Quarterly Report • May 8, 2025
Quarterly Report
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January 1, 2025 to March 31, 2025
In the first quarter of 2025, shipments came to 1.2 million tons, marking a slight 2.7% increase on the prior-year quarter (Q1 2024: 1.1 million tons). The increase in shipments compared to the prior year's comparative period is due in particular to the continued positive trend in the Kloeckner Metals Americas segment. Demand for steel and metal products rose significantly here from the middle of the reporting period. The market share in this segment was also increased further. Despite the higher shipments, sales fell slightly in the three-month period by 4.1% to €1.7 billion. This is due to the lower average price level compared to the prior-year period. As a result of lower purchase prices and efficient inventory management, gross profit increased considerably in the reporting period by 6.6% to €317 million (prior-year quarter: €297 million).
Klöckner & Co generated solid operating income (EBITDA) before material special effects of €42 million in the first three months of 2025 – as forecast, at the same level as the prior-year quarter (Q1 2024: €42 million). While operating income in the Kloeckner Metals Americas segment increased compared to the prior-year quarter, the segment Kloeckner Metals Europe saw operating income decline considerably, largely due to the continuing negative demand development, especially in the transportation industry. Taking into account the disposal loss, accounted for as a material special effect, on the
deconsolidation of the Brazilian subsidiary Kloeckner Metals Brasil Ltda., São Paulo, sold with economic effect as of March 31, 2025 – a net amount of €19.4 million (including €19.6 million in realized losses from the currency conversion reserve) – and €4 million in negative special effects from restructuring measures at the holding companies, EBITDA after material effects amounts to €18 million for the Group as a whole. The net loss in the first three months of 2025 amounted to €-28 million, compared to €-32 million in the prior-year period. Basic earnings per share therefore came to a negative €0.28, compared to a negative €0.33 in the prior-year period.
The Kloeckner Metals Americas segment generated EBITDA of €48 million before material special effects in the first three months of 2025, marking a considerable increase on the prior-year quarter (Q1 2024: €43 million). This segment thus continued its positive trend in the reporting period and gained market share. Demand for steel and metal products picked up strongly, particularly from the middle of the reporting period. Accordingly, shipments increased significantly in the reporting period by 5.9% to 0.8 million tons (Q1 2024: 0.7 million tons). In contrast, sales fell slightly by 4.2% to €1.0 billion due to the lower average price level compared to the prior-year quarter. Due to lower purchase prices and efficient inventory management, the gross profit margin increased by 2.7 percentage points to 20.0% (Q1 2024: 17.3%). Taking into account the net deconsolidation loss of €19 million from the sale of the Brazilian subsidiary Kloeckner Metals Brasil Ltda., São Paulo, the segment's EBITDA after material special effects amounted to €28 million.
EBITDA adjusted for material special effects in the Kloeckner Metals Europe segment was a negative €4 million in the first three months of the fiscal year, compared to a negative €1 million in the prior-year period, thus marking a considerable decrease. The persistently challenging macroeconomic environment led to a negative trend in shipments (-2.6%) compared to the prior-year quarter. This declining trend in shipments combined with lower average steel and metal prices caused sales in the segment to fall by 3.9% in the reporting period to €0.7 billion. By contrast, the gross profit margin increased compared to the same quarter of 2024 by 0.7 percentage points to 17.5%.
Cash flow from operating activities in the first quarter of 2025 was a negative €118 million, compared to a positive €205 million in the preceding quarter and a negative €44 million in the prior-year quarter. The cash outflow from investing activities amounted to €23 million in the first quarter of 2025 (Q4 2024: €-46 million; Q1 2024: €-23 million). This resulted in a negative free cash flow of €141 million in the first three months of 2025, compared with a positive €159 million in the preceding quarter and a negative €67 million in the prior-year quarter. The cash outflow in the reporting period was mainly driven by the seasonal increase in net working capital. Accordingly, net financial debt, at €914 million, was above the level at the end of fiscal year 2024 (€780 million). Equity fell from €1,721 million at the end of 2024 to €1,592 million at the end of the first quarter of 2025. The change is mainly due to the recognition of actuarial losses net of deferred taxes (€-80 million), the negative impact of the translation of foreign subsidiaries' financial statements due to the weaker US dollar compared to the end of 2024 (€-39 million) and the negative net income (€-28 million). As a result, the equity ratio at the end of the reporting period, at 45.6%, was lower than at the end of the prior year (December 31, 2024: 48.6%).
The Klöckner & Co Group has a diversified financing portfolio with a total volume of €1.6 billion (excluding leases). As of the reporting date, drawings on financing instruments amounted to around €850 million (excluding leases). In January 2025, in agreement with the Swiss core banks, Klöckner & Co terminated bilateral credit lines with a total volume of CHF 160 million (approximately €168 million) and established an unsecured syndicated loan with a volume of CHF 200 million (approximately €210 million) as a new financing instrument. In this connection, the bank syndicate was expanded from three to four banks. The facility has a term of four years until January 2029. The transaction made it possible to further improve the maturity profile of the Group's finances. As of the reporting date, the core Group financing instruments have a volume-weighted remaining term of around two and a half years.
Under the corporate strategy implemented in 2021, "Klöckner & Co 2025: Leveraging Strengths," the Company continued to develop successfully, improved its operational positioning and achieved important milestones. In 2024, over 80% of sales were already generated outside of traditional steel distribution: 40% in higher value-added business and 41% in service center business. This equates, respectively, to increases of eight and ten percentage points by 2021. That enabled us to reduce the share of sales generated in traditional steel distribution – which is characterized by high volatility and low profitability – from 37% in 2021 to 19% in 2024. Moreover, we generated 59% of sales in the attractive North America region in fiscal year 2024, an increase of 13 percentage points compared to 2021. We are now entering the next phase of our strategic plan, with "Klöckner & Co: Leveraging Strengths – Step Up 2030." Under our growth strategy, we aim to become the leading service center and metal fabrication company in the strong North American and European economic regions by 2030 – with one of the highest levels of profitability in the industry. To achieve this goal, we will continue to pursue organic and inorganic growth opportunities and expand our higher value-added business and service center activities. As a result, we will increase profitability while significantly reducing our exposure to steel price developments together with the volatility of our results. The core of our strategy is Customer Centricity: We consistently align our products, services and processes with the needs of our customers in order to offer them the greatest possible added value and build sustainable partnerships. The successful implementation of the next phase of the strategy is underpinned by three strategic pillars:
Product & Service Portfolio Diversification: We will increase our focus on further diversifying and improving our product and service portfolio. The priority is to build a portfolio that generates even greater added value for our customers. This enables us to increase our share of wallet with existing customers, attract new customers, establish long-term contractual relationships – and thus further reduce the volatility of our results. Under the Nexigen® brand, we will increasingly offer our products and services in CO2 -reduced form to meet growing demand in the years ahead.
Strategic Partnerships: We will further intensify our working relationships with strategic partners and suppliers. Furthermore, through targeted measures and complementary services, we will integrate our products and services deeper than ever into our customers' value chains to deliver solutions that create even more added value for our customers.
Operational Excellence: We aim to offer customers the most efficient solutions and the best service. One of our main goals is seamless integration into our customers' value chains. To this end, we will continue to identify and eliminate process inefficiencies. Our increasingly digitalized and automated business processes will help us further increase data-driven decisionmaking and drive operational and sales excellence for greater efficiency. We will continue to leverage our extensive expertise in automation and digitalization through the global deployment of our AI-powered tools to achieve economies of scale and create value with minimal manual effort, moving towards "zero touch".
On the basis of the "Klöckner & Co: Leveraging Strengths – Step Up 2030" growth strategy, we have set the following financial targets to be achieved by 2030: Normalized EBITDA before material special effects in the mid-three-digit million euro range, with an EBITDA margin of more than 5%. We also aim for at least 10% return on capital employed.
During the reporting period, we made further progress in our transformation into a metal processor. The agreement to acquire Ambo-Stahl in Cologne, Germany, enables us to expand our capabilities in specialized steel processing and enhance our product and service portfolio with services for wear-resistant and high-strength special steels. This notably puts us in a position to meet the growing demand in the defense and infrastructure sectors. In the US, we successfully completed the acquisition of Haley Tool & Stamping, near Nashville, Tennessee. This acquisition expands our production capacity with state-of-the-art stamping presses and enables operational synergies with our established sites in the region. That supports our growth, especially in the automotive, aerospace and industrial manufacturing sectors.
In the first quarter of 2025, we generated EBITDA of €42 million before material special effects – as forecast, at the same level as the prior-year quarter (Q1 2024: €42 million). Steel prices rose significantly over the course of the first quarter of 2025, particularly in the US. For the second quarter of 2025, we consequently anticipate a considerable increase in sales, while we expect shipments to develop constant compared to the preceding quarter. Due to the above-mentioned positive price trend, from which we should benefit from the second quarter of 2025, and despite the ongoing weak demand in Europe, we expect to generate EBITDA of €60 million to €90 million before material special effects in the current quarter. This corresponds to a considerable increase compared to Q1 2025.
for the three-month period ending March 31, 2025
| Shipments and income statement | Q1 2025 | Q1 2024 | Variance | |
|---|---|---|---|---|
| Shipments | Tto | 1,170 | 1,139 | 31 |
| Sales | € million | 1,666 | 1,737 | -71 |
| Gross profit | € million | 317 | 297 | 20 |
| Gross profit margin | % | 19.0 | 17.1 | 1.9%p |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | € million | 18 | 37 | -19 |
| EBITDA before material special effects | € million | 42 | 42 | 0 |
| EBITDA margin | % | 1.1 | 2.2 | -1.1%p |
| EBITDA margin before material special effects | % | 2.5 | 2.4 | 0.1%p |
| Earnings before interest and taxes (EBIT) | € million | -12 | 5 | -17 |
| Earnings before taxes (EBT) | € million | -23 | -11 | -12 |
| EBT before material special effects | € million | 1 | -7 | 7 |
| Net income from continuing operations | € million | -28 | -8 | -20 |
| Net income from discontinued operations | € million | - | -24 | 24 |
| Net income total | € million | -28 | -32 | 5 |
| Net income attributable to shareholders of Klöckner & Co SE | € million | -28 | -33 | 4 |
| Earnings per share (basic / diluted) – continuing operations | € | -0.28 | -0.08 | -0.20 |
| Earnings per share (basic / diluted) – Group | € | -0.28 | -0.33 | 0.05 |
| Cash flow statement | Q1 2025 | Q1 2024 | Variance | |
|---|---|---|---|---|
| Cash flow from operating activities | € million | -118 | -44 | -74 |
| Cash flow from investing activities | € million | -23 | -23 | - |
| Free cash flow*) | € million | -141 | -67 | -73 |
*) Free cash flow = Cash flow from operating activities + cash flow from investing activities.
| Balance sheet | Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024 | Variance Mar. 31, 2025 vs. Dec. 31, 2024 |
Variance Mar. 31, 2025 vs. Mar. 31, 2024 |
|
|---|---|---|---|---|---|---|
| Net working capital**) | € million | 1,455 | 1,369 | 1,540 | 86 | -86 |
| Net financial debt | € million | 914 | 780 | 790 | 134 | 124 |
| Gearing***) | % | 58 | 46 | 47 | 12%p | 11%p |
| Equity | € million | 1,592 | 1,721 | 1,727 | -129 | -136 |
| Equity ratio | % | 45.6 | 48.6 | 47.6 | -3.1%p | -2.0%p |
| Total assets | € million | 3,494 | 3,538 | 3,631 | -44 | -137 |
| Variance Mar. 31, 2025 |
Variance Mar. 31, 2025 |
||||
|---|---|---|---|---|---|
| Employees | Mar. 31, 2025 | Dec. 31, 2024 | Mar. 31, 2024 | vs. Dec. 31, 2024 |
vs. Mar. 31, 2024 |
| Employees as of the end of the reporting period | 6,451 | 6,507 | 6,346 | -56 | 105 |
**) Net working capital = Inventories + trade receivables + contract assets + supplier bonus receivables − trade payables − contract liabilities − advance payments received.
***) Gearing = Net financial debt / (Equity – non-controlling interests – goodwill resulting from acquisitions subsequent to May 23, 2024).
Gearing as defined prior to the syndicated loan extension signed in December 2024 (consolidated equity – non-controlling interests – goodwill from business combinations subsequent to May 23, 2019) was 47% as of December 31, 2024. The gearing as of March 31, 2024 is stated in accordance with the definition prior to the loan extension.
for the three-month period ending March 31, 2025
| (€ thousand) | Q1 2025 | Q1 2024 |
|---|---|---|
| Sales | 1,666,295 | 1,737,126 |
| Changes in inventory | 3,142 | -2,189 |
| Other operating income | 7,987 | 7,718 |
| Cost of materials | -1,352,866 | -1,438,030 |
| Personnel expenses | -155,662 | -139,345 |
| Depreciation and amortization | -30,346 | -32,150 |
| Other operating expenses | -150,657 | -127,816 |
| Operating result | -12,106 | 5,314 |
| Income from investments | 1,131 | 749 |
| Finance income | 1,919 | 626 |
| Finance expenses | -13,810 | -17,519 |
| Financial result | -11,891 | -16,893 |
| Income before taxes | -22,866 | -10,830 |
| Income taxes | -5,071 | 2,716 |
| Net income from continuing operations (net of tax) | -27,937 | -8,113 |
| Net income from discontinued operations (net of tax) | - | -24,348 |
| Net income | -27,937 | -32,462 |
| thereof attributable to | ||
| – shareholders of Klöckner & Co SE | -28,252 | -32,631 |
| – non-controlling interests | 315 | 169 |
| Earnings per share from continuing operations (€/share) | ||
| – basic/diluted | -0.28 | -0.08 |
| Earnings per share attributable to the ordinary equity holders of Klöckner & Co SE | ||
| (€/share) | ||
| – basic/diluted | -0.28 | -0.33 |
for the three-month period ending March 31, 2025
| (€ thousand) | Q1 2025 | Q1 2024 |
|---|---|---|
| Net income | -27,937 | -32,462 |
| Other comprehensive income not reclassifiable | ||
| Actuarial gains and losses (IAS 19) | -96,949 | 2,607 |
| Total | -96,949 | 2,607 |
| Other comprehensive income reclassifiable | ||
| Foreign currency translation | -39,224 | -8,917 |
| Gain/losses from cash flow hedges | -14 | - |
| Reclassification to profit and loss due to sale of foreign subsidiaries | 19,568 | 12,552 |
| Total | -19,670 | 3,635 |
| Deferred taxes recognized in other comprehensive income | 16,481 | 291 |
| Other comprehensive income | -100,139 | 6,533 |
| Group total comprehensive income | -128,076 | -25,929 |
| thereof attributable to | ||
| – shareholders of Klöckner & Co SE | -128,344 | -26,110 |
| – non-controlling interests | 268 | 181 |
| Total comprehensive income attributable to the shareholders of Klöckner & Co SE relates to: |
||
| – continuing operations | -128,344 | -14,503 |
| – discontinued operations | - | -11,606 |
as of March 31, 2025
| Assets | |||
|---|---|---|---|
| (€ thousand) | March 31, 2025 | December 31, 2024 | |
| Non-current assets | |||
| Intangible assets | 197,230 | 206,584 | |
| Property, plant and equipment | 804,569 | 812,443 | |
| Other financial assets | 35,528 | 34,553 | |
| Other non-financial assets | 111,910 | 211,175 | |
| Deferred tax assets | 19,260 | 17,120 | |
| Total non-current assets | 1,168,497 | 1,281,875 | |
| Current assets | |||
| Inventories | 1,247,335 | 1,290,669 | |
| Trade receivables | 806,953 | 610,697 | |
| Contract assets | 57,339 | 55,585 | |
| Supplier bonus receivables | 12,729 | 55,414 | |
| Current income tax receivable | 22,541 | 41,543 | |
| Other financial assets | 17,456 | 15,729 | |
| Other non-financial assets | 56,952 | 51,193 | |
| Cash and cash equivalents | 89,987 | 120,793 | |
| Assets held for sale | 14,139 | 14,383 | |
| Total current assets | 2,325,431 | 2,256,006 | |
| Total assets | 3,493,929 | 3,537,881 |
| (€ thousand) | March 31, 2025 | December 31, 2024 |
|---|---|---|
| Equity | ||
| Subscribed capital | 249,375 | 249,375 |
| Capital reserves | 569,137 | 570,007 |
| Retained earnings | 505,931 | 534,183 |
| Accumulated other comprehensive income | 260,088 | 360,179 |
| Equity attributable to shareholders of Klöckner & Co SE | 1,584,528 | 1,713,743 |
| Non-controlling interests | 7,240 | 6,972 |
| Total equity | 1,591,768 | 1,720,714 |
| Non-current liabilities | ||
| Provisions for pensions and similar obligations | 17,237 | 19,073 |
| Other provisions and accrued liabilities | 8,730 | 8,962 |
| Non-current financial liabilities | 832,176 | 712,706 |
| Other financial liabilities | 1,186 | 1,359 |
| Deferred tax liabilities | 74,665 | 91,727 |
| Total non-current liabilities | 933,994 | 833,826 |
| Current liabilities | ||
| Other provisions and accrued liabilities | 76,489 | 87,066 |
| Income tax liabilities | 8,434 | 23,382 |
| Current financial liabilities | 166,598 | 183,314 |
| Trade payables | 665,834 | 638,547 |
| Other financial liabilities | 20,984 | 24,822 |
| Non-financial contract liabilities | 2,186 | 3,191 |
| Advance payments received | 1,816 | 1,924 |
| Other non-financial liabilities | 25,825 | 21,095 |
| Total current liabilities | 968,167 | 983,341 |
| Total liabilities | 1,902,161 | 1,817,167 |
| Total equity and liabilities | 3,493,929 | 3,537,881 |
for the three-month period ending March 31, 2025
| (€ thousand) | Q1 2025 | Q1 2024 |
|---|---|---|
| Net income | -27,937 | -32,462 |
| Result from discontinued operations | - | 24,348 |
| Income taxes | 5,071 | -2,716 |
| Financial result | 11,891 | 16,893 |
| Income from investments | -1,131 | -749 |
| Depreciation, amortization, reversal of impairment losses and impairment losses of non-current assets |
30,346 | 32,150 |
| Other non-cash income/expenses | -545 | -405 |
| Gain on disposal of non-current assets | 19,005 | -556 |
| Change in net working capital | ||
| Inventories | 7,115 | 18,499 |
| Trade receivables, contract assets, supplier bonus receivables | -177,249 | -142,566 |
| Trade payables, contract liabilities, advance payments received | 46,004 | 74,286 |
| Change in other operating assets and liabilities | -23,133 | -10,894 |
| Interest paid | -9,922 | -13,641 |
| Interest received | 188 | 215 |
| Income taxes paid | -4,963 | -7,380 |
| Income taxes received | 7,607 | 982 |
| Cash flow from operating activities – continuing operations | -117,652 | -43,996 |
| Cash flow from operating activities – discontinued operations | - | -45,504 |
| Cash flow from operating activities | -117,652 | -89,500 |
| (€ thousand) | Q1 2025 | Q1 2024 |
|---|---|---|
| Proceeds from the sale of non-current assets | 275 | 484 |
| Payments/Proceeds from the disposal of consolidated companies | -80 | 50 |
| Proceeds from the sale of financial assets | - | 397 |
| Dividends received | 912 | - |
| Payments for intangible assets, property, plant and equipment | -22,216 | -23,700 |
| Payments for investments in consolidated subsidiaries | -1,575 | -421 |
| Payments for financial assets | -400 | -281 |
| Cash flow from investing activities – continuing operations | -23,085 | -23,472 |
| Cash flow from investing activities – discontinued operations | - | 124,107 |
| Cash flow from investing activities | -23,085 | 100,636 |
| Payments for own investment of Management Board members | -1,386 | -1,314 |
| Borrowings of financial liabilities | 288,294 | 56,141 |
| Repayment of financial liabilities | -164,664 | -126,139 |
| Repayment of lease liabilities | -9,178 | -8,113 |
| Proceeds from/payments for derivatives in financing activities | 52 | -1,680 |
| Cash flow from financing activities – continuing operations | 113,118 | -81,105 |
| Cash flow from financing activities – discontinued operations | - | -2,753 |
| Cash flow from financing activities | 113,118 | -83,858 |
| Changes in cash and cash equivalents | -27,618 | -72,723 |
| Effect of foreign exchange rates on cash and cash equivalents | -3,188 | 1,789 |
| Cash and cash equivalents at the beginning of the period | 120,793 | 154,903 |
| Cash and cash equivalents at the end of the reporting period | 89,987 | 83,969 |
| Kloeckner Metals Americas |
Kloeckner Metals Europe |
Holding and other Group companies*) |
Total | |||||
|---|---|---|---|---|---|---|---|---|
| (€ million) | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 |
| Shipments (Tto) | 757 | 714 | 414 | 425 | - | - | 1,170 | 1,139 |
| External sales | 987 | 1,030 | 679 | 707 | - | - | 1,666 | 1,737 |
| Gross profit | 197 | 178 | 119 | 119 | - | - | 317 | 297 |
| Gross profit margin (%) | 20.0 | 17.3 | 17.5 | 16.8 | - | - | 19.0 | 17.1 |
| Segment result (EBITDA)**) | 28 | 43 | -4 | -2 | -6 | -4 | 18 | 37 |
| EBITDA before material special effects | 48 | 43 | -4 | -1 | -2 | - | 42 | 42 |
| Earnings before interest and taxes (EBIT) |
13 | 25 | -19 | -15 | -6 | -5 | -12 | 5 |
| Cash flow from operating activities – continuing operations |
-20 | -43 | -94 | 6 | -4 | -7 | -118 | -44 |
| Cash flow from operating activities – discontinued operations |
- | - | - | -46 | - | - | - | -46 |
| Kloeckner Metals Kloeckner Metals Americas Europe |
Holding and other Group companies*) |
Total | ||||||
|---|---|---|---|---|---|---|---|---|
| (€ million) | Q1 2025 | FY 2024 | Q1 2025 | FY 2024 | Q1 2025 | FY 2024 | Q1 2025 | FY 2024 |
| Net working capital as of closing date***) |
||||||||
| 757 | 742 | 698 | 622 | -1 | 4 | 1,455 | 1,369 | |
| Employees as of closing date | 3,039 | 3,109 | 3,191 | 3,174 | 221 | 224 | 6,451 | 6,507 |
*) Including consolidations.
**) EBITDA = Earnings before interest, taxes, income from investments, depreciation and amortization and reversals of impairments on intangible assets and property, plant and equipment.
***) Net working capital = Inventories + trade receivables + contract assets + supplier bonus receivables − trade payables − contract liabilities − advance payments received.
| May 28, 2025 | Annual General Meeting 2025, Düsseldorf | |
|---|---|---|
| August 6, 2025 | Half-yearly financial report 2025 Conference call with journalists |
|
| November 5, 2025 | Conference call with analysts Q3 quarterly statement 2025 |
|
| Conference call with journalists Conference call with analysts |
Subject to subsequent changes.
Klöckner & Co SE
Fabian Joseph Christian Pokropp
Telephone: +49 211 88245-488 Telephone: +49 211 88245-360 Email: [email protected] Email: [email protected]
Head of Investor Relations Head of Corporate Communications | Head of Group HR
This Interim Management Statement contains forward-looking statements that are based on the current estimates of the Klöckner & Co SE management with respect to future events. They are generally identified by the words "expect", "anticipate", "assume", "intend", "estimate", "target", "aim", "plan", "will", "endeavor", "outlook" and comparable expressions, and generally contain information that relates to expectations or targets for economic conditions, sales or other performance measures. Forward-looking statements are based on currently valid plans, estimates and projections and are therefore only valid on the day on which they are made. You should consider them with caution. Such statements are subject to numerous risks and uncertainties (e.g. those described in publications), most of which are difficult to predict and are generally beyond the control of Klöckner & Co SE. The relevant factors include the effects of significant strategic and operational initiatives, including the acquisition or disposal of companies or other assets. If these or other risks or uncertainties materialize or if the assumptions underlying any of the statements turn out to be incorrect, the actual results of Klöckner & Co SE may be materially different from those stated or implied by such statements. Klöckner & Co SE can offer no assurance that its expectations or targets will be achieved. Without prejudice to existing legal obligations, Klöckner & Co SE does not assume any obligation to update forward-looking statements to take information or future events into account or otherwise. In addition to the figures prepared in line with IFRS or HGB (Handelsgesetzbuch – German Commercial Code), Klöckner & Co SE presents non-GAAP financial performance measures, e.g. EBITDA, EBIT, net working capital and net financial debt. These non-GAAP measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS or HGB. Non-GAAP key figures are not subject to IFRS or HGB, or to other generally applicable accounting regulations. In assessing the net assets, financial position and results of operations of Klöckner & Co SE, these supplementary figures should not be used in isolation or as an alternative to the key figures presented in the consolidated financial statements and interim management statement and calculated in accordance with the relevant accounting principles. Other companies may define these terms in different ways. Please refer to the definitions in this Interim Management Statement and the last annual report. Also: For other terms not defined in this Interim Management Statement or the annual report, please see the glossary on our website at https://www.kloeckner.com/en/glossary/.
There may be rounding differences with respect to the percentages and figures in this report.
Variances may arise for technical reasons (e.g., conversion of electronic formats) between the accounting documents contained in this report and the format published in the company register. In this case, the version submitted to the company register shall be binding.
This English version of the Interim Management Statement is a courtesy translation of the original German version; in the event of variances, the German version shall prevail over the English translation.
Evaluating statements are unified and are presented as follows:
| +/– 0-1 % | +/– >1-5 % | +/– >5 % |
|---|---|---|
| stable | slight | considerable |
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