KWS SAAT SE & Co. KGaA, one of the world's leading plant breeding companies, reported net sales of €236.5 million for the first quarter of fiscal 2026/2027, up 3.6% from €228.2 million in the same period a year earlier. The Germany-based seed specialist cited strong performance in its Cereals and Vegetables segments as key drivers, with oilseed rape seed delivering double-digit growth of 12%. The company confirmed its full-year forecasts for fiscal 2026/2027, stating it expects comparable net sales growth of around 3% and an EBITDA margin between 19% and 20%, in line with medium-term targets.

Key Points

  • KWS SAAT SE & Co. KGaA (0F1N), a family-owned seed and plant breeding company listed on the Frankfurt Stock Exchange's Prime Standard and included in the S-DAX index
  • Q1 2026/2027 net sales rose 3.6% to €236.5 million, with organic growth of approximately 4% excluding exchange rate and portfolio effects
  • Earnings after taxes were €–37.7 million (€–1.14 per share); EBITDA was €–27.1 million, with prior-year comparatives materially affected by a €29.0 million special effect from the sale of North American corn business licence rights
  • Investors may be watching whether the anticipated recovery in the agricultural environment materialises to support the confirmed full-year growth and margin targets

Oilseed Rape Drives KWS Cereals Segment to €180.1 Million in Q1 Net Sales

The Cereals Segment was the standout performer in the quarter, with net sales rising to €180.1 million from €172.1 million a year earlier. Oilseed rape seed posted a sharp 12% net sales increase, which the company attributed to its high-performance variety portfolio and favourable market conditions, with particularly strong growth recorded in Germany and Southeastern Europe. Rye seed net sales declined slightly by 2%. Segment EBITDA improved to €84.3 million from €77.9 million, underscoring the operational leverage available to KWS during the cereals selling season in Europe.

Seasonal Losses and Prior-Year Special Effects Distort KWS Headline Earnings Comparison

Group EBITDA was €–27.1 million against €4.8 million in Q1 2025/2026, and EBIT was €–53.0 million compared with €–20.9 million previously. The company was clear that these figures are negative each first quarter for seasonal reasons, as the Sugarbeet and Corn segments do not generate significant net sales until the spring sowing season in Q3 (January to March). The prior-year period additionally included a €29.0 million positive special effect from the sale of North American corn business licence rights, making a like-for-like comparison with the current quarter materially more favourable when that effect is excluded.

KWS Repays Over €100 Million Loan Tranche and Strengthens Balance Sheet

The company's equity ratio improved to 59.6% from 57.7%, and net debt fell to €104.3 million from €119.0 million. Chief Financial Officer Dr. Jörn Andreas stated in the announcement that KWS repaid a significant loan tranche of over €100 million fully from existing liquidity during the quarter. The company described this as reflecting its financial strength and said it reinforces its financial profile. KWS invested approximately €340 million in research and development in fiscal 2025/2026, supporting its breeding programmes across sugarbeet, corn, cereals, vegetables, oilseed rape and sunflowers across more than 70 countries.

KWS Confirms Fiscal 2026/2027 Net Sales Growth and EBITDA Margin Guidance

KWS confirmed its full-year guidance, projecting comparable net sales growth of around 3% for fiscal 2026/2027 relative to the prior year, excluding exchange rate and portfolio effects. The company also confirmed an expected EBITDA margin in the range of 19% to 20%, consistent with its medium-term targets. Management noted that this outlook assumes a recovery in the agricultural environment, which remains challenging. The Vegetables Segment grew net sales by 16% to €15.3 million in Q1, driven by spinach seed demand, though segment EBITDA remained negative at €–7.9 million due to planned investment in vegetable breeding expansion.