Kloeckner & Co Ag (KLKNF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone, this is Fabian Neuse from Investor Relations. Also on behalf of my entire team, I wish you a very warm welcome to our Q1 26 conference call. With me today are our CEO Guido Kerkhoff and our CEO Americas John Gannon. They will guide you through the presentation and afterwards we're happy to take your questions. In order to ask a question, you have to press the live Q&A button and we will then open your mind. With that, I'd like to hand over to you Guido. Yeah, thank you. Welcome to our Q1 26. I'll now begin with the financial highlights of the core of our strategic progress and the voluntary public takeover of Worthington Steel. Before we look at our KPIs, I'd like to make a final remark. As you know, we sold eight U.S. distribution sites at the end of 25. In order to enable a year-over-year comparison on a like-for-like basis, we've also included the DELSA for a divestment-adjusted baseline. Shipments decreased considerably year-over-year, mainly due to the divestment of these eight U.S. distribution sites. Excluding the divestment of the eight distribution sites, shipments increased by 2.1% year-over-year, supported by positive momentum in Europe. Sales came in considerably below the previous year's quarter as a result of a lower reported shipment. However, on a adjusted basis, excluding the divestment, sales increased slightly, also by 2.1%. Gross profit decreased considerably year-over-year due to lower sales volumes. However, gross profit margin remained constant compared to prior years. We achieved a considerable increase in FEDA before material special effects, also driven by a positive contribution from our government of 0.2%. We'll take a closer look at that on the next slide. Rating cash flow was at minus $270 million, mainly due to seasonal ...