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Q3/2025
QUARTERLY REPORT
Q3 and 9M/2025 figures:
+ Q3 revenues: €879.1 million (Q3/2024: €866.2 million; Vara consensus estimate as of October 14, 2025:
€909.9 million); 9M/2025: €2,715.0 million (9M/2024: €2,728.0 million)
+ Q3 EBITDA: €110.7 million (Q3/2024: €65.6 million; Vara consensus estimate as of October 14, 2025:
€105.1 million); 9M/2025: €421.0 million (9M/2024: €394.1 million)
+ Agriculture customer segment once again with high proportion of fertilizer specialties; average selling
price (excluding trade goods) of €336.5/t (Q3/2024: €310.0/t); sales volumes (excluding trade goods)
of 1.74 million tonnes slightly below prior-year figure (Q3/2024: 1.80 million tonnes)
+ Transformation process remains on track and can be financed from operating business even at currently
low potash prices
+ Adjusted free cash flow reaches €+61.6 million in the first nine months (9M/2024: €+110.9 million;
Vara consensus estimate as of October 14, 2025: €+46 million)
2025 outlook:
+ EBITDA now expected to range between €570 million and €630 million, with the midpoint remaining
unchanged (previous outlook: €560 million to €640 million; 2024: €558 million;
Vara consensus estimate as of October 14, 2025: €610 million)
+ A slightly positive adjusted free cash flow is still expected
(2024: €+62 million; Vara consensus estimate as of October 14, 2025: €+36 million)
+ For the Agriculture customer segment, stable prices are assumed compared to current levels for
the remainder of the year. Annual sales volumes (excluding trade goods) are now expected to
total around 7.4 million tonnes (previous outlook: 7.5 million to 7.7 million tonnes). This
adjustment is due to reduced production volumes, which are the result of the deliberate
optimization of our product mix, among other factors
www.kpluss.com
K+S Group
Revenues
€ million
866.2
879.1
+1.5
2,728.0
2,715.0
-0.5
EBITDA 1
€ million
65.6
110.7
+68.6
394.1
421.0
+6.8
EBITDA margin
%
7.6
12.6
+66.1
14.4
15.5
+7.3
Depreciation and amortization 2
€ million
120.4
90.4
-24.9
367.7
338.2
-8.0
Agriculture customer segment 3
Revenues
€ million
605.8
615.3
+1.6
1,901.6
1,897.6
-0.2
Sales volumes
t million
1.89
1.80
-4.5
5.88
5.63
-4.2
–
thereof trade goods
t million
0.09
0.06
-39.0
0.27
0.18
-31.8
Industry+ customer segment 3
Revenues
€ million
260.3
263.8
+1.3
826.3
817.4
-1.1
Sales volumes
t million
1.57
1.54
-2.1
4.89
4.66
-4.6
–
thereof de-icing salt
t million
0.41
0.40
-3.9
1.43
1.27
-11.3
Capital expenditures (CapEx) 4
€ million
140.1
134.5
-4.1
352.1
353.0
+0.2
Equity ratio
%
—
—
—
67.2
59.9
-10.8
Return on Capital Employed (LTM) 5
%
—
—
—
0.7
-29.0
—
ROCE (LTM) excluding extraordinary impairment effects
%
—
—
—
0.7
0.8
+14.3
Net financial liabilities (–)/
net asset position (+) as of September 30
€ million
—
—
—
112.0
13.4
-88.0
Net financial liabilities/EBITDA (LTM) 5
x-times
—
—
—
—
—
—
Market capitalization as of September 30
€ billion
—
—
—
2.06
2.07
+0.3
Enterprise value (EV) as of September 30
€ billion
—
—
—
3.40
3.66
+7.8
Book value per share as of September 30
€
—
—
—
34.89
23.83
-31.7
Total number of shares as of September 30
million
—
—
—
179.1
179.1
—
Shares outstanding as of September 30 6
million
—
—
—
179.1
179.1
—
Average number of shares 7
million
179.1
179.1
—
179.1
179.1
—
Employees as of September 30 8
number
—
—
—
11,483
11,364
-1.0
Group earnings after tax, adjusted 9
€ million
-43.7
18.3
—
14.4
-1,702.7
—
–
thereof extraordinary impairment loss (–)/reversal of
impairment loss (+) on property, plant, and equipment
and intangible assets
€ million
—
4.0
—
—
-2,067.9
—
Group earnings after tax, adjusted, excluding extraordinary
impairment effects and their tax effects 9
€ million
-43.7
18.9
—
14.4
66.6
> +100
Earnings per share, adjusted 9
€
-0.24
0.10
—
0.08
-9.51
—
–
thereof extraordinary impairment loss (–)/reversal of
impairment loss (+) on property, plant, and equipment
and intangible assets
€
—
—
—
—
-11.5
—
Earnings per share, adjusted, excluding extraordinary
impairment effects and their tax effects 9
€
-0.24
0.11
—
0.08
0.37
> +100
Net cash flow from operating activities
€ million
173.6
160.7
-7.4
491.8
425.2
-13.5
–
thereof continuing operations
€ million
162.6
160.7
-1.2
484.0
425.2
-12.1
–
thereof discontinued operations
€ million
11.0
—
—
7.8
—
—
Adjusted free cash flow
€ million
24.1
37.3
+54.8
110.9
61.6
-44.5
1 EBITDA is defined as earnings before income taxes, interest, depreciation and amortization, adjusted for the amortization amount recognized directly in equity in connection with own work
capitalized, the result of changes in the fair value of operating forecast hedges still outstanding, and changes in the fair value of operating forecast hedges recognized in prior periods.
2 Relates to scheduled depreciation and amortization of property, plant, and equipment and intangible assets and of investments accounted for using the equity method, adjusted for the
amount of depreciation and amortization recognized directly in equity in connection with own work capitalized.
3 No segments in accordance with IFRS 8.
4 Relates to cash payments for investments in property, plant, and equipment and intangible assets, excluding leases in accordance with IFRS 16.
5 LTM = last twelve months.
6 Total number of shares after deduction of the number of own shares held by K+S on the reporting date.
7 Total number of shares after deduction of the average number of own shares held by K+S during the period.
8 FTE = full–time equivalents; part–time positions are weighted according to their share of working hours.
9 The adjusted key figures include the gains/losses from operating forecast hedges for the respective reporting period; effects from changes in the fair value of hedges are eliminated. The
effects on deferred and cash taxes are also adjusted; tax rate Q3/2025: 30.2% (Q3/2024: 30.2%).
KEY FIGURES
Q3/2024
Q3/2025
%
9M/2024
9M/2025
%
2 Q3/2025 K+S QUARTERLY REPORT
CORPORATE STRATEGY AND GOVERNANCE
For a comprehensive presentation of our corporate strategy and governance, please refer to the corresponding chapters “Corporate
strategy”, starting on page 41, and “Corporate governance and monitoring”, starting on page 182 of the 2024 Annual Report.
CHANGES TO THE LEGAL GROUP STRUCTURE
The legal structure of the Group changed as follows as of September 30, 2025, compared with December 31, 2024:
+ In the first quarter, 4. K+S Verwaltungs GmbH was transferred from K+S Beteiligungs GmbH to K+S Minerals and Agriculture
GmbH. In the third quarter, the company was renamed to K+S Werra Vorsorge Verwaltungs GmbH. This change had no impact on
the scope of consolidation.
+ Effective August 29, 2025, the “Manufacture of Animal Hygiene Products” business segment was spun off, establishing K+S
Salzdetfurth GmbH, based in Bad Salzdetfurth, as a wholly-owned subsidiary of K+S Aktiengesellschaft, Kassel. Although this
company is consolidated, it does not result in any changes to the Group's consolidation, as the corresponding business segment
was already included in K+S AG.
+ Additionally, K+S Vorsorgegesellschaft Werra GmbH & Co. KG was founded, which is not consolidated as of September 30, 2025.
There were no further changes as of September 30, 2025.
EVENTS IN THE REPORTING PERIOD
AND/OR UP TO THE PUBLICATION DATE
Development of the operating business
In early June 2025, it was announced that China and India had concluded potassium chloride supply contracts. China agreed to a
contract price of $346/t for standard potassium chloride with Uralkali. The Indian contract, which was concluded about a week
earlier, was slightly higher at $349/t. Since the contract prices that are fixed until the end of 2025 were in line with expectations and
reflected the historical discount of Indian and Chinese contract prices compared to Brazilian potash prices when the contracts were
signed, there was no significant impact on potash prices in overseas markets relevant to us after the contracts were announced.
U.S. tariff policy
The U.S. is one of the world's largest consumers of potash. Due to a lack of domestic resources, however, it relies on imports for over
90% of its potash needs. Therefore, Annex II to the Executive Order of April 2, 2025, exempts fertilizers such as potassium chloride
(MOP) and potassium sulfate (SOP) from tariffs. Consequently, supplies from Canada and the EU are not affected by tariffs. In
addition, U.S. President Donald Trump had already emphasized the importance of potash as a mineral essential to the U.S. in his
Executive Order of March 20, 2025. On July 27, 2025, an agreement was reached in the trade dispute between Europe and the U.S.
The agreement provides for a 15% tariff on most European goods and includes an exemption for strategic goods, which include
“certain agricultural products”. There are no indications that the exemption currently in place for our fertilizer products will change.
Currently, we do not anticipate any impact on our Agriculture customer segment.
3 Q3/2025 K+S QUARTERLY REPORT
Europe
60.8/59.6
thereof Germany
18.9/17.7
South America 13.2/10.3
Asia 11.6/13.5
Africa, Ozeania 7.3/8.6
North America 7.1/8.0
REVENUES BY REGIONS
in %
¢ January to September 2025/2024
Development of the financial position
On April 15, 2025, the rating agency Standard & Poor’s (S&P) confirmed our BBB- rating and, accordingly, our investment grade
rating (outlook “stable”).
EARNINGS POSITION, FINANCIAL POSITION, AND NET ASSETS
The accounting policies applied in the Quarterly Report are the same as those applied in the consolidated financial statements for
the 2024 financial year. In the current reporting period, some amendments to standards became effective, but did not have any
impact on the Group’s accounting policies or the need for retrospective adjustments. Assets and liabilities denominated in foreign
currencies are translated at the exchange rate on the balance sheet date. Expenses and income are translated at quarterly average
exchange rates.
EARNINGS POSITION
KEY FIGURES OF THE EARNINGS POSITION
in € million
Q3/2024
Q3/2025
%
9M/2024
9M/2025
%
Revenues
866.2
879.1
+1.5
2,728.0
2,715.0
-0.5
EBITDA
65.6
110.7
+68.6
394.1
421.0
+6.8
Depreciation and amortization 1
120.4
90.4
-24.9
367.7
338.2
-8.0
Group earnings after tax, adjusted 2
-43.7
18.3
—
14.4
-1,702.7
—
– thereof extraordinary impairment loss (–)/reversal of
impairment loss (+) on property, plant, and equipment
and intangible assets
—
4.0
—
—
-2,067.9
—
Group earnings after tax, adjusted, excluding extraordinary
impairment effects and their tax effects 2
-43.7
18.9
—
14.4
66.6
> +100
1 Relates to scheduled depreciation and amortization of property, plant, and equipment and intangible assets and of investments accounted for using the equity method,
adjusted for the amount of depreciation and amortization recognized directly in equity in connection with own work capitalized.
2 Includes the gains/losses from operating forecast hedges for the respective reporting period; effects from changes in the fair value of hedges are eliminated. The effects on
deferred and cash taxes are also adjusted; tax rate Q3/2025: 30.2% (Q3/2024: 30.2%).
The K+S Group's revenues increased to €879.1 million in the reporting quarter (Q3/2024: €866.2 million). Slightly lower sales
volumes and negative exchange rate effects were more than offset by price increases in both customer segments, particularly in the
Agriculture segment. After €2,728.0 million in the first nine months of 2024, the K+S Group's revenues amounted to €2,715.0 million
in the reporting period.
In the reporting quarter, the K+S Group's EBITDA was with €110.7 million significantly higher than in the prior-year quarter with
€65.6 million. In addition to the effects described in the development of revenues, the lower inventory reduction compared to the
previous year and the higher currency result had a positive impact, more than offsetting the higher energy and personnel costs. For
the first nine months, EBITDA totaled €421.0 million, up from €394.1 million in the prior-year period.
VARIANCE COMPARED TO PREVIOUS YEAR
in %
Q3/2025
9M/2025
Change in revenues
+1.5
-0.5
– volume-/structure-related
-5.2
-3.7
– price-/pricing-related
+8.3
+3.9
– currency-related
-1.6
-0.7
– consolidation-related
—
—
4 Q3/2025 K+S QUARTERLY REPORT
While compiling the K+S Group's Half-Year Financial Report, a non-cash impairment loss on assets in the consolidated balance
sheet (IFRS) totaling €2,063 million was identified. The impairment loss was mainly attributable to the increase in long-term USD/EUR
exchange rate assumption of USD 0.10 per EUR, as well as changed assumptions on the long-term potash price series and an
increase in the cost of capital. The impairment test for the Potash and Magnesium Products and Salt cash-generating units (CGUs) in
accordance with IFRS is described in the 2024 Annual Report starting on pages 272 and 273, respectively, and in the H1/2025 Half-
Year Financial Report starting on page 30. In the quarter under review, there was a need for a reversal of impairment losses of
€4 million, resulting in a total impairment loss on assets in the consolidated balance sheet (IFRS) of €2,059 million for the first nine
months.
In addition to the effects described in EBITDA, the lower scheduled depreciation and amortization positively impacted adjusted
Group earnings after tax, which was adjusted for changes in the market value of derivatives and amounted to €18.3 million in the
third quarter of 2025 (Q3/2024: €-43.7 million). This results in earnings per share of €0.10 for the third quarter of 2025 (Q3/2024:
€-0.24). After the first nine months, adjusted Group earnings after tax amounted to €-1,702.7 million (9M/2024: €14.4 million), due to
non-cash impairments of property, plant, and equipment, as well as intangible assets, which were identified in the second quarter of
2025. Excluding these effects, adjusted Group earnings after tax for the first nine months would have been €66.6 million. Adjusted
earnings per share amounted to €-9.51 for the same period, compared to €0.08 for the previous year. Excluding the impairment
effects, adjusted earnings per share would have amounted to €0.37.
The return on capital employed as of September 30, 2025 (LTM) was -29.0%, compared with 0.7% in the prior-year period. Due to
the LTM analysis, the return figures are significantly influenced by the impairment effects recorded in the second quarter of 2025.
Excluding these effects, ROCE as of September 30, 2025 (LTM) was 0.8% (same period last year: 0.7%).
FINANCIAL POSITION
KEY FIGURES OF THE FINANCIAL POSITION
in € million
Q3/2024
Q3/2025
%
9M/2024
9M/2025
%
Capital expenditures 1
140.1
134.5
-4.1
352.1
353.0
+0.2
Cash flow from operating activities
162.6
160.7
-1.2
484.0
425.2
-12.1
Cash flow from investing activities
-401.2
-73.6
-81.7
-289.4
-305.7
+5.6
Free cash flow
-238.6
87.1
—
194.6
119.5
-38.6
Adjustment for acquisitions/disposals of securities
and other financial investments
262.7
-49.8
—
-83.7
-57.9
-30.8
Adjusted free cash flow
24.1
37.3
+54.8
110.9
61.6
-44.5
1 Relates to cash payments for investments in property, plant, and equipment and intangible assets, excluding leases in accordance with IFRS 16.
In the third quarter of 2025, the K+S Group invested a total of €134.5 million (Q3/2024: €140.1 million). In the first nine months of
2025, the K+S Group invested a total of €353.0 million, compared with €352.1 million in the prior-year period. In addition to
maintenance investments, the main investments in the first nine months of 2025 included further expenditure for the Werra 2060
transformation project, investments for the construction of a combined heat and power plant (CHP) at the Bethune site, and costs for
the ongoing development of the Canadian caverns. Additionally, investments were made to expand the tailings pile capacity.
Cash flow from operating activities amounted to €160.7 million in the third quarter, compared with €162.6 million in the previous
year. In the first nine months of 2025, cash flow from operating activities reached €425.2 million, compared with €484.0 million in the
first nine months of 2024. This was attributable to higher interest payments on the bond and higher capital tied up in working
capital.
Adjusted cash flow from investing activities amounted to €-123.4 million in the third quarter, compared with €-138.5 million in the
prior-year quarter. In the first nine months of 2025, adjusted cash flow from investing activities amounted to €-363.6 million,
compared with €-373.1 million in the prior-year period.
5 Q3/2025 K+S QUARTERLY REPORT
Adjusted free cash flow amounted to €37.3 million in the third quarter, compared with €24.1 million in the prior-year period. In the
first nine months of 2025, adjusted free cash flow reached €61.6 million, compared with €110.9 million in the prior-year period.
Cash flow from financing activities amounted to €-10.7 million in the third quarter 2025 (Q3/2024: €-288.3 million) and to
€-57.8 million in the first nine months of 2025, compared with €-26.6 million in the prior-year period.
NET ASSETS
As of September 30, 2025, the net asset position amounted to €+13.4 million (December 31, 2024: €+31.1 million;
September 30, 2024: €+112.0 million).
NET FINANCIAL LIABILITIES AND NET DEBT
in € million
Sept. 30, 2024
Dec. 31, 2024
Sept. 30, 2025
Cash and cash equivalents
352.6
317.6
365.3
Non-current securities and other financial investments
67.7
61.3
67.0
Current securities and other financial investments
207.9
168.8
103.2
Financial liabilities
-511.2
-493.9
-494.9
Lease liabilities from finance lease contracts
-5.1
-22.7
-27.2
Net financial liabilities (–)/net asset position (+)
112.0
31.1
13.4
Lease liabilities excluding liabilities from finance lease contracts
-235.3
-229.2
-197.7
Provisions for pensions and similar obligations
-7.8
-6.9
-27.2
Non-current provisions for mining obligations
-1,206.2
-1,239.7
-1,385.2
– thereof payable within 10 years
-239.2
-243.3
-258.4
Net debt
-1,337.3
-1,444.7
-1,596.7
Net debt excluding non-current provisions for mining obligations
that are due after more than 10 years
-370.3
-448.3
-469.9
Net cash and cash equivalents amounted to €358.4 million as of September 30, 2025 (December 31, 2024: €309.2 million;
September 30, 2024: €345.5 million). These consist of cash investments, primarily bank deposits, as well as money market
instruments and similar securities with maturities of up to three months.
CUSTOMER SEGMENTS
(NO SEGMENTS ACCORDING TO IFRS 8)
AGRICULTURE CUSTOMER SEGMENT
In the Agriculture customer segment, revenues rose to €615.3 million in the third quarter (Q3/2024: €605.8 million). Average selling
prices in both Europe and overseas increased slightly again compared with the second quarter of 2025. As a result, the lower sales
volumes recorded in the third quarter – the maintenance quarter – were more than offset. In the reporting quarter, revenues in
Europe amounted to €276.3 million (Q3/2024: €270.9 million) and overseas to €339.0 million (Q3/2024: €335.0 million). Potassium
chloride accounted for €344.7 million of total revenues (Q3/2024: €292.0 million), while fertilizer specialties accounted for
€270.6 million (Q3/2024: €313.8 million).
6 Q3/2025 K+S QUARTERLY REPORT
KEY FIGURES AGRICULTURE CUSTOMER SEGMENT
in € million
Q3/2024
Q3/2025
%
9M/2024
9M/2025
%
Revenues
605.8
615.3
+1.6
1,901.6
1,897.6
-0.2
– thereof potassium chloride
292.0
344.7
+18.0
944.7
1,031.1
+9.1
– thereof fertilizer specialties
313.8
270.6
-13.8
957.0
866.5
-9.5
Sales volumes (in million tonnes eff.)
1.89
1.80
-4.5
5.88
5.63
-4.2
– thereof potassium chloride
1.04
1.07
+2.8
3.22
3.34
+3.8
– thereof fertilizer specialties
0.85
0.73
-13.5
2.66
2.29
-13.7
– thereof trade goods
0.09
0.06
-39.0
0.27
0.18
-31.8
In the first nine months of 2025, revenues reached €1,897.6 million, compared with €1,901.6 million in the prior-year period.
Sales volumes excluding trade goods in the third quarter were slightly below the prior-year quarter at 1.74 million tonnes (Q3/2024:
1.80 million tonnes). Including trade goods, which are mainly attributable to fertilizer specialties overseas, sales volumes were
moderately lower year-on-year at 1.80 million tonnes, compared with 1.89 million tonnes in the prior-year period.
In the quarter under review, 0.77 million tonnes were sold in Europe (Q3/2024: 0.81 million tonnes) and 1.03 million tonnes
overseas (Q3/2024: 1.08 million tonnes). Potassium chloride accounted for a total of 1.07 million tonnes of sales volumes (Q3/2024:
1.04 million tonnes). Following a strong prior-year figure, sales volumes of fertilizer specialties amounted to 0.73 million tonnes
(Q3/2024: 0.85 million tonnes) due to catch-up effects. In addition, a deliberate optimization of the product mix had an impact. In
the first nine months, sales volumes amounted to 5.63 million tonnes, compared with 5.88 million tonnes in the previous year.
VARIANCE COMPARED TO PREVIOUS YEAR
in %
Q3/2025
9M/2025
Change in revenues
+1.6
-0.2
– volume-/structure-related
-7.0
-4.4
– price-/pricing-related
+10.6
+5.1
– currency-related
-2.0
-0.9
– consolidation-related
—
—
AGRICULTURE CUSTOMER SEGMENT: DEVELOPMENT OF REVENUES, SALES VOLUMES, AND AVERAGE PRICES BY REGION
Q1/2024
Q2/2024
Q3/2024
9M/2024
Q4/2024
2024
Q1/2025
Q2/2025
Q3/2025
9M/2025
Revenues
€ million
679.9
615.9
605.8
1,901.6
648.5
2,550.1
664.8
617.5
615.3
1,897.6
– thereof trade goods
€ million
19.5
56.3
49.3
125.0
33.4
158.4
24.7
32.0
27.9
84.6
Europe
€ million
344.7
270.5
270.9
886.1
296.4
1,182.5
357.4
289.6
276.3
923.3
Overseas 1
USD million
364.0
371.9
367.9
1,103.8
376.1
1,479.9
323.5
371.8
396.0
1,091.3
Sales volumes
million t eff.
2.02
1.97
1.89
5.88
2.03
7.90
2.01
1.82
1.80
5.63
– thereof trade goods
million t eff.
0.04
0.13
0.09
0.27
0.07
0.34
0.04
0.08
0.06
0.18
Europe
million t eff.
0.95
0.79
0.81
2.56
0.89
3.45
1.04
0.81
0.77
2.62
Overseas
million t eff.
1.07
1.18
1.08
3.32
1.13
4.45
0.97
1.01
1.03
3.01
Average price
€/tonne eff.
336.4
312.9
321.1
323.6
319.9
322.7
330.0
339.0
341.6
337.2
adjusted by trade goods
€/tonne eff.
333.8
304.8
310.0
316.7
314.8
316.2
325.0
336.4
336.5
332.9
Europe
€/tonne eff.
361.3
341.1
333.9
346.4
331.4
342.5
343.5
357.2
361.1
352.9
Overseas 1
USD/t eff.
341.0
316.4
342.2
332.7
332.0
332.5
332.1
367.8
385.9
362.4
1 The exchange rate for the third quarter 2025 was 1.17 EUR/USD.
7 Q3/2025 K+S QUARTERLY REPORT
Industry
80.4/79.1
Communities
11.9/13.2
Consumers
7.7/7.7
thereof water softening: 8.5/8.1
thereof industrial applications: 12.2/12.9
thereof food: 17.3/17.9
thereof chemical: 24.0/24.1
thereof animal nutrition: 11.0/10.7
thereof pharma: 5.4/5.4
thereof complementary: 19.1/19.0
thereof others: 2.5/1.9
leerRaum
REVENUES BY PRODUCT GROUP
in %
¢ January to September 2025/2024
INDUSTRY+ CUSTOMER SEGMENT
KEY FIGURES INDUSTRY+ CUSTOMER SEGMENT
in € million
Q3/2024
Q3/2025
%
9M/2024
9M/2025
%
Revenues
260.3
263.8
+1.3
826.3
817.4
-1.1
Sales volumes (in million tonnes)
1.57
1.54
-2.1
4.89
4.66
-4.6
– thereof de-icing salt
0.41
0.40
-3.9
1.43
1.27
-11.3
In the Industry+ customer segment, revenues amounted to €263.8 million in the quarter under review (Q3/2024: €260.3 million) and
€817.4 million in the first nine months of 2025 (9M/2024: €826.3 million). Despite below-average demand for de-icing salt due to
weather conditions, revenues remained stable at a high level. In particular, prices for our specialty products in the food, animal feed,
water softening, pharmaceutical, and consumer sectors remained high and could be raised further in some cases.
Sales volumes in the Industry+ customer segment were slightly below the previous year's level in the third quarter of 2025, at
1.54 million tonnes (Q3/2024: 1.57 million tonnes). This was mainly attributable to the lower early-purchases business of de-icing salt
following the mild winter weather at the beginning of the year. This is also reflected in sales volumes for the first nine months of
2025. Overall, sales volumes in the Industry+ customer segment amounted to 4.66 million tonnes in the first nine months of 2025
(9M/2024: 4.89 million tonnes).
VARIANCE COMPARED TO PREVIOUS YEAR
in %
Q3/2025
9M/2025
Change in revenues
+1.3
-1.1
– volume-/structure-related
-1.2
-2.3
– price-/pricing-related
+3.0
+1.4
– currency-related
-0.5
-0.2
– consolidation-related
—
—
8 Q3/2025 K+S QUARTERLY REPORT
REPORT ON RISKS AND OPPORTUNITIES
Since the end of August 2025, stricter occupational exposure limits (OELs) have been in force underground. We have implemented
numerous effective measures in recent years to meet these limits. Despite some initial issues during the commissioning of our new
production plant for low-emission explosives, we are already largely complying with the new limits. Where restrictions do apply, we
have made moderate adjustments to ventilation times between shifts. At the same time, we have temporarily reorganized
underground mining operations to counteract any negative effects, resulting in only minor restrictions on extraction and production.
On November 5, 2025, a leak occurred in the brine tank at the Bethune potash site in Canada which serves as intermediate storage
before being processed in the evaporation plant. Evaporation was temporarily suspended to assess the conditions for repair. It is
assumed that production can resume on the evening of November 8, 2025, and that the small loss of production can be
compensated for in the last weeks of the year. A slight reduction in Bethune's total production volume in 2025 cannot be ruled out.
For a detailed presentation of potential risks and opportunities, please refer to the relevant sections of our 2024 Annual Report from
page 193 onwards as well as the H1/2025 Half-Year Financial Report.
The risks to which the K+S Group is exposed, both individually and in interaction with other risks, are limited and, according to
today's assessment, do not jeopardize the continued existence of the Company. Opportunities and risks as well as their positive and
negative changes are not offset against each other.
2025 OUTLOOK
The medium- to long-term trends for the future industry situation described in the 2024 Annual Report starting from page 214
onwards largely remain valid.
The growing demand for agricultural commodities resulting from a constantly increasing world population and changing eating
habits can only be sustained in the future by intensifying agriculture, given the limited availability of arable land. The balanced use of
mineral plant nutrients is, therefore, indispensable.
Due to the changing regional mix of Russian and Belarusian suppliers, increased domestic production, and new suppliers in Laos,
China's significance as a buyer of potash from producers outside of Russia and Belarus is declining. Despite the partial decline in
prices of key agricultural commodities, farmers' earnings outlooks during the reporting period provided an incentive to increase
yields per hectare by using plant nutrients and expanding the total area under cultivation. We continue to expect high capacity
utilization in the global potash market for the rest of the year (2024: approximately 79 million tonnes, including approximately
5 million tonnes of potassium sulfate and specialty potash products with lower mineral content). We also assume that the prices of our
products in individual regions will remain stable compared with current levels. In this case, the average selling price in the Agriculture
customer segment (excluding trade goods) for the full year of 2025 would be roughly at par with the level seen in the first half of 2025
(€330/t).
We expect that, in the Industry+ customer segment, the weather-related volume declines recorded in the de-icing salt business in
2025 will be almost completely offset by price increases in the other product groups. We assume that the price level in all specialty
product groups will remain high in the fourth quarter and that there will be further positive price developments for salt products in
the short term. A particularly noteworthy trend in 2025 is the significant recovery in demand for potash-containing products. We
expect demand for chemical application products to continue to recover in 2025. Although demand in this segment remains below
the long-term average due to economic conditions, we have already observed positive developments compared to last year.
Demand for pharmaceutical products is growing due to stable trends such as an aging population and improved access to medical
care in developing and emerging countries. In the consumer products segment, we anticipate an ongoing trend toward higher-
quality products with stable demand throughout the year.
9 Q3/2025 K+S QUARTERLY REPORT
For 2025 as a whole, we now expect EBITDA to be in a range between €570 million and €630 million with an unchanged midpoint
(previous outlook: between €560 million and €640 million; 2024: €557.7 million). Our estimate of the midpoint of the full-year 2025
EBITDA range is based on the following assumptions:
+ We now expect sales volumes for all products in the Agriculture customer segment (excluding trade goods) to amount to about
7.4 million tonnes (previous outlook: 7.5 to 7.7 million tonnes). The sales volumes outlook has been adjusted in light of reduced
production volumes, which are attributable, among other factors, to the deliberate optimization of our product mix.
+ Based on our assessment of the market environment in the Agriculture customer segment, we continue to assume an average
annual price (excluding trade goods) that is roughly on par with the level seen in the first half of 2025 (€330/t).
+ Compared to the 2024 financial year, it is assumed that higher costs, particularly for energy, but also for personnel, cannot be fully
offset by reduced material costs.
+ Assuming average winter weather conditions in the fourth quarter of the 2025 financial year, we continue to expect sales volumes
of nearly 2 million tonnes for the de-icing salt business (2024: 1.96 million tonnes; normal year: 2.0 million to 2.3 million tonnes).
+ With regard to the EUR/USD currency relation, an average spot rate of EUR/USD 1.18 (2024: EUR/USD 1.08) is assumed for the
remainder of the year. Taking currency hedging into account, this corresponds to an annual average rate of EUR/USD 1.10 (2024:
EUR/USD 1.06).
Below-average winter weather in the fourth quarter, lower-than-expected potash production, with corresponding impacts on
inventories, and less favorable conditions in terms of average prices (including exchange rates) in the Agriculture customer segment
and gas prices, could collectively result in an EBITDA at the lower end of the range. Above-average winter weather in the fourth
quarter, better-than-expected potash production with corresponding impacts on inventories, and more favorable conditions in
terms of average prices in the Agriculture customer segment (including exchange rates) and gas prices could collectively result in an
EBITDA at the upper end of the range.
Assuming the midpoint of the range, we expect adjusted Group earnings after tax, excluding impairment effects resulting from
lower scheduled depreciation, to amount to a good €100 million (previous outlook: double-digit million euro range (2024:
€3.6 million)).
As previously forecast, adjusted free cash flow should be slightly positive (2024: €+62.4 million) despite increased investments due
to the Bethune Ramp-up project and expenses for the Werra 2060 transformation project. We expect the K+S Group's investment
volume in 2025 to remain unchanged at around €550 million (2024: €530.8 million), particularly due to these two projects. With our
sights firmly set on the target of slightly positive adjusted free cash flow, we will proceed in a prioritized manner and adjust the
investment volume accordingly wherever possible.
Following shareholders' participation in the Company's success, the net asset position at the end of the year is expected to be
slightly positive, as previously forecast (December 31, 2024: €31.1 million). Net debt should, therefore, consist mainly of long-term
provisions, in particular for mining obligations, and lease liabilities, and remain roughly stable compared to September 30, 2025
(€1,596.7 million).
Excluding impairment effects, return on capital employed (ROCE) should remain in the low single-digit percentage range based on
the midpoint of the EBITDA range in 2025 (2024: 0.0%).
10 Q3/2025 K+S QUARTERLY REPORT
CHANGES IN THE FORECAST FOR THE FULL YEAR 2025
K+S Group
2024
Actual
2025 Forecast in
2024
Annual Report
2025 Forecast
Q1/2025
2025 Forecast
Q2/2025
2025 Forecast
Q3/2025
Financial performance indicators
EBITDA 1
€ million
557.7
500 to 620
560 to 640
560 to 640
570 to 630
Capital expenditures (CapEx) 2
€ million
530.8
about 550
about 550
about 550
about 550
Group earnings after tax,
adjusted, excluding impairment
effects 3
€ million
3.6
similar level as in
2024
positive double-
digit million euro
amount in the
midpoint of the
EBITDA range
positive double-
digit million euro
amount in the
midpoint of the
EBITDA range
good +100 in the
midpoint of the
EBITDA range
Adjusted free cash flow
€ million
62.4
at least break-
even
slightly positive
slightly positive
slightly postive
Net financial liabilities (–)/
net asset position (+)
€ million
+31.1
roughly balanced
slightly positive
slightly positive
slightly positive
ROCE (LTM) excluding extraordinary
impairment effects
%
0.0
similar level as in
2024
low single-digit
percentage in the
midpoint of the
EBITDA range
low single-digit
percentage in the
midpoint of the
EBITDA range
low single-digit
percentage in the
midpont of the
EBITDA range
EUR/USD exchange rate for remaining
months
EUR/USD
1.08
1.10
1.10
1.18
1.18
Sales volumes Agriculture customer
segment (excluding trade goods)
t million
7.56
7.5 to 7.7
7.5 to 7.7
7.5 to 7.7
about 7.4
Average price in Agriculture customer
segment in the full year (excluding trade
goods)
€/t
316.2
price level
comparable to
H2/24 to slight
increase vs. 2024
(316)
stable to slightly/
moderately
above Q1/25
(325)
midpoint of
EBITDA range: at
the level of H1/25
(330)
midpoint of
EBITDA range: at
the leve of H1/25
(330)
Sales volumes de-icing salt
t million
1.96
about 2
nearly 2
nearly 2
nearly 2
Non-financial performance indicators 4
Lost Time Incident Rate (LTI rate)
x-times
5.4
roughly stable
compared to
2024
—
—
—
Reduction of saline process waters in
Germany
m³ million
2.5
0
—
—
—
Specific CO2 emissions
kg CO2e/t
262.2
slightly below the
value of the base
year (271.6)
—
—
—
1 EBITDA is defined as earnings before income taxes, interest, depreciation and amortization, adjusted for the amortization amount recognized directly in equity in
connection with own work capitalized, the result of changes in the fair value of operating forecast hedges still outstanding, and changes in the fair value of operating
forecast hedges recognized in prior periods.
2 Relates to cash payments for investments in property, plant, and equipment and intangible assets, excluding leases in accordance with IFRS 16.
3 The adjusted key figures include the gains/losses from operating forecast hedges for the respective reporting period; effects from changes in the fair value of hedges are
eliminated. The effects on deferred and cash taxes are also adjusted; tax rate 2024: 30.2%.
4 No review during the year.
11 Q3/2025 K+S QUARTERLY REPORT
RESPONSIBILITY STATEMENT FROM THE LEGAL REPRESENTATIVES
OF K+S AKTIENGESELLSCHAFT
We hereby declare that, to the best of our knowledge, and in accordance with the applicable reporting standards for interim financial
reporting, the interim consolidated financial statements provide a true and fair view of net assets, financial, and earnings position of the
Group, and the interim management report of the Group includes a fair review of the development and performance of the business and
the position of the Group, together with a description of the principal opportunities and risks associated with the expected development
of the Group.
Kassel (Germany), November 7, 2025
K+S Aktiengesellschaft
The Board of Executive Directors
12 Q3/2025 K+S QUARTERLY REPORT
INCOME STATEMENT 1
in € million
Q3/2024
Q3/2025
9M/2024
9M/2025
Revenues
866.2
879.1
2,728.0
2,715.0
Cost of goods sold
-868.8
-799.1
-2,541.6
-4,465.3
Gross profit
-2.6
80.0
186.3
-1,750.3
Selling, general and administrative expenses
-43.9
-49.2
-139.3
-147.9
Other operating income
21.4
21.8
75.3
99.7
Other operating expenses
-38.4
-41.7
-127.4
-192.2
Share of profit or loss of equity-accounted investments
1.0
1.0
4.3
-0.9
– thereof reversals of impairment losses/impairment losses
—
—
1.1
-4.5
Income from equity investments, net
0.2
1.7
2.8
2.6
Gains/(losses) on operating anticipatory hedges
32.3
-12.1
-16.0
84.6
Earnings after operating hedges 2
-30.0
1.4
-14.0
-1,904.5
Interest income
5.8
8.4
20.7
20.4
Interest expense
-16.3
-4.9
-23.0
-15.8
Other financial result
4.1
-0.6
-2.2
0.3
Financial result
-6.4
2.9
-4.5
4.9
Earnings before tax
-36.4
4.3
-18.5
-1,899.6
Income tax expense
10.8
-2.1
5.5
253.2
– thereof deferred taxes
8.2
-1.7
34.1
267.6
Net income
-25.6
2.2
-13.0
-1,646.4
Non-controlling interests
-0.8
-0.1
-0.8
0.1
Earnings after tax and non-controlling interests
-26.4
2.3
-13.8
-1,646.5
Earnings per share in € (undiluted ≙ diluted)
-0.15
0.01
-0.08
-9.19
1 Rounding differences may arise in figures.
2 Key indicators not defined in IFRS.
RECONCILIATION OF OPERATING EARNINGS AND EBITDA1,2
in € million
Q3/2024
Q3/2025
9M/2024
9M/2025
Earnings after operating hedges
-30.0
1.4
-14.0
-1,904.5
Income (–)/expense (+) from changes in fair value of the outstanding operating
anticipatory hedges
-29.1
29.3
0.2
-50.4
Elimination of prior-period changes in the fair value of operating anticipatory
hedges
4.3
-6.4
40.2
-30.2
Depreciation and amortization (+)/impairment losses (+)/reversals of impairment
losses (–) on non-current assets
122.1
87.2
371.2
2,405.1
Capitalized depreciation (–) 3
-1.7
-0.8
-2.4
-3.4
Impairment losses (+)/reversals of impairment losses (–) on investments accounted
for using the equity method
—
—
-1.1
4.5
EBITDA
65.6
110.7
394.1
421.0
1 Rounding differences may arise in figures.
2 Key indicators not defined in IFRS.
3 This relates to depreciation of assets used in the production of other items of property, plant, and equipment. Depreciation is capitalized as part of the cost of production
and is not recognized in profit or loss.
13 Q3/2025 K+S QUARTERLY REPORT
BALANCE SHEET — ASSETS 1
in € million
Sept. 30, 2024
Dec. 31, 2024
Sept. 30, 2025
Intangible assets
166.8
148.0
116.0
– thereof goodwill from acquisitions of companies
13.7
13.7
13.7
Property, plant, and equipment
6,574.8
6,688.1
4,509.4
Investment properties
1.9
1.9
1.5
Financial assets
56.7
48.3
48.4
Investments accounted for using the equity method
159.8
159.8
152.5
Other financial assets
3.4
5.7
6.6
Other non-financial assets
56.6
57.4
66.1
Securities and other financial assets
67.7
61.3
67.0
Deferred taxes
4.4
37.8
10.7
Non-current assets
7,092.2
7,208.3
4,978.2
Inventories
696.4
678.3
708.2
Trade receivables
630.1
700.1
709.2
Other financial assets
132.9
93.6
121.0
Other non-financial assets
151.6
136.6
101.4
Income tax refund claims
37.7
50.2
35.9
Securities and other financial assets
207.9
168.8
103.2
Cash and cash equivalents
352.6
317.6
365.3
Current assets
2,209.2
2,145.2
2,144.3
ASSETS
9,301.4
9,353.5
7,122.5
1 Rounding differences may arise in figures.
BALANCE SHEET — EQUITY AND LIABILITIES 1
in € million
Sept. 30, 2024
Dec. 31, 2024
Sept. 30, 2025
Issued capital
179.1
179.1
179.1
Capital reserve
658.3
658.3
658.3
Other reserves and net retained earnings
5,408.3
5,375.0
3,425.8
Total equity attributable to shareholders of K+S Aktiengesellschaft
6,245.7
6,212.3
4,263.2
Non-controlling interests
3.7
4.0
4.1
Equity
6,249.4
6,216.3
4,267.2
Financial liabilities
493.5
493.9
494.9
Other financial liabilities
185.6
202.0
175.7
Other non-financial liabilities
20.1
19.3
18.5
Provisions for pensions and similar obligations
7.8
6.9
27.2
Provisions for mining obligations
1,206.2
1,239.7
1,385.2
Other provisions
143.9
141.5
130.4
Deferred taxes
318.1
324.1
7.6
Non-current liabilities
2,375.2
2,427.4
2,239.5
Financial liabilities
17.7
—
—
Trade payables
254.6
316.1
250.7
Other financial liabilities
89.8
141.8
79.7
Other non-financial liabilities
57.6
57.9
49.0
Income tax liabilities
36.9
37.3
24.7
Provisions
220.2
156.7
211.6
Current liabilities
676.8
709.8
615.7
EQUITY AND LIABILITIES
9,301.4
9,353.5
7,122.5
1 Rounding differences may arise in figures.
14 Q3/2025 K+S QUARTERLY REPORT
STATEMENT OF CASH FLOWS
in € million
Q3/2024
Q3/2025
9M/2024
9M/2025
Earnings after operating hedges (from continuing operations)
-30.0
1.4
-14.0
-1,904.5
Income (–)/expenses (+) arising from changes in the fair value of outstanding
operating anticipatory hedges
-29.0
29.2
0.2
-50.4
Elimination of prior-period changes in the fair value of operating anticipatory
hedges
4.2
-6.4
40.2
-30.2
Depreciation, amortization, impairment losses (+)/
reversals of impairment losses (–) on intangible assets, PPE,
financial assets, and investments accounted for using the equity method
120.5
86.4
367.7
2,406.1
Increase (+)/decrease (–) in non-current provisions
-4.7
6.6
-12.6
5.5
Interest received and similar income
5.6
5.5
25.6
11.9
Realized gains (+)/losses (–) on financial assets/liabilities
2.7
0.5
-0.5
3.2
Interest paid and similar expense
-12.5
-3.2
-21.9
-29.7
Income tax paid (–)/refunded (+)
6.5
3.1
-24.4
-12.6
Other non-cash expenses (+)/income (–) and other expenses
-0.4
-1.0
-3.1
-2.5
Gain (–)/loss (+) on sale of assets and securities
1.0
-2.0
4.5
-0.6
Increase (–)/decrease (+) in inventories
36.9
-3.5
45.7
-35.6
Increase (–)/decrease (+) in receivables and other operating assets
84.7
-1.3
128.0
38.6
Increase (+)/decrease (–) in current operating payables
-40.6
8.1
-82.4
-54.4
Increase (+)/decrease (–) in current provisions
28.7
37.5
45.5
80.7
Allocations to plan assets
—
-0.2
-6.7
-0.3
Net cash flow from operating activities
173.6
160.7
491.8
425.2
– thereof from continuing operations
162.6
160.7
484.0
425.2
– thereof from discontinued operations
11.0
—
7.8
—
Proceeds from sale of assets
1.3
3.4
3.6
8.7
Purchases of intangible assets
-5.5
-1.1
-9.9
-4.2
Purchases of property, plant, and equipment
-132.0
-132.0
-364.0
-378.9
Dividend distributions by investments accounted for using the equity method
—
6.3
—
10.5
Payments (-)/repayments(+) concerning financial assets/investments accounted for
using the equity method and loans granted
-2.3
—
-2.8
0.3
Proceeds from sale of securities and other financial assets
4.8
117.0
354.2
154.2
Purchases of securities and other financial asset
-267.5
-67.2
-270.5
-96.3
Net cash used in investing activities
-401.2
-73.6
-289.4
-305.7
– thereof from continuing operations
-401.2
-73.6
-289.4
-305.7
Dividends paid
—
—
-125.4
-26.9
Repayment (–) of borrowings
-288.3
-10.7
-446.5
-70.8
Proceeds (+) from borrowings
—
—
545.3
39.9
Net cash from/(used in) financing activities
-288.3
-10.7
-26.6
-57.8
– thereof from continuing operations
-288.3
-10.7
-26.6
-57.8
Cash change in cash and cash equivalents
-515.9
76.4
175.8
61.7
Exchange rate-related change in cash and cash equivalents
-2.9
-0.3
-1.8
-12.5
Consolidation-related changes in cash and cash equivalents
—
—
27.0
—
Net change in cash and cash equivalents
-518.8
76.1
201.0
49.2
Net cash and cash equivalents as of January 1
144.5
309.2
Net cash and cash equivalents as of September 30
345.5
358.4
– thereof cash and cash equivalents
352.6
365.3
– thereof cash received from affiliated companies
-7.1
-6.9
15 Q3/2025 K+S QUARTERLY REPORT
FINANCIAL CALENDAR
DATES
2026
2025 Annual Report
March 12, 2026
Quarterly Report as of March 31, 2026
May 11, 2026
Annual General Meeting
May 12, 2026
Dividend Payment
May 15, 2026
Half-Year Financial Report as of June 30, 2026
August 12, 2026
Quarterly Report as of September 30, 2026
November 10, 2026
GENERAL PRINCIPLES
The consolidated financial statements are prepared in euros (€). The individual items of the consolidated financial statements are
presented in millions of euros (€ million) in the interests of clarity. Rounding differences may arise in percentages and numbers. The
financial year corresponds to the calendar year.
CONTACT
K+S Aktiengesellschaft
Bertha-von-Suttner-Str. 7
34131 Kassel, Germany
Phone: +49 (0) 561 9301-0
Internet: www.kpluss.com
Investor Relations
Phone: +49 (0) 561 9301-1100
Fax: +49 (0) 561 9301-2425
E-mail: investor-relations@k-plus-s.com
IMPRINT
Editorial team/text
K+S Investor Relations
Layout and design
Kirchhoff Consult GmbH, Hamburg
Publication on November 11, 2025
FORWARD-LOOKING STATEMENTS
This Quarterly Report contains statements and forecasts relating to the future development of the K+S Group and its companies.
The forecasts represent assessments based on all the information available to us at the present time. Should the assumptions on
which the forecasts are based prove to be incorrect or risks — such as those mentioned in the Report on Risks and Opportunities in
the current Annual Report – materialize, actual developments and results may deviate from current expectations. The Company
assumes no obligation to update the statements contained in this Quarterly Report beyond the disclosure requirements stipulated
by law.
16 Q3/2025 K+S QUARTERLY REPORT
