Robust business performance despite
challenges in the agricultural markets
Overview
Business performance in 2024 | 2025
Despite the challenges on global agricultural markets, with declining land under cultivation particularly in Europe, the KWS Group’s net sales in fiscal 2024/2025 were €1,676.6 million and thus at the level of the previous year (€1,678.1 million). Net sales increased by 1.0% on a comparable basis (excluding exchange rate and portfolio effects). The KWS Group’s key indicators for operating income were impacted by special effects in the period under review and fell sharply year on year. Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 13.4% to €350.5 (404.9) million and earnings before interest and taxes (EBIT) by 18.0% to €247.6 (302.0) million. The previous year included a positive special effect of €28.1 million from divestment of the Chinese corn business. In the period under review, the reversal of a tax provision resulted in income of €7.7 million. Net debt improved significantly to €61.6 (385.1) million, or 0.2x (1.0x) EBITDA. Income from continuing operations amounted to €4.24 (5.58) per share.
| KWS Group (in € millions) from continuing operations | 2024/2025 | 2023/2024 | 2022/2023 | 2021/2022 | 2020/2021 | 2019/2020 |
| Net sales | 1,676.6 | 1,678.1 | 1,500.3 | 1,275.8 | 1,158.6 | 1,138.3 |
| EBITDA | 350.5 | 404.9 | 278.8 | 230.0 | 205.6 | 199.8 |
| EBIT | 247.6 | 302.0 | 195.1 | 141.5 | 118.3 | 118.1 |
| Net income for the year | 140.0 | 184.1 | 126.1 | 106.4 | 99.9 | 83.8 |
| Cash flow from operating activities | 227.7 | 157.9 | 158.5 | 200.6 | 202.3 | 86.1 |
| Number of employees (avg.) 1 | 4,837 | 4,673 | 4,391 | 4,222 | 3,977 | 3,995 |
| Earnings per share (in €) from continuing operations | 4.24 | 5.58 | 3.82 | 3.23 | 3.03 | 2.54 |
| Dividend per share (in €) 2 | 1.25 | 1.00 | 0.90 | 0.80 | 0.80 | 0.70 |
Segments
Net sales in the Corn Segment fell by 2.7% to €682.8 (701.5) million in a challenging market environment in Europe, equating to a decline of 1.6% on a comparable basis1. The segment’s income (EBIT) fell significantly to € –4.2 (39.1) million, in particular due to a positive non-recurring effect of €28.1 million in the previous year from divestment of the Chinese corn portfolio. In addition, there was an extra ordinary effect on the segment’s income in the period under review due to an impairment loss of €20.7 million on the carrying amount of AgReliant in connection with the sale agreement concluded in June 2025. The Corn Segment’s EBITDA fell to €53.0 (82.2) million.
Net sales in the Sugarbeet Segment rose in the fiscal year by 0.8% to €871.8 (864.9) million. The growth was 1.8% on a comparable basis1, despite a sharp decline in land under cultivation. KWS further expanded its global leadership in the sugarbeet market in the fiscal year. The share contributed by the sustainable product innovations CONVISO SMART® and CR+ to the segment’s net sales increased again to around 61% (56%). The segment’s income (EBIT) was €367.2 (350.1) million, or a year-over-year increase of 4.9%, thanks to the positive net sales trend. This figure includes a positive special effect of €7.7 (–7.7) million from the reversal of a provision for VAT risks that was set up in the previous year. The EBIT margin improved to 42.1% (40.5%). The Sugarbeet Segment’s EBITDA rose to €397.0 (378.1) million.
Net sales in the Cereals Segment declined by 4.6% to €263.3 (275.9) million, mainly due to lower net sales from oilseed rape and rye. The decline in net sales on a comparable basis1 was 4.5%. Given the declining business performance and higher research and development expenditure – mainly due to the expansion of hybrid breeding activities – the segment’s income (EBIT) fell as expected to €32.1 (50.4) million. The segment’s EBIT margin decreased accordingly to 12.2% (18.3%). The Cereals Segment’s EBITDA fell to €42.9 (59.8) million.
Net sales in the Vegetables Segment in the year under review rose by 16.1% to €72.1 (62.1) million. On a comparable basis1, net sales grew by 16.0%. This increase is largely due to higher revenues from spinach seed, which accounts for around two-thirds of the segment’s net sales. The segment’s income (EBIT) fell sharply to € –45.8 (–34.7) million, mainly as a result of the planned increase in expenditure on establishing vegetable breeding activities and the related distribution organization. The EBIT margin was –63.5% and thus below the previous year’s figure (–55.9%). EBITDA fell to € –22.0 (–11.2) million.
Net sales in the Corporate Segment rose to €11.3 (9.2) million in the period under review. They are mainly generated from KWS’ farms in Germany, France and Poland. Since all cross-segment costs for the KWS Group’s central functions and central research expenditure that cannot be allocated to the segments are charged to the Corporate Segment, its income is usually negative. The segment’s income (EBIT) fell to € –135.4 (–127.1) million, mainly due to higher IT costs and general cost increases, especially for personnel. EBITDA decreased to € –120.1 (–112.4) million.
1 excluding currency and portfolio effects
Forecast
Forecast for fiscal year 2025 | 2026
KWS assumes that net sales growth on a comparable basis1 will grow by 3% year over year in fiscal 2025/2026. The net sales forecast thus remains within the medium-term target range despite a generally subdued agricultural environment and an anticipated decline in business in Russia as a result of import restrictions and localization efforts for seed. In line with the medium-term targets, the EBITDA margin is expected to be in the range of 19% to 21%. This does not include a positive special effect of around €30 million from sale of the license rights as part of the divestment of the North American corn business.
1 excluding currency and portfolio effects