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

K+S reported mixed third-quarter results on Tuesday, November 10, 2026, with higher prices and stronger de-icing salt volumes lifting revenue while cost pressure weighed on profitability. In its press release, K+S said the figures were broadly in line with market expectations.

K+S stock traded at 12.97 euros on Lang & Schwarz at 11:55 CET on Thursday, November 12, 2026.

Revenue growth meets cost pressure

Revenue reached 934 million euros, up from 879 million euros in the prior-year quarter. K+S attributed the increase to further price gains in both customer segments and significantly higher de-icing salt volumes.

Quarterly EBITDA fell to 108 million euros from 111 million euros a year earlier, but exceeded the Vara consensus of 102 million euros cited by the company. K+S linked the decline to geopolitically driven logistics and energy costs and to a scheduled maintenance break at its Bethune plant in Canada, which took place entirely in the third quarter this year.

The Agriculture segment generated revenue of 642 million euros, compared with 615 million euros in the prior-year period. The average selling price excluding trade goods rose to 356 euros per tonne from 338 euros, while sales volumes excluding trade goods declined to 1.61 million tonnes from 1.74 million tonnes as K+S continued to manage its product mix for value and carried out the Bethune maintenance break.

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

Guidance midpoint moves higher

For 2026, K+S now expects EBITDA of 700 million to 750 million euros, compared with its previous range of 680 million to 760 million euros and 613 million euros in 2025. The new range raises the lower end by 20 million euros and trims the upper end by 10 million euros, lifting the midpoint from 720 million to 725 million euros.

The company said supply constraints in the global potash market have made the weaker-demand scenario behind the previous lower end less relevant. The upper end was reduced because a potential overseas price increase has not materialized. K+S still expects global potash demand to rise and capacity utilization to remain high.

Adjusted free cash flow guidance was maintained at a positive mid- to higher-double-digit million-euro amount, with capital expenditure of 580 million to 600 million euros. Agriculture sales volumes excluding trade goods are expected at 7.4 million to 7.6 million tonnes, while full-year de-icing salt volumes are now expected to reach at least 2.7 million tonnes, up from the previous minimum of 2.6 million tonnes.

Projects and acquisition remain in focus

Chief Executive Christian H. Meyer said fertilizer specialties, which carry higher margins, performed well and that strategic projects remained on track. K+S invested 377 million euros in the first nine months, including spending on the Werra 2060 transformation project and the Bethune expansion.

The planned acquisition of Qemetica's salt business in Poland and Germany remains subject to competition approval. K+S continues to expect closing in the first quarter of 2027.

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