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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.

After the shareholders followed the proposal of the Supervisory Board and the Board of Executive Directors on the distribution for the 2022 financial year at the Annual General Meeting on May 10, K+S is starting to buy back its own shares today.

K+S generated revenues of just under €1.2 billion in the first quarter of the current year. EBITDA operating earnings reached €454 million (Q1/2022: €524 million). Higher revenues in the Industry+ customer segment could not fully offset the moderate decline of revenues in the Agriculture customer segment. Additionally, higher costs and valuation effects from mining provisions impacted earnings.

“2022 was an outstanding year for K+S,” says Dr. Burkhard Lohr, Chairman of the Board of Executive Directors of K+S Aktiengesellschaft. EBITDA operating earnings more than doubled to €2.4 billion (2021: €1.1 billion). Group revenues increased to €5.7 billion (2021: €3.2 billion).

The Supervisory Board of K+S Aktiengesellschaft and Mr. Holger Riemensperger have mutually agreed on a separation, as Mr. Riemensperger will take on new challenges in another company. He will leave K+S at the end of February.

Fertilizer and salt producer K+S is testing the use of electromobility in its German mines. The suitability of the charging infrastructure and safety underground are currently being tested in addition to the everyday suitability and range of the vehicles in a mine at the Werra integrated plant. In the long term, electric vehicles are to replace diesel-powered vehicles in all K+S mines.