K+S Aktiengesellschaft (KPLUY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone, and welcome to the KNS second quarter 2025 earnings call. My name is Lucy, and I will be your webinar host. Please note that all attendees are currently in a list until the Q&A portion of the call, at which point you'll have an opportunity to ask your questions. I will now hand over to Julia from KNS for some technical notes. Ladies and gentlemen, also from my side, welcome to our call. We hope you've had a chance to review our posted slides as well as our Q2 documents available on the website. After the opening remarks by Christian Meyer, we will jump directly into the Q&A session. Some technical notes, as always. Please refer to our disclaimer on page 2 of the presentation. A note on backup privacy. Please be aware that the team session will be recorded, webcasted, and available as an audio replay on our homepage. People who ask the question in the team session should be clear that by switching on their camera and microphone, they flee to the recording and replay of video and audio sequence. Now, I'd like to hand over to Christian Meyer, our CEO, for the ultimate remark. Thank you, Julia, and welcome from my side as well. I would like to start with some explanations about our two-hour talks in context with our two tools, learnings, really. Starting with the first ad hoc. On July 14, we had to publish an ad hoc on an impairment of assets. This impairment negatively impacted our Q2 group earnings and ROC. According to IFRS, we must compare our book value, which is the capex spent on assets minus regular depreciation, to our DCF framework. If the DCF value is above the book value, our maximum asset value is the book value. This leaves room to cope with changing estimates and prices to change rate or value. If the GCF value falls below the book valu...