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K+S (SDF) investor relations material
K+S Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary12 Aug, 2025
Executive summary
Q2 2025 EBITDA was €110 million, down 15% year-over-year, mainly due to lower agriculture sales volumes, earlier maintenance, and a €10 million mining provision adjustment.
Revenues for Q2 2025 were €871 million, nearly flat year-over-year; H1 2025 revenues were €1,835.9 million, down 1.4%.
A non-cash impairment loss of €2,063 million was recognized, mainly due to revised long-term EUR/USD assumptions and potash price series.
Adjusted free cash flow improved to €-8 million in Q2 2025 and was €24.3 million for H1 2025, both lower year-over-year.
Share price rose 49% in H1 2025, outperforming the MDAX and key competitors.
Financial highlights
Q2 2025 revenues: €871 million (Q2 2024: €874 million), a 0.3% decrease.
Q2 2025 EBITDA: €110 million (Q2 2024: €128 million), a 15% decrease.
Gross margin turned negative in Q2 2025 due to the impairment; gross profit was €-1,985.6 million.
Adjusted group earnings after tax (excluding impairment) were €47.9 million for H1 2025, down from €58.1 million in H1 2024.
Equity ratio decreased to 60.2% as of June 30, 2025, mainly due to the impairment.
Outlook and guidance
Full-year 2025 EBITDA is expected between €560–640 million, with average selling price in Agriculture projected at H1 2025 levels (~€330/t).
Agriculture sales volumes (excluding trade goods) forecasted at 7.5–7.7 million tonnes.
Adjusted free cash flow for 2025 expected to remain slightly positive, despite higher capital expenditures.
Capex for 2025 projected at about €550 million.
ROCE (excluding impairment) is expected in the single-digit percentage range for 2025.
Assess impact of weaker USD on potash pricing.
Explain drivers behind mining provision increase.
How will Bethune ramp up to 4 million tonnes?
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Frequently asked questions
K+S Aktiengesellschaft, a supplier of mineral products, primarily for the agricultural and industrial segments. The company also provides regional community services in three European regions. Its agricultural segment supplies potash and magnesium products, nitric acid, salt specialties and fine chemicals, salt, water conditioning products, and water treatment plants.
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