revenue, Pricing, and Gross Margin for Blue Low-Carbon Ammonia in the Chinese Market (2021–2026) 3.11.4 LSB Industries: Company Profile and Core Business Activities 3.11.5 LSB Industries: Latest Corporate Developments 3.12 Equinor 3.12.1 Equinor: Basic Information, Blue Low-Carbon Ammonia Production Base(s), Headquarters, Key Competitors, and Market Position 3.12.2 Equinor: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.12.3 Equinor: Sales Volume, Revenue, Pricing, and Gross Margin for Blue Low-Carbon Ammonia in the Chinese Market (2021–2026) 3.12.4 Equinor: Company Profile and Core Business Activities 3.12.5 Equinor: Latest Corporate Developments 3.13 Uniper 3.13.1 Uniper: Basic Information, Blue Low-Carbon Ammonia Production Base(s), Headquarters, Key Competitors, and Market Position 3.13.2 Uniper: Blue Low-Carbon Ammonia Product Specifications, Technical Parameters, and Market Applications 3.13.3 Uniper: Sales Volume, Revenue, Pricing, and Gross Margin for Blue Low-Carbon Ammonia in the Chinese Market (2021–2026)

LSB Industries Releases Q3 2026 Earnings, Stock Rises

3 days ago

LSB Industries reported Q3 2026 earnings of $0.22 per share, surpassing analyst estimates despite lower revenue. Its stock price increased by 3.79% following the release of the financial results.

Quiver Quantitative

2026-04-30

LSB Industries, Inc. Reports Operating Results for Q1 2026

2026-04-30

LSB Industries Reports Strong First-Quarter 2026 Earnings Growth

2026-05-01

LSB Industries (LXU) Q1 EPS Turnaround Tests Bullish Margin Narratives

2026-05-01

LSB Industries, Inc. (NYSE:LXU) Q1 2026 Earnings Call Transcript

2026-05-03

LSB Industries Reports Q1 2026 Earnings Beat