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Q2/2025 Results August 12, 2025 Dr. Christian H. Meyer Dr. Jens Christian Keuthen CEO CFO
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Disclaimer 2 No reliance may be placed for any purpose whatsoever on the information or opinions contained in the Presentation or on its completeness, accuracy of fairness. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its respective directors, officers, employees, agents or advisers as to the accuracy, completeness or fairness of the information or opinions contained in the Presentation and no responsibility or liability is accepted by any of them for any such information or opinions. In particular, no representation or warranty, express or implied, is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, ambitions, estimates or forecasts contained in this Presentation and nothing in this Presentation is or should be relied on as a promise or representation as to the future. This Presentation contains facts and forecasts that relate to the future development of the K+S Group and its companies. The forecasts are estimates that we have made on the basis of all the information available to us at this moment in time. Should the assumptions underlying these forecasts prove not to be correct or should certain risks – such as those referred to in the Annual Report – materialize, actual developments and events may deviate from current expectations. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forecasts. This Presentation is subject to change. In particular, certain financial results presented herein are unaudited, and may still be undergoing review by the Company’s accountants. The Company may not notify you of changes and disclaims any obligation to update or revise any statements, in particular forward-looking statements, to reflect future events or developments, save for the making of such disclosures as are required by the provisions of statue. Thus, statements contained in this Presentation should not be unduly relied upon and past events or performance should not be taken as a guarantee or indication of future events or performance. This Presentation has been prepared for information purposes only. It does not constitute an offer, an invitation or a recommendation to purchase or sell securities issued by K+S Aktiengesellschaft or any company of the K+S Group in any jurisdiction.
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IFRS vs. US GAAP – Impairment ▪ IFRS require companies to evaluate their assets for impairment and to adjust accordingly. This can lead to write-offs and write-backs. ▪ Under US GAAP, a one-off write-off is sufficient, and there is no obligation to write back, even if market conditions improve. This leads to differences in financial reporting. Impairments and reversals in 2020/2021: ▪ In 2020, K+S had a similar impairment loss on assets of approx. €2 billion (decline in potash prices). ▪ In 2021, K+S was able to reverse this impairment completely. K+S uses Argus price development as external objective source ▪ Argus has not yet considered that all potash producers are affected by the weak USD, nor that BHP has postponed the start of their Jansen project. As long as the value in use is bigger than the book value, there is headroom to cushion fluctuations in the assumptions. If the value in use is lower than the book value, every change in assumptions can lead to non-cash write-off and write-backs in the quarters. Background non-cash impairment at K+S 3
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Ad hoc disclosure – July 29, 2025 ▪ Q2/2025 results showed EBITDA below market expectations, while adjusted free cash flow aligned with forecasts. ▪ Full-year 2025 EBITDA and free cash flow forecasts remain confirmed, despite a less favorable USD/EUR exchange rate assumption. K+S was obligated to release two separate ad hoc disclosures in compliance with regulatory requirements ▪ Art. 17 (1) EU MAR: "An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer." (Ad hoc disclosure requirement) ▪ This regulation ensures transparency and safeguards investor interests. K+S’s ability to uphold its full-year forecasts despite adverse currency conditions shows its operational strength. Ad hoc Quarterly Result / Forecast 4
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Global megatrends… 5 Sources: FAO, IFAD, UNICEF, WFP and WHO. 2023 The State of Food Security and Nutrition in the World 2023: Urbanization, agrifood systems transformation and healthy diets across the rural-urban continuum. Rome, FAO; "Global temperature change" by James Hansen et al. (September 25, 2006); UNESCO World Water Report 2021; United Nations World Population Prospects 2022; World Population Clock of the German Foundation for World Population (as of 2022) had to suffer from hunger in 2022. were moderately or severely affected by food insecurity in 2022 (approx. 2.4 billion people) Balanced fertilization with the necessary macronutrients contributes to the required yield increase in agriculture. > 700 million people approx. 30% of the world's population per decade on average suffer from water shortage 40% of the population +0.2 °C global warming 9.7 billion people will live in the world in 2050 (2022: 8.0 billion people) Potassium-based fertilizers make plants more resistant to weather extremes such as drought and increase their water use efficiency. …require efficient fertilization and irrigation!
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Highlights Q2/25 Financials € million Q2/24 Q2/25 % Revenues 874 871 -0.3 t/o Agriculture 616 618 +0.3 t/o Industry+ 258 254 -2 EBITDA 128 110 -15 Depreciation 122 125 +3 Adj. net profit (excluding extraordinary impairment effect) 6.5 -12 - Adj. EPS (€) (excluding extraordinary impairment effect) 0.04 -0.07 - ROCE (LTM; %) (excluding extraordinary impairment effect) 0.9 0.0 - Operating cash flow 96 103 +8 Adj. FCF -24 -8 +69 Capex 116 128 +10 Highlights ▪ Q2/25 EBITDA at €110 mln (Q2/24: €128 mln) ▪ Agriculture sales volume (excl. trade goods) at 1.74 mln t (Q2/24: 1.84 mln t) lower due to postponed bulk ship, earlier maintenance Bethune; ASP (excl. trade goods) at 336 €/t ▪ Q2/25 adj. FCF at €-8 mln (Q2/24: €-24 mln); WC build-up of about €20 mln (Q2/24: €+30 mln); cash tax lower 128 110 15 -2 -31 Q2/24 Revenue effect Agriculture excl. FX Revenue effect Industry+ excl. FX Costs, FX, one-off Q2/25 - provision one-off - energy costs - personnel costs - FX EBITDA in €m + higher prices - lower volumes 6
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ASP development in Agriculture customer segment 7 Sales volumes million tonnes eff. 7.31 2.02 1.97 1.89 2.03 7.90 2.01 1.82 thereof trade goods million tonnes eff. 0.11 0.04 0.13 0.09 0.07 0.34 0.04 0.08 Europe million tonnes eff. 2.97 0.95 0.79 0.81 0.89 3.45 1.04 0.81 Overseas million tonnes eff. 4.34 1.07 1.18 1.08 1.13 4.45 0.97 1.01 MOP million tonnes eff. 4.62 1.08 1.10 1.04 1.13 4.35 1.20 1.06 Fertilizer specialties million tonnes eff. 2.69 0.94 0.87 0.85 0.89 3.55 0.81 0.76 2023 Q1/24 Q2/24 Q3/24 Q4/24 2024 Q1/25 Q2/25 Revenues € million 2,721.3 679.9 615.9 605.8 648.5 2,550.1 664.8 617.5 thereof trade goods (mainly specialties, Overseas) 67.0 19.5 56.3 49.3 33.4 158.4 24.7 32.0 Europe € million 1,202.9 344.7 270.5 270.9 296.4 1,182.5 357.4 289.6 Overseas USD million 1,640.0 364.0 371.9 367.9 376.1 1,479.9 323.5 371.8 MOP € million 1,661.1 338.3 314.4 292.0 317.5 1,262.2 358.6 327.8 Fertilizer specialties € million 1,060.2 341.6 301.6 313.8 331.0 1,288.0 306.2 289.7 Average price €/tonne eff. 372.1 336.4 312.9 321.1 319.9 322.7 330.0 339.0 adj. by trade goods €/tonne eff. 368.6 333.8 304.8 310.0 314.8 316.2 325.0 336.4 Europe €/tonne eff. 404.8 361.3 341.1 333.9 331.4 342.5 343.5 357.2 Overseas USD/tonne eff. 377.7 341.0 316.4 342.2 332.0 332.5 332.1 367.8 MOP €/tonne eff. 359.4 313.9 285.2 280.6 281.6 290.2 297.8 309.1 Fertilizer specialties €/tonne eff. 393.9 362.0 348.3 371.1 371.9 362.8 377.9 380.7
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8 Outlook
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▪ Global potash demand is expected to remain strong in the second half of 2025, driven by strong demand in Brazil, India, and Western Europe. ▪ In June 2025, China agreed to a contract price of USD 346/t for standard potassium chloride, while the Indian contract was slightly higher at USD 349/t. High demand expected in both regions in the second half of 2025. ▪ Supply constraints persist due to high capacity utilization of the global potash market in 2024. ▪ Market conditions support at least stable prices. All MOP producers are affected by the weak USD. Market outlook 2025 Key message 9
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Guidance 2025* ▪ EBITDA continues to be expected between €560 and 640 mln ▪ Midpoint: price level achieved in Brazil at the end of July will stay stable on average for rest of the year → ASP on level of H1/25 (330 €/t) ▪ Upper end: overseas prices continue to rise with spillover effects → further slight increase in FY ASP ▪ Lower end: ASP remains at Q1/25 level ▪ Agriculture sales volumes (excl. trade goods): 7.5 – 7.7 mln t (2024: 7.56 mln t) ▪ Higher costs for energy and personnel not fully offset by cost savings for materials ▪ Capex of about €550 mln ▪ USD/EUR exchange rate: 1.18 USD/EUR, sensitivity €40 mln per 5 cent change for a FY despite hedging ▪ Adjusted free cash flow forecast continues to be expected slightly positive (2024: €62 mln) Guidance confirmed 2020 2021 2022 2023 2024 2025 445 1.067 2.423 712 558 560 – 640 * as of August 12, 2025 10 2,423 1,067
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Housekeeping items / Financial calendar ▪ Tax rate: 30% ▪ Cash interest: less than €-15 mln ▪ CapEx: €550 mln (2024: €531 mln) ▪ D&A: ~ €530 mln (2024: €560 mln) Additional information on 2025 FY outlook – continuing operations Financial calendar 11 Commerzbank and ODDO BHF Corporate Conference – CFO Sep 3, 2025 Jefferies Industrials Conference – CEO Sep 3, 2025 UBS Basic Materials Conference – CEO Sep 4, 2025 Food Ingredients & Chemicals Conference – CEO & CFO Sep 10, 2025 Berenberg German Corporate Conference – CEO Sep 24, 2025 Baader Investment Conference – CEO & CFO Sep 25, 2025 Quarterly Report: September 30, 2025 Nov 11, 2025
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12 Investor Relations @ K+S Aktiengesellschaft Julia Bock, CFA Head of Investor Relations & Corporate Secretary Phone: + 49 561 / 9301-1009 Fax: + 49 561 / 9301-2425 julia.bock@k-plus-s.com Esther Beuermann, MBA Senior Investor Relations Manager, ESG Expert Phone: + 49 561 / 9301-1679 Fax: + 49 561 / 9301-2425 esther.beuermann@k-plus-s.com ▪ Email: investor-relations@k-plus-s.com ▪ Website: www.kpluss.com ▪ IR-Website: www.kpluss.com/ir ▪ Newsletter: www.kpluss.com/newsletter K+S Aktiengesellschaft Bertha-von-Suttner-Str. 7 34131 Kassel Elisa Euler Investor Relations Manager Phone: + 49 561 / 9301-1403 Fax: + 49 561 / 9301-2425 elisa.euler@k-plus-s.com