K+S (SDF) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues rose 10% year-over-year to €1,061 million, driven by strong de-icing salt sales and higher potash prices, exceeding consensus estimates.

• Q1 EBITDA increased 39% to €279 million, significantly above Q1 2025's €201 million and market expectations.

• Adjusted net profit (excluding impairment) more than doubled to €134 million; reported earnings were negative due to a €290 million impairment.

• Adjusted free cash flow for Q1 2026 was €87 million, up from €32 million in Q1 2025.

• Agriculture sales volumes remained stable at 1.97 million tonnes, with ASP at €336/t.

Financial highlights

• Revenues: €1,061 million (+10% YoY); EBITDA: €279 million (+39% YoY); EBITDA margin: 26%.

• Adjusted group earnings after tax: €134 million; reported group earnings after tax: €-136.5 million due to €290 million impairment.

• Adjusted EPS: €0.75; reported EPS: €-0.76.

• Operating cash flow: €214 million (+32% YoY); adjusted free cash flow: €87 million (>100% YoY).

• Capex for Q1 2026: €87 million; full-year 2026 expected at ~€600 million.

Outlook and guidance

• 2026 EBITDA guidance raised to €630–730 million (previously €600–700 million), reflecting strong Q1 results and positive price trends.

• Adjusted free cash flow expected to be at least break-even; capital expenditure planned at ~€600 million.

• Agriculture sales volumes forecast at 7.4–7.6 million tonnes; de-icing salt at least 2.5 million tonnes.

• Guidance assumes a EUR/USD rate of 1.17 and stable price levels in key markets.

• Q1 and Q4 expected to be strongest quarters due to seasonality; Q2 EBITDA expected to be significantly below Q1.