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KWS SAAT & (KWS) investor relations material
KWS SAAT & Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered full-year targets and robust operational performance despite challenging agricultural markets, with strategic portfolio streamlining and a completed realignment of the corn segment focused on profitable growth and risk reduction.
Achieved strong free cash flow and significantly reduced net debt, highlighting balance sheet strength.
Updated dividend policy with a higher payout ratio and commitment to continuity, aiming for increased shareholder participation.
Financial highlights
Net sales from continuing operations were €1.68 billion, flat year-over-year, with 1% organic growth at constant currency and a -1.1% FX impact.
EBITDA was €351 million, down 13.4%, reflecting special items and higher costs; prior year included a €28 million one-time gain.
Net income declined to €140 million due to lower EBIT and higher tax rate; gross margin increased to 63.1%.
Free cash flow improved to €123 million, driven by higher operating cash and lower CapEx; net debt reduced from €385 million to €62 million.
Earnings per share rose to €7.16, including a €96 million extraordinary gain from South American divestment.
Outlook and guidance
Targeting 3% to 5% organic net sales growth and 19% to 21% EBITDA margin over the next three years, with a positive outlook for 2025/2026 despite ongoing headwinds.
For 2025/2026, expects ~3% net sales growth and EBITDA margin within target range, excluding a €30 million special gain from license rights sale.
Dividend policy updated to a 25%-30% payout ratio of adjusted earnings; proposed dividend of €1.25 per share, up 25% year-over-year.
Outlook reflects subdued commodity prices and lower growth in Russia due to localization and import restrictions.
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