Information for investors, analysts, and interested parties
Publication November 2025
Table of contents
2
1 | 8 K+S GroupBoard of Executive Directors - since June 1, 2025
Dr. Christian H. Meyer
Dr. Carin-Martina Tröltzsch (Chairman) Christina Daske Dr. Jens Christian Keuthen
You can find the CVs of our Executive Board members on the K+S website. For current information on the responsibilities of the individual members of the Board of Executive Directors, please refer to our bylaws which can also be found on the K+S website at https://www.kpluss.com/executivedirectors.
K+S Conspect: 50 locations on 6 continentsThe history of the K+S Group goes back to the 19th century, when the world's first potash deposits were opened up in Germany. Today, the K+S Group is an internationally oriented raw materials company with production sites in Europe and North America.
K+S strives for sustainability and acknowledges its responsibility towards people, the environment, communities, and the economy in the regions in which it operates.
The claim is to enrich life for generations and to be a pioneer for environmentally friendly and sustainable mining.
K+S Group financials (9M/2025)
Employees worldwide
ca. 11,000
Revenues Adjusted free cash flow
€2,715.0 million €61.6 million
EBITDA EBITDA margin
€421.0 million 15.5%
Why is K+S an attractive investment for investors?K+S - an attractive investment
Financially debt-free company with a solid balance sheet; investment grade rating BBB-.
We can finance our investments in the economic and sustainable transformation of K+S from our own resources (even at the lower end of the potash price cycle).
Attractive adjusted free cash flow and thus distribution potential (after the phase of increased investments).
Excellent growth prospect in Canada (ramp-up from 2 to 4 million tonnes).
Additional potential with improved potash prices (according to Argus study); megatrends intact, additional demand can only be met by investment-intensive new capacities.
Excellent opportunities for developing new business areas by using our unique infrastructure.
K+S is the first producer to be able to offer potash and salt with the lowest possible carbon footprint.
Our products are indispensable for people, animals, and plants
1
Global megatrends call for efficient fertilization. With our fertilizers, we support farmers in combating world hunger.
K+S offers high-purity salts for over 5,000 different applications, including in pharmaceutical products and the food industry, making them an important part of everyday life.
High access barriers in the potash market will also prevent a significant oversupply in the future
K+S expects demand for potash to grow at a compound annual growth rate of 2-3%1, making new projects or expanded capacities
2 averaging around 2 million tonnes per year1 urgently necessary to meet the rising demand.
With our new potash plant in Bethune, Canada, we can grow steadily and increase our production by >100,000 tonnes a year.
Agriculture has evolved and so have we - since 1889
3
Unique selling point: K+S is the only potash supplier with production sites in Europe and North America and has a well-developed logistics network. Continuous expansion of our advisory services to provide local farmers with added value and support them in efficient fertilization.
Our strategy focuses on optimizing the existing business
We are optimizing our German sites to ensure our position also at the lower end of the cycle and improve our environmental footprint.
We use opportunities to expand our specialties portfolio and leveraging our unique infrastructure (storage of gas in caverns, underground farming, tailings pile covering, waste and recycling management).
We are global pioneers in environmentally friendly and sustainable mining
We have already reduced our CO2emissions by around 80% since 1990 and have developed a path to becoming greenhouse gas neutral
at our production sites (own business activities) by 2045. In future, we will be able to produce potash with the smallest possible CO2
footprint in Germany.
Strong balance sheet and prudent financial policy
K+S wants to maintain a strong balance sheet and generally strives for a maximum leverage ratio (net debt/EBITDA) of 1.5x.
Clear guiding principles for shareholder distributions established.
1 IFA 2024, K+S estimates; actual production including potassium sulfate and low-grade potash
K+S at a glance
Customer segments (no segments according to IFRS)
Agriculture
With our wide range of potassium chloride (MOP)
and fertilizer specialties,
accompanying advice, we
as
support
well
as
farmers
around the world in achieving high yields and the
best crop qualities.
Agriculture
Revenues 9M/2025
€1,897.6 million
Sales volumes 9M/2025
5.63 million tonnes
Industry+
We produce, refine, and supply natural raw
materials for communities, consumers, and numerous industrial applications - and if residues remain, we have the right disposal solution. Our products and services keep production running.
thereof de-icing salt
Industry+
Revenues 9M/2025
€817,4 million
Sales volumes 9M/2025
4.66 million tonnes
2 | 8 Relevant megatrends
Important megatrends and their implications
Implications for K+S
8.6 billion
Global population in 2030 Today: 8.0 billion
40%
of the population suffers from water scarcity in 2030
70% of water used for agriculture
0.2 ºC
Average global warming
per decade
2/3 of the world's
population
belong to the middle class in 2030
2015: 14% of the
world's population
Arable land shrinking
Yield needs to be improved
Higher efficiency of fertilization and irrigation
needed
Plants have to be more stress resistant
Infrastructure needs to be improved
focus on renewable energy
Growing population, especially in Asia, needs
more salt for various purposes
Sources: United Nations, 2017; World Population Clock of the Deutsche Stiftung Weltbevölkerung (dated July 2022); "Global temperature change" from James Hansen et al.
(September 25, 2006); World Water Report 2021 of the UNESCO; James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global Wealth Databook 2015
Why use fertilizers?"The Natural Laws of Farming", Justus von Liebig, 1863
"The growth and yield of a plant is limited by the nutrient available in the smallest amount."
Plants need sunlight, water, and minerals to thrive.
There are few soils on earth which have a sufficient content and availability of plant nutrients to achieve high yields over a longer period without fertilization.
Potash is an indispensable addition to the natural nutrient content of arable soils.
The deprivation of nutrients by harvesting and other factors must be compensated by balanced fertilization.
Less arable land - but more protein consumption per capita
1960 2010 2050
Global
population development
3.0 billion
6.9 billion
9.7 billion
this equals the population of Germany.
Arable land per capita
4,300 m² 2,100 m² 1,800 m2
At the same time, the available arable land per capita will decrease.
Protein per capita
60 g/day
80 g/day 130 g/day1
By 2050, an expanded world's population will consume two-
thirds more animal protein than it does today.
In 2050, only roughly 25% of a soccer field will be available for a person's annual food supply - 80% of the future growth in agricultural commodity production will result from increases in yields. This is achieved through the use of balanced fertilization.
Source: UN, World Population Prospects, 2022 Revision, UNDP, 2013; FAOStat 2014; 1 FAO 2014 - Forecasts based on expected increase in animal protein
Long-term demand drivers
Demand drivers
Arable land shrinking
Water scarcity
Increasing standard of living
Industry & Pharma
Agriculture
Economic growth and industrialization |
Urbanization |
Winter weather conditions |
Infrastructure development |
Global warming |
Population growth
Industry +
Consumers
Communities
Farmer profitability of corn (USA)Expenditure for potash products of an agricultural farm: approx. 4% of the total cost
The earnings prospects should give the agricultural industry sufficient incentive to increase the yield per hectare by using plant nutrients.
Profit potential in % of revenues
16%
Thereof costs for potash
products: ~ 4%
Operating profit
Fertilizer costs Other costs
67%
17%
100%
0%
Corn (USA)
3 | 8 Market situationWorld potash production and sales volumes by region
in million tonnes
1
2
6
6
19
37
11
27
6
28
17
Rounded values were used to simplify presentation.
Sources: IFA, K+S, Estimates
Basis: Year 2024 - incl. Potassium sulfate and low-grade potash
Before the restrictions on Russian exports and the sanctions against Belarus, the potash market was operating at full capacity.
By 2021, Russia and Belarus each produced around 16% of global potash volumes. Capacity expansions (11 million tons) would have come from these countries in the coming years.
28% of global wheat exports come from Russia and Ukraine.
World potash production | 77.9 mt | 66.3 mt | 74.0 mt | 81.0 mt |
World potash sales volume | 77.0 mt | 63.7 mt | 72.6 mt | 79.2 mt |
2021 2022 2023 2024
New potash capacities needed to meet rising demandMio. t
110
100
90
80
70
60
50
40
30
20
10
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
0
(incl. Potassium sulfate and low-grade potash)
The IFA assumes growth of 2% p.a.
Demand
Potash price development
USD/t
1.200
1.100
1.000
900
800
700
600
500
400
300
200
1.200
Potassium
Chloride
(MOP) Brazil
Potassium
Sulfate (SOP)
Europe
Potassium
Chloride (MOP) Europe
1.100
1.000
900
800
700
600
500
400
300
200
EUR/t
MOP gran. Brazil USD/t, cfr (left scale) SOP Europe EUR/t, cfr (right scale)
MOP gran. Europe EUR/t, cfr (right scale)
Source: FMB Argus Potash
Supplier structure on the global potash market 2024Top 5 Potash Fertilizer Producers:
2024
2023
9%
9%
11%
China
20+ Producers
Belaruskali | 2024 | 14% |
2023 | 14% |
Uralkali
2024 16%
2023 13%
69%
World Potash Sales Volumes 2024
20%
Others
ICL, APC, EuroChem, Laos, Intrepid, Compass, SQM
Nutrien
2024
18%
2023 18%
Mosaic
2024 12%
2023 12%
Source: IFA 2024, K+S, company data
Basis: Year 2024 - incl. Potassium sulfate and low-grade potash
to meet rising demand!5.1
1.9
13.4
3.2
3.2
New potash capacities needed
in million tonnes eff. (product)
Demand growth until 20232 BHP Stage 1 Production Production by new preojects
in Belarus and Russia
Production volumes from further realistic Greenfield projects, Brownfield extansions as well as consideration of capacity reduction
Additional capacity required to meed increased demand by 2032!
Please note: Production volumes are based on announced capacities and typical utilisation rates for conventional mines.
Source: K+S
Between desire and realityClassification of potash projects announced since 2006 (Greenfield)
Various greenfield projects planned in Thailand, Laos, Russia, Kazakhstan,
Uzbekistan, Belarus, Canada, USA, Brazil, and Argentina, among others. Companies involved include BHP Billiton, K+S, state-owned companies, and new, start-up companies.
160
Announced projects
Legal
framework
Energy
supply
Water
supply
Transportation
routes
Reasons for project cancellation
K+S accelerates annual ramp-up at Bethune to 150,000 t
(2024: good 2 million t, target: 4 million t per year).
Since H1/2020, EuroChem has been producing potash at one of two Russian mines.
3
Current projects in ramp-up
Source: World Potash Developments, Mark D. Cocker & Greta J. Orris, 2012
Farmer profitability still at high levelPrice development of agricultural commodities since 01/2020
220
200
180
160
140
Sharp increase in crop prices significantly exceeds higher input costs.
Farmer profitability reached all-time highs in some regions.
Potash costs only account for ~4% of total input costs.
Maize
Soybeans
December 2019 = 100
120
100
80
60
01 07 01/21 07 01/22 07 01/23 07 01/24 07 01/25 07
Source: Worldbank
Potassium use by crop in selected countries13%
13%
52%
4%
15%
4%
5%
83%
5%
43% |
12% |
5% |
11% |
12% |
17% |
100% 2%
90%
80% 1%
70%
60%
50%
40%
30%
20%
10%
1%
0% 2%
Euro zone Brazil Indonesia
Source: IFA, "Fertilizer Use by Crop" based on data from 2016-2018, published 2022
Global potash sales volume by regionmillion tonnes | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
Western Europe | 5.6 | 5.8 | 6.2 | 6.0 | 5.9 | 6.2 | 6.2 | 6.0 | 6.2 | 6.5 | 4.9 | 4.8 | 5.7 |
Central Europe/FSU | 5.1 | 4.7 | 4.4 | 4.8 | 4.8 | 5.2 | 5.4 | 5.5 | 5.6 | 6.0 | 4.4 | 4.9 | 6.1 |
Africa | 0.7 | 0.8 | 1.0 | 1.0 | 1.1 | 1.4 | 1.6 | 1.4 | 1.6 | 1.8 | 1.4 | 1.3 | 1.7 |
North America | 9.1 | 9.7 | 11.8 | 9.5 | 10.9 | 11.2 | 11.5 | 9.8 | 11.7 | 12.4 | 9.0 | 11.4 | 11.1 |
Latin America | 10.5 | 11.0 | 11.9 | 11.5 | 12.2 | 12.7 | 13.7 | 13.5 | 15.8 | 16.9 | 13.3 | 16.6 | 17.4 |
Asia | 23.4 | 26.2 | 32.4 | 32.3 | 30.1 | 32.5 | 32.6 | 31.6 | 35.7 | 32.5 | 30.1 | 33.0 | 36.4 |
- thereof China | 12.0 | 13.8 | 16.7 | 18.5 | 16.2 | 16.2 | 16.3 | 17.8 | 19.5 | 17.0 | 18.2 | 20.6 | 21.8 |
- thereof India | 2.8 | 3.5 | 4.5 | 4.1 | 4.0 | 5.0 | 4.5 | 4.5 | 5.4 | 3.2 | 2.9 | 3.0 | 4.0 |
Oceania | 0.4 | 0.5 | 0.7 | 0.6 | 0.6 | 0.7 | 0.8 | 0.7 | 0.7 | 0.8 | 0.5 | 0.6 | 0.8 |
World total | 54.8 | 58.7 | 68.4 | 65.7 | 65.6 | 69.9 | 71.8 | 68.5 | 77.3 | 77.0 | 63.7 | 72.6 | 79.2 |
Incl. potassium sulfate and low-grade potash of around 5 million tonnes eff. ; Sources: IFA, K+S
Supplier structure on European salt marketK+S has a market share of 20%
Others
43%
15%
20%
10%
12%
SWS
Nobian*
K+S has the highest market share in Europe and is the leader in salt production.
A versatile product portfolio with a high proportion of specialties enables customized solutions for a wide range of market requirements and every industry.
Thanks to several production sites in Europe and an extensive distribution network, K+S guarantees a comprehensive geographical presence that enables fast, flexible and reliable deliveries.
Salins
* In 2021, Nouryon has completed a spin-out of its base chemicals business, Nobian. Since then, Nouryon has also traded under the name Nobian.
Source: K+S
4 | 8 Sustainable transformation as part of our strategy
Guiding principles of strategy and management focusFinancial ambitions
Earn cost of capital over a 5-year cycle
At the same time, an EBITDA margin of > 20% is aimed for over this cycle
Generally striven for a leverage ratio (net debt/EBITDA): maximum 1.5x
K+S Sustainability GoalsWe have set ourselves ambitious goals in these three areas of action:
Social Responsibility, Environment & Resources and Governance
The human being is our focus
Active commitment to environmentally
friendly production
Integrity & a sense of responsibility characterize our actions
Our sustainable transformation pays off
Werra 2060
Increase in energy
efficiency, more
specialties
Securing the future
Less tailings disposal
Reduction of saline process water and,
therefore, the end of the discharge in 2028
Halving CO2
New Business Areas/Use of infrastructure
Coverage of tailings piles
/REKS
Circular economy
Underground/Indoor Farming
Cavern/hydrogen storage
K+S is the first producer to offer potash and salt with the smallest possible CO2 footprint!
Decarbonization
25% CO2reduction
by 2030
60% by 2040
Greenhouse gas neutral (Scope 1
and 2) by 2045
Our capital expenditure will be increased in the course of the sustainable and economic transformation (especially in the years 2024 to 2026).
Nevertheless, our strong balance sheet and improved operating cash conversion ensure at least break-even free cashflows - even at the lower end of the cycle.
Ramp-up Bethune/CA
Increase in production from a good 2 to 4 million tonnes p.a. through cost-effective, water-and energy-saving secondary mining
70 %
Optimize the existingEBITDA impact: around €30 million p.a.
Increase of marketing in USA ex Bethune
Increase of trading business in Middle East, China and India
Improved leveraging of local sales network
Agriculture
Focus on potash product groups for industrial product sales
Capacity expansion of high-purity salts
Optimization of de-icing salt setup
Industry+
Warehouse and network optimization for European salt logistics
Optimization of warehousing
Improved use of infrastructure
Supply Chain
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Disclaimer
K+S AG published this content on November 10, 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.
