K+S (SDF) Q1 2025 earnings summary

Executive summary

• Q1 2025 EBITDA was €200.6–201m, stable year-over-year and above consensus, with a margin of 21%.

• Revenues declined 2–2.4% to €964.7–965m, mainly due to product mix and lower average prices in Agriculture, partially offset by positive exchange rates.

• Adjusted free cash flow dropped to €31.8–32m from €111m in Q1 2024, mainly due to a €70m working capital build-up.

• Adjusted net profit increased 15% to €59–59.3m; adjusted EPS rose to €0.33.

• Net asset position as of March 31, 2025 was €44.3m, down from €251.8m a year earlier.

Financial highlights

• EBITDA: €200.6–201m (Q1 2024: €200–200.1m); margin 21%; Depreciation: €125m.

• Revenues: €964.7m (Q1 2024: €988m, -2.4%).

• Adjusted free cash flow: €31.8–32m (Q1 2024: €111m, -71.4%).

• Net cash flow from operating activities: €161.6–162m, down 28.5–29% year-over-year.

• Capex stable at €96m.

Outlook and guidance

• 2025 EBITDA guidance raised to €560–640m (previous: €500–620m), reflecting improved market conditions and pricing.

• Adjusted free cash flow for 2025 now expected to be slightly positive (previous: at least break-even).

• Agriculture sales volumes (excluding trade goods) forecast at 7.5–7.7m tonnes (2024: 7.56m t); ASP expected to be stable to slightly above Q1 2025 (€325/t).

• Capital expenditures for 2025 projected at about €550m, mainly for Werra 2060 and Bethune ramp-up.

• Group earnings after tax, adjusted, expected to be positive in the double-digit million euro range.