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German potash and salt producer K+S AG reported a strong first quarter for 2026, with earnings and revenue surpassing market expectations thanks to higher potash prices and robust demand for de-icing salt. The company also upgraded its full-year earnings forecast, signaling confidence in continued business momentum.
K+S posted first-quarter EBITDA of €279.2 million, marking a 39.2% increase from €200.6 million in the same period last year. The result comfortably exceeded the company-compiled analyst consensus estimate of €224.7 million. Quarterly revenue climbed 10% year-over-year to €1.06 billion, also ahead of expectations of €1.04 billion.
According to CEO Dr. Christian H. Meyer, the company benefited from a particularly strong de-icing salt business and improved potash pricing during the quarter. Adjusted earnings per share rose sharply to €0.75 from €0.33 a year earlier, beating analyst forecasts of €0.46.
Adjusted free cash flow also improved significantly, reaching €87.3 million compared with €31.8 million in the first quarter of 2025. Analysts had expected free cash flow of around €57.7 million.
The Industry+ customer segment delivered standout growth, with revenue jumping 27.6% to €382.7 million. Sales volumes in the segment increased to 2.62 million tonnes, supported by strong de-icing salt demand. De-icing salt volumes more than doubled to 1.49 million tonnes from 0.69 million tonnes a year earlier.
Meanwhile, the agriculture segment generated revenue of €678.1 million, slightly below analyst expectations. Average selling prices for agricultural products rose to €336 per tonne from €326 per tonne a year earlier.
K+S now expects full-year 2026 EBITDA between €630 million and €730 million, up from its previous forecast range of €600 million to €700 million. The company also raised its de-icing salt sales volume forecast and increased planned capital expenditure to around €600 million, citing investments in the Werra 2060 project and production ramp-up at its Bethune facility in Canada.
