Revenues and EBITDA above expectations – 2025 forecast raised

• Q1 revenues: €965 million (Q1/2024: €988 million; Vara consensus estimate as of April 11, 2025: €958 million)
• Q1 EBITDA: €201 million (Q1/2024: €200 million; Vara consensus estimate as of April 11, 2025: €175 million); EBITDA margin at 21% (Q1/2024: 20%)
• Average price in the Agriculture customer segment (excluding trade goods) continued to rise in Q1/2025 to €325/t (Q4/2024: €316/t; Q1/2024: €334/t)
• Sales volumes in the Agriculture customer segment (excluding trade goods) remained stable at 1.97 million tonnes (Q1/2024: 1.98 million tonnes)
• Adjusted free cash flow reached €+32 million in the first three months (3M/2024: €+111 million; Vara consensus estimate as of April 11, 2025: €+10 million)
• Exports in the Agriculture customer segment not affected by U.S. tariffs
• 2025 outlook:
  o EBITDA forecast raised to €560 million to €640 million (previous forecast: €500 million to €620 million; 2024: €558 million; Vara consensus estimate as of April 11, 2025: €581 million)
  o Adjusted FCF now expected to be slightly positive (prev. forecast: at least break-even; 2024: €+62 million; Vara consensus estimate as of April 11, 2025: €+18 million)

* K+S had already published its preliminary results for the first quarter and raised its forecast for 2025 in an ad hoc disclosure on April 29.

“We have made a good start to the new year," said Dr. Burkhard Lohr, Chairman of the Board of Executive Directors of K+S Aktiengesellschaft. “Due to the positive development of the potash market, we have raised our forecast and now expect EBITDA of between €560 million and €640 million for the year as a whole.”

In the Agriculture customer segment, revenues reached €665 million in the first quarter (Q1/2024: €680 million). While revenues in Europe rose to €357 million (Q1/2024: €345 million), revenues overseas were slightly below the prior-year level at €307 million (Q1/2024: €335 million). Higher prices for potassium chloride in Brazil and Southeast Asia led to a further increase in the average price of the K+S product portfolio (excluding trade goods) from €316/t in the fourth quarter of 2024 to €325/t in the first quarter of 2025 (Q1/2024: €334/t). Sales volumes reached 1.97 million tonnes in the first quarter (Q1/2024: 1.98 million tonnes).

In the Industry+ customer segment, revenues in the third quarter were slightly below the prior-year level at €300 million (Q1/2024: €308 million). This was mainly attributable to lower de-icing salt volumes due to weather conditions and lower revenues for chemical products compared with the previous year. At 1.81 million tonnes, sales volumes were slightly below the prior-year quarter (Q1/2024: 1.85 million tonnes).

After Russia and Belarus have fully regained their market position in 2024, especially outside the European market, while global capacities are fully utilized, K+S expects global potash demand to increase further in 2025. During the spring season, demand from many important sales markets had to be met simultaneously. Following the bottoming out of potassium chloride prices at USD 283/t in the important overseas market of Brazil at the beginning of October 2024, they rose steadily to just under USD 360/t by the beginning of May 2025. Depending on the region and product group, this development is reflected in the prices realized by K+S with a certain time lag. Contracts in India and China are still pending.

As announced in the ad hoc disclosure dated April 29, 2025, K+S has raised its EBITDA forecast for the full year 2025 to between €560 and €640 million (previous forecast: €500 to €620 million; 2024: €558 million). Adjusted free cash flow is now expected to be slightly positive (previous forecast: at least break-even; 2024: €+62 million). K+S continues to expect sales volumes for all products in the Agriculture customer segment (excluding trade goods) to range between 7.5 and 7.7 million tonnes (2024: 7.56 million tonnes).

The midpoint of the EBITDA range assumes that the price level achieved at the end of April in the important overseas market of Brazil will continue to have a positive impact on other sales markets and product groups we serve and can be maintained on average over the entire second half of the year. This would result in a slight increase in the average annual price (excluding trade goods) in our product portfolio compared with the first quarter of 2025 (Q1/2025: €325/t). At the same time, it is expected that higher energy and personnel costs cannot be fully offset by cost reductions for materials.

Further assumptions underlying the assessment for the full year 2025 are described on page 9 of the Q1/2025 Quarterly Report.

Further information and data on developments in the first quarter of 2025 can be found in the Q1/2025 Quarterly Report and in the Q1/2025 Facts & Figures, as well as in the interview on business development with Dr. Christian H. Meyer, CFO of K+S. A video conference for analysts with Dr. Christian H. Meyer, CFO, will be held today at 10:00 am in English. Members of the press and interested members of the public are invited to follow the conference via a live audio webcast. The conference call will be recorded and will be available for replay afterwards.

The Annual General Meeting of K+S will be held virtually on Wednesday, May 14, starting at 10:00 am (CEST).

We make an important contribution to society: We enable farmers securing the world's food supply. Our products keep numerous industries running. We enrich consumers' daily lives and ensure safety in winter. With around 11,000 employees, production sites on two continents, and a global distribution network, we are a reliable partner for our customers. At the same time, we are realigning ourselves: We are focusing even more strongly than before on fertilizers and specialties. We are becoming leaner, more cost-efficient, more digital, and more performance-oriented. On a solid financial basis, we are tapping into new markets and business models. are committed to our responsibility towards society and the environment in all regions in which we operate.

This press release contains facts and forecasts that relate to the future development of the K+S Group and its companies. The forecasts represent estimates that we have made on the basis of all the information available to us at the present time. Should the assumptions underlying these forecasts prove not to be correct or risks - such as those described in the risk report contained in the current annual report - materialize, actual developments and results may deviate from current expectations. The Company assumes no obligation to update the statements contained in this press release other than as required by law.