K+S: Key focus points into 2Q26 results and a look at Qemctica’s salt business acquisition

研报英文原文证据摘录

K+S: Key focus points into 2Q26 results and a look at Qemctica’s salt business acquisition

J P M O R G A N Europe Equity Research

13 July 2026

K+S Neutral

SDFGn.DE, SDF GR

Key focus points into 2Q26 results and a look at Price (10 Jul 26):€13.12

Qemetica’s salt business acquisition Price Target (Dec-27):€13.70

K+S will report its 2Q26 results on August 12th, and we update our model to reflect European Chemicals

ACour recent conversation with the company, as well as the latest potash market Angelina Glazova, CFA

fundamentals and FX (details in Table 1JPMevsBlombergconsensus-Table 2Changesinestimatesbelow). We raise our 2Q26 (44-20) 7134-8379

EBITDA forecast by 5% to €141m (15.5% margin, +29% YoY) reflecting angelina.glazova@jpmorgan.com

primarily a better development in potash prices in 2Q than we had originally Chetan Udeshi, CFA

projected, with our new estimate 2% below Bloomberg consensus. We also note (44-20) 7742-7034

that European SOP (sulphate of potash, a premium potash fertilizer product) price chetan.x.udeshi@jpmorgan.com

J.P. Morgan Securities plc

rose by 6% over the past month — if this level proves sustainable, it should provide

an additional tailwind for K+S financials in 2H26. With this in mind, we also Specialist Sales contact details:

increase our FY26/27 EBITDA estimates by 2%/3% to €720m/€689m, which puts

Sam Edmunds - Specialist Sales -

is in line with/2% above Bloomberg consensus. Consequently, our adj FCF European Industrials

forecasts for FY26/27 are also revised higher by 9%/6% to €24m/€118m. We see (44-20) 7742-8733

the following key focus points into 2Q26 results: 1) 2H/FY26 outlook and sam.edmunds@jpmorgan.com

guidance (we note our updated FY26 EBITDA of €720m sits closer to the upper Key Changes (FYE Dec)