Despite reporting a staggering €1.73 billion net loss in Q2, K+S shares rose 0.78% to €13.00 as investors dismissed the deficit as a non-cash accounting adjustment. The loss stemmed primarily from a €2 billion currency revaluation after the fertilizer giant revised its long-term euro-dollar exchange rate forecast upward by 10 cents—a technical move with no operational impact. By contrast, the company’s EBITDA of €110 million, though 18% below prior-year levels, remained positive, supported by stable revenues of €871 million (nearly matching 2022’s €874 million). Rising fertilizer prices and resilient European demand offset weaker agricultural volumes and dollar headwinds.
Guidance Holds Firm Amid Market Volatility
Management reaffirmed full-year EBITDA guidance of €560-640 million, citing moderating potash price recoveries and €310 million already achieved in H1. The market’s muted reaction to the paper loss underscores confidence in K+S’s underlying business, though analysts note ongoing exposure to currency fluctuations and commodity pricing.
