K+S Q1 EBITDA Beats, Outlook Raised 5%

K+S shares rose over 5% after Q1 EBITDA of €280 million beat expectations by ~24% and free cash flow doubled to €87 million.
The group lifted FY2026 EBITDA guidance to €630‑€730 million, up from €600‑€700 million, with midpoint slightly above consensus overall estimates.
Strong de‑icing salt demand, higher agricultural prices and a firmer USD drove performance, while rising material, energy and freight costs pose risks.
Jefferies notes the outlook assumes stable potash prices in Brazil and expects free cash flow to break even due to working capital.