K+S Aktiengesellschaft (KPLUY) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Your line is muted. Welcome to the K&S second quarter 2025 earnings call. I will now hand over to Julia from K&S for some technical notes. Ladies and gentlemen, also from my side, welcome to our call. We hope you've had the chance to review our posted slides as well as our Q3 documents available on our website. After the opening remarks by Christian, 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. And then a note on data privacy. Please be aware that the team session will be recorded, webcasted, and available as an audio replay on our homepage afterwards. People who ask a question in the team session should be clear that by switching on their camera and microphone, they agree to the recording and replay of video and audio sequences. Now, I'd like to hand over to Christian, our CEO, for the opening remarks. Thank you, Julia, and welcome from my side as well. Starting with the quarter, third quarter EBITDA was above the prior year quarter. Firstly, this was due to better prices in both customer segments. Last year's EBITDA was affected by a drawdown in inventories, which did not occur this year. This resulted in a positive EBITDA effect. Thirdly, our hedging brought us to a total positive FX effect, which was better than last year. Q3 free cash flow could also be increased from 24 to 37 million euros. Regarding our full year guidance, we confirm the midpoint of our previous guidance range and now expect EBITDA to be between 570 and 630 million euros. The expectation of a slightly positive free cash flow is confirmed as well. For the midpoint of the EBITDA guidance, we assume that the average price level currently achieved in all regions and for all product groups remains stable d...