K+S stock: EBITDA outlook midpoint rises after mixed Q3

Published on 11/13/2026 at 12:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

K+S stock follows a narrowed full-year EBITDA range after mixed third-quarter results. Management pointed to stronger prices and higher costs.

Guidance improves despite mixed quarter

Revenue rose 6.2 percent in the third quarter, while EBITDA slipped 2.8 percent from a year earlier.
Nine-month EBITDA increased 33.7 percent to 562.7 million euros.
The acquisition of Qemetica's salt business is still expected to close in the first quarter of 2027.

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K+S reported mixed third-quarter results on Tuesday, November 10, 2026, while raising the midpoint of its full-year EBITDA outlook. In its press release, the company said revenue growth was driven by higher prices in both customer segments and stronger de-icing salt volumes.

K+S stock traded at 12.80 euros on Lang & Schwarz at 12:14 CET on Friday, November 13, 2026, 0.63 percent above the Xetra close of Thursday, November 12.

Revenue growth meets cost pressure

Third-quarter revenue increased to 933.9 million euros from 879.1 million euros a year earlier. EBITDA reached 107.6 million euros, compared with 110.7 million euros in the prior-year quarter. K+S said higher logistics and energy costs, together with a scheduled maintenance break at its Bethune plant in Canada, prevented the stronger revenue performance from translating into higher quarterly EBITDA.

The Agriculture segment generated revenue of 642 million euros, up from 615 million euros in the third quarter of 2025. Its average selling price excluding trade goods rose to 355.6 euros per tonne from 338.4 euros, while sales volumes declined to 1.61 million tonnes from 1.74 million tonnes. K+S attributed the lower volume partly to deliberate product-mix management and the Bethune maintenance break.

Industry+ revenue increased to 292 million euros from 264 million euros. Sales volumes rose to 1.73 million tonnes from 1.54 million tonnes, helped by early-season de-icing salt sales and continued demand for industrial products.

Midpoint moves higher

K+S narrowed its 2026 EBITDA range to 700 million to 750 million euros from 680 million to 760 million euros. The midpoint therefore rose to 725 million euros from 720 million euros. The lower end increased by 20 million euros because supply constraints in the global potash market made the previously assumed weaker-demand scenario less relevant. The upper end fell by 10 million euros because the anticipated overseas price increase has not materialized so far.

The company assumes broadly stable Agriculture prices in the fourth quarter. Annual Agriculture sales volumes excluding trade goods are still expected at 7.4 million to 7.6 million tonnes. K+S also lifted its full-year de-icing salt volume expectation to at least 2.7 million tonnes from at least 2.6 million tonnes previously.

Adjusted free cash flow guidance remained positive, with capital expenditure expected between 580 million and 600 million euros. Management said the final result will depend on winter weather, sales volumes, Agriculture prices, foreign-exchange movements and energy costs. Chief Executive Christian H. Meyer described price development in both customer segments as positive and said strategic projects remained on track.

Projects and acquisition remain ahead

During the first nine months, EBITDA increased to 562.7 million euros from 421.0 million euros. Adjusted free cash flow reached 119.3 million euros, compared with 61.6 million euros a year earlier. K+S invested 377 million euros during the period, including spending on the Werra 2060 transformation project and the Bethune ramp-up.

The planned acquisition of Qemetica's salt business remains subject to approval by competition authorities. K+S continues to expect the transaction to close in the first quarter of 2027.