thyssenkrupp AG adjusts outlook for FY 2023/24 – Sales, adjusted EBIT and free cash flow before M&A below expectations

Based on the preliminary results for the third quarter of the current fiscal year and the updated forecast for the full year, thyssenkrupp AG is adjusting its outlook for FY 2023/24. The main reason for this is the continued challenging market environment, which is leading to a significant decline in sales in the current financial year, among other things. The market is not expected to stabilize in the short term in the current fiscal year. The efficiency improvement measures introduced as part of the APEX performance program are successfully mitigating the negative developments of the market, but cannot fully compensate for these effects.

thyssenkrupp AG expects the following results for the 2023/24 financial year:

• The Group now expects sales to decline by between 6-8 percent compared to the previous year. Previously, the Group expected sales to be below the previous year.

• For adjusted EBIT, the Group now expects a figure € > 500 million. Previously, the Group had expected a figure in the high three-digit million € range.

• The Group now expects free cash flow before M&A to be in the range of € -100 million. The Group had previously expected a decline to a positive figure in the low three-digit million euro range.

The preliminary, unaudited results for the third quarter of the FY 2023/24 are as follows:

• Preliminary, unaudited Sales: approximately €9.0 billion

• Preliminary, unaudited Adjusted EBIT: approximately  €150 million

• Preliminary, unaudited Free cash flow before M&A: approximately  -€250 million

All other figures will be updated and communicated as part of the third-quarter results scheduled for release on August 14.