14.08.2025 11:00-
- Order intake increases by 21 percent to €10.1 billion, driven by Marine Systems
- Sales at €8.2 billion (prior year: €9.0 billion) due to price and demand factors
- Adjusted EBIT improves to €155 million (prior year: €149 million): APEX performance program delivers positive earnings effects
- Free cash flow before M&A improves to €(227) million (prior year: €(256) million)
- Fiscal year 2024/2025: sales forecast updated; forecast for adjusted EBIT narrowed to the lower end of the communicated range
In the 3rd quarter of fiscal year 2024/2025, thyssenkrupp saw solid business performance in a persistently challenging market environment. Order intake between April and June increased to €10.1 billion. This represents a year-on-year increase of 21 percent, primarily driven by strong new business at Marine Systems. Group sales were €8.2 billion (prior year: €9.0 billion), mainly due to declining price and demand effects. Despite the decrease in sales, the group kept adjusted EBIT stable, even posting a small increase to €155 million from the prior-year figure of €149 million. This trend was buoyed by positive effects from the APEX performance program. At €(227) million, free cash flow before M&A was also above the prior-year level (€(256) million). Looking at the year as a whole, thyssenkrupp has updated its sales forecast on the basis of unchanged weak demand and a persistently low price level. Sales are now expected in a range of (7) percent to (5) percent compared with the prior year (previously: (3) percent to 0 percent). As a consequence, the forecast for adjusted EBIT was also narrowed. The group now expects a figure at the lower end of the communicated range between €600 million and €1,000 million.
“The past quarter was characterized by enormous macroeconomic uncertainty. We are very much feeling the weak market environment in key customer industries such as the automotive, engineering and construction industries. Nevertheless, we have been able to counteract these effects with APEX and other rigorous cost-cutting measures and keep earnings stable,” says Miguel López, CEO of thyssenkrupp AG. “At the same time, we are making great progress on our strategic issues. We are aiming for a stock market listing of our marine business before the end of this calendar year. With the new collective restructuring agreement, we are establishing the basis for a successful future for Steel Europe. In the other segments too, we are working purposefully on the new future target model.”
Performance of the thyssenkrupp group and segments in the 3rd quarter 2024/2025
The group significantly increased order intake to €10.1 billion from €8.4 billion a year earlier. The Marine Systems segment posted substantial order growth, mainly due to the addition of two submarines in an extension of the order from Singapore. Moreover, Marine Systems concluded one of the largest service orders in the company’s history for the German Navy’s six submarines. Customer demand in the Automotive Technology segment was still restrained. Steel Europe and Materials Services were also impacted by further demand- and price-induced declines. The figures for the Decarbon Technologies segment were below the prior-year level overall.
Group sales amounted to €8.2 billion (prior year: €9.0 billion). This decline resulted mainly from weaker demand in the Automotive Technology, Materials Services and Steel Europe segments and lower prices at Materials Services and Steel Europe. The figure for the Decarbon Technologies segment was also below the prior year level overall. Marine Systems expanded sales thanks to progress in new construction projects and in the service and marine electronics businesses.
At €155 million, the group’s adjusted EBIT was above the prior-year level of €149 million. The increase resulted from the significantly improved earnings at Decarbon Technologies, which were due to positive one-time effects (mainly the reversal of a bad debt provision), the improved operating performance and the absence of extraordinary additional costs that had been incurred in the prior period. At Steel Europe, lower sales and shipments and a reduction in capacity utilization due to planned shutdowns for conversion work had a negative impact on earnings. Automotive Technology and Materials Services continued to operate in a challenging market environment. At Marine Systems, earnings were impacted by higher costs in connection with the goal of establishing a stand-alone solution. Positive effects from the APEX efficiency program buoyed earnings trends in all segments.
At €(227) million, free cash flow before M&A was slightly above the level of the prior-year quarter (€(256) million).
As of June 30, 2025, net financial assets were €3.7 billion (March 31, 2025: €4.0 billion). With cash and cash equivalents and undrawn committed credit lines totaling €5.7 billion, the group still has a very good liquidity position.
The bottom line was a net loss of €255 million (prior year: net loss of 33 million). A negative impact came mainly from a one-time tax effect of around €135 million in connection with preparing the planned spin-off of Marine Systems. Added to this were further impairment losses of around €100 million at Steel Europe and restructuring expenses of around €70 million at Automotive Technology. Net income after deducting minority interest was €(278) million (prior year: €(54) million); earnings per share came to €(0.45) (prior year: €(0.09)).
Equity amounted to €9.9 billion (March 31, 2025: €10.6 billion). In addition to the net loss, exchange rate effects also had an impact. The equity ratio remained at a comfortable value of just under 35 percent.
Strategic performance of the segments in the 3rd quarter 2024/2025
thyssenkrupp is pressing ahead with restructuring the group as planned. The long-term goal is to transform thyssenkrupp AG into a lean holding company that brings together the interests in strong, independent companies under one roof – with clear roles, autonomous management and individual contributions to value added. In the past months, crucial progress was achieved in each of the segments.
As of October 1, 2025, Automotive Technology will have a new structure consisting of four customer- and technology-aligned business units in order to optimally leverage its potential and grow profitably. The new structure will foster more efficient collaboration, a stronger customer focus and synergies. The efficiency program launched in March will run in parallel. It is planned to cut costs by more than €150 million by way of measures that include some 1,800 job reductions. In parallel, Automotive Technology is focusing on portfolio adjustments. The Automotive Body Solutions, Automation Engineering and Springs & Stabilizers business units will continue as separate businesses. In this connection, thyssenkrupp is exploring strategic options such as partnerships or new ownership models.
Thanks to its broad technology portfolio, Decarbon Technologies makes a significant contribution to the sustainable transformation of energy-intensive industries. The Uhde business unit is the world’s leading provider of ammonia technology and large-scale plants. At the end of May 2025, Uhde and Uniper entered into a strategic partnership aimed at bringing a key technology for global hydrogen trading to industrial maturity: the large-scale ammonia cracker. The aim of the partnership is to convert imported ammonia into hydrogen on an industrial scale and make it available for a wide range of industries such as energy, steel and chemicals.
Materials Services is continuing its transformation from traditional materials supplier to supply chain service provider. Contributions to this will come from ramping up the various investments in the North American service and manufacturing businesses and in the service center business in Germany, as well as in strengthening the digital product portfolio. In the USA, Materials Services now ranks among the top 20 providers in the warehousing business. To strengthen its expertise in the area of digitalization, thyssenkrupp AG integrated the India technology center into Materials Services during the 3rd quarter.
Steel Europe is systematically pursuing its strategic realignment on the basis of the industrial concept for the future. On July 12, 2025, consensus was reached with the IG Metall labor union on the collective restructuring agreement entitled ‘Steel Realignment’ that is intended to serve as the foundation for successfully positioning thyssenkrupp Steel as a competitive business in the long term.
The company’s declared aim is to implement the urgently needed cost-cutting measures without any compulsory redundancies. At the start of July, the ramp-up of the new hot strip mill 4 and the new continuous caster 4 coupled with a fully automated slab logistics system concluded key investments totaling about €800 million to optimize the production network at the Duisburg site. In the project to construct the direct reduction plant in Duisburg, the preparation of the site was completed. Alongside the completed construction of three distribution stations, work will start in October on the steel and structural engineering of the facility.
With the approval of the shareholders of thyssenkrupp AG to spin off a minority interest, Marine Systems achieved a key milestone on its path toward becoming an independent listed system provider in the maritime defense market. With the entry into effect of the spin-off, 49 percent of the shares in the new TKMS AG & Co. KGaA (TKMS) will be transferred directly to the shareholders of thyssenkrupp AG, while thyssenkrupp AG itself will remain the majority shareholder. A Capital Markets Day is being prepared for the end of September, at which the independent company and its prospects will be presented. It is aimed to list TKMS in the Prime Standard of the Frankfurt Stock Exchange before the end of this calendar year.
The spin-off is not only intended to strengthen the financial independence of TKMS, but also deliver new opportunities for growth and innovation. On the basis of the orders received in the current fiscal year, the business already has an order backlog of €18.5 billion as of June 30, 2025. The rising demand anticipated in the core businesses of TKMS in the years ahead and long-term geostrategic developments will provide the company with additional growth opportunities.
Adjusted forecast for the 2024/2025 fiscal year
In light of the persistently challenging market environment, thyssenkrupp has made demand- and price-induced adjustments to the sales forecasts for Automotive Technology, Materials Services and Steel Europe. For the 2024/2025 fiscal year, the group is now assuming sales in a range of (7) percent to (5) percent (previously: (3) percent to 0 percent).
As a consequence, thyssenkrupp has also narrowed the forecast for adjusted EBIT and now predicts a figure at the lower end of the range between €600 million and €1,000 million.
In response to the tense situation, a more restrictive approach is being taken to planning investments. These are now expected in a range between €1,400 million and €1,600 million (previously: between €1,600 million and €1,800 million).
The group continues to assume that free cash flow before M&A will be in a range between 0 and €300 million. Net income is likely to be between €100 million and €500 million.
Dr. Axel Hamann, CFO of thyssenkrupp AG: “Our forecast reflects the persistently challenging market conditions. Despite this backdrop, we are confident of achieving our primary target of a positive free cash flow before M&A in the current fiscal year. At the same time, the systematic implementation of structural measures to improve efficiency and cut costs in all segments will remain of central importance. In this way, we will create the basis for making our businesses sustainably fit for the future.”
