Corporate News

Einbeck, May 12, 2026

Financial Results for the First Nine Months of 2025/2026:
KWS remains on track despite a challenging agricultural environment

• Revenue increase of 2.6%* driven by seasonally earlier shipments
• Sugarbeet segment grows despite significant decline in global acreage
• EBITDA rises to €386.8 (360.8) million due to positive one-time effect from license sale in the U.S. – high earnings stability despite noticable currency impact
• Outlook for FY 2025/2026 confirmed: Stable revenue on a comparable basis* and EBITDA margin (excluding positive one-time effect) expected in the range of 19 to 21%

“In the seasonally important spring quarter, we were able to expand our business despite a challenging market environment. Our strength in the sugarbeet business as well as earlier shipments contributed to this development,” commented Dr. Jörn Andreas, CFO of KWS. “A high-performing variety portfolio and strict cost discipline have enabled us to effectively mitigate the impact of headwinds and maintain our operational profitability. Given the uncertainties in global agricultural markets, we will continue to consistently pursue our strategy with a clear focus on profitability and innovation.”       

*excluding currency and portfolio effects

In the first nine months of fiscal year 2025/2026, the KWS Group generated revenue of €1,348.6 (1,344.3) million. On a comparable basis (excluding currency and portfolio effects), revenue increased by 2.6% in the reporting period, primarily due to earlier shipments. Currency effects had a negative impact on revenue of 1.8%.

The KWS Group’s operating earnings metrics were influenced by special items. During the reporting period, a positive one-time operating effect of €29 million arose from the sale of licensing rights in connection with the divestiture of the North American corn business. In addition, income from investments included a positive effect of €7.7 million from the disposal of shares in the North American joint ventures (AgReliant). By contrast, earnings were negatively impacted by a provision for a legal risk (Cereals segment) in the mid-single-digit million-euro range, as well as negative currency effects amounting to approximately €15 million. Earnings in the prior-year period were positively influenced by the release of a provision for value-added tax risks in the amount of €8.0 million in the Sugarbeet segment.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) improved to €386.8 (360.8) million. Earnings before interest and taxes (EBIT) rose to €311.1 (282.1) million. Gross profit, which remained at the previous year’s level, saw currency-related losses offset by positive portfolio mix and shifting effects. Expenses for research and development as well as administration and sales declined slightly, partly due to cost-cutting measures. 

The financial result improved significantly to €3.3 (–11.7) million, primarily due to higher income from investments. Earnings before taxes improved to €314.3 (270.4) million. Income taxes amounted to €94.3 (67.6) million. This resulted in earnings after taxes from continuing operations of €220.0 (202.8) million, or €6.67
(6.15) per share.

During the reporting period, operating cash flow from continuing operations decreased to –€53.8 (54.7) million, primarily due to the increase in trade receivables.

Cash flow from investing activities for continuing operations amounted to –0.9 (–58.6) million euros. In the first nine months of 2025/2026, the KWS Group made total investments in property, plant, and equipment and intangible assets (excluding leases) of 56.0 (73.6) million euros. In addition, cash flow from investing activities in the reporting period included the payment of a portion of the sale price for the North American corn business. Free cash flow from continuing operations was €–52.7 (–3.9) million, down from the prior-year figure.

The equity ratio was 57.5 (58.1) %, and total assets as of March 31, 2026, amounted to €3,092.3 (2,950.7) million. Net debt reached €178.7 (179.2) million.

Business Performance by Segment

Despite a significant decline in acreage, particularly in the European Union, the Sugarbeet segment recorded a slight nominal increase in revenue to €703.8 (693.2) million. The 4.2% increase on a comparable basis* is attributable to shifting effects in some markets as well as a higher revenue share from our product innovations CONVISO® SMART and CR+ (62% vs. 57%). Segment earnings (EBITDA) reached €324.6 (331.2) million. In the prior-year period, segment earnings included a positive one-time effect of €8.0 million from the release of a provision for value-added tax risks.

In the Corn segment, revenue of €349.4 (352.4) million was on par with the prior year. Despite an expected significant decline in the Eastern European business, revenue rose by 1.3% on a comparable basis*, primarily due to shifting effects in some markets as well as a positive development in the sunflower seed business. The increase in segment earnings (EBITDA) to € 106.5 (62.9) million is primarily attributable to a positive one-time effect from the sale of licensing rights in connection with the sale of the North American corn business of €29 million, as well as the elimination of pro-rata R&D expenses for the former AgReliant joint venture.

In the Cereals segment, which accounts for the majority of annual revenue in the first half of the year, revenue stood at €243.4 (243.3) million, in line with the prior-year level (on a comparable basis*: +0.7%). The rapeseed business recorded significant revenue growth, while revenue from rye seed declined. Segment earnings (EBITDA) were €65.4 (78.0) million, significantly below the prior-year level. The decline is primarily attributable to increased R&D efforts (including the hybridization of barley and wheat) as well as a provision for a legal risk in the mid-single-digit million-euro range.

In the Vegetables segment, revenue rose to € 46.5 (45.5) million. This corresponds to growth on a comparable basis* of 2.0%, primarily due to higher revenue from bean seeds. Our spinach business recorded stable demand. Segment earnings (EBITDA) were negative at €–19.3 (–11.9) million due to scheduled expenses for the expansion of vegetable breeding, as in the prior-year period.

Revenue in the Corporate segment, which is generated primarily by KWS’s agricultural operations in Germany, France, and Poland, reached €5.5 (9.9) million ( ). Segment earnings (EBITDA) amounted to –€90.3 (–€99.2) million. Since the Corporate segment accounts for all cross-segment costs related to the KWS Group’s central functions as well as basic research expenses, segment earnings are typically negative.

*excluding currency and portfolio effects

2025/2026 Full-Year Forecasts Confirmed

The annual forecasts remain unchanged from the statements in the 2025/2026 Half-Year Financial Report. The KWS Group continues to expect revenue for the 2025/2026 fiscal year to be on a par with the previous year on a comparable basis (excluding currency and portfolio effects). Key factors contributing to this are the generally subdued agricultural environment, the reduction in global sugarbeet acreage, and the expected decline in business in Russia due to import restrictions and localization efforts.

The EBITDA margin is expected to be in the range of 19% to 21%, in line with the medium-term targets. This does not take into account the positive one-time effect of €29 million from the sale of licensing rights as part of the divestiture of the North American corn business during the reporting period.

About KWS

KWS is one of the world’s leading plant breeding companies. Approximately 5,000 employees* in more than 70 countries generated revenue of around €1.68 billion in fiscal year 2024/2025. For 170 years, KWS has been managed as a family-owned company, operating autonomously and independently. Its core activities include plant breeding and the production and sale of sugarbeet, corn, cereal, vegetable, rapeseed, and sunflower seeds. KWS employs state-of-the-art plant breeding methods to increase farmers’ yields and further improve plants’ resistance to diseases, pests, and abiotic stress. To achieve this goal, the company invested approximately 350 million euros in research and development during the 2024/2025 fiscal year.

* Excluding seasonal workers

Further information: www.kws.com/corp/de. Follow us on LinkedIn.

Contact

Peter Vogt  
Head of Investor Relations

Phone: +49-30 816914-490

peter.vogt@kws.com

Gina Wied

Head of Corporate Communications

Phone: +49 151 20345978

gina.wied@kws.com