We keep you updated

K+S generated revenues of around €881 million in the third quarter of the current year, following a record figure of approximately €1.5 billion in the prior-year quarter. Operating earnings EBITDA reached €72 million (Q3/22: €633 million).

DB Cargo will remain the leading logistics provider for K+S for the next ten years. In Potsdam, the two companies signed the follow-up of the existing contract. The contract, which originally only expired in February 2025, was thereby renewed ahead of schedule.

The discharge of saline water from K+S potash production into the Werra river will gradually decrease by the end of 2027. This is stipulated in the discharge permit issued by the Kassel Regional Council, which has been in force since the beginning of 2022, but against which BUND Hessen has filed a lawsuit and initiated an urgent motion. After intensive negotiations, the Company and the environmental association have now reached an agreement to achieve improvements for the Werra and Weser rivers and bring part of the legal dispute to an amicable end.

The Supervisory Board of K+S Aktiengesellschaft has appointed Mrs. Christina Daske as a further member of the Board of Executive Directors of the Company. She will assume her duties as Labor Director on December 1, 2023.

K+S generated revenues of just under €826 million in the second quarter of the current year, following a record figure of €1.5 billion in the prior-year quarter. EBITDA operating earnings reached €24 million (Q2/2022: €706 million). This was mainly attributable to declining prices in the Agriculture customer segment and lower sales volumes. Subsequent price adjustments not relating to the accounting period, which were necessary following the closing of the China contract, burdened the key figures in this customer segment. Inflation-related additions to provisions for mining obligations amounting to around €18 million also had a negative impact on EBITDA.

Adjusted free cash flow in second quarter of 2023 above market expectation; EBITDA below consensus. For the full year 2023, EBITDA is expected be range between EUR 600 million and EUR 800 million (consensus: EUR 810 million)and adjusted freecash flow between EUR 300 million and EUR 450 million (consensus: EUR443 million assumingsame capital expenditure levels).

K+S has completed the acquisition of 75 percent of the fertilizer business of South African trading company Industrial Commodities Holdings (Pty) Ltd (ICH), announced on January 26 this year.

On June 6, 2023, Canpotex (export organization of the North American competitors Nutrien and Mosaic) publicly announced the conclusion of a contract with Chinese customers for the supply of potassium chloride until the end of the year at a price of USD 307 per tonne. China plays a subordinate role in the regional portfolio of K+S. However, the decisive factor for the K+S earnings situation is what price level subsequently emerges worldwide, how quickly a recovery from this price floor occurs, and what volumes are demanded at the respective prices.

K+S has obtained a new revolving credit facility on attractive terms in the amount of €400 million. For the first time, this credit facility also contains a component linked to the development of sustainability KPIs.

Today, the rating agency Standard & Poor's (S&P) upgraded the long-term rating of K+S to BBB- (previously: BB+). K+S is therefore now rated in the investment grade range again and consequently considered to be a solid borrower. The rating outlook is stable.