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. 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 Annual Report 2024 / 2025, the expectations for the group are unchanged, although compensating adjustments were made in the segments.

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.

Expectations for the segments and the Group

			Fiscal year 2024/2025	Forecast for fiscal year 2025/2026
Automotive Technology	Sales	million €	7,035	(7)% to (4)% compared with the prior year (previously: (5)% to (2)% compared with the prior year)
Automotive Technology	Adjusted EBIT	million €	187	Between €225 million and €325 million
Decarbon Technologies	Sales	million €	3,481	(10)% to (7)% compared with the prior year (previously: (6)% to (3)% compared with the prior year)
Decarbon Technologies	Adjusted EBIT	million €	71	Between 0 and €100 million
Materials Services	Sales	million €	11,432	+2% to +5% compared with the prior year (previously: +1% to +4% compared with the prior year)
Materials Services	Adjusted EBIT	million €	132	Between €125 million and €225 million
Steel Europe	Sales	million €	9,791	(3)% to 0% compared with the prior year (previously: 0% to +3% compared with the prior year)
Steel Europe	Adjusted EBIT	million €	337	Between €275 million and €375 million (previously: between €225 million and €325 million)
Marine Systems	Sales	million €	2,187	+2% to +5% compared with the prior year (previously: (1)% to +2% compared with the prior year)
	Adjusted EBIT	million €	127	Between €100 million and €150 million
Group	Sales	million €	32,837	(2)% to +1% compared with the prior year
	Adjusted EBIT	million €	640	Between €500 million and €900 million
	Investments¹⁾	million €	1,461	Between €1,400 million and €1,600 million
	Free cash flow before M&A¹⁾	million €	363	Between €(600) million and €(300) million, incl. around €350 million in cash outflows for restructuring
	Net income	million €	532	Between €(800) million and €(400) million
	tkVA	million €	(1,167)	Between €(1,200) million and €(1,600) million
	ROCE	%	0.7%	Between (4)% and 0%

_{¹⁾ See the subsection headed “Management of the group” in the section headed “Fundamental information about the group” in the Annual Report 2024/2025 for the amended definition of free cash flow before M&A from fiscal year 2025/2026.}

_{Source: thyssenkrupp Interim Report 1st quarter 2025/2026, page 18-19}