Slides
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Company Presentation Information for investors , analysts , and interested parties Publication August 2026 KIS
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Table of contents 2
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1 | 9 K+S Group
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You can find the CVs of our Executive Board members on the K+S website. For current information on the responsibilities of the individual members of the Board of Executive Directors, please refer to our bylaws which can also be found on the K+S website at www.kpluss.com/executivedirectors. Dr. Christian H. Meyer Dr. Carin-Martina Tröltzsch (Chairman) Christina Daske Dr. Jens Christian Keuthen 4 Board of Executive Directors – since June 1, 2025
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K+S Conspect: 50 locations on 6 continents K+S Group financials (2025) Revenues Adjusted free cash flow €3,647.9 million €29.1 million EBITDA EBITDA margin €612.8 million 16.8% The history of the K+S Group goes back to the 19th century, when the world's first potash deposits were opened up in Germany. Today, the K+S Group is an internationally oriented raw materials company with production sites in Europe and North America. K+S strives for sustainability and acknowledges its responsibility towards people, the environ- ment, communities, and the economy in the regions in which it operates. The claim is to enrich life for generations and to be a pioneer for environmentally friendly and sustainable mining. Das ist K+S Employees worldwide ca. 11,000 5
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▪ Distinctive specialty-driven product portfolio tailored to the agricultural sector ▪ Strategic potash deposits in Germany and Canada ensure privileged access to key global application regions, complemented by a strong European business with highly efficient logistics ▪ Compelling long-term growth trajectory in Canada with attractive returns ▪ Underlying megatrends remain robust; incremental global demand can only be met through substantial, capital-intensive capacity additions ▪ Industry+ customer segment provides resilience, benefiting from structurally improved margins in the European salt market and low capital intensity ▪ Unique infrastructure creates excellent optionality for developing future business opportunities Why is K+S an attractive investment for investors? 6 K+S – an attractive investment
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Key investment highlights 7 1 2 3 4 6 We are global pioneers in environmentally friendly and sustainable mining We have already reduced our CO2 emissions by around 80% since 1990 and have developed a path to becoming greenhouse gas neutral at our production sites (own business activities) by 2045. In future, we will be able to produce potash with the smallest possible CO2 footprint in Germany. 5 Our strategy focuses on optimizing the existing business We are optimizing our German sites to ensure our position also at the lower end of the cycle and improve our environmental footprint. We use opportunities to expand our specialties portfolio and leveraging our unique infrastructure (storage of gas in caverns,underground farming, tailings pile covering, waste and recycling management). Agriculture has evolved and so have we – since 1889 Unique selling point: K+S is the only potash supplier with production sites in Europe and North America and has a well-developed logistics network. Continuous expansion of our advisory services to provide local farmers with added value and support them in efficient fertilization. High access barriers in the potash market will also prevent a significant oversupply in the future K+S expects demand for potash to grow at a compound annual growth rate of 2-3%1, making new projects or expanded capacities averaging around 2 million tonnes per year1 urgently necessary to meet the rising demand. With our new potash plant in Bethune, Canada, we can grow steadily and increase our production by >100,000 tonnes a year. Our products are indispensable for people, animals, and plants Global megatrends call for efficient fertilization. With our fertilizers, we support farmers in combating world hunger. K+S offers high-purity salts for over 5,000 different applications, including in pharmaceutical products and the food industry, making them an important part of everyday life. Strong balance sheet and prudent financial policy K+S wants to maintain a strong balance sheet and generally strives for a maximum leverage ratio (net debt/EBITDA) of 1.5x. Clear guiding principles for shareholder distributions established. 1 IFA 2024, K+S estimates; actual production including potassium sulfate and low-grade potash
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8 K+S at a glance Revenues H1/2026 €1,378.4 million Revenues H1/2026 €660.7 million Agriculture With our wide range of potassium chloride (MOP) and fertilizer specialties, as well as accompanying advice, we support farmers around the world in achieving high yields and the best crop qualities. Industry+ We produce, refine, and supply natural raw materials for communities, consumers, and numerous industrial applications – and if residues remain, we have the right disposal solution. Our products and services keep production running. Sales volumes H1/2026 3.98 million tonnes Sales volumes H1/2026 4.09 million tonnes thereof de-icing salt Customer segments (no segments according to IFRS) Agriculture Industry+
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2 | 9 Relevant megatrends
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Important megatrends and their implications 10 8.6 billion Global population in 2030 Today: 8.0 billion 0.2 ºC Average global warming per decade 40% of the population suffers from water scarcity in 2030 70% of water used for agriculture 2/3 of the world‘s population belong to the middle class in 2030 2015: 14% of the world‘s population ▪ Arable land shrinking ▪ Yield needs to be improved ▪ Higher efficiency of fertilization and irrigation needed ▪ Plants have to be more stress resistant ▪ Infrastructure needs to be improved → focus on renewable energy ▪ Growing population, especially in Asia, needs more salt for various purposes Sources: United Nations, 2017; World Population Clock of the Deutsche Stiftung Weltbevölkerung (dated July 2022); “Global temperature change" from James Hansen et al. (September 25, 2006); World Water Report 2021 of the UNESCO; James Davies, Rodrigo Lluberas and Anthony Shorrocks, Credit Suisse Global Wealth Databook 2015 Implications for K+S
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“The growth and yield of a plant is limited by the nutrient available in the smallest amount.“ ▪ Plants need sunlight, water, and minerals to thrive. ▪ There are few soils on earth which have a sufficient content and availability of plant nutrients to achieve high yields over a longer period without fertilization. ▪ Potash is an indispensable addition to the natural nutrient content of arable soils. ▪ The deprivation of nutrients by harvesting and other factors must be compensated by balanced fertilization. Why use fertilizers? 11 “The Natural Laws of Farming“, Justus von Liebig, 1863
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Long-term key drivers for our fertilizer business 12 Each year, an additional 80 million people needs to be fed – this equals the population of Germany. At the same time, the available arable land per capita will decrease. By 2050, an expanded world's population will consume two- thirds more animal protein than it does today. In 2050, only roughly 25% of a soccer field will be available for a person's annual food supply – 80% of the future growth in agricultural commodity production will result from increases in yields. This is achieved through the use of balanced fertilization. Source: UN, World Population Prospects, 2022 Revision, UNDP, 2013; FAOStat 2014; 1 FAO 2014 - Forecasts based on expected increase in animal protein 4,300 m² 2,100 m² 1,800 m2 60 g/day Arable land per capita Protein per capita 80 g/day 130 g/day1 3.0 billion 6.9 billion 9.7 billion 1960 2010 2050 Global population development Less arable land – but more protein consumption per capita
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Long-term demand drivers 13 Population growth Economic growth and industrialization Winter weather conditions Infrastructure development Increasing standard of living Urbanization Global warming Water scarcity Consumers Communities Industry & Pharma Demand drivers Agriculture Industry + Arable land shrinking
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The earnings prospects should give the agricultural industry sufficient incentive to increase the yield per hectare by using plant nutrients. Farmer profitability of corn (USA) 14 Profit potential in % of revenues Expenditure for potash products of an agricultural farm: approx. 4% of the total cost 67% 16% 17% 0% 100% Corn (USA) Operating profit Fertilizer costs Other costs Thereof costs for potash products: ~ 4%
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3 | 9 Market situation
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World potash production and sales volumes by region 16 Sources: IFA, K+S, Estimates Basis: Year 2025 – incl. Potassium sulfate and low-grade potash in million tonnes Rounded values were used to simplify presentation. ▪ Before the restrictions on Russian exports and the sanctions against Belarus, the potash market was operating at full capacity. ▪ By 2021, Russia and Belarus each produced around 16% of global potash volumes. Capacity expansions (11 million tons) would have come from these countries in the coming years. ▪ 28% of global wheat exports come from Russia and Ukraine. 2021 2022 2023 2024 2025 World potash production 77.9 mt 66.3 mt 74.0 mt 81.0 mt 80.8 mt World potash sales volume 77.0 mt 63.7 mt 72.6 mt 79.2 mt 80.6 mt 2 1 17 26 11 6 6 29 6 18 40
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New potash capacities needed to meet rising demand Demand Supply growth, realization probability of more than 50% Existing supply Growth of 2% p.a.(incl. Potassium sulfate and low-grade potash) 17 0 10 20 30 40 50 60 70 80 90 100 110 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Mio. t 2032 2033 2034 2035 2031 2037 2038 2039 2040 2036
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0 15 30 45 60 75 90 1970 1980 1990 2000 2010 2020 potassium nitrogen phosphorus • Global nitrogen balance in the soil has increased continuously, while potassium balance has declined since the 1990s despite the growth in application. • The growing imbalance threatens soil health, crop resilience and long-term yield stability. • Addressing this imbalance is essential for sustainable global food security. Global cropland nutrient balance 18 Potassium the missing link Source: FAO. 2024. FAOSTAT: Cropland nutrient balance. Mio. t
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Brazil: Larger corn and soybean acreage Southeast Asia & India: Growing palm oil production China: More ambitious yield targets and stricter production requirements Africa: High growth potential, as Africa continues to be undersupplied with MOP Growth drivers for global MOP demand 19 Source: IFA Global demand hotspots (regions marked in green) 2026 vs. 2025 2027 vs. 2026 2028 vs. 2027 2029 vs. 2028 Exp. increase in global K2O demand 1.9% 2.4% 2.3% 2.1% Regional demand drivers
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200 300 400 500 600 700 800 900 1.000 1.100 1.200 200 300 400 500 600 700 800 900 1.000 1.100 1.200 07/20 01/21 07/21 01/22 07/22 01/23 07/23 01/24 07/24 01/25 07/25 01/26 07/26 MOP gran. Brazil USD/t, cfr (left scale) MOP gran. Europe EUR/t, cfr (right scale) Potash price development 20 Source: FMB Argus Potash Potassium Sulfate (SOP) Europe Potassium Chloride (MOP) Europe Potassium Chloride (MOP) Brazil USD/t EUR/t SOP Europe EUR/t, cfr (right scale) , , , , , ,
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21 Das ist K+S Supplier structure on the global potash market 2025 Others ICL, APC, EuroChem, Laos, Intrepid, Compass, SQM China 20+ Producers World Potash Sales Volumes 2025 69% 20% 2025 2024 9% 9% 11%Top 5 Potash Fertilizer Producers: Source: IFA 2025, K+S, company data Basis: Year 2025 – incl. Potassium sulfate and low-grade potash 12% 18% 16% 14% 12% 17% 16% 15% Mosaic Nutrien Uralkali Belaruskali 2024 2025 2024 2025 2024 2025 2024 2025
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New potash capacities needed to meet rising demand! 12.0 3.4 3.2 3.0 2.3 Demand growth until 2032 BHP Stage 1 Production Production by new projects in Belarus and Russia Production volumes from further realistic Greenfield projects, Brownfield extansions as well as consideration of capacity reduction Additional capacity required to meet increased demand by 2032! 22 Please note: Production volumes are based on announced capacities and typical utilisation rates for conventional mines. Source: K+S in Mio. t eff. (product)
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Between desire and reality 23 Legal framework Energy supply Water supply Transportation routesReasons for project cancellation Announced projects Current projects in ramp-up Source: World Potash Developments, Mark D. Cocker & Greta J. Orris, 2012 K+S accelerates annual ramp-up at Bethune to 150,000 t (2025: good 2.2 million t, target: 4 million t per year). Since 2020, EuroChem has been producing potash at two Russian mines. Various greenfield projects planned in Thailand, Laos, Russia, Kazakhstan, Uzbekistan, Belarus, Canada, USA, Brazil, and Argentina, among others. Companies involved include BHP Billiton, K+S, state-owned companies, and new, start-up companies. 160 6 Classification of potash projects announced since 2006 (Greenfield)
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Farmer profitability still at high level 24 Source: Worldbank Price development of agricultural commodities since 01/2020 50 100 150 200 250 01/20 01/21 01/22 01/23 01/24 01/25 01/26 Maize Soybeans Palmoil Wheat December 2019 = 100
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Source: FAO Crop Calendar, IFASTAT Corp Calendar, Argus Potash Analytics, USDA Region Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Explanations North America Latin America Brazil: - Safrinha season, corn (Jan-Mar), - Safra season, soybean (Sept-Nov) Europe: - Spring application - Fall Application Fertilizer Application Seasons by Region Africa Oceania Asia India: - Kharif season (Jun-Jul), - Rabi season (Oct-Dec) China: - Spring season (Feb-Apr), - Fall season (Sept-Oct) Europe Black Sea region 25
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Potassium use by crop in selected countries 26 Source: IFA, “Fertilizer Use by Crop” based on data from 2016-2018, published 2022 17% 2% 12% 13% 4% 11% 5% 13% 1% 52% 1% 5% 83%12% 4% 5% 43% 15% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Euro zone Brazil Indonesia Wheat Corn Oil seed Sugar Soybean Rice Oil palm Fruits and Vegetables Rest
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Global potash sales volume by region Incl. potassium sulfate and low-grade potash of around 5 million tonnes eff. ; Sources: IFA, K+S million tonnes 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Western Europe 5.6 5.8 6.2 6.0 5.9 6.2 6.2 6.0 6.2 6.5 4.9 4.8 5.7 5.7 Central Europe/FSU 5.1 4.7 4.4 4.8 4.8 5.2 5.4 5.5 5.6 6.0 4.4 4.9 6.1 5.8 Africa 0.7 0.8 1.0 1.0 1.1 1.4 1.6 1.4 1.6 1.8 1.4 1.3 1.7 1.8 North America 9.1 9.7 11.8 9.5 10.9 11.2 11.5 9.8 11.7 12.4 9.0 11.4 11.1 10.9 Latin America 10.5 11.0 11.9 11.5 12.2 12.7 13.7 13.5 15.8 16.9 13.3 16.6 17.4 16.9 Asia 23.4 26.2 32.4 32.3 30.1 32.5 32.6 31.6 35.7 32.5 30.1 33.0 36.4 38.9 - thereof China 12.0 13.8 16.7 18.5 16.2 16.2 16.3 17.8 19.5 17.0 18.2 20.6 21.8 21.6 - thereof India 2.8 3.5 4.5 4.1 4.0 5.0 4.5 4.5 5.4 3.2 2.9 3.0 4.0 3.8 Oceania 0.4 0.5 0.7 0.6 0.6 0.7 0.8 0.7 0.7 0.8 0.5 0.6 0.8 0.8 World total 54.8 58.7 68.4 65.7 65.6 69.9 71.8 68.5 77.3 77.0 63.7 72.6 79.2 80.8 27
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Supplier structure on European salt market 28 18% 11% 10% 10% 51% K+S has a market share of 18% SWS Nobian Salins Others ▪ K+S has the highest market share in Europe and is the leader in salt production. ▪ A versatile product portfolio with a high proportion of specialties enables customized solutions for a wide range of market requirements and every industry. ▪ Thanks to several production sites in Europe and an extensive distribution network, K+S guarantees a comprehensive geographical presence that enables fast, flexible and reliable deliveries. Source: K+S
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4 | 9 Sustainable transformation as part of our strategy
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Guiding principles of strategy and management focus 30 Financial ambitions ▪ Earn cost of capital over a 5-year cycle ▪ At the same time, an average EBITDA margin of > 20% is aimed for over this cycle ▪ Generally striven for a leverage ratio (net debt/EBITDA): maximum 1.5x
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We have set ourselves ambitious goals in these three areas of action: Social Responsibility, Environment & Resources and Governance ▪ The human being is our focus ▪ Active commitment to environmentally friendly production ▪ Integrity & a sense of responsibility characterize our actions K+S Sustainability Goals 31
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Our sustainable transformation pays off ▪ Our capital expenditure will be increased in the course of the sustainable and economic transformation (especially in the years 2026 and 2027). ▪ Nevertheless, our strong balance sheet and improved operating cash conversion ensure at least break-even free cashflows – even at the lower end of the cycle. New Business Areas/Use of infrastructure • Coverage of tailings piles /REKS • Circular economy • Underground/Indoor Farming • Cavern/hydrogen storage Decarbonization • 25% CO2 reduction by 2030 • 60% by 2040 • Greenhouse gas neutral (Scope 1 and 2) by 2045 Ramp-up Bethune/CA Increase in production from a good 2 to 4 million tonnes p.a. through cost-effective, water- and energy-saving secondary mining Werra 2060 • Increase in energy efficiency, more specialties • Securing the future • Less tailings disposal • Reduction of saline process water • Halving CO2 K+S is the first producer to offer potash and salt with the smallest possible CO2 footprint! 32
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Optimize the existing 33 70 % Industry+ Agriculture Supply Chain ▪ Warehouse and network optimization for European salt logistics ▪ Optimization of warehousing ▪ Improved use of infrastructure ▪ Increase of marketing in USA ex Bethune ▪ Increase of trading business in Middle East, China and India ▪ Improved leveraging of local sales network ▪ Focus on potash product groups for industrial product sales ▪ Capacity expansion of high-purity salts ▪ Optimization of de-icing salt setup
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Werra 2060 – Securing a sustainable future 34 Reduction in environmental impact How do we want to achieve this? Saline process waters reduced: by more than 1.0 million m3 p.a. Reduction solid residues: by 8 to 7 million t eff. p.a. ► avoiding tailings pile expansion Wintershall beginning of the 2030s Halving CO2 emissions at the Unterbreizbach and Wintershall plant Reduced steam requirement: Higher flexibility regarding the energy source Innovations in extraction and production ▪ Unterbreizbach and Wintershall sites: Focus on wastewater-free processing methods ▪ Unterbreizbach mine: Expansion of secondary mining operations (drill and blast) ▪ Hattorf-Wintershall mine: Introduction of secondary mining (drill and blast) ▪ Unterbreizbach and Hattorf-Wintershall mines: Dry backfill utilization ▪ Hattorf plant: Continued operation unchanged for the time being Future-oriented product portfolio ▪ Lower energy consumption, reduction in CO2 emissions and modified product portfolio through conversion of the processing and refining processes in Wintershall and Unterbreizbach ▪ Further development of specialties portfolio with unchanged production volumes ▪ The products become more competitive under cost, sustainability, and quality criteria Methods already tested or in use on other sites! 70 %
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Primary & Secondary Mining – Ramp-up of the production from a good 2 to 4 mln. tonnes p.a. 35 In primary mining, fresh water is pumped into the layer containing potash, creating so-called caverns. The water pumped into the cavern dissolves the potassium salt and a water-salt solution (brine) is formed. The resulting brine is pumped upwards with pressure. The brine is then evaporated in a factory and processed further. In secondary mining, only saturated NaCl brine is injected instead of fresh water. The remaining KCl reserves are selectively dissolved from the existing caverns. The resulting brine is pumped upwards with pressure. The KCl crystallizes on the surface due to the outside temperature in a cooling pond. Potash deposit The liquid dissolves the potash and forms a cavern. Bethune – Efficient Production in Canada Secondary Mining: Cost-effective, water- and energy-saving method! 70 %
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In the middle of Saskatchewan 36 Bethune – Above ground
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37 Bethune – Below ground In Bethune, a pad currently includes 12 underground caverns. Each one of them is about the size of a Bundesliga stadium. Pads and caverns 12 x
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38 Ambitious climate strategy adopted ▪ Since 1990 we have already reduced our CO2 -emissions significantly: ▪ We achieved this through the extensive use of highly efficient combined heat and power (CHP) technology, comprehensive energy efficiency measures and capacity reductions. ▪ As part of Climate Strategy 2.0, we have set additional ambitious medium- and long-term targets: ▪ We aim to reduce our CO₂-emissions by 25% by 2030 and by 60% by 2040 compared with the 2020 baseline. From 2045 onward, we aim to achieve greenhouse-gas neutrality. (refers to Scope 1 and 2 emissions of our production sites) 2.6 1.9 1.0 0 2 4 * 2020 2025 2030 2035 2040 2045 0.0 -25% -60% CO2 K+S Group CO2 -emissions in million tonnes p.a. (Scope 1 and 2) % Reduction vs. 2020 -100% *With the already expected adjustments to the base value 2020 Note: CO₂ emissions refer to CO₂ equivalents.
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Decarbonization – Greenhouse Gas Neutrality * 39 By 2030: Reduction of absolute CO2 emissions* by at least 25% By 2040: Reduction of absolute CO2 emissions* by at least 60% By 2045: We strive for greenhouse gas neutrality*. 100% Targets ExpectationImplementation * Scope 1 + Scope 2 of our production sites compared to the base year 2020 Note: CO₂ emissions refer to CO₂ equivalents. Energy saving Electrification + use of renewables CO2-capture + storage Increasing energy efficiency CO2 A B C D E Focusing on the following key areas to reduce CO2 emissions: Examples of specific measures: Construction of a biomass combustion plant and a CHP plant to reduce emissions by more than 100 kt CO2 p.a. by 2026. Conditions in the energy industry framework that provide incentives for decarbonization. This also includes a sufficient and resilient energy infrastructure, financial support and affordable renewable energies. We support the goals of the Paris Climate Agreement. Renewable energy for products with the smallest possible CO2-footprint.
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Scope 3 emissions according to categories 40 ▪ K+S is very early in the value chain. The evaluation of the full scope 3 emissions, therefore, is a difficult process. ▪ With the first annual report according to ESRS, we re-evaluated our scope 3 emissions. All data was reviewed and changes in methods/ranges lead to deviations from the previous figure. ▪ For the current report, several categories have been identified as material. Among these, processing of sold products accounts for the largest share, representing almost 40% of emissions. ▪ Others* (waste generated in operations, business travelling, employee commuting, upstream leased assets, downstream transportation, processing of sold products as well as investments) are also reported but these represent only approximately 15% of the total emissions. ▪ K+S has different impact on the different categories. The main influence is on: ▪ Upstream transportation and distribution: The choice of means of transportation can influence the value. Our goal is to further reduce the GHG emissions associated with this category. By 2030, K+S aims to reduce its KPI for specific greenhouse-gas emissions in logistics by 10% compared with 2017, this target has already been achieved. ▪ Fuel and energy-related activities: The choice of energy source can influence the value. The reduction of this category is reflected in our ambitious climate strategy. ▪ Capital goods and Purchased goods and services: The choice of these types of goods can influence the value. Processing of sold products (category 10) Upstream transportation and distribution (category 4) Fuel and energy-related activities (category 3) Capital goods (category 2) Purchased goods and services (category 1) Others CO2 Note: CO₂ emissions refer to CO₂ equivalents.
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The de-carbonization of the entire German potash production requires state support: in the provision of infrastructure and green energy sources, in the development of legal frameworks, in procedures (planning acceleration) and in the provision of subsidies. In future, we want to produce potash with the smallest possible CO2 footprint – compared to today and compared to our foreign competitors. To do this, we are treading two paths in parallel: The change in production and processing processes – from wet to dry processing The change in energy use – from fossil fuels to renewable energies With the "Werra 2060" project, we are taking the first major step in changing our production processes. To do this, we need to extract and process the crude salt from the reservoir in a way that is as climate -neutral as possible. This transformation project is the only one of its kind in potash mining in the world. In Zielitz, we have launched a pilot project for the use of power-to-heat, thereby pushing a change in energy use ahead. In the meantime, we have already installed power-to-heat systems at three sites. Our future – The climate-friendly potash production 41
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vertraulich CO2 reduced potash for sustainable agriculture Aggregated CO2-footprint MOP K+S Potash with the smallest possible CO2 footprint due to the use of renewable energy The reduction in emissions results from the conversion of consumption from fossil to renewable energy. The remaining emissions are distributed across sub-processes that (so far) cannot be converted. 42 Development of footprint of potash (MOP) Requirements for the change of technology High availability of renewable energy to enable potash production with the smallest possible CO2 -footprint Expansion of renewable-energy capacity and targeted grid connections to meet the increased electricity demand Offsetting additional expenditure incurred by using green electricity through government funding In future, we will be able to produce potash in Germany with the smallest possible CO2 footprint. Both ways of achieving this – changing the production and processing methods as well as changing the use of energy – require high investments. The potash industry needs a supportive regulatory framework for this: ca. 10 kg CO2 e/t product Potash with the smallest possible CO2 footprint Note: CO₂ emissions refer to CO₂ equivalents.
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System conversion from 2030 Salt with the smallest possible CO2 footprint by 2030 Braunschweig-Lüneburg ▪ Already very low in CO2 as heat is generated in a biogas plant Borth ▪ Construction of biomass heating plant Frisia ▪ Waste incineration currently CO2-free Factory & Mine | Power Plant Natural gas The challenge is to identify the right technologies for each site and establish them within the next 20 years. The opportunity lies in the intelligent connection of systems and operation modes in the markets. Natural gas CO2 CO2 Electricity Current system Conversion of the salt works to low CO2 operation and the plants to "green" electricity procurement (CO2-neutral) 43
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Grow the core 44 Expansion of the portfolio ▪ Fertilization ▪ Fertigation ▪ Micronutrients ▪ Concepts for soil health ▪ Further additions to the portfolio Logistic access ▪ Circular economy ▪ Last Mile Distribution Digital sales ▪ Agronomic services ▪ Digital sales channels (e.g., web shops) ▪ New digital business models ▪ Direct access to the farmer 20 % We enable farmers to achieve greater economic success
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New business areas 45 10 % Subsequent use of existing assets and development of new business areas Mines Caverns Tailings piles Land Technical/structural infrastructure Technological know-how Agronomic know-how Renewable energy and decarbonization ▪ Increasing use of renewable energies (wind, sun, biomass) at our sites ▪ Use of available space at our sites for RE ▪ Conversion of production (increase in energy efficiency) and use of green hydrogen if necessary ▪ Energy trading Disposal / waste management ▪ Underground disposal / recycling ▪ Underground interim storage ▪ Underground urban mining: retrieval of waste containing raw materials Circular economy ▪ Circular economy is driven by various political and social factors ▪ First and foremost is the efficient use of our own natural raw materials ▪ The aim is to process residues or by-products for reintroduction into the raw material cycle Lived transformation / subsequent use of infrastructure ▪ Re-dedication and continued use of large-scale production facilities above ground / mines ▪ Development of new business models (underground farming) ▪ Use of existing expertise / resources to open up adjacent business areas
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The Company’s activities are managed based on the following key financial performance indicators, which are the most important financial performance indicators within the meaning of the German Accounting Standards (DRS) 20: ▪ EBITDA ▪ Group earnings after tax, adjusted ▪ Capital expenditure ▪ Adjusted free cash flow ▪ Return on capital employed (ROCE) ▪ Net financial liabilities (incl. financial lease liabilities)/ EBITDA ▪ Net debt/EBITDA Performance indicators and target values in sustainability management were defined for the K+S Group in 2018. We , therefore, also managed the Company using the non- financial indicators stated below. These form the basis for part of the long-term incentive (LTI) as a variable component of the Board of Executive Directors’ as well as all LTI-entitled employees’ remuneration. They are the key non-financial performance indicators within the meaning of the German Accounting Standard (DRS) 20. ▪ Lost Time Incident Rate (LTI rate1) ▪ Reduction in specific CO2 emissions Performance Indicators 1 The so-called LTI rate measures occupational incidents with lost time in relation to one million hours worked. Other financial and non-financial performance indicators that are relevant for the K+S Group include revenues, sales volumes, average selling prices, and number of employees. However, these figures are not considered financial or non-financial key performance indicators within the meaning of German Accounting Standards (DRS) 20. 46 Non-financial Performance IndicatorsKey Financial Performance Indicators
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Performance Indicators 47 Key Financial Performance Indicators 2020 2021 2022 2023 2024 2025 EBITDA € million 444.8 1,067.3 2,422.9 712.4 557.7 612.8 Group earnings after tax, adjusted € million -1,802.5 2,182.4 1,494.0 161.9 3.6 125.5 Capital expenditure € million 526.0 334.3 403.8 525.3 530.8 545.8 Adjusted free cash flow € million -42.2 92.7 932.0 311.2 62.4 29.1 Return on Capital Employed (ROCE) % -22.8 42.9 25.7 3.2 0.0 1.9 Net financial liabilities (including lease liabilities)/EBITDA (LTM) x-times 7.8 0.7 - 1 - 1 0.4 0.4 Net debt/EBITDA (LTM) x-times 10.5 1.7 0.3 1.7 2.6 2.6 2 Non-Financial Performance Indicators 2020 2021 2022 2023 2024 2025 Lost Time Incident Rate LTI rate 8.8 11.3 8.3 7.6 5.4 5.5 Reduction in specific CO2 emissions kg/t 270.8 262.2 259.7 1 In the years 2022 to 2024, there were net financial assets. 2 Net debt also includes long-term provisions for mining obligations with maturities of more than 10 years in the amount of € 1,061.7 million. Excluding these obligations from net debt, the ratio is 0.9.
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K+S Sustainability Goals 2030 48 Target KPI 1 Unit Target Value 2025 Dead- line Target achievement ENVIRONMENT & RESOURCES Climate Change (E1): Reducing the carbon footprint and improving energy efficiency to enhance competitiveness. Absolute CO2 emissions in the K+S Group worldwide2 % -25 -11.7 2030 47% Reduction in specific CO2 emissions 2, 3, 4 kg/t 254.6 259.7 2027 70% Specific greenhouse gas emissions (CO2) in logistics (kg CO2e/t) % -10 -31.8 2030 100% Water & Dissolved Residues (E3): Reduction of saline process water Additional reduction of saline process water from potash production to be disposed of in Germany 5 million m³ p.a. -0.5 -0.31 2030 62% Reducing the environmental impact and conserving natural resources by re-examining the potential of residues stored on tailings piles. Additionally covered tailings pile area ha 155 32.0 2030 21% K+S Mining Specifics: Reducing the environmental impact and conserving natural resources by re-examining the potential of residues stored on tailings piles. Amount of residue used for purposes other than tailings piles disposal or avoided by increasing the raw materials yields 6 million t p.a. 3 0.41 2030 14% 1 The base year for our non-financial performance indicators is 2017. 2 Deviating base year: 2020. 3 Relevant to remuneration for the Board of Executive Directors and management; a description can be found in the “Remuneration report” from page 216 of the 2025 Annual Report. 4 Management relevant within the meaning of DRS 20, a description can be found in the section on “Corporate governance & moni toring” from page 177 of the 2025 Annual Report. 5 Excluding a reduction due to the KCF plant and the end of production at Sigmundshall. 6 Excluding a reduction due to the existing measure of immediate backfill. 7 KPI is reported for the first time for 2025. 8 The first survey was carried out in 2019 (deviating base year). Surveys are conducted approx. every three to five years. The most recent Diversity and Inclusion Index relates to the year 2022.
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K+S Sustainability Goals 2030 49 Target KPI 1 Unit Target Value 2024 Dead- line Target achievement SOCIAL RESPONSIBILITY Employees (S1): Providing a healthy and safe work environment to protect our employees who constitute our most valuable capital. Injury with lost time 3, 4 LTI rate 0 5.5 Vision 2030 52% GOVERNANCE Business Ethics (G1): Requesting compliance with a sustainable approach on the part of our suppliers along the entire supply chains to align all business activities with our values. Coverage of the purchasing volume by the K+S Group Supplier Code of Conduct 3 % > 90 93.9 End of 2025 100% Percentage of suppliers from certain countries assessed as part of the risk analysis (sustainability risk assessments) 3, 7 % > 90 81.0 End of 2027 90% Hiring and developing a workforce that reflects the places in which we do business. Fostering an inclusive environment that enables all employees to thrive and contribute to innovation and results. Positive perception of inclusive working environment by employees 8 % > 90 87.0 2030 97%
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Organization Rating scale Current rating Significance of rating Trend over the last 12 months Rating scale from AAA to CCC AA Class of “Leader” Rating scale from A+ to D- C+ Top rating in the „medium” category and only 1 step away from prime status (from B-) Rating scale from 0 to 40+ (The lower, the better) 27.1 Medium risk that K+S suffers financial losses due to non-compliance with ESG requirements Rating scale from A to D- Water: C Climate: C SEA-Score1: B- Level 2 (C: Awareness) represents the level at which K+S currently stands on the way to greater environmental responsibility K+S Sustainability: Ratings and Standards 50 International Engagement 1 SEA-Score: Supplier Engagement Assessment (performance improvement)
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Our contribution to the 17 SDGs K+S makes a direct contribution to a number of global sustainable development goals – and thus contributes to the fulfillment of the goals. More information and more details about our article can be found here. 51
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3. Landwirtschaft 5 | 9 Customer Segment Agriculture
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Agriculture customer segment at a glance 53 1 2 ▪ Close proximity to our most important customers as a logistical advantage ▪ Shipments to overseas customers at competitive costs from Hamburg harbour ▪ Solid and long-term customer relationships ▪ Broad specialty portfolio provides flexibility and stability, participation in different trends and seasons Revenue split by products H1/2026 (%)Revenue split by region H1/2026 (%) Characteristics in € million H1/2025 H1/2026 Revenues 1,282.5 1,378.4 Sales volumes (million tonnes) 3.84 3.98 - thereof trade goods 0.13 0.10 Potassium chloride 55 Fertilizer specialties 45 North America 7 Europe 46 thereof Germany 10 South America 18 Asia 19 others 10
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Ø Crude salt 22% 59% Residues mostly NaCl 66% 34% Kieserite Potassium chloride + Kieserite Potassium chloride KCl Kieserite MgSO4 MOP (Potassium chloride) Potassium chloride Competitors K+S 22% 19% Kieserite (Magnesium sulfate) Potassium sulfate + Kieserite ▪ Crude salt contains not only potassium, but also magnesium sulfate ▪ Werra 2060 project: Focus on expanding and strengthening the specialties portfolio Magnesium and sulfur make us unique 54 The Werra potash deposit is unique worldwide due to its natural origin. Residues mostly NaCl
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Foliar and liquid fertilizer * K2O MgO S** Other nutrients - 16 13 - - 15 12.4 0,9 B . 1 Mn - 14 13.8 4 Mn . 1 Zn - 12.6 10 4 B - 12 14 5 Mn . 2 Zn . 1 Cu 60 - - - 52.5 - 18 - - 33 26 - - - 24 21 NH4-N - - - 12 NH4-N . 61 P2O5 Our Products at a Glance Soil fertilizer * K2O MgO S** Other nutrients 60 - - - 38 6 4.8 38 6 4.8 0.25 B 48 4 4 - 9 4 3.2 26.7 Na 50 - 17.6 - 30 10 17.6 - - 25 20.8 - 55 Further information on our products: www.kpluss.com/fertilizer * = for organic farming Figures in percent | ** Conversion example sulfur (S) to sulfur trioxide (SO₃): 4% S × 2.5 = 10% SO₃
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Agriculture customer segment – ASP 56 Specialties ensure stability and profitability, especially at the lower end of the cycle Average selling prices MOP and Fertilizer specialties 0 200 400 600 800 Q1/15 Q1/16 Q1/17 Q1/18 Q1/19 Q1/20 Q1/21 Q1/22 Q1/23 Q1/24 Q1/25 Q1/26 MOP Fertilizer specialties Premium specialties on average 18% higher compared to MOP €/t
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6 | 9 Customer Segment Industry+
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Industry+ customer segment at a glance 58 1 2 ▪ Industrial: Diverse applications in a wide range of industries – from industrial processes and water treatment to animal feed and food processing. Flexibility, a broad product range and customer proximity are our top priorities. ▪ Chemical: Focus on chlor-alkali electrolysis, where maximum purity and reliability are crucial. Our products support key processes in the chemical industry. ▪ Pharmaceutical: High quality standards for certified and innovative applications as a reliable partner. ▪ Consumer: Strong brands for use in the household and leisure sector – especially table salt, water softeners, pool salts and de- icing salts. ▪ Communities: Public road construction authorities, winter service providers and large commercial consumers purchase de-icing salt from K+S mainly through public tenders. Revenue split by products H1/2026 (%)Characteristics Communities 23 Consumers 7 Industry+ 70 thereof water softening 8 thereof industrial applications 13 thereof food 18 thereof chemicals 23 thereof animal nutrition 12thereof pharma 4 thereof complementary 19 thereof others 3 in € million H1/2025 H1/2026 Revenues 553.4 660.7 in € million H1/2025 H1/2026 Sales volume (million tonnes) 3.12 4.09 - thereof: de-icing 0.88 1.80
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Das ist K+S Food processing Production and processing of foods such as meat, cheese and ready meals with products such as spices, texturizers and minerals. Animal nutrition Products for animal nutrition, including livestock salt and feed additives as well as salt for aquariums and fish ponds. Water treatment Soft water for maintaining facilities and equipment and disinfecting swimming pools and pools. Pharma Supporting the healthcare industry with products such as dialysis fluids, infusion solutions and medicines. De-Icing Safe winter maintenance with de-icing salt and brine solutions for roads and paths. Chemicals Provision of raw materials for the chemical industry, e.g. for glass and pulp production. Consumers Household products such as table salt, water softeners and regenerating salt for dishwashers. Industrial applications Raw materials and additives for industrial processes such as galvanizing, plastics production and textile finishing. Industry: 40% 12% 4% 19% 8% Other activities make up approx. 17% of the Industry+ customer segment. As of 2025 Annual Report. Industry+ | Products and main areas of application 59
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Products: ▪ Sodium and potassium chloride as essential raw materials for chlor-alkali electrolysis ▪ Magnesium sulphate as an additive in the cellulose industry ▪ Natural products of consistently high and good quality ▪ C-LIGHT: Our contribution to the CO2-reduced industry ▪ Product certificates in accordance with international standards and norms Services: ▪ A strong focus on reliability and delivery performance ▪ Professional expertise in technical customer application advice 1.5 million tonnes annual volume in 2025 Industry+ | Value creator #1 | Chemicals Rohstoffsicherheit Customer group: Chlor-alkali and the cellulose industry Supply regions: Global sales market with a focus on Europe 60
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Products: ▪ Diverse product portfolio of rock, vacuum & sea salt, potassium chloride, sodium- reduced Balance Salt and magnesium sulphate with the NUTRIKS brand ▪ Premium quality standards, assured by accredited certifications ▪ Natural origin, highly pure & certified according to international standards ▪ Various grain sizes Services: ▪ Short transportation routes due to naturally deposits in Europe ▪ Different packaging formats ▪ Individual customer service through local sales units spreads across the globe and technical customer application advice Industry+ | Value creator #2 | Food processing Rohstoffsicherheit Customer group: Food and beverage industry and carrageenan producers Supply regions: Salt portfolio: Focus market Europe Potassium-magnesium portfolio: Global sales market 600,000 tonnes annual volume in 2025 61
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Products: ▪ Potassium, sodium and magnesium chloride as well as potassium and magnesium sulphate as raw materials and additives for industry ▪ Purity, grain sizes and hydrate levels customized to the customer's specific areas of application ▪ Natural origin & certified according to international standards Services: ▪ Individual delivery quantities in 25 kg bags, big bags or bulk ▪ Natural deposits in Europe and North America guarantee short transportation routes ▪ Customer service through local sales units and technical customer application advice Industry+ | Value creator #3 | Industr. Applications Rohstoffsicherheit 62 Diverse industries, e.g. electroplating, mineral oil, gas, textile, glass, building & plastics industries Supply regions: Salt portfolio: Focus market Europe Potassium-magnesium portfolio: Global sales market 400,000 tonnes annual volume in 2025
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Stable Industry+ business: Industry+ shows consistently stable revenue development despite market fluctuations. Low volatility: Significantly less price-sensitive than the Agriculture customer segment. Reliable earnings driver: Industry+ acts as a constant stabilizing anchor for K+S’s overall revenues. Industry+ business – a stabilizing anchor 63 Industry+ revenues remain stable despite market fluctuations (excluding de-icing salt) 0 300.000 600.000 900.000 1.200.000 Q1/15 Q1/16 Q1/17 Q1/18 Q1/19 Q1/20 Q1/21 Q1/22 Q1/23 Q1/24 Q1/25 Q1/26 Agriculture Industry+ excl. de-icing salt De-icing salt Revenues in €t , , , , ,
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7 | 9 Customer Segment Industry+ 7 | 9 Acquisition of Qemetica’s salt business
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Reducing volatility by allocating capital to initatives with advantageous market conditions 65 InitiativesStrategy Delivered major strategic milestones through portfolio repositioning, restoring a strong balance sheet, and an organizational transformation Strategy Strengthen existing core business Expand and develop core business Establish new business areas Agriculture ▪ Disciplined potash business optimization with Bethune ramp-up (100–150 kt p.a. to 4.0 Mt) at maximum speed in current setup ▪ Project Werra 2060 Industry+ ▪ Salt market gaining strong momentum, supported by supply-side improvements ▪ Strengthening existing business: expanding the specialty portfolio in line with market opportunities to reduce cyclicality and enhance competitiveness K+S capitalizes on market opportunities to reinforce its competitive position QEMETICA salt business acquisition Continuing to strengthen competitiveness to ensure long-term resilience and market positioning Advancing efficiency gains while upholding rigorous cost discipline across the organization
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66 K+S salt business has demonstrated impressive recent momentum Salt has transitioned from a stabilizing element to an increasingly important value driver ▪ Supply-side shifts have durably reinforced the strength and performance of the salt business in recent years ▪ The fundamentally enhanced business model is most evident in sustainably stronger earnings performance ▪ Volatility, capital requirements, and capital intensity are significantly lower than in the potash segment ▪ Salt has evolved from a stabilizer into a true value driver (even with below average de-icing salt business) 2015 2020 2025 +64% Revenues Contribution margin 1
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67 K+S acquires Qemetica’s salt business Acquiring Qemetica Salt unlocks a strong growth opportunity for our European salt business Nature of transaction Transaction value Closing conditions ▪ Qemetica, founded in 1945 and headquarted in Warsaw, Poland is a European chemical group active in soda, salt, silicates, and agrochemicals ▪ The company is 100% privately owned by Kulczyk Investments ▪ Acquisition (100%) of Qemetica´s salt business unit ▪ Structure: share deal, 100% cash consideration ▪ Expected closing: Q1/2027 ▪ €350 million upfront payment ▪ €30 million earn-out linked to business performance 2026 & 2027 ▪ Receipt of required regulatory approvals, e.g. antitrust approval ▪ Other customary closing conditions Qemetica
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68 Qemetica Salt at a glance Qemetica’s specialty salt portfolio aligns seamlessly with our salt business, generating attractive synergies Sales breakdown ~€125m Revenues 2025 A major evaporated salt producer ~€50m EBITDA 2025 ~40% EBITDA Margin 2025 ~400 Employees ~1,000kt Capacity Strong European high purity salt supplier Perimeter includes two plants Excellent cost-efficiency positioning ▪ Backed by advantaged locations, loyal customers, and a trusted brand Specialty end-markets ▪ Focused on water treatment, food & consumer products with minimal commodity exposure Growth focused ▪ Strong internal initiatives driving energy efficiency Janikowo: one of the largest evaporated salt plants in EU Stassfurt: most modern salt plant in EU, launched in 2021 51% 18% 5% 3% 3% 20% Poland Germany Czech Republic Italy Ukraine Others Geographical End markets 51% 40% 9% Water treatment Food and other Industrial Sep. 2025 Sep. 2025
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69 Expand Industry and Consumer segment Industry ▪ Potassium, magnesium, and salt products in various purity grades Consumer ▪ Table salt, water softe- ning, dishwasher salt Communities ▪ De-icing salt Agriculture ▪ Fertilizers ▪ Table salt ▪ Private water softening ▪ Dishwasher salt ▪ Other salt products ▪ Wet salt ▪ Industrial water treatment ▪ Food-grade salt ▪ Animal nutrition ▪ Salt for electrolysis (Salt) Indication of Qemetica revenue share K+S gains two additional salt production sites, enabling us to better serve customers across the economic European area Geographical footprint incl. Qemetica Salt K+S salt plant Qemetica salt plant Extends geographic and product portfolio in industry and consumer segments and adds capacity
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Rationale: Capacity expansion and diversification 70 Acquisition of salt business Enhancing geographic reach, empowering us to better meet customer needs Diversify regional portfolio Expanding specialty salts boosts “Industry/Consumer” markets while reducing de-icing and chemicals exposure Diversify product portfolio Gaining additional production capacity to serve customers more efficiently Expand production capacity Cost and operational synergies driven by integrated teams, simplified operations, and enhanced logistics Deliver revenue and cost synergies Acquisition enhances salt footprint, diversifies the business, reduces cyclicality, and strengthens cash-flow stability of K+S Group
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71 Value creation anchored in performance upside and synergy realization Acquisition multiple, synergies included, is lower than K+S’s trading multiple Pro-rata earn-out based on success in 2026&’27: ▪ Volume ramp with strategic customers sustainably evaluated ▪ Detached from de-icing salt business Synergy levers: ▪ Revenue synergies: ▪ Portfolio synergies ▪ Efficiency gains in logistics and network ▪ Cost synergies: ▪ Organizational scaling effects ▪ Procurement and OPEX optimization 2025 implied PP/EBITDA multiple incl. sustainable earn-out and synergies at below 6x Earn-out Synergies EBITDA: just under €50m Earn-out Synergies 2025 incl. upside & synergies2025 excl. earn-out 2025 incl. upside Purchase price (PP) €350m PP: €380m ~7.0x <6x
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72 Financing implications of proposed transaction K+S is reviewing various financing and capital market instruments to fund the purchase price for the acquisition and to optimize the Group’s financing structure. If no financing has been completed by the closing date, K+S can draw on existing liquidity and firmly committed credit lines, and, if necessary, refinance at a later point in time. Immediate positive earnings contribution after closing Commitment to current dividend policy Pro-forma net financial leverage of approximately 0.4x net financial liabilities/ EBITDA at closing; no meaningful impact on leverage (net debt / EBITDA) Goal to maintaining current investment grade credit rating
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Summary 73 Strong salt-market momentum Expanding specialty salt portfolio into “Industry” and “Consumer” markets Attractive opportunity with natural strategic fit to K+S Solid production base providing extended geographic reach Attractive transaction economics pre and post synergies Balanced capital allocation and no meaningful impact on leverage Salt
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K+S: Combining potash and magnesium products with salt strengthens sustainable value creation 74 Integrated business model boosts efficiency and operational strength Extraction & production • Similar mining and processing methods • Shared technical and geological expertise • Personnel synergies through comparable qualifications and know- how transfer Logistics & infrastructure • Shared logistics infrastructure with integrated storage, handling, and transport capacities • Bundling of logistics volumes and purchasing activities Customers & Sales • Integrated sales structures and shared customer access → cross-selling and stronger customer loyalty Regulations & Permits • Comparable regulatory environment in mining • Established permitting, environmental and safety structures → more efficient processes Potash Salt
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8 | 9 K+S Value creation, production and management of residues
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Phases of our value chain 76 Our customers apply our products, use our raw materials in their processes or process them in their products. We make extensive product information available and advise our customers on the application of our products. The K+S Group wants to be the preferred partner of its customers in the market. High product quality and reliability are crucial prerequisites for this. K+S offers a comprehensive range of services for agriculture, industry, and private consumers. The long-term securing of freight capacity is of strategic importance to us. A large part of our international transportation volume is forwarded by service providers with which we maintain long-standing partnerships. The refining of raw materials is one of our core competencies. Above ground, the crude salt is processed in complex, multi-phase, mechanical, or physical processes, with the natural properties of the mineral remaining unchanged. We extract raw materials in conventional mining below ground as well as through solution mining. We also use the power of the sun and extract salt by evaporating sea water or saline water. Our potash and salt deposits came into being millions of years ago. They are either our property or we have corresponding rights or approvals that allow the extraction or solution mining of the raw material reserves. Exploration Mining Production Logistics Sales/ Marketing Application
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Underground mining production cycle 77 Face cleaningDrilling Charging with explosives Auger drilling Muck pile load and dump Roof scaling Roof bolting Blasting after shift end 1 9 8 2 3 5 67 Clearing4 Conventional mining
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Main production methods for salt 78 Rock salt Conventional mining Evaporated salt Recrystallization of purified brine Brine Controlled solution mining Sea/solar salt Crystallization of sea water ▪ Around 60% of worldwide salt production (more than 290 million tonnes including brine) is obtained from rock salt mining and solution mining. ▪ Approximately 40% of production is obtained from seawater and salt lakes. 1 Salt is produced in almost every country in the world. Due to the high share of transportation costs in production costs, markets are generally regionally limited to the area around the production sites. 1 Roskill Information Services Ltd., 2020
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4 5 3 21 K+S potash production capacity in Germany 79 Share of annual potash production capacity (in %) Combined plant Werra Wintershall Unterbreizbach Hattorf Neuhof-Ellers5 3 2 4 1 ~ 55% ~ 19% Zielitz ~ 26% Total potash production K+S DE 2025 ca. 5.5 million tonnes eff. Das ist K+S
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Braunschweig-Lüneburg Rock salt Frisia Evaporated salt Borth Rock salt and evaporated salt Bernburg Rock salt and evaporated salt K+S salt production capacity 80 Share of annual salt production capacity (in %) Das ist K+S 7 7 89 10 ~ 42% 8 10 ~ 26% ~ 10% ~ 22% 9 Total salt production K+S DE 2025 ca. 5 Mio. t eff.* *Solid salt
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K+S in Canada: Bethune 81 ▪ Expanding our current production portfolio in Germany with a North American production site → Only supplier with production sites in Europe and North America ▪ Securing a good asset base with competitive production costs ▪ Sales and distribution through existing distribution structures of the K+S Group ▪ Regional growth projects in China and Southeast Asia ▪ Flexible multi-product strategy Strengthening our global presence China India South East Asia South America North America
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82 Rohstoffsicherheit We rely on environmentally friendly means of transport and optimized routes to minimize CO₂ emissions and make our contribution to climate protection. A high proportion of direct transports and the proximity to our sales markets are particularly beneficial to the quality of our products. Thanks to multimodal means of transportation and high rail capacities, we can deliver quickly and directly to our customers. Low CO2 transportationFast and flexible Through careful planning and efficient use of resources, we offer a logistics solution that is competitive and cost- effective. Cost-efficient Quality-conscious K+S logistics at a glance We deliver our products to the customer: CO₂-efficient, cost-effective, fast and flexible!
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Cost curve at customer’s gate much flatter Source: S&P Global, Fertecon, April 2024 83 USD/t Ramp-up of Bethune as well as measures to optimize the existing business Increasing improvement in cash costs and competitive position K+S Bethune K+S Zielitz (MOP site) Not accounting for carrier insurance premiums out of Russia/Belarus; Line length = Production capacity in million tonnes 1st quartile of the production quantity with the lowest cost Bethune's further ramp- up to 4 million tonnes will bring Bethune to the first quartile. cost curve at Brazil customer‘s gate 2024 fob cost curve 2020 fob cost curve 2024 (25 USD up from 2020)
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Potash processing above ground 84 Electrostatic Separation (ESTA®) +- Finely ground crude salt Conditioning Separation in a free-fall separator Triboelectric charging Residue (NaCl) Potassium chloride (KCl) and kieserite Thermal dissolution 25 °C 110 °C 95 °C Finely ground crude salt Heating Undis- solved residue + dissolved KCl Residue (NaCl) and kieserite Filtering Potassium chloride (KCl) Cooling Filtering Mother brine Flotation Floatation brine Flotation agent Air bubbles Filtering and drying Residue (NaCl) Potassium chloride (KCl) or kieserite Finely ground crude salt
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Potash production: management of residues 85 * With low river water levels in the Werra, there are possibilities for K+S in the Hessian-Thuringian potash district to temporarily store liquid residues in water basins or suitable mine spaces on site or temporary ways of disposal by flooding decommissioned mines or gas caverns in Lower Saxony orSaxony-Anhalt. ~84% ~7.5% ~5% ~3.5% Ø Share** of residue disposed by this method in the Hessian-Thuringian potash district in 2022: Tailings piles Underground disposal River injection* Remote disposal ▪ Crude salt has only a limited recyclable content (max. 30%), therefore the generation of residues is inevitable. All potash producers worldwide face this challenge. ▪ The recycling of partial volumes is performed at all producers. ▪ The methods, processes, and equipment for the construction of tailings piles from solid residues are scientifically justified, tried and tested in practice. These ways of disposal – depending on the corresponding site – are used also in combination. They currently represent the best available technique. Solid or liquid residues are disposed of worldwide in the following ways: ** Percentage by mass of salt
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Green investments = long-term planning security 86 Wintershall Hattorf Zielitz Werra ▪ Approval of Hattorf tailings pile expansion (phase 3) in mid-2025 and investments required ▪ Next approval and significant investments in tailings pile extensions will not be necessary again until the end of the 2020s ▪ Deep-well injection ended 2021 ▪ From 2028: Positive effects of the Werra 2060 projects Tailings piles extensions Liquid residues
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▪ From 2030 onwards, K+S will be able to use three million tonnes of residue annually for purposes other than tailings pile disposals. ▪ By 2030, we want to cover a further 155 hectares of tailings pile area and thus further reduce or avoid the accumulation of tailings pile water. Soil and construction rubble are installed in several layers on the stockpile in a precisely defined process. → Formation of a cover, the upper layer of which is permanently greened. Reduction of tailings pile water: coverage & greening 87 Our objectives The procedure Objective Reduction of tailings pile water by up to 90%
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Tailings pile and process water at the Werra site 88 Reduction of saline wastewater based on various measures within the last 25 years: ▪ Underground disposal in Unterbreizbach ▪ Optimization of production and manufacturing processes ▪ ESTA - facility, cold preliminary decomposition and high consistency facility, kainite crystallization and MgCl2 facility ▪ Establishment of a kainite crystallization and flotation facility; advantage: additional product ▪ On-site: Temporary storage possibility of up to 1.0 million m³ (basins and temporary storage underground). ▪ Off-site: Flooding of decommissioned mines or caverns for their restoration. ▪ As part of our strategy and the optimization of our existing business, the focus at the Werra site will be on reducing solid and liquid residues as well as energy consumption and therefore CO2 emissions. Development of saline wastewater Disposal of saline wastewater Additional ways of disposing saline wastewater 20 million cbm 5.1 million cbm Saline Waste-water 1997 Saline Waste-water 2021 Disposal until 2027 Disposal as of 2028 No deep-well injection as of 2022 Utilization/Avoidance (CapEx: almost €500 million) Remote flooding of abandoned mines or caverns and temporary storage under- ground as of 2028: higher positive effects of the Werra 2060 project Discharge Werra 2 in compliance with the target values of the FGG Weser 2 Further reduction and avoidance of tailing pile water targeted by covering tailings piles; continuing R&D developments with external partners, among others 1 Further reduction of tailing pile and process water 1 Including Neuhof
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9 | 9 Financial data & IR
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445 1,067 2,423 712 558 613 2020 2021 2022 2023 2024 2025 Key financial figures 1 90 1 The figures relate to the continuing and discontinued operations of the K+S Group for the year 2020. Since the financial year2021, the figures relate to the continuing operations of the K+S Group. Revenues (€ billion) EBITDA margin (%) EBITDA FCF (€ million) 3.2 5.7 3.9 3.7 3.6 2021 2022 2023 2024 2025 33 43 18 15 17 2021 2022 2023 2024 2025 +93 +932 +311 +62 2021 2022 2023 2024 2025 +29
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Operating and adjusted cash flow 1 91 1 The figures relate to the continuing and discontinued operations of the K+S Group for the years 2016 to 2020. Since the financial year 2021, the figures relate to the continuing operations of the K+S Group (in € million). 445 307 309 640 429 347 1,394 822 583 573 -777 -390 -206 140 -42 93 932 311 62 29 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Operating Cash Flow Free Cash Flow (adjusted)
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92 Cash flow and balance sheet H1/24 9M/24 FY/24 3M/25 H1/25 9M/25 FY/25 3M/26 H1/2026 Operating cash flow 321 484 583 162 265 425 573 214 331 Investing cash flow (adjusted by sale/purchase of securities and other financial investments) -235 -373 -521 -130 -240 -364 -544 -189 -230 Adjusted free cash flow 87 111 62 32 24 62 29 87 101 Capex 212 352 531 90 219 353 546 87 212 Net debt -1,352 -1,337 -1,445 -1,398 -1,638 -1,597 -1,594 -1,589 -1,573 Net debt excl. non-current mining provisions, payable in > 10 years -400 -370 -448 -442 -491 -470 -533 -456 -413 Non-current provisions for mining obligations -1,192 -1,206 -1,240 -1,203 -1,398 -1,385 -1,325 38 -1,440 – thereof payable within 10 years -239 -239 -243 -246 -251 -258 -263 -276 -280 Net financial liabilities (-); Net financial asset position (+) +91 +112 +31 +44 -7 +13 -41 38 74 Net financial liabilities/EBITDA (LTM) - - - - - - 0.1 - - Equity ratio 66% 67% 67% 67% 60% 60% 64% 62% 62%
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K+S Share 93 The following banks publish research studies about K+S ▪ WKN: KSAG88 ▪ ISIN: DE000KSAG888 ▪ Type of shares: registered shares of no-par value ▪ Total number of shares: 179,100,000 ▪ Trading segment: Prime Standard ▪ Ticker symbols: Bloomberg SDF/Reuters SDFG Key data Shareholder structure as of Dec 31, 2025 ▪ Baader Helvea Equity Research ▪ Bank of America ▪ Berenberg Bank ▪ BMO Capital Markets ▪ Citi Research ▪ Deutsche Bank ▪ DZ Bank AG ▪ Exane BNP Paribas ▪ Jefferies Equity Research ▪ J.P. Morgan ▪ Kepler Cheuvreux ▪ LBBW ▪ M.M. Warburg ▪ Morgan Stanley ▪ Oddo BHF ▪ Scotia Capital ▪ UBS Institutional Investors 66% Private Investors 34% Free float 100%
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94 Share performance Performance of the K+S Share Index: Dec. 31, 2020 = 100 Source: Bloomberg; August 3, 2026 As of Dec. 31, 2025, in € billion 4.1 4.5 4.3 4.0 3.0 2.1 1.5 2.9 3.5 2.6 1.9 2,2 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Market Capitalization 0% 100% 200% 300% 400% 500% Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 K+S MDAX
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95 Performance of the K+S share in comparison Index: December 31, 2021 = 100 Source: Bloomberg; August 3, 2026 0% 50% 100% 150% 200% 250% 12/2021 12/2022 12/2023 12/2024 12/2025 MDAX K+S Nutrien Mosaic ICL
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Distribution policy 96 Shareholder participation in K+S's corporate success will generally be based on the adjusted free cash flow (operative, excluding special effects). This key figure already takes into account the investments to optimize our existing business in terms of total shareholder return. K+S aims to return 30% to 50% of the adjusted free cash flow generated annually to shareholders. Capital is returned in the form of a dividend, which can be combined with a share buyback, if applicable. The possible combination of both instruments also aims to counteract large fluctuations in the annual dividend. The following factors are applied in determining the exact percentage: + Expected business development + Balance sheet structure + Expected development of capital expenditure K+S wants to maintain a strong balance sheet and generally strives for a maximum leverage ratio (net debt/EBITDA) of 1.5x. K+S sets guiding principles for attractive shareholder participation Shareholder participation in the company's success 2018 2019 2020 2021 2022 2023 2024 2025 Capital repayment per no-par value share eligible for dividend payment € 0.25 0.04 - 0.20 2.00 0.70 0.15 0.07 - thereof dividend € 0.25 0.04 - 0.20 1.00 0.70 0.15 0.07 - thereof share buyback - - - - 1.00 - -
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Symbol: KPLUY CUSIP: 48265W108 Ratio: 2 ADRs = 1 Share Country: Germany ISIN: DE000KSAG888 Depositary: The Bank of New York Mellon Trade on OTCQX ▪ Clear and settle according to normal U.S. standards ▪ Stock quotes and dividend payments in U.S. dollars ▪ Can be purchased/sold in the same way as other U.S. stocks via a U.S. broker ▪ Cost-effective means of international portfolio diversification Benefits to North American investors K+S ADR Program 97 The K+S ADR Program offers North American investors the opportunity to take stock in K+S. Since the ADRs are quoted in US dollars and dividends are also distributed in US dollars, this financial instrument closely resembles an American share. Two ADRs represent one K+S ordinary share. The K+S ADRs are traded in the United States under a level 1 ADR Program in the over-the- counter market (OTC). Further information: www.kpluss.com/adr
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K+S debt instruments and issuer rating 98 Bond 06/2029 (3-months-par-call) WKN A383E2 ISIN XS2844398482 Listing Luxembourg SE Issue volume €500 million Outstanding volume €500 million Issue price 99.147% Coupon 4.250% Maturity June 19, 2029 Denomination €100,000 Issuer rating (S&P): BBB- (outlook: stable) since June 2023 + Syndicated credit facility up to €400 million + Commercial paper program as an additional source of liquidity
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K+S debt instruments 99 Convertible Bond 06/2031 WKN A460GW ISIN DE000A460GW7 Listing Open Market segment, Frankfurt Stock Exchange Issue volume €320 million Outstanding volume €320 million Issue price 100% Coupon 0.625% Maturity June 16, 2031 Denomination €100,000 Convertible Bond 06/2031
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Financial calendar 100 Quiet Period prior to the report October 13 to November 10, 2026 (7 a.m. CET) Quarterly Report: September 30, 2026 November 10, 2026 Quiet Period prior to the report January 28 to March 11, 2027 (7 a.m. CET) Annual Report 2026 March 11, 2027 Quiet Period prior to the report April 12 to May 10, 2027 (7 a.m. CET) Quarterly Report: March 31, 2027 May 10, 2027 2027 Annual General Meeting (in person) May 19, 2027 Quiet Period prior to the report July 13 to August 10, 2027 (7 a.m. CET) Half-Year Financial Report: June 30, 2027 August 11, 2027 ▪ K+S Website: www.kpluss.com ▪ Annual reports: www.kpluss.com/ar2025 ▪ Newsletter subscription: www.kpluss.com/newsletter ▪ Social Media: YouTube More content available online Ein Bild, das Text, ClipArt enthält. Automatisch generierte Beschreibung
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101 Investor Relations @ K+S Aktiengesellschaft ▪ Email: investor-relations@k-plus-s.com ▪ Website: www.kpluss.com ▪ IR-Website: www.kpluss.com/ir ▪ Newsletter: www.kpluss.com/newsletter 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 Phone: + 49 561 / 9301-1679 Fax: + 49 561 / 9301-2425 esther.beuermann@k-plus-s.com Elisa Euler Investor Relations Manager Phone:+ 49 561 / 9301-1403 Fax: + 49 561 / 9301-2425 elisa.euler@k-plus-s.com
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Disclaimer 102 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.