KWS SAAT & (KWS) Q3 2026 earnings summary

Executive summary

• Net sales reached €1,348.6 million, with 2.6% organic growth offset by negative currency and portfolio effects; all segments contributed to growth despite challenging agricultural conditions and lower cultivation areas.

• EBITDA rose to €386.8 million (up 7.2%), 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 (up 8.5%), with EPS at €6.67.

• Operational profitability was maintained through a diversified portfolio, innovation, and strong cost control.

• 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% across all segments, offset by -1.8% currency and -0.5% portfolio effects.

• EBITDA: €386.8 million (up 7.2%); adjusted EBITDA increased to €357 million from €353 million.

• Net income from continuing operations: €220.0 million (up from €202.8 million); EBIT: €311.1 million (up 10.3%).

• CapEx decreased to €56.0 million from €73.6 million; free cash flow was €-52.7 million versus €-3.9 million last year.

• Net debt stable at €178.7 million; leverage improved to 0.4x EBITDA.

Outlook and guidance

• Full-year 2025/2026 forecast confirmed, with revenue expected to remain stable on a comparable basis and EBITDA margin guidance at 19–21%, excluding the €29 million one-off gain.

• Expectation to exceed last year’s free cash flow of €123 million for the full year.

• Guidance reflects subdued agricultural conditions, reduced sugarbeet acreage, and expected Russian business decline.

• Underlying business trends and cost control provide confidence despite ongoing uncertainties.