K+S (SDF) Q4 2025 earnings summary

Executive summary

• Q4 EBITDA rose 17% year-over-year to €192 million, reaching the upper half of full-year guidance, driven by better pricing, positive FX effects, and strong Agriculture and de-icing salt demand.

• Full-year EBITDA increased to €613 million from €558 million, with revenues stable at €3.65 billion.

• Adjusted Group earnings after tax, excluding impairments, reached €125.5 million, while reported Group earnings after tax were -€1.13 billion due to a €1,575 million non-cash impairment, partially offset by a €484 million Q4 asset write-back.

• Full-year free cash flow was €29 million, with CapEx at €546 million; a dividend of €0.07 per share is proposed, totaling €13 million and representing 43% of adjusted free cash flow.

• Agriculture sales volumes for Q4 were 1.87 million tonnes at an average selling price of €328/t.

Financial highlights

• Q4 EBITDA up 17% year-over-year to €192 million; full-year EBITDA at €613 million.

• Revenues stable at €3.65 billion; Q4 revenues increased 0.9% year-over-year to €933 million.

• Adjusted free cash flow for the year was €29 million, down from €62 million, but above consensus.

• CapEx totaled €546 million for the year; Q4 CapEx was €193 million, up 7.8% year-over-year.

• Dividend payout proposed at 43% of adjusted free cash flow (€0.07/share).

Outlook and guidance

• 2026 EBITDA guidance: €600–700 million, with the midpoint above 2025; adjusted free cash flow expected to at least break even despite elevated CapEx.

• CapEx projected between €550–600 million for 2026.

• Potash demand expected to rise globally in 2026, with full capacity utilization and higher prices already seen in Brazil.

• De-icing salt sales volumes expected to increase significantly in 2026, assuming average or severe winter conditions.

• Tax rate for 2026 expected at 30%; cash interest at approximately €-20 million.