K+S Aktiengesellschaft (KPLUY) Q4 2024 Earnings Call Transcript

2025-03-14 17:07:04 ET

K+S Aktiengesellschaft (KPLUY)

Q4 2024 Results Conference Call

March 13, 2025 08:00 AM ET

Company Participants

Julia Bock - Head of Investor Relations

Burkhard Lohr - Chief Executive Officer

Jens Keuthen - Member of the Board of Executive Directors

Christian Meyer - Chief Financial Officer

Conference Call Participants

Aron Ceccarelli - Berenberg

Christian Faitz - Kepler Cheuvreux

Konstantin Wiechert - Baader

Michael Schaefer - ODDO

Axel Herlinghaus - DZ Bank

Joel Jackson - BMO

Tristan Lamotte - Deutsche Bank

Angelina Glazova - J.P. Morgan

Lisa De Neve - Morgan Stanley

Presentation

Julia Bock

Ladies and gentlemen, welcome to the K+S Full Year 2024 Earnings Call. We hope you had a chance to review our posted slides as well as our documents available on our website. After some opening remarks by Dr. Lohr, we will directly jump into Q&A.

Some technical notes. Please refer to our disclaimer on Page 2 of the presentation. Then a note on data privacy. Please note that the team session will be recorded, webcasted and be available as a replay on our homepage afterwards. People asking a question in the Team session have to be aware that by turning on the camera and microphone, they give consent to saving and replaying video and audio sequences.

Now I would like to turn over to Dr. Lohr for the opening remarks.

Burkhard Lohr

Thank you, Julia. Ladies and gentlemen, a warm welcome from the 3 of us as well. Despite the challenging environment of low potash prices, we have successfully demonstrated that we are on track. At €62 million, free cash flow was better than expected. EBITDA reached €558 million. Again, we benefited from our global positioning and our strong specialties business. For the full year 2025, we expect EBITDA to range between €500 million and €620 million. This translates into a midpoint at about the level of 2024.

For the upper end of the range, we would need a tangible price recovery for MOP in Brazil during the spring season, and this has to spill over into other regions and product groups and hold up during the second half of 2025. The lower end would work with prices at the level of the end of 2024. We expect free cash flow to at least break even also for 2025 despite the planned elevated CapEx.

We are very happy with the current spring season with strong potash demand worldwide. So we are in a very promising environment right now as we speak. Before we take your questions, I would like to ask my colleague, Jens Keuthen, to introduce himself briefly....

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