K+S (SDF) Q4 2025 earnings summary

Executive summary

• Q4 EBITDA rose 17% year-over-year, reaching €192 million, with full-year EBITDA at €712 million and revenues stable at €3.65 billion, driven by higher prices in Agriculture and industrial products despite increased costs.

• Adjusted Group earnings after tax, excluding extraordinary impairment, reached €125.5 million, while reported Group earnings after tax were -€1.13 billion due to a €1,575 million non-cash impairment, partially offset by a €484 million Q4 asset write-back.

• Full-year free cash flow was €29 million, with CapEx at €546 million; a dividend of €0.07 per share is proposed, representing 43% of free cash flow.

• Agriculture sales volumes for Q4 were 1.87 million tonnes at an average selling price of €328/t; full-year volumes were 7.57 million tonnes.

• De-icing salt and fertilizer specialties contributed to strong segment performance, with robust demand and higher average prices.

Financial highlights

• Q4 EBITDA increased 17% year-over-year to €192 million, with full-year EBITDA at €712 million.

• Revenues held steady at €3.65 billion, with Agriculture segment revenues at €2.55 billion.

• Adjusted free cash flow for the year was €29 million, down from €62 million the previous year.

• Dividend payout proposed at 43% of free cash flow, or €0.07 per share, totaling €13 million.

• Q4 2025 operating cash flow was €148 million, up 49.5% from Q4 2024.

Outlook and guidance

• 2026 EBITDA guidance is €600–700 million, moderately above 2025, with adjusted free cash flow expected to at least break even.

• CapEx for 2026 projected between €550–600 million.

• Potash demand expected to rise globally in 2026, with full capacity utilization and higher prices, especially in Brazil.

• De-icing salt sales volumes expected to increase significantly in 2026 due to exceptional winter.

• Tax rate for 2026 expected at 30%; 70% of European and Canadian natural gas requirements for 2026 fixed at under €40/MWh.