Reporting & publications

Business performance in the 1st half confirms the group’s expectations for the full year; in the 2nd quarter FCF before M&A improved significantly versus the prior-year quarter and the previous quarter

• Order intake and sales lower than in the prior year, mainly due to transaction-related declines in the Multi Tracks segment and a price-driven decline at Materials Services; lower order intake in the 2nd quarter additionally affected by major order at Marine Systems in the prior-year quarter

• Adjusted EBIT down significantly year-on-year, mainly as a result of the expected sharp drop in prices at Materials Services and higher raw material and energy costs at Steel Europe; lower earnings partly offset by significant increases at Automotive Technology, Marine Systems and Multi Tracks, especially in the 2nd quarter

• FCF before M&A improved significantly year-on-year as expected mainly due to lower increase in net working capital; 2nd quarter above the prior year and previous quarter, but still negative

• Full-year forecast partially revised: adjusted EBIT still expected to be in the mid to high three-digit million euro range, FCF before M&A now expected to be slightly positive (see “Forecast”)