K+S (SDF) Q2 2026 earnings summary

Executive summary

• Q2 2026 EBITDA rose 60.3% year-over-year to €175.9 million, driven by higher sales volumes and prices in both Agriculture and Industry+ segments, exceeding market expectations.

• Revenues for Q2 2026 increased 12.3% to €978 million, with H1 2026 revenues up 11.1% to €2,039.2 million.

• Adjusted free cash flow for H1 2026 reached €101 million, significantly above the prior year but slightly below consensus estimates.

• Positive impairment effects of €384 million in H1 2026 improved net income and equity, reversing prior negative impairments.

• Full-year 2026 guidance for EBITDA and free cash flow was raised, aligning with market expectations.

Financial highlights

• Adjusted net profit (excluding extraordinary impairment) reached €37 million in Q2 2026, compared to a loss of €18 million in Q2 2025.

• Adjusted earnings per share for H1 2026 were €0.96, up from €0.23 in H1 2025.

• Cash flow from operating activities increased 25.3% year-over-year to €331.3 million in H1 2026.

• Net financial liabilities improved to €73.5 million as of June 30, 2026, compared to €-7.1 million a year earlier.

• Equity ratio rose to 62.3% (June 30, 2025: 60.2%).

Outlook and guidance

• 2026 EBITDA guidance raised to €680–760 million (previous: €630–730 million), with the midpoint aligning with market expectations.

• Adjusted free cash flow for 2026 now expected to be a positive mid- to higher-double-digit million figure, with CapEx around €600 million.

• Agriculture segment sales volumes (excluding trade goods) forecast at 7.4–7.6 million tonnes for 2026; de-icing salt volumes expected at least 2.6 million tonnes.

• Tax rate estimated at 30%; cash interest at approximately €-20 million; D&A at about €420 million.

• Guidance scenarios consider risks from Middle East conflicts, low water levels, and high temperatures affecting operations.