Operator

Welcome to the K+S First Quarter 2026 Earnings Call. I will now hand over to Julia from K+S for some technical notes.

Julia Bock
Head of Investor Relations

Ladies and gentlemen, also from my side, welcome to our call. We hope you've had a chance to review our posted slides as well as our full year -- as well as our Q1 documents available on the website. After the opening remarks by Christian, we will jump directly into the Q&A session.

Some technical notes: Please refer to our disclaimer on Page 2 of the presentation.

A note on data privacy: Please be aware that the Teams session will be recorded, webcast and available as a audio replay on our homepage afterwards. People who ask a question in the Teams session should be clear that by switching on the camera and microphone they agree to the recording and replay of video and audio sequences.

Now I'd like to hand over to Christian Meyer, our CEO, for the opening remarks.

Christian Meyer
Chairman of Board of Executive Directors

Thank you, Julia; and welcome from my side as well.

We have published the key figures for the quarter and our 2026 outlook already on the 22nd of April, so I will keep this brief.

Starting with the quarter. Q1 EBITDA was almost 40% above the prior year quarter at nearly EUR 280 million. Firstly, this was