Quarterly Earnings and Forecast of K+S Aktiengesellschaft
K+S Reports Lower Q2 EBITDA Due to Operational Disruptions and Market Factors
German fertiliser company K+S has announced that its EBITDA for Q2 2025 stands at €110 million, falling short of market expectations of €139 million. The lower earnings were primarily due to a one-off result effect related to the valuation of mining provisions amounting to €10 million, operational disruptions at the Bethune site, logistical and shipping delays, lower-than-expected sales volume in the agriculture segment, and an adverse USD/EUR exchange rate.
The maintenance shutdown at Bethune, which started in June instead of later as in the previous year, caused reduced production capacity. A bulk ship's delayed departure from port—from the end of June to early July—also weighed on sales volumes. The average price in the Agriculture customer segment was €336/tonne, but the volume declines and exchange rate headwinds outweighed this effect.
Despite these factors, K+S Group confirmed its full-year 2025 EBITDA and free cash flow forecasts. The group's full-year EBITDA forecast for 2025 remains between €560 to €640 million, despite a less favorable USD/EUR exchange rate assumption. If the EBITDA market expectation is adjusted according to K+S's sensitivity communication, a value in the middle of K+S's EBITDA forecast range is obtained.
The sales volumes in the agriculture segment were 1.74 million tonnes, lower than market expectations and the prior year's figure. The reasons for the lower sales volume include a maintenance shutdown at the Bethune site, a transport ship's delay, and logistical challenges. No new information about logistical challenges or delays affecting sales volume for Q3 2025 has been provided.
No new information about potassium prices for Q3 2025 or beyond has been provided in this article. Similarly, no new information about the average price (excluding trading goods) in the Agriculture customer segment for Q3 2025 has been provided. Additionally, no new information about any one-off results effects for Q3 2025 has been provided.
The half-year financial report for H1/2025 will be published by K+S on 12 August 2025. The finalization of the accounts for H1/2025 is still ongoing. No new information about the adjusted free cash flow for Q3 2025 or the full year 2025 has been provided in this article.
Since the publication of the previous forecast, potassium prices have continued to rise moderately. The market expectation for EBITDA in the full year 2025 is €632 million, with a USD/EUR exchange rate of 1.12 USD/EUR assumed for the second half of the year. The adjusted free cash flow for Q2 2025 is -€8 million, in line with market expectations.
Business disruptions and operational challenges have significantly impacted K+S's earnings, influencing their Q2 2025 EBITDA of €110 million. The fertiliser company plans to re-invest some of these funds into the business for future opportunities in the investing sector.
