KWS SAAT & (KWS) investor relations material

Executive summary

• Net sales reached €1,348.6 million, up 0.3% year-over-year, with organic growth of 2.6% offset by negative currency and portfolio effects; all product segments contributed to organic growth despite challenging agricultural markets and lower land under cultivation.

• EBITDA rose to €386.8 million from €360.8 million, supported by a €29 million one-off gain from the sale of North American corn license rights and cost discipline.

• Net income from continuing operations increased to €220.0 million from €202.8 million, with earnings per share at €6.67.

• Operational profitability was maintained through a diversified, innovation-driven portfolio and strong cost discipline.

• Free cash flow declined to €-52.7 million, mainly due to higher receivables and investment outflows.

Financial highlights

• Net sales: €1,348.6 million (up 0.3% year-over-year); organic growth 2.6% offset by -1.8% currency and -0.5% portfolio effects.

• EBITDA: €386.8 million (up 7.2%); adjusted EBITDA (excluding special items) increased from €353 million to €357.8 million.

• Net financial income/expenses improved to €3.3 million from €-11.7 million, mainly due to higher equity investment results.

• CapEx decreased to €56.0 million from €73.6 million, reflecting normalization and focus on production and R&D capacity expansion.

• Free cash flow from continuing operations was -€52.7 million, down from -€3.9 million, mainly due to higher receivables backlog.

Outlook and guidance

• Full-year guidance confirmed, expecting stable revenue and an EBITDA margin of 19–21%, excluding the €29 million one-off gain.

• Net sales for fiscal 2025/2026 expected to remain at prior-year level on a comparable basis, reflecting subdued agricultural conditions and reduced sugarbeet acreage.

• Underlying business performance and cost discipline support a positive outlook, despite currency volatility and regional order patterns.

• Vegetable segment expected to contribute mid-single-digit million euro revenue in 2026/27, with a target of €100 million by decade’s end.

• Key risks include subdued agricultural environment and expected decline in Russian business due to import restrictions.