• Compared with the prior-year quarter, order intake increased by 32% to €10.6 billion, driven by major orders at Marine Systems

• Sales down slightly to €8.4 billion due to price and demand factors

• Adjusted EBIT improved to €198 million (prior year: €19 million) due to significant operational progress; all segments except Decarbon Technologies improve earnings

• Full-year forecast confirmed for key performance indicators of adjusted EBIT, free cash flow before M&A and net income

• Transformation making progress: Sale of Automation Engineering to Agile Robots completed; implementation of new shareholder structure for HKM in preparation

• CEO Miguel López: “We will continue to focus on the consistent transformation of thyssenkrupp into a financial holding company. To this end, we are making structural changes to the segments.”

In the 2nd quarter of fiscal year 2025/2026, thyssenkrupp further improved its operational performance in a persistently challenging market environment. At the same time, the group resolutely drove ahead with its transformation under the ACES 2030 strategy program.

Order intake was significantly above the prior-year figure, mainly due to the strong performance of Marine Systems. Despite a slight decline in sales, adjusted EBIT increased significantly compared with the prior-year quarter. This development was buoyed by positive effects from the APEX performance program. On this basis, the group has confirmed its full-year forecast for the key performance indicators of adjusted EBIT, free cash flow before M&A and net income.

Miguel López, CEO of thyssenkrupp AG: “The tangible improvement in earnings is evidence that the consistent implementation of our APEX performance program is taking effect. At the same time, the transformation of thyssenkrupp is progressing well. The sale of Automation Engineering is a key success in the realignment of Automotive Technology. The planned sale to Salzgitter of the stake in HKM held by thyssenkrupp Steel is a further important step in ensuring the competitiveness of the steel business. We remain focused on making structural changes to the segments, thus driving the transformation of thyssenkrupp into a financial holding company.”

Key indicators of the thyssenkrupp group in the 2nd quarter of 2025/2026

Order intake in the 2nd quarter (January to March) amounted to €10.6 billion, which was €2.6 billion above the prior-year figure. At Marine Systems, the main drivers were the addition of two further 212CD class submarines in an extension of the order for Norway and additional orders received by the marine electronics business. Decarbon Technologies also posted significantly higher order intake, mainly in the water electrolysis business of thyssenkrupp nucera. Materials Services likewise performed positively, whereas Automotive Technology and Steel Europe posted slight declines in order intake.

At €8.4 billion, group sales were slightly below the level of €8.6 billion a year earlier. There were declines in particular at Steel Europe due to lower prices and at Automotive Technology due to fewer customer call-offs. Sales fell at Decarbon Technologies, mainly due to declines in the water electrolysis business of thyssenkrupp nucera and in the new construction business of chemical plant engineering. By contrast, Materials Services increased sales, especially because of the distribution business in North America and the international trading business. Marine Systems also increased sales as a result of the project progress achieved.

Compared with the prior year, adjusted EBIT improved by €179 million to €198 million. Although its sales revenues remained lower, Steel Europe made the largest contribution to earnings, mainly due to reduced raw material and energy costs. Moreover, the restructuring program already had an effect on personnel expenses. Materials Services likewise posted significant earnings growth, buoyed by consistent cost-cutting measures, efficiency programs and higher prices. Automotive Technology also benefited from the restructuring and efficiency measures that have been implemented. At Decarbon Technologies, project-related additional costs in the water electrolysis business of thyssenkrupp nucera resulted in lower and slightly negative earnings. This was partly offset by a positive one-time effect in chemical plant engineering. At Marine Systems, adjusted EBIT was in line with the positive sales trend.

Overall, thyssenkrupp posted a net loss of €(11) million in the 2nd quarter. The year-on-year change (prior year figure: €167 million) was primarily attributable to the absence of the post-tax profit of around €270 million resulting from the sale of tk Electrical Steel India in the prior-year quarter. Net income after deducting minority interest was €1 million (prior year: €155 million); earnings per share came to €0.00 (prior year: €0.25).

As of the reporting date of March 31, 2026, equity amounted to €10.3 billion and thus remained stable compared with the previous quarter (December 31, 2025: €10.3 billion). The equity ratio remained at a comfortable value of 36 percent.

Free cash flow before M&A was €(327) million (prior year: €(569) million), a tangible improvement primarily because of higher earnings contributions and the absence of sales tax payments of €160 million in connection with the advance payment received by Marine Systems in the 1st quarter of 2024/2025.

As of March 31, 2026, net financial assets were €2.8 billion (December 31, 2025: €3.2 billion). Available liquidity (cash and cash equivalents and undrawn committed credit lines) stood at €4.6 billion.

Dr. Axel Hamann, CFO of thyssenkrupp AG: “The positive performance in the second quarter is evidence that our targeted cost-cutting measures and efficiency programs are taking effect and being reflected increasingly in the company’s figures. We are confirming our forecast for all key performance indicators – we remain slightly cautious only in respect of our sales forecast, not least because of heightened geopolitical uncertainties and their impacts on the international markets.”

Group forecast for fiscal year 2025/2026 confirmed

Notwithstanding the persistently challenging market environment, thyssenkrupp confirms the group forecast for key earnings and cash flow indicators for fiscal year 2025/2026. The sales forecast has been amended slightly:

The group continues to expect a figure between €500 million and €900 million for adjusted EBIT. It still anticipates that free cash flow before M&A will be between €(600) million and €(300) million; this figure includes the expenses for restructuring, especially at Automotive Technology and Steel Europe. A range of between €(800) million and €(400) million is still forecast for net income. In particular, it includes the establishment of restructuring provisions at Steel Europe.

The sales forecast has been adjusted by one percentage point to (3)% to 0 % compared with the prior year (previously: (2)% to +1%). This primarily results from delayed revenue recognition at Decarbon Technologies and a changed product mix at Steel Europe.

Strategic performance in the 2nd quarter of 2025/2026

thyssenkrupp continues to work purposefully on transforming the group by implementing the ACES 2030 future model. The focus is on the transition of thyssenkrupp AG to a financial holding company that serves as the umbrella for strong and independent companies.

Automotive Technology continues to operate in a challenging market environment and is pressing ahead with its portfolio adjustments aimed at ensuring profitable growth and sustainably enhancing capital market readiness.  The sale of the Automation Engineering business to Munich-based Agile Robots SE was completed successfully at the end of March 2026. In this way, the segment is continuing its realignment with a focus on its four core areas: chassis, components, aftermarket and forgings.  

Decarbon Technologies remains focused on efficiency, scalability and future viability. Rothe Erde is realigning its holding structure, relocating its management team to the Netherlands so that it can consistently develop its international reach. In this way, the company is laying the structural foundation for managing its global production and sales network more efficiently, improving its network of expertise and further enhancing its proximity to international markets. In the context of its strategic realignment, Polysius is strengthening its profile as a provider of service and modernization solutions to extend plant life cycles and improve efficiency.

Materials Services is continuing to evolve from a traditional materials supplier to a modern supply chain service provider. The segment has made investments to further increase its copper processing capacities in North America. Through the acquisition of a majority investment in Aceroteca Trading, S.A.P.I. de C.V., Materials Services has also secured a steel-processing platform in a process industry hub in Mexico. In the field of supply chain solutions, Pacemaker has launched a new AI-based inventory management application to ensure product availability in the event of demand fluctuations and reduce warehousing costs.

Steel Europe is on track with the operational implementation of the strategic realignment that has been initiated. In this connection, preparations are continuing for the agreed sale of the stake in Hüttenwerke Krupp Mannesmann (HKM) to Salzgitter AG. Completion of the transaction is planned for June 1, 2026. In addition, the stronger trade safeguards for steel products announced recently by the European Union are boosting the efforts to ensure fairer competitive conditions for Europe’s steel industry. Despite the challenging economic environment and regulatory uncertainty, construction of the direct reduction plant in Duisburg is progressing further. Against the backdrop of the significantly improved earnings prospects for Steel Europe, thyssenkrupp AG and Jindal Steel International mutually decided to pause discussions on the potential acquisition of a stake in thyssenkrupp Steel Europe. A stand-alone solution for thyssenkrupp Steel Europe remains the stated goal.

With an order backlog of more than €20 billion as of March 31, 2026, TKMS (Marine Systems segment) is in an excellent position to achieve future growth. The German Parliament’s Budget Committee additionally approved an extension of the preliminary contract for the MEKO® A 200 DEU project, thus completing a key step in the procurement of four TKMS frigates to strengthen the Germany Navy. In connection with the ongoing tender process for Canada’s submarine program, TKMS has signed several cooperation agreements aimed at sustainably integrating Canadian supply chains into future submarine projects. Moreover, TKMS has signed a memorandum of understanding with Spanish company Navantia S.A. concerning the assessment of a strategic collaboration in marine projects in Europe and worldwide, focusing on the possible construction of TKMS vessels – especially submarines – at Navantia’s shipyards in Spain.

thyssenkrupp AG and Jindal Steel International have mutually decided to pause discussions about the company acquiring a stake in thyssenkrupp Steel Europe. The original assumptions and prerequisites for a potential sale of thyssenkrupp Steel have significantly changed in recent months. thyssenkrupp has made significant progress in realigning its steel segment. This is particularly evident in the recently concluded collective restructuring agreement on restructuring with IG Metall and the shareholders' agreement on the future positioning of the southern Duisburg site.

Changed Regulatory Framework

Additionally, the regulatory environment for the steel industry in Europe has changed significantly, becoming fundamentally more favorable. This offers the sector significant potential for stabilization and growth. This remains true despite the current surge in energy prices caused by the war in Ukraine, which is driving up global energy costs. The European Union recognizes the critical importance of steel production for the resilience of industrial value chains. It has expressed commitment to protecting the European steel industry from global overcapacity and dumping, while accelerating the transition to climate-friendly steel production. Measures include tightening import quotas, doubling protective tariffs when these quotas are exceeded, introducing a Carbon Border Adjustment Mechanism (CBAM), and establishing an EU Steel Action Plan.

Significant potential for value creation at thyssenkrupp Steel

"We have always said: Steel is the future. A sustainable business is a valuable business," explained Miguel López, CEO of thyssenkrupp AG. "Now that we have reached an agreement in principle within our own company, with labor unions, and with policymakers in Germany and Europe, the conditions for the profitable continuation of thyssenkrupp Steel is better than they have been in a long time. Jindal has been a constructive and committed partner throughout the discussions. However, we have jointly agreed to pause negotiations for now.”

“We thank thyssenkrupp for working constructively through the negotiations. Even though we have decided to pause the deal for the time being we remain connected in friendship and our shared goal remains to work on building low-carbon steel production in Europe“, said Narendra Misra, Director of European Operations of Jindal.

Objective of establishing thyssenkrupp Steel as an autonomous entity remains unchanged

thyssenkrupp will continue to drive the restructuring of the segment independently, in order to prepare the steel business for success and profitability. Significant progress has already been made in recent months. The industrial strategy for the future of thyssenkrupp Steel and the collective restructuring agreement with IG Metall have laid a solid foundation for addressing the structural challenges. Another important step was the agreement reached with Salzgitter in early February on a paper outlining key points regarding the future of HKM. This has given the southern Duisburg site new prospects. Meanwhile, policymakers are increasingly addressing the challenges facing the steel industry, particularly with regard to trade protection measures against unfair competition and global overcapacity. Against this promising backdrop, the stated medium-term goal remains to establish the independence of thyssenkrupp Steel Europe while thyssenkrupp AG may retain a minority stake.

Realignment of thyssenkrupp

With its ACES 2030 strategy, thyssenkrupp AG aims to spin off its segments or open them up to third-party investments. In this context, thyssenkrupp AG will transform into a financial holding company. "The more successfully thyssenkrupp Steel Europe implements the realignment that has been set in motion, the more attractive this business will become for the capital market and investors. "We expect German and European policymakers to reliably deliver on their specific commitments to ensure resilience," said López.

• Front End Engineering Design to be delivered by Uhde’s global expert network

thyssenkrupp Uhde has been selected by Brunei Fertilizer Industries Sdn Bhd (BFI) to execute the Front End Engineering Design (FEED) for the expansion of BFI’s ammonia handling and export infrastructure. The project comprises the design of a new cryogenic ammonia storage tank and the development of a dedicated ammonia export facility, including jetty integration and ship‑loading systems to enable large‑scale exports to global markets. The FEED will be executed in Uhde’s global engineering network, combining the uhde^® ammonia technology expertise with Uhde India’s competence in cryogenic storage and ammonia logistics.

The scope includes the design of a cryogenic ammonia storage tank using Uhde India’s proven global engineering standards, development of ammonia export facilities, including jetty interface, pipelines, and ship‑loading arms. Uhde will also take care of an optimized integration into the existing BFI complex to ensure reliable and safe export operations. The project marks another important milestone in the relationship between thyssenkrupp Uhde and BFI. thyssenkrupp Uhde previously provided key technologies and engineering services for BFI’s large‑scale ammonia and urea complex, one of Southeast Asia’s most modern fertilizer plants.

“We are very pleased to continue our close collaboration with Brunei Fertilizer Industries,” said Nadja Håkansson, Member of the Executive Board / COO of thyssenkrupp Decarbon Technologies & CEO of thyssenkrupp Uhde. “BFI is an important partner for us in Asia, and this new FEED award underlines their confidence in our engineering capabilities. By supporting the expansion of their export infrastructure, we are helping to further unlock Brunei’s potential in the ammonia market and increase their contribution to global food security.”

BFI emphasized the strategic importance of the project: “At BFI, we are committed to expanding our footprint and contributing to Brunei’s role in the global fertilizer and energy transition landscape,” said Harri Kiiski, CEO of Brunei Fertilizer Industries. “thyssenkrupp Uhde has been a trusted partner from the start, and their deep technical expertise makes them an ideal choice for this critical development step. The new export facilities will enhance our competitiveness, and open new market opportunities worldwide.”

A contribution to global food security and future energy markets

The BFI plant was built by thyssenkrupp Uhde as a fully integrated, state-of-the-art fertilizer complex which comprises an ammonia plant with a daily capacity of 2,200 metric tons as well as a urea plant and a urea granulation plant, both with a capacity of 3,900 metric tons per day. After its completion, the plant enabled Brunei to produce high-quality nitrogen fertilizer mainly for the export market. Nitrogen is an essential nutrient for plant growth and therefore a key agricultural input. With the expansion of their export capabilities, BFI further strengthens its contribution to securing nutrition around the globe. As ammonia is increasingly recognized as a potential clean energy carrier, BFI also enhances their position to meet rising global demand in the emerging low‑carbon energy value chains.