K+S stock slips as Q3 EBITDA falls, outlook midpoint rises

K+S reported mixed third-quarter results on Tuesday, November 10, 2026, with higher revenue but slightly lower EBITDA. In its press release, the company said performance was broadly in line with market expectations and narrowed its full-year forecast range while lifting the midpoint.

Revenue gains meet higher costs

Third-quarter revenue rose to EUR 934 million from EUR 879 million a year earlier. K+S attributed the increase to further price gains in both customer segments and significantly higher de-icing salt volumes.

EBITDA declined to EUR 108 million from EUR 111 million in the prior-year quarter, although it exceeded the EUR 102 million Vara consensus cited by the company. Higher logistics and energy costs linked to geopolitical conditions weighed on earnings. The scheduled maintenance break at the Bethune plant in Canada also took place entirely in the quarter, unlike in the prior year.

The first nine months showed stronger operating momentum. EBITDA increased to EUR 563 million from EUR 421 million, while adjusted free cash flow reached EUR 119 million compared with EUR 62 million in the same period of 2025.

Both customer segments expand

Agriculture revenue increased to EUR 642 million from EUR 615 million. The average selling price excluding trade goods rose to EUR 356 per tonne from EUR 338 per tonne, while sales volumes excluding trade goods fell to 1.61 million tonnes from 1.74 million tonnes. K+S linked the volume decline to value-oriented product mix management and the Bethune maintenance break.

Industry+ revenue climbed to EUR 292 million from EUR 264 million. Sales volumes rose to 1.73 million tonnes from 1.54 million tonnes, supported by early-season de-icing salt demand and continued demand from industrial customers. Higher prices across much of the portfolio also supported the segment.

Guidance midpoint moves higher

K+S now expects full-year 2026 EBITDA between EUR 700 million and EUR 750 million, compared with the previous range of EUR 680 million to EUR 760 million. The midpoint therefore rises to EUR 725 million from EUR 720 million. Management raised the lower end as supply constraints make the weaker demand scenario less relevant, while the upper end was trimmed because a possible overseas price increase has not materialized.

The company still expects full-year Agriculture volumes excluding trade goods of 7.4 million to 7.6 million tonnes. It raised its minimum forecast for de-icing salt volumes to 2.7 million tonnes from 2.6 million tonnes. Capital expenditure guidance remains EUR 580 million to EUR 600 million, and K+S continues to expect positive adjusted free cash flow in the mid- to high-double-digit million range.

Stock trades below prior Xetra close

K+S stock traded at 13.18 euros on Lang & Schwarz at 11:46 CET on Tuesday, November 10, 1.93 percent below the Xetra close of Monday, November 9.

German equities are tracked through the DAX market environment.

The approval process for K+S's acquisition of Qemetica's salt business remains ongoing, with closing still expected in the first quarter of 2027. More news and analyses on K+S stock.