Thyssenkrupp delivered strong business performance in the third quarter of the 2024/2025 fiscal year despite challenging market conditions. In the April-June period, order intake increased by EUR 10.1 billion (increasing 21%), driven by contributions from the Marine Systems segment. Sales decreased to EUR 8.2 billion (previous year EUR 9.0 billion) due to price and demand factors. Adjusted EBITDA increased to EUR 155 million (previous year EUR 149 million), supported by the APEX performance program. Free cash flow before M\&A reached EUR 227 million, exceeding the previous year's (EUR 256 million).
thyssenkrupp AG CEO Miguel López stated, “The past quarter was marked by macroeconomic uncertainties. Despite weak market conditions in the automotive, engineering and construction sectors, we kept our earnings stable thanks to APEX and cost-cutting measures. We are also making progress on strategic issues; we aim to list our maritime activities on the stock exchange this year and successfully carry out the restructuring process for Steel Europe.”
The group increased order intake from EUR 8.4 billion in the same period last year to EUR 10.1 billion, with the Marine Systems segment achieving significant growth thanks to orders from Singapore and service orders from the German Navy. Demand in the Automotive Technologies segment remained limited. The Steel Europe and Materials Services segments were affected by declines due to price and demand factors. The Decarbon Technologies segment performed below the previous year.
Group sales decreased to EUR 8.2 billion, affected by low demand and prices in the Automotive Technologies, Materials Services, and Steel Europe segments. The Decarbon Technologies segment also remained generally below last year's level. Marine Systems managed to increase its sales with new construction and service projects.
Adjusted EBITDA reached EUR 155 million, supported by earnings growth in the Decarbon Technologies segment and positive one-off effects. Low sales and reduced capacity utilization in Steel Europe negatively impacted earnings. Earnings in Marine Systems were affected by higher costs related to the goal of establishing an independent setup.
Free cash flow before M\&A came in at EUR 227 million, above the previous year's level. As of June 30, 2025, net financial assets stood at EUR 3.7 billion, with cash and unused credit lines totaling EUR 5.7 billion.
Net loss amounted to EUR 255 million, driven by approximately EUR 135 million in tax effects related to the preparation for the separation of Marine Systems, around EUR 100 million in impairments in Steel Europe, and EUR 70 million in restructuring expenses in Automotive Technologies. After deducting minority interests, net income was EUR 278 million, with earnings per share at EUR 0.45. Equity reached EUR 9.9 billion, with the equity ratio just below 35%.
By segment, thyssenkrupp is continuing its restructuring process as planned. Automotive Technologies will adopt a new structure of four business units as of October 1, 2025; cost-cutting measures, including the reduction of around 1,800 jobs, will generate savings of more than EUR 150 million. Decarbon Technologies is contributing to the sustainable transformation of energy-intensive industries, Materials Services is strengthening its supply chain services, and Steel Europe is continuing its strategic restructuring.
Marine Systems will be listed independently on the stock exchange with minority shareholders transferring their shares, and 49% of the new TKMS AG & Co. KGaA will be transferred directly to thyssenkrupp AG shareholders. Expected demand growth and geostrategic developments in the coming years will provide growth opportunities for TKMS.
For the 2024/2025 fiscal year, the group updated its sales forecasts for the Automotive Technologies, Materials Services, and Steel Europe segments. Sales are expected to be in the range of 5–7%, and the adjusted EBITDA forecast has been narrowed to the lower end of EUR 600–1,000 million. Investments are planned in the range of EUR 1,400–1,600 million. Free cash flow before M\&A is expected to be between EUR 0–300 million, and net profit is forecast to be between EUR 100–500 million.
thyssenkrupp AG CFO Dr. Axel Hamann stated , “Despite challenging market conditions, we are confident of achieving our positive free cash flow target before M\&A. Structural measures to increase efficiency and reduce costs are being systematically implemented across all segments.”
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