K+S Aktiengesellschaft (KPLUY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the K plus S full year 2025 earnings call. My name is Barbara and I'll be your Evercall webinar host. I would now like to hand over to Julia from K plus S for some technical notes. Julia, you may now begin. Ladies and gentlemen, also from my side, welcome to our call. We hope you had a chance to review our posted slides as well as our full year documents available on our website. After the opening remarks by Christian, we will jump directly into the Q&A session. Some technical notes. Please refer to our disclaimer on page two of the presentation. 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 Meyer, our CEO, for the opening remarks. Thank you, Julia. And welcome from my side as well. Starting with the quarter. Q4 EBITDA was 17% above the prior year quarter. Therefore, we reached the upper half of our full year guidance range. Firstly, this was due to better prices in both customer segments. Secondly, EBITDA was affected by a higher drawdown in inventories than last year. This resulted in a negative EBITDA effect, which was overcompensated by a positive FX effect due to our hedging. Full year free cash flow reached 29 million euros. Full year capex, 546 million euros. In accordance with our dividend policy, we pay out 43% of our free cash flow and therefore propose a dividend of 7 cents per share to the AGM. In the Q4 impairment test, we saw a value recovery over 484 million euros. Just to remind you, As long as we remain bel...