KWS SAAT & (KWS) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2025/2026 were €228.2 million, down 8.2% year-over-year, mainly due to high early sales in the Sugarbeet Segment in the prior year.

• EBITDA improved to €4.8 million from -€10.0 million, supported by a €30 million one-off gain from the sale of North American corn business license rights.

• Net income from continuing operations was -€9.8 million, a significant improvement from -€41.0 million in the prior year.

• The quarter is seasonally weak, contributing only about 15% of annual net sales.

Financial highlights

• EBIT improved to -€20.9 million from -€37.4 million year-over-year.

• Net financial income/expenses rose to €6.9 million from -€17.3 million, mainly due to derecognition effects from joint venture sales.

• Free cash flow from continuing operations improved to -€50.6 million from -€66.0 million.

• Cash and cash equivalents increased to €309.0 million from €261.8 million.

• Equity ratio rose to 57.7% from 55.3% year-over-year.

Outlook and guidance

• Net sales for FY 2025/2026 expected to grow by around 3% (excluding exchange rate and portfolio effects), at the lower end of the medium-term target range.

• EBITDA margin forecasted between 19% and 21%, excluding the €30 million special effect.

• Subdued agricultural market conditions and expected decline in Russian business due to import restrictions and localization.