November 11, 2025

Q3/2025 Results Dr. Christian H. Meyer Dr. Jens Christian Keuthen

CEO CFO





Agriculture customer segment - ASP The mineralogical composition of the Werra plant is unparalleled anywhere in the world


  • Crude salt contains not only potassium but also magnesium sulfate

  • Werra 2060 Project: The focus is on expanding and strengthening the specialties

Average selling prices MOP and Fertilizer specialties


Premium specialties average 17% higher compared to MOP

€/t

800

600

400

200



Q1/15

Q1/16

Q1/17

Q1/18

Q1/19

Q1/20

Q1/21

Q1/22

Q1/23

Q1/24

Q1/25

0

MOP Fertilizer specialties

Specialties ensure stability and profitability, especially at the lower end of the cycle


Highlights Q3/25 Highlights Financials


€ million

Q3/24

Q3/25

%

Revenues

866

879

+1.5

t/o Agriculture

606

615

+1.6

t/o Industry+

260

264

+1.3

EBITDA

66

111

+68.6

Depreciation

120

90

-24.9

Adj. net profit (excluding extraordinary impairment effect)

-43.7

18.9

-

Adj. EPS (€) (excluding extraordinary impairment effect)

-0.24

0.11

-

ROCE (LTM; %) (excluding

extraordinary impairment effect)

0.7

0.8

+14.3

Operating cash flow

163

161

-1.2

Adj. FCF

24

37

+54.8

Capex

140

135

-4.1

  • Q3/25 EBITDA at €111 mln (Q3/24: €66 mln)

  • Agriculture sales volume (excl. trade goods) at 1.74 mln t (Q3/24:

    1.80 mln t); ASP (excl. trade goods) at 336 €/t



  • Q3/25 adj. FCF at €37 mln (Q3/24: €24 mln); lower WC draw down than in Q3/24

    9

    + higher prices

    - lower volumes

    4

    + inventory draw

    down in Q3/24 not repeated in Q3/25

    + FX

    111

    66

    32

EBITDA in €m

Q3/24 Revenue effect Agriculture excl. FX

Revenue effect Industry+ excl. FX

Costs, FX, one-off Q3/25



ASP development in Agriculture customer segment

2023

Q1/24

Q2/24

Q3/24

Q4/24

2024

Q1/25

Q2/25

Q3/25

Revenues

€ million

2,721.3

679.9

615.9

605.8

648.5

2,550.1

664.8

617.5

615.3

thereof trade goods

(mainly specialties,

Overseas)

67.0

19.5

56.3

49.3

33.4

158.4

24.7

32.0

27.9

Europe

€ million

1,202.9

344.7

270.5

270.9

296.4

1,182.5

357.4

289.6

276.3

Overseas

USD million

1,640.0

364.0

371.9

367.9

376.1

1,479.9

323.5

371.8

396.0

MOP

€ million

1,661.1

338.3

314.4

292.0

317.5

1,262.2

358.6

327.8

344.7

Fertilizer specialties

€ million

1,060.2

341.6

301.6

313.8

331.0

1,288.0

306.2

289.7

270.6

Sales volumes

million tonnes eff.

7.31

2.02

1.97

1.89

2.03

7.90

2.01

1.82

1.80

thereof trade goods

million tonnes eff.

0.11

0.04

0.13

0.09

0.07

0.34

0.04

0.08

0.06

Europe

million tonnes eff.

2.97

0.95

0.79

0.81

0.89

3.45

1.04

0.81

0.77

Overseas

million tonnes eff.

4.34

1.07

1.18

1.08

1.13

4.45

0.97

1.01

1.03

MOP

million tonnes eff.

4.62

1.08

1.10

1.04

1.13

4.35

1.20

1.06

1.07

Fertilizer specialties

million tonnes eff.

2.69

0.94

0.87

0.85

0.89

3.55

0.81

0.76

0.73

Average price

€/tonne eff.

372.1

336.4

312.9

321.1

319.9

322.7

330.0

339.0

341.6

adj. by trade goods

€/tonne eff.

368.6

333.8

304.8

310.0

314.8

316.2

325.0

336.4

336.5

Europe

€/tonne eff.

404.8

361.3

341.1

333.9

331.4

342.5

343.5

357.2

361.1

Overseas

USD/tonne eff.

377.7

341.0

316.4

342.2

332.0

332.5

332.1

367.8

385.9

MOP

€/tonne eff.

359.4

313.9

285.2

280.6

281.6

290.2

297.8

309.1

322.1

Fertilizer specialties

€/tonne eff.

393.9

362.0

348.3

371.1

371.9

362.8

377.9

380.7

370,7

Outlook


Market outlook

Key message



    • Global potash demand is expected to remain strong, driven by ongoing demand in Brazil, South East Asia, and Western Europe.

    • In June 2025, China agreed to a contract price of USD 346/t for standard potassium chloride, while the Indian contract was slightly higher at

      USD 349/t. Inventories in China are still on a low level, while cross-

      boarder contract prices edged up.

    • High capacity utilization in the global potash market is expected to continue.

    • Stable prices are assumed compared to current levels for the remainder of 2025. All MOP producers are affected by the weak USD.



      Guidance 2025*

      Guidance slightly specified



      2,423

      1,067

      570 - 630

      712

      558

      445

      2020 2021 2022 2023 2024 2025

      * as of November 11, 2025

  • EBITDA now expected to range between €570 and 630 mln with the

    midpoint remaining unchanged.

    • Midpoint: stable prices on average compared to current levels for rest of the year FY ASP on level of H1/25 (330 €/t); Agriculture sales volumes (excl. trade goods): around 7.4 mln t (2024: 7.56 mln t): This adjustment is due to reduced production volumes, which are the result of the deliberate optimization of our product mix, among other things.



    • Below-/above-average winter weather in the Q4, lower-/higher-than-expected potash production, with corresponding impacts on inventories, and less/more favorable conditions in terms of average prices (incl. exchange rates) in the Agriculture customer segment and gas prices, could collectively result in EBITDA at the lower/upper end of the range.

  • Higher costs for energy and personnel not fully offset by reduced material costs.

  • Capex of about €550 mln.

  • USD/EUR exchange rate: 1.18 USD/EUR.

  • Adjusted free cash flow is still expected to be slightly positive.

    (2024: €62 mln)

    Housekeeping items / Financial calendar

    Additional information on 2025 FY outlook - continuing operations



    • Tax rate: 30%

      Financial calendar



    • Cash interest: less than €-20 mln

    • CapEx: €550 mln (2024: €531 mln)



    • D&A: ~ €430 mln (2024: €560 mln)

Münchner Kapitalmarktkonferenz, München - IR

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Scotiabank 27th Annual Mining Conference, Toronto - IR

Dec 4, 2025





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K+S AG published this content on November 09, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 11, 2025 at 06:03 UTC.