FY 2025/2026 forecast

The forecast for 2025/2026 is based on the current composition of the group. It does not take account of the effects of potential portfolio measures. The economic conditions on which our forecast is based can be found in the subsection headed “Macro and sector environment” in the “Report on the economic position.” For the corresponding opportunities and risks see the “Opportunity and risk report,” which follows this subsection.

Estimating future economic development remains challenging overall. This applies to macroeconomic trends in general, as well as to the markets of relevance for thyssenkrupp: steel, automotive, materials and green technologies. At the same time, it is assumed that macroeconomic volatility will remain high in light of various geopolitical crises and vulnerabilities, for example, as a result of the tariff policy in the USA and the response of other economies as well as the further development of the Iran conflict. The development of our key performance indicators could therefore be exposed to corresponding fluctuations. In light of the expected economic conditions as of the date of this forecast and the underlying assumptions, we consider the following view on fiscal year 2025/2026 to be appropriate. Compared with the previous forecast in the Interim Report for the 1st half of 2025 / 2026, the expectations for the group have been amended as follows:

■  Sales are now expected in a range between (3)% and (1)% compared with the prior year (previously: (3)% to 0% compared with the prior year). This is mainly due to corresponding and partially compensating clarifications in the segments.

■  Adjusted EBIT is now expected in a range between €600 million and €900 million (previously: between €500 million and €900 million). This is mainly due to adjustments and clarifications in Materials Services, Steel Europe and Marine Systems.

■  Consequently, net income is now expected in a range between €(700) million and €(400) million (previously: between €(800) million and €(400) million).

■  Due to market development to date, investments are now expected in a range between €1,200 million and €1,300 million (previously: between €1,400 million and €1,600 million).

For further information on the expected development of our key performance indicators, please refer to the “Forecast, opportunity and risk report” in the Annual Report 2024/2025, in the interim report on the 1st quarter of 2025/2026 and in the interim report for the 1st half of 2025/2026.

_{Source: thyssenkrupp Interim Report 9 months 2025/2026, page 22-23}