Quarterly Result / Forecast

• EBITDA and adjusted free cash flow in the first quarter of 2025 significantly above market expectations
• EBITDA and FCF forecasts for the full year 2025 raised

Based on preliminary calculations, the EBITDA of the K+S Group in the first quarter of 2025 at EUR 201 million is significantly above market expectations (Vara consensus median estimate as of April 11, 2025: EUR 175 million). The adjusted free cash flow of EUR 32 million for the first quarter of 2025 also significantly exceeds market expectations (Vara consensus estimate: EUR 10 million). The average price in the Agriculture customer segment was higher than expected, the production output was strong, and costs were lower than anticipated. Sales volumes in the Agriculture customer segment (excluding trade goods) reached 1.97 million tonnes (Vara consensus estimate: 1.96 million tonnes) with an average price (excluding trade goods) of EUR 325/tonne.

Against the background of the positive development of the potash market, the EBITDA forecast for the year as a whole has been raised to between EUR 560 million and EUR 640 million (previous forecast: EUR 500 million to EUR 620 million; Vara consensus estimate: EUR 581 million). Despite a higher amount tied-up in working capital in line with the positive price developments, we now expect a slightly positive adjusted free cash flow (previous forecast: at least break-even; Vara consensus estimate: EUR 18 million). 

The closing of accounts is still ongoing. The Company will publish its Q1/2025 Quarterly Report on May 13, 2025.