AI assistant
thyssenkrupp AG Interim / Quarterly Report 2026
435_10-q_2026-02-12_7e74c7b5-ded6-4a18-9f55-7d41ad54efbf.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Interim report 1st quarter 2025/2026
October 1, 2025 – December 31, 2025
thyssenkrupp in figures
THYSSENKRUPP IN FIGURES
| Group | |||||
|---|---|---|---|---|---|
| 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | Change | in % | ||
| Order intake | million € | 12,481 | 7,679 | (4,802) | (38) |
| Sales | million € | 7,831 | 7,186 | (645) | (8) |
| EBITDA | million € | 394 | (52) | (446) | — |
| EBIT1) | million € | 102 | (240) | (342) | — |
| EBIT margin | % | 1.3 | (3.3) | (4.6) | — |
| Adjusted EBIT1) | million € | 191 | 211 | 20 | 10 |
| Adjusted EBIT margin | % | 2.4 | 2.9 | 0.5 | 20 |
| Income/(loss) before tax | million € | 20 | (254) | (274) | — |
| Net income/(loss) or earnings after tax | million € | (33) | (334) | (301) | — |
| attributable to thyssenkrupp AG's shareholders | million € | (51) | (353) | (302) | — |
| Earnings per share (EPS) | € | (0.08) | (0.57) | (0.49) | — |
| Operating cash flows | million € | 306 | (1,232) | (1,537) | — |
| Cash flow for investments | million € | (277) | (258) | 19 | 7 |
| Cash flow from divestments | million € | (9) | (1) | 8 | 89 |
| Free cash flow2) | million € | 19 | (1,491) | (1,510) | — |
| Free cash flow before M&A2) | million € | (21) | (1,500) | (1,479) | — |
| Net financial assets (Dec. 31) | million € | 4,298 | 3,235 | (1,064) | (25) |
| Total equity (Dec. 31) | million € | 10,378 | 10,302 | (76) | (1) |
| Gearing (Dec. 31) | % | —3) | —3) | — | — |
| Employees (Dec. 31) | 97,360 | 92,254 | (5,106) | (5) | |
-
See reconciliation in segment reporting (Note 10).
-
See preliminary remarks and reconciliation in the analysis of the cash flows of the group.
-
Due to the strongly positive total equity and the reported net financial assets, the gearing key ratio is negative and the significance of the gearing key ratio is therefore limited.
THYSSENKRUPP STOCK / ADR MASTER DATA AND KEY FIGURES
| ISIN | Key figures | |||
|---|---|---|---|---|
| Shares (Frankfurt, Düsseldorf stock exchanges) | DE 000 750 0001 Number of shares (total) | shares 622,531,741 | ||
| ADR (over-the-counter trading) | US88629Q2075 Closing price end Dec. 2025 | € | 9.27 | |
| Code | Stock exchange value end Dec. 2025 | million € | 5,771 | |
| Shares | TKA | |||
| ADR | TKAMY |
THYSSENKRUPP INTERIM REPORT 1ST QUARTER 2025 / 2026 Contents
Contents
| 02 | thyssenkrupp in figures | ||
|---|---|---|---|
- 04 Interim management report
- 04 Preliminary remarks
- 04 Report on the economic position
- 05 Summary
- 06 Macro and sector environment
- 08 Results of operations and financial position of the group
- 12 Segment review
- 17 Compliance
- 17 Events after the reporting date
- 18 Forecast, opportunity and risk report
- 18 2025 / 2026 forecast
- 20 Opportunities and risks
21 Condensed interim financial statements
- 22 thyssenkrupp group statement of financial position
- 24 thyssenkrupp group statement of income
- 25 thyssenkrupp group statement of comprehensive income
- 26 thyssenkrupp group statement of changes in equity
- 28 thyssenkrupp group statement of cash flows
- 30 thyssenkrupp group selected notes to the financial statements
- 45 Review report
46 Additional information
46 Contact and 2026 / 2027 financial calendar
Our fiscal year begins on October 1 and ends on September 30 of the following year.
Interim management report
Preliminary remarks
This report follows the internal management model applied by thyssenkrupp in fiscal year 2025 / 2026. The business performance is presented by segment.
In November 2025, the signing for the sale process of the core business of the Automation Engineering business unit to technology venture Agile Robots SE took place as part of the realignment of the Automotive Technology segment. Closing is still subject to the customary regulatory approval and is expected to proceed in the coming months. The sale process initiated met the criteria set forth in IFRS 5 for recognition as a disposal group for the first time in the 1st quarter of fiscal year 2025 / 2026. Therefore, the assets and liabilities relating to the object for sale were presented separately in the statement of financial position as of December 31, 2025.
As of the start of fiscal year 2025 / 2026, the additions to right-of-use assets under leases (in accordance with IFRS 16) are no longer recognized as an investment in the FCF before M&A performance indicator. In the future, the actual lease payments – comprising the repayment and interest components – will be included in the calculation. Due to the lack of material impact, the corresponding prior-year figures were not adjusted.
As of the start of fiscal year 2025 / 2026, functions and expenses for the regional platforms in China, North America and South America are allocated to the Automotive Technology Segment; in the previous year, these were allocated to Corporate Headquarters in the context of segment reporting. Due to the lack of material impact, the corresponding prior-year figures were also not restated.
Report on the economic position
| Order intakemillion € | Salesmillion € | EBIT1)million € | Adjusted EBIT1)million € | Employees | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | 1st quarterendedDec. 31, 2024 | 1st quarterended | Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2025 | ||
| Automotive Technology | 1,630 | 1,567 | 1,669 | 1,626 | (21) | (13) | 12 | 20 | 31,285 | 28,376 |
| Decarbon Technologies | 568 | 483 | 907 | 738 | 12 | (16) | 17 | (16) | 12,690 | 12,176 |
| Materials Services | 2,885 | 2,802 | 2,737 | 2,561 | 7 | 15 | 8 | 15 | 15,867 | 15,377 |
| Steel Europe | 2,306 | 2,232 | 2,178 | 1,964 | 146 | (187) | 168 | 216 | 27,146 | 25,776 |
| Marine Systems | 5,436 | 904 | 568 | 545 | 31 | 27 | 31 | 26 | 8,105 | 8,767 |
| Corporate Headquarters | 1 | 0 | 1 | 0 | (52) | (56) | (42) | (44) | 669 | 494 |
| Reconciliation | (345) | (309) | (229) | (247) | (22) | (10) | (3) | (6) | 1,598 | 1,288 |
| Group | 12,481 | 7,679 | 7,831 | 7,186 | 102 | (240) | 191 | 211 | 97,360 | 92,254 |
- See reconciliation in segment reporting (Note 10).
Summary
In the 1st quarter, the group's business performance developed as follows compared with the prior-year quarter:
- Order intake was significantly below the prior year (decrease of €4.8 billion or 38%), mainly due to two larger new construction orders received by Marine Systems in the prior-year quarter. Sales were down year-on-year in all segments (decrease of €0.6 billion or 8%) due to further price- and demand-induced declines.
- Adjusted EBIT was above the prior year (increase of €20 million or 10%). Steel Europe, Automotive Technology and Materials Services grew their contributions, while Decarbon Technologies and Marine Systems posted lower adjusted EBIT than in the prior-year quarter.
- At €(334) million, net income was significantly below the prior year, mainly due to higher restructuring expenses especially at Steel Europe – compared with a year earlier.
- FCF before M&A of €(1.5) billion was significantly below the prior year, primarily because of an increase in funds tied up in net working capital and the advance payments of €1 billion received in the prior-year quarter in connection with the addition of four submarines in a substantial extension of an order for Marine Systems.
In the 1st quarter, the segments' business performance developed as follows compared with the prior-year quarter. The 1st quarter performance of the segments is explained in the "Segment review" section.
- At Automotive Technology, order intake and sales were slightly down on the prior year, primarily as the result of declines in automotive plant engineering and negative currency translation effects. Adjusted EBIT was higher than the prior-year quarter, mainly due to positive effects from the reduction in personnel expenses resulting from the restructuring measures that have been initiated and the successful negotiation of claims for volume shortfalls.
- At Decarbon Technologies, both order intake and sales were down year-on-year in a market environment characterized by project deferrals. Adjusted EBIT was negative and below the prior-year level due to low sales and additional project-related expenses in cement plant engineering.
- At Materials Services, sales decreased because of the persistent economic challenges. By contrast, adjusted EBIT improved thanks to cost-cutting measures and the focus on higher-margin businesses.
- Steel Europe continued to see lower order intake and sales compared with the prior year because of persistently weak demand. Despite lower sales and shipments, adjusted EBIT increased year-on-year due to declining raw material costs and higher compensation for electricity prices.
- Thanks to high demand for maritime defense solutions, order intake at Marine Systems remained stable in the 1st quarter of 2025 / 2026, following the record order intake in the prior-year period. Both sales and adjusted EBIT were below the prior-year quarter as expected.
Full-year forecast
Compared with the previous forecast in the Annual Report 2024 / 2025, the expectations for the group are unchanged because of compensating adjustments within the segments.
Macro and sector environment
Cautious signs of global economic recovery – US tariff policy continues to weigh on international trade At the end of 2025, the global economy continued to experience significant impacts from US tariff policy and geopolitical risks. Whereas the trade policy framework is becoming clearer and uncertainty is diminishing, the negative effects on growth and trade remain.
Following an increase at year end, global gross domestic product (GDP) expanded by 2.9% in 2025. Similar GDP growth of 2.7% is expected for the year ahead. In the USA, higher import tariffs are resulting in the gradual increase in consumer prices across all value chains. At the same time, the continuing AI boom is delivering growth momentum. By contrast, China remains subject to structural weaknesses. The country's real estate crisis is holding back private demand and construction investment at a time when the industry is facing price pressures. Growth in the euro zone is slightly lower but remains at a moderate level. Further positive impetus is expected if the EU-Mercosur agreement is ratified; additional growth potential could be leveraged as a result of the free trade agreement that was recently concluded between the EU and India. Increasing real income, improved financing conditions and reduced uncertainty are buoying consumption and investment. However, US tariffs, growing competition from China and a strong euro are dampening export prospects.
In addition to the substantial impacts of US tariffs, the German economy is undergoing a profound structural transformation that is curbing industrial and production potential. Following slight GDP growth of 0.3% last year, expansion of 0.8% is predicted for 2026. Further growth opportunities could arise once structural reforms have been implemented.
| Real change compared to previous year in % | 20251) | 20261) |
|---|---|---|
| World | 2.9 | 2.7 |
| European Union | 1.6 | 1.3 |
| Germany | 0.3 | 0.8 |
| Eastern Europe and Central Asia | 1.9 | 1.9 |
| USA | 2.1 | 2.3 |
| China | 5.0 | 4.6 |
| Brazil | 2.6 | 1.8 |
| Japan | 1.2 | 0.9 |
| India | 7.0 | 6.4 |
| Middle East & North Africa | 3.8 | 4.2 |
GROSS DOMESTIC PRODUCT
- Calendar year; in some cases forecast
Source: S&P Global Market Intelligence, Global Economy (January 2026)
Automotive
In fiscal year 2024 / 2025, global production of cars and light trucks expanded slightly compared with a year earlier. Production in the 1st quarter of fiscal year 2025 / 2026 was on a level with the prior-year quarter. At present, a yearon-year decline in global production volumes is expected for the full fiscal year 2025 / 2026. A slight decrease in production is also expected in the major markets of Western Europe, North America and China.
Machinery
Worldwide, performance in the machinery sector remains very varied. Despite significant growth in production and order intake in the USA, China and Europe at the end of the year, only China posted year-on-year growth. The EU generated a slight increase on average, with only a stabilization evident in Germany. Although there was a real yearon-year increase in orders in October and November, order intake stagnated at the prior-year level in the eleven months from January to November 2025 inclusive. The EU and Germany especially are hoping for significantly positive impetus from the EU-Mercosur agreement with South America that is still pending ratification and from the free trade agreement with India.
Steel market
Compared with the Annual Report 2024 / 2025, there were also no significant changes in the assessment of the outlook for the steel market worldwide or in key regions.
For further information about macroeconomic developments and the perspectives for the key industries, see the Annual Report 2024 / 2025.
IMPORTANT SALES MARKETS
| 20251) | 20261) | |
|---|---|---|
| Vehicle production, million cars and light trucks2) | ||
| World | 92.9 | 92.6 |
| Western Europe (incl. Germany) | 10.0 | 9.7 |
| Germany | 4.2 | 4.0 |
| North America (USA, Mexico, Canada) | 15.3 | 15.0 |
| USA | 10.1 | 9.7 |
| Mexico | 4.0 | 4.0 |
| China | 32.9 | 32.4 |
| Brazil | 2.5 | 2.6 |
| Machinery turnover, real, in % versus prior year | ||
| World | 1.7 | 2.3 |
| European Union | 0.1 | 0.8 |
| Germany | 0.0 | 0.5 |
| USA | (0.4) | (2.1) |
| China | 2.8 | 3.8 |
| Demand for steel, in % versus prior year | ||
| World | 0.0 | 1.3 |
| European Union | 1.3 | 3.2 |
| Germany | 1.5 | 4.6 |
| USA | 1.8 | 1.8 |
| China | (2.0) | (1.0) |
-
Calendar year; in some cases forecast
-
Passenger cars and light commercial vehicles up to 6t
Sources: S&P Global Market Intelligence, Comparative Industry (January 2026), S&P Global Mobility, LV Production (January 2026), worldsteel (October 2025), national associations
Results of operations and financial position of the group
Analysis of the results of operations of the group
Net sales
Sales in the first 3 months of fiscal year 2025 / 2026 were 8% lower than in the prior-year quarter. All segments contributed to this development. Detailed segment-specific sales information can be found in the "Segment review."
Earnings
In the 1st quarter of fiscal year 2025 / 2026, the gross profit – a component of income from operations – and the gross profit margin of the thyssenkrupp group declined year-on-year, by €243 million to €722 million and by 2.2 percentage points to 10.1%, respectively.
Among other things, these figures include a decrease of 6% in the cost of sales, which was out of proportion to the sales trend. The main reasons for this were the significant decrease in materials expense due to the decline in sales and the absence of the impairment losses recognized in the Steel Europe segment in the prior-year quarter. These were partly offset by higher personnel expenses in particular, which mainly related to restructuring measures costing €310 million in the Steel Europe segment, as well as the absence of income of €90 million recognized in the 1st quarter of the prior year from the measurement of CO2 forward contracts also in the Steel Europe segment. In connection with the initial presentation of the core business of Automation Engineering as a disposal group in accordance with IFRS 5, impairments were recognized only in the cost of sales in the reporting quarter.
In the 1st quarter of fiscal year 2025 / 2026, the income from operations of the thyssenkrupp group decreased year-onyear, by €345 million to a loss of €250 million, mainly due to the lower gross profit. An additional impact came from increased general and administrative expenses, especially as the result of restructuring expenses of €91 million recognized in the Steel Europe segment in the reporting quarter. Moreover, there was a decline in other income as the result of lower insurance refunds at Steel Europe. The overall slight increase in other expenses mainly related to higher nonincome taxes and the impairment losses recognized in connection with goodwill in the reporting quarter. This was partly offset by an increase in other gains and losses, mainly as the result of smaller losses from the sale of property, plant and equipment and the absence of the loss recognized in the 1st quarter of the prior year from the sale of Spanish company thyssenkrupp Galmed also in the Steel Europe segment.
In the 1st quarter of fiscal year 2025 / 2026, EBIT of the thyssenkrupp group – like income from operations described above – decreased year-on-year, by €342 million to a loss of €240 million.
Special items
In the 1st quarter of the fiscal year, group EBIT was impacted by special items totaling €450 million, which included €407 million in restructuring expenses, mainly in the Steel Europe segment (€401 million). The special items also included impairments of €30 million in connection with the planned sale of the core business of Automation Engineering. Adjusted EBIT (EBIT adjusted for special items) increased by a slight €20 million to €211 million. Further information about segment-related special items and the adjusted EBIT of the individual segments can be found in the "Segment review."
Financial income/(expense)
Compared with the prior-year quarter, the negative financial income/(expense) improved by a significant €71 million to €4 million. This was mainly due to the absence of losses of €66 million recognized in the 1st quarter of the prior year relating to the ordinary shares purchased in connection with the sale of the elevator activities, which, since September 29, 2025, are no longer accounted for by the equity method but as an investment in accordance with IFRS 9.
Income tax (expense)/income
Income tax expense was attributable to tax expense on positive earnings in foreign countries, whereas negative earnings did not result in lower taxes. The slight increase in income tax expense mainly resulted from higher foreign withholding taxes.
Net income/(loss)
After taking into account income taxes, the net loss was €334 million, following a loss of €33 million in the prior-year quarter. The loss per share attributable to the shareholders of thyssenkrupp AG increased by €0.49 year-on-year to €0.57.
Analysis of the financial position of the group
Analysis of the cash flows of the group
The liquid funds taken into account in the statement of cash flows correspond to the "Cash and cash equivalents" item in the statement of financial position.
Operating cash flows
Compared with the prior-year quarter, operating cash flows decreased by €1,537 million to €(1,232) million in the first three months of fiscal year 2025 / 2026. The increase in funds tied up in net working capital was influenced primarily by the absence of the high advance payment received from a customer in December 2024 for the addition of four submarines in a substantial extension of an order in the Marine Systems segment.
Cash flows from investing activities
The overall slight decline in the negative cash flows from investing activities, by €27 million to €260 million, mainly resulted from reduced outflows for investing activities and a decrease in inflows from government grants for the construction of the direct reduction plant in the Steel Europe segment.
Cash flows from financing activities
In the 1st quarter of 2025 / 2026, cash flows from financing activities were negative overall at €175 million, which was nearly unchanged from the prior-year quarter.
Free cash flow and net financial assets
RECONCILIATION TO FREE CASH FLOW BEFORE M&A
| million € | 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | Change |
|---|---|---|---|
| Operating cash flows (consolidated statement of cash flows) | 306 | (1,232) | (1,537) |
| Cash flow from investing activities (consolidated statement of cash flows) | (287) | (260) | 27 |
| Free cash flow (FCF) | 19 | (1,491) | (1,510) |
| –/+ Cash inflow/cash outflow resulting from material M&A transactions | 5 | 27 | 22 |
| Adjustment due to leases | (45)1) | (36) | 9 |
| Free cash flow before M&A (FCF before M&A) | (21)1) | (1,500) | (1,479) |
- See preliminary remarks.
In the reporting quarter, free cash flow declined year-on-year, by €1,510 million to €(1,491) million, mainly due to the aforementioned increase in funds tied up in net working capital. Free cash flow before M&A, i.e., the cash inflow from operating activities excluding cash inflows and outflows from significant portfolio measures, trended largely in line with free cash flow and also decreased by €1,479 million to €(1,500) million.
Net financial assets decreased from €4.9 billion as of September 30, 2025, to €3.2 billion as of December 31, 2025, mainly due to an increase in funds tied up in net working capital.
Available liquidity as of December 31, 2025, amounted to €5.1 billion (€4.1 billion liquid funds and €1.1 billion undrawn committed credit lines).
As of December 31, 2025, notes of €55 million had been issued under the existing commercial paper program, which has a maximum issue volume of €3.0 billion.
Rating
RATING
| Longterm-Rating | Shortterm-Rating | Outlook | |
|---|---|---|---|
| Standard & Poor's | BB | B | stable |
| Moody's | Ba3 | Not Prime | stable |
In December 2025, rating agency Moody's downgraded the outlook from positive to stable, without changing the rating.
Analysis of the assets of the group
Total non-current assets
As of December 31, 2025, non-current assets amounted to €9,448 million, which was slightly above the figure as of September 30, 2025. The increase in property, plant and equipment contained in this figure resulted primarily from investments that were higher than depreciation/amortization and impairments. The increase in other financial assets mainly concerned the subsequent measurement of the interest-free loan recognized in connection with the Elevator investment. The increase in other non-financial assets mainly related to advance payments made for the construction of the direct reduction plant in the Steel Europe segment.
Total current assets
Compared with September 30, 2025, current assets decreased by €947 million to €18,595 million. The primary reason for this was the overall decrease in cash and cash equivalents, by €1,677 million to €4,048 million, mainly as the result of the negative free cash flow in the reporting quarter. Cash and cash equivalents of €473 million in connection with the advance payment received from a customer in December 2024 for the addition of four submarines in a substantial extension of an order in the Marine Systems segment were subject to a restriction as of December 31, 2025. The reduction in trade accounts receivable mainly related to the Automotive Technology segment and volumeand price-induced declines in the Materials Services segment. This was offset by the overall significant volume- and price-induced increases in inventories, primarily in the Steel Europe and Materials Services segments. Moreover, there was also an increase in other non-financial assets due to higher advance payments. The increase in contract assets was primarily the result of the execution of construction contracts in the plant engineering businesses of the Decarbon Technologies and Marine Systems segments. This was partly offset by reclassifications to assets held for sale due to the initial separate presentation of the assets of the Automation Engineering disposal group as of December 31, 2025.
Total equity
The decline of €258 million in total equity compared with September 30, 2025, to €10,302 million, was mainly due to the net loss in the reporting period and to the profit attributable to non-controlling interest that has been declared but not yet distributed. This was partly offset particularly by gains from the remeasurement of pensions as a result of higher pension discount rates recognized in cumulative other comprehensive income. The increase in non-controlling interests contained therein primarily resulted from the spin-off in October 2025 of a minority stake of 49% in the marine business TKMS AG & Co. KGaA (TKMS).
Total non-current liabilities
Compared with September 30, 2025, non-current liabilities increased by a total €183 million to €6,910 million. The main reason for this was the increase in other provisions, which primarily related to the planned personnel restructuring measures in the Steel Europe segment. This was offset mainly by the overall decline in pensions and similar obligations, which was above all due to the remeasurement of pensions as a result of higher pension discount rates, partly offset by an increase in partial retirement obligations in connection with the restructuring measures in the Steel Europe segment.
Total current liabilities
Compared with September 30, 2025, current liabilities fell by a total €767 million to €10,831 million. The overall decrease in trade accounts payable contained in this figure resulted principally from declines in the Materials Services, Steel Europe and Automotive Technology segments. The decrease in contract liabilities mainly related to the execution of construction contracts in the Decarbon Technologies segment and reclassifications to liabilities associated with assets held for sale due to the initial separate presentation of the liabilities of the Automation Engineering disposal group as of December 31, 2025. The decline in other financial liabilities was mainly in connection with the final invoices issued in the reporting quarter for construction contracts that were transferred to the buyer in connection with the sale of the thyssenkrupp mining business in fiscal year 2021 / 2022. The decrease in other non-financial liabilities was caused mainly by reductions in personnel-related liabilities. The increase in liabilities associated with assets held for sale resulted from the initial separate presentation of the liabilities of the Automation Engineering disposal group as of December 31, 2025, and mainly related to reclassifications from current liabilities.
Segment review
Automotive Technology
Performance in the 1st quarter
AUTOMOTIVE TECHNOLOGY IN FIGURES
| 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | Change in % | ||
|---|---|---|---|---|
| Order intake | million € | 1,630 | 1,567 | (4) |
| Sales | million € | 1,669 | 1,626 | (3) |
| EBITDA | million € | 47 | 69 | 44 |
| EBIT | million € | (21) | (13) | 38 |
| Adjusted EBIT | million € | 12 | 20 | 63 |
| Adjusted EBIT margin | % | 0.7 | 1.2 | — |
| Investments | million € | 72 | 44 | (39) |
| Employees (Dec. 31) | 31,285 | 28,376 | (9) |
Order intake and sales
At Automotive Technology, order intake and sales were slightly down on the prior-year quarter, primarily as the result of declines in automotive plant engineering and in the springs and stabilizers business. Added to this were negative currency translation effects, mainly relating to US and Chinese currencies. Adjusted for currency effects, sales of the automotive original equipment business were above the prior-year level.
Adjusted EBIT
Adjusted EBIT increased year-on-year. Negative effects resulting from slightly lower sales and from currency translation were offset by positive effects from the reduction in personnel expenses and the restructuring measures that have been initiated. APEX measures such as the successful negotiation of claims for volume shortfalls, new prices and a number of measures to increase efficiency contributed to adjusted EBIT.
Material special items
Material special items related to impairments in connection with the planned sale of the core business of Automation Engineering (€(30) million); the signing with technology venture Agile Robotics took place in November 2025.
Investments
Investments were significantly below the prior-year level. The focus of investment remained on order-related projects for electric power-assisted steering systems in Mexico and Europe, for example, and on the production of rotor and camshaft modules in Germany, Hungary, Mexico, China and Brazil.
Decarbon Technologies
Performance in the 1st quarter
DECARBON TECHNOLOGIES IN FIGURES
| 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | Change in % | ||
|---|---|---|---|---|
| Order intake | million € | 568 | 483 | (15) |
| Sales | million € | 907 | 738 | (19) |
| EBITDA | million € | 41 | 12 | (71) |
| EBIT | million € | 12 | (16) | -- |
| Adjusted EBIT | million € | 17 | (16) | -- |
| Adjusted EBIT margin | % | 1.9 | (2.1) | — |
| Investments | million € | 20 | 28 | 36 |
| Employees (Dec. 31) | 12,690 | 12,176 | (4) | |
Order intake and sales
Order intake and sales at Decarbon Technologies were below the prior-year figures. The low order intake was mainly attributable to slower market growth and project deferrals by customers. For this reason, declines at thyssenkrupp nucera, in cement plant engineering and at Rothe Erde were only partly offset by growth in chemical plant engineering. Sales fell, mainly due to declines in the water electrolysis business at thyssenkrupp nucera and the new construction business of chemical plant engineering.
Adjusted EBIT
Adjusted EBIT was negative and below the prior year. It was impacted by low sales and higher additional projectrelated expenses in cement plant engineering. By contrast, APEX measures – especially restructuring measures, efficiency improvements and the optimization of procurement – buoyed adjusted EBIT.
Material special items
There were no material special items during the reporting period.
Investments
Investments were above the prior-year level. The main driver of this increase was Uhde's raised investment for the construction of a demonstration ammonia cracker.
Materials Services
Performance in the 1st quarter
MATERIALS SERVICES IN FIGURES
| 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | Change in % | ||
|---|---|---|---|---|
| Order intake | million € | 2,885 | 2,802 | (3) |
| Sales | million € | 2,737 | 2,561 | (6) |
| EBITDA | million € | 38 | 49 | 28 |
| EBIT | million € | 7 | 15 | ++ |
| Adjusted EBIT | million € | 8 | 15 | 96 |
| Adjusted EBIT margin | % | 0.3 | 0.6 | — |
| Investments | million € | 13 | 13 | 2 |
| Employees (Dec. 31) | 15,867 | 15,377 | (3) | |
Order intake and sales
Materials Services posted a decline in order intake and sales because of the persistent economic challenges. The automotive-related service centers in North America performed positively. The distribution business in North America also grew, due to factors such as the expansion of the service and manufacturing businesses. Moreover, both the automotive-related service centers and the distribution business in North America benefited from higher prices for aluminum and copper. However, the dominant factor overall was a decrease in order intake and sales in the international trading business.
Shipments of materials and raw materials declined to 1.6 million tons (prior year: 1.9 million tons).
Adjusted EBIT
Adjusted EBIT increased compared with the prior-year quarter. Positive effects came from cost-cutting measures as part of efficiency and restructuring programs – including APEX – that were implemented and completed in the past fiscal year. The automotive-related service centers in North America were the strongest driver. The distribution business in North America and the international trading business also performed positively. Earnings of the supply chain business decreased due to a negative one-time effect from the renegotiation of a contract for the continuation of leases.
Material special items
There were no material special items during the reporting period.
Investments
Investments were below the prior-year level. They included investments in equipment to supply technical gases to foundries.
Steel Europe
Performance in the 1st quarter
| STEEL EUROPE IN FIGURES | ||||
|---|---|---|---|---|
| 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | Change in % | ||
| Order intake | million € | 2,306 | 2,232 | (3) |
| Sales | million € | 2,178 | 1,964 | (10) |
| EBITDA | million € | 265 | (171) | -- |
| EBIT | million € | 146 | (187) | -- |
| Adjusted EBIT | million € | 168 | 216 | 28 |
| Adjusted EBIT margin | % | 7.7 | 11.0 | — |
| Investments | million € | 155 | 152 | (2) |
| Employees (Dec. 31) | 27,146 | 25,776 | (5) |
Order intake and sales
Order intake at Steel Europe was below the prior-year level. Increases were seen in the automotive industry and steel distribution, whereas orders for tinplate (due to factors including the restrictive US trade policy) and electrical steel (mainly due to imports to the EU from third countries) trended downward. Sales, shipments and revenues were also down year-on-year, with shipments dropping by 4%. Positive trends were seen only for customers in the automotive industry and in the service centers.
Adjusted EBIT
Adjusted EBIT was higher than the prior year, with lower raw material costs offsetting declining shipments and revenues. Compensation for electricity prices was above the prior-year level and had a positive impact on earnings. APEX measures had a supporting effect across the segment's value chain, for example, by improving efficiency in production and logistics and delivering general cost improvements and procurement successes. One significant lever here is the simultaneous technical and commercial optimization of raw material use.
Material special items
On the basis of the Steel Realignment agreements signed in December 2025, a restructuring provision of €401 million was recognized for thyssenkrupp Steel Europe AG as of the reporting date.
Investments
Investments were below the prior-year level. Work at the site of the direct reduction plant continues to progress. Among other things, formwork and reinforcement operations and major concreting work were completed for the tower of the direct reduction plant and the two smelters, as were extensive construction measures for the plant's technical infrastructure.
Marine Systems
Performance in the 1st quarter
MARINE SYSTEMS IN FIGURES
| 1st quarterendedDec. 31, 2024 | 1st quarterendedDec. 31, 2025 | Change in % | ||
|---|---|---|---|---|
| Order intake | million € | 5,436 | 904 | (83) |
| Sales | million € | 568 | 545 | (4) |
| EBITDA | million € | 50 | 47 | (7) |
| EBIT | million € | 31 | 27 | (15) |
| Adjusted EBIT | million € | 31 | 26 | (16) |
| Adjusted EBIT margin | % | 5.4 | 4.8 | — |
| Investments | million € | 13 | 24 | 89 |
| Employees (Dec. 31) | 8,105 | 8,767 | 8 | |
Order intake and sales
Against the backdrop of continued high demand for defense technologies, Marine Systems increased order intake in the 1st quarter of 2025 / 2026, primarily in the marine electronics business. The main reason for this was the signing of a framework agreement with Germany's Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw) for the supply of heavyweight torpedoes and the associated equipment for the 212CD submarine class. Order intake in the prior-year quarter was exceptionally high due to two major orders. Thanks to extensive order intake in recent years and the major orders received in the past fiscal year, the order backlog as of December 31, 2025, remained at a record level of €18.7 billion.
Sales reflected the progress achieved in implementing existing programs and, as expected, were slightly below the prior-year level in the reporting period. Nevertheless, Marine Systems saw positive effects, especially in the surface vessel new construction and marine electronics businesses.
Adjusted EBIT
During the reporting period, adjusted EBIT was slightly down on the prior year as expected and thus in line with sales. The marine electronics business saw positive effects. By contrast, general and administrative expenses increased, mainly in connection with the spin-off. Moreover, additional costs were incurred in sales and in research and development to acquire further orders and deliver future-oriented products.
Material special items
There were no material special items during the reporting period.
Investments
Investment was above the prior-year level and focused on the modernization of the shipyard at the Kiel site, which is now in the final phase. Moreover, investments were made in Wismar with the goal of modifying this site as well to meet the needs of the TKMS product portfolio.
Corporate Headquarters
Performance in the 1st quarter
Adjusted EBIT at Corporate Headquarters was €(44) million and thus below the prior-year figure, mainly due to higher general and administrative expenses. By contrast, the regions posted lower expenses due to the first-time presentation of the regional platforms in China, North America and South America in the Automotive Technology segment.
Special items
The special items resulted mainly from expenses in connection with M&A transactions.
Investments
No material investments were made during the reporting period.
Compliance
Strong values are the basis of our collaboration at thyssenkrupp, particularly in the course of the company's transformation and in a persistently difficult economic environment. They are especially anchored in the Mission Statement, Code of Conduct and Compliance Commitment by the Executive Board. In applying these values, we continuously enhanced and implemented the thyssenkrupp compliance management system in the core compliance topics of corruption prevention, antitrust law, data compliance, anti-money laundering, and trade compliance. Moreover, Compliance was closely involved in various questions relating to legal sanctions, implementing compliance in the supply chain and, as in the past, advising on various antitrust issues in M&A activities.
More information on compliance at thyssenkrupp can be found in the 2024 / 2025 Annual Report and on the website at https://www.thyssenkrupp.com/en/company/compliance1 .
Events after the reporting date
The reportable events that occurred between the reporting date at the end of the 1st quarter (December 31, 2025) and approval of the report for publication (February 10, 2026) are presented in Note 16 to the interim financial statements.
Forecast, opportunity and risk report
2025 / 2026 forecast
The forecast for 2025 / 2026 is based on the current composition of the group. It does not take account of the effects of potential portfolio measures. The economic conditions on which our forecast is based can be found in the subsection headed "Macro and sector environment" in the "Report on the economic position." For the corresponding opportunities and risks see the "Opportunity and risk report," which follows this subsection.
Estimating future economic development remains challenging overall. This applies to macroeconomic trends in general, as well as to the markets of relevance for thyssenkrupp: steel, automotive, materials and green technologies. At the same time, it is assumed that macroeconomic volatility will remain high in light of various geopolitical crises and vulnerabilities, for example as a result of the tariff policy in the USA and the response of other economies. The development of our key performance indicators could therefore be exposed to corresponding fluctuations. In light of the expected economic conditions as of the date of this forecast and the underlying assumptions, we consider the following view on fiscal year 2025/ 2026 to be appropriate. Compared with the previous forecast in the Annual Report 2024 / 2025, the expectations for the group are unchanged, although compensating adjustments were made in the segments.
For further information on the expected development of our key performance indicators, please refer to the Forecast, opportunity and risk report in the Annual Report 2024 / 2025.
EXPECTATIONS FOR THE SEGMENTS AND THE GROUP
| Fiscal year2024 / 2025 | Forecast for fiscal year 2025 / 2026 | |||
|---|---|---|---|---|
| Automotive Technology | Sales | million € 7,035 | (7)% to (4)% compared with the prior year(previously: (5)% to (2)% compared with the prior year) | |
| Adjusted EBIT | million € 187 | Between €225 million and €325 million | ||
| Decarbon Technologies | Sales | million € 3,481 | (10)% to (7)% compared with the prior year(previously: (6)% to (3)% compared with the prior year) | |
| Adjusted EBIT | million € 71 | Between 0 and €100 million | ||
| Materials Services | Sales | million € 11,432 | +2% to +5% compared with the prior year(previously: +1% to +4% compared with the prior year) | |
| Adjusted EBIT | million € 132 | Between €125 million and €225 million | ||
| Steel Europe | Sales | million € 9,791 | (3)% to 0% compared with the prior year(previously: 0% to +3% compared with the prior year) | |
| Adjusted EBIT | million € 337 | Between €275 million and €375 million(previously: between €225 million and €325 million) | ||
| Marine Systems | Sales | million € 2,187 | +2% to +5% compared with the prior year(previously: (1)% to +2% compared with the prior year) | |
| Adjusted EBIT | million € 127 | Between €100 million and €150 million | ||
| Group | Sales | million € 32,837 | (2)% to +1% compared with the prior year | |
| Adjusted EBIT | million € 640 | Between €500 million and €900 million | ||
| Investments1) | million € 1,461 | Between €1,400 million and €1,600 million | ||
| Free cash flowbefore M&A1) | million € 363 | Between €(600) million and €(300) million,incl. around €350 million in cash outflows for restructuring | ||
| Net income | million € 532 | Between €(800) million and €(400) million | ||
| tkVA | million € (1,167) | Between €(1,200) million and €(1,600) million | ||
| ROCE | % | 0.7% | Between (4)% and 0% |
- See the subsection headed "Management of the group" in the section headed "Fundamental information about the group" in the Annual Report 2024 / 2025 for the amended definition of free cash flow before M&A from fiscal year 2025 / 2026.
Opportunities and risks
Opportunities
Opportunities derive from driving forward with the strategic realignment of thyssenkrupp and consistently implementing the future model for the alignment of the group based on the stepwise transition of all businesses to stand-alone solutions that are open to third-party investment. Our strategic alignment is focused on leveraging the opportunities harbored by key future-oriented areas with significant growth potential in the medium to long term. Environmental issues play a central role here. On the path to climate neutrality, hydrogen technologies, green chemicals, renewable energy, e-mobility and supply chains are relevant focus areas. thyssenkrupp sees sustainability as an opportunity to work even more closely with its customers and for further innovations.
Risks
From the present standpoint, there are still no risks that threaten the company's ability to continue as a going concern. Global economic development remains subject to considerable uncertainty. Wars and conflicts – especially in Ukraine and the Middle East, between China and Taiwan, in Venezuela and in respect of strategic interests in Greenland and the wider Arctic – are heightening geopolitical risks, increasing market volatility and negatively impacting both trade and investment. At the same time, the protectionist measures and tariffs implemented by the USA against the EU and China are having a detrimental effect on key supply chains and hampering international dialog. A potential escalation of these trade conflicts could further exacerbate uncertainty on the markets and result in high macroeconomic and earnings risks.
Fluctuating energy and raw material prices remain a material risk factor in industrial regions especially and extreme weather events associated with climate change could have a significantly negative impact on production and global supply chains.
Human error, organizational or technical processes and/or security vulnerabilities in information processing can create risks that threaten the confidentiality, availability and integrity of information. The rise in cyber attacks and the rapid and in part unregulated deployment of AI is increasing the vulnerability of critical infrastructures.
New laws and other changes in the legal framework at national and international level could harbor risks for our business activities if they lead to higher costs or other disadvantages for thyssenkrupp compared with our competitors. Compliance risks especially in the area of antitrust law may have enormous potential to cause financial and reputational damage to thyssenkrupp.
In the course of executing major investment projects with a long run time and major orders in the plant engineering and marine businesses especially, cost overruns and/or delays in individual project phases and differences in the interpretation of the contracts concluded in connection with the investments and orders cannot be ruled out.
To ensure the success of our strategic realignment, portfolio measures and the restructuring of existing business activities are possible; these are generally associated with execution risks. In addition, our strategic businesses are regularly tested for impairment.
In addition, the detailed comments on opportunities and risks in the 2024 / 2025 Annual Report remain valid.
Condensed interim financial statements of the thyssenkrupp group
- 22 thyssenkrupp group statement of financial position
- 24 thyssenkrupp group statement of income
- 25 thyssenkrupp group statement of comprehensive income
- 26 thyssenkrupp group statement of changes in equity
- 28 thyssenkrupp group statement of cash flows
- 30 thyssenkrupp group selected notes
- 45 Review report
thyssenkrupp group – statement of financial position
| ASSETS | |||
|---|---|---|---|
| million € | Note | Sept. 30, 2025 | Dec. 31, 2025 |
| Intangible assets | 1,793 | 1,804 | |
| Property, plant and equipment (inclusive of investment property) | 4,299 | 4,358 | |
| Investments accounted for using the equity method | 134 | 143 | |
| Finance lease receivables | 55 | 49 | |
| Other financial assets | 2,153 | 2,176 | |
| Other non-financial assets | 488 | 512 | |
| Deferred tax assets | 421 | 405 | |
| Total non-current assets | 9,343 | 9,448 | |
| Inventories | 6,930 | 7,707 | |
| Trade accounts receivable | 3,929 | 3,641 | |
| Finance lease receivables | 29 | 28 | |
| Contract assets | 790 | 853 | |
| Other financial assets | 465 | 451 | |
| Other non-financial assets | 1,526 | 1,632 | |
| Current income tax assets | 149 | 156 | |
| Cash and cash equivalents | 14 | 5,725 | 4,048 |
| thereof restricted | 547 | 473 | |
| Assets held for sale | 02 | 0 | 78 |
| Total current assets | 19,542 | 18,595 | |
| Total assets | 28,885 | 28,043 | |
Condensed interim financial statements of the thyssenkrupp group | thyssenkrupp group – statement of financial position
EQUITY AND LIABILITIES
| million € | Note | Sept. 30, 2025 | Dec. 31, 2025 |
|---|---|---|---|
| Capital stock | 1,594 | 1,594 | |
| Additional paid-in capital | 6,664 | 6,664 | |
| Retained earnings | 1,557 | 903 | |
| Cumulative other comprehensive income | (48) | 7 | |
| thereof relating to disposal groups | 0 | (1) | |
| Equity attributable to thyssenkrupp AG's stockholders | 9,767 | 9,168 | |
| Non-controlling interest | 793 | 1,134 | |
| Total equity | 03 | 10,560 | 10,302 |
| Provisions for pensions and similar obligations | 05 | 5,298 | 5,190 |
| Provisions for other non-current employee benefits | 192 | 186 | |
| Other provisions | 06 | 432 | 705 |
| Deferred tax liabilities | 263 | 267 | |
| Financial debt | 520 | 539 | |
| Other financial liabilities | 14 | 15 | |
| Other non-financial liabilities | 7 | 7 | |
| Total non-current liabilities | 6,728 | 6,910 | |
| Provisions for current employee benefits | 186 | 167 | |
| Other provisions | 06 | 1,178 | 1,154 |
| Current income tax liabilities | 162 | 175 | |
| Financial debt | 07 | 356 | 287 |
| Trade accounts payable | 4,314 | 3,750 | |
| Other financial liabilities | 651 | 608 | |
| Contract liabilities | 3,405 | 3,347 | |
| Other non-financial liabilities | 1,344 | 1,262 | |
| Liabilities associated with assets held for sale | 02 | 0 | 80 |
| Total current liabilities | 11,597 | 10,831 | |
| Total liabilities | 18,325 | 17,741 | |
| Total equity and liabilities | 28,885 | 28,043 |
thyssenkrupp group – statement of income
| million €, earnings per share in € | Note | 1st quarter endedDec. 31, 2024 | 1st quarter endedDec. 31, 2025 |
|---|---|---|---|
| Sales | 10, 11 | 7,831 | 7,186 |
| Cost of sales | (6,866) | (6,464) | |
| Gross Margin | 965 | 722 | |
| Research and development cost | (55) | (55) | |
| Selling expenses | (564) | (587) | |
| General and administrative expenses | (398) | (469) | |
| Other income | 12 | 212 | 195 |
| Other expenses | (46) | (52) | |
| Other gains/(losses), net | (17) | (5) | |
| Income/(loss) from operations | 96 | (250) | |
| Income from companies accounted for using the equity method | 13 | (56) | 13 |
| Finance income | 258 | 133 | |
| Finance expense | (278) | (149) | |
| Financial income/(expense), net | (75) | (4) | |
| Income/(loss) before tax | 20 | (254) | |
| Income tax (expense)/income | (53) | (80) | |
| Net income/(loss) | (33) | (334) | |
| Thereof: | |||
| thyssenkrupp AG's shareholders | (51) | (353) | |
| Non-controlling interest | 18 | 19 | |
| Net income/(loss) | (33) | (334) | |
| Basic and diluted earnings per share based on | 14 | ||
| Net income/(loss)(attributable to thyssenkrupp AG's shareholders) | (0.08) | (0.57) |
thyssenkrupp group – statement of comprehensive income
| million € | 1st quarter endedDec. 31, 2024 | 1st quarter endedDec. 31, 2025 |
|---|---|---|
| Net income/(loss) | (33) | (334) |
| Items of other comprehensive income that will not be reclassified to profit or loss in future periods: | ||
| Other comprehensive income from remeasurements of pensions and similar obligations | ||
| Change in unrealized gains/(losses), net | (20) | 176 |
| Tax effect | 3 | (2) |
| Other comprehensive income from remeasurements of pensions and similar obligations, net | (17) | 174 |
| Unrealized gains/(losses) from fair value measurement of equity instruments | ||
| Change in unrealized gains/(losses), net | 2 | 1 |
| Tax effect | 0 | 0 |
| Net unrealized gains/(losses) | 2 | 1 |
| Share of unrealized gains/(losses) of investments accounted for using the equity method | (2) | 0 |
| Subtotals of items of other comprehensive income that will not be reclassified to profit or loss in future periods | (17) | 175 |
| Items of other comprehensive income that could be reclassified to profit or loss in future periods: | ||
| Foreign currency translation adjustment | ||
| Change in unrealized gains/(losses), net | 200 | 4 |
| Net realized (gains)/losses | 0 | 0 |
| Net unrealized gains/(losses) | 200 | 4 |
| Unrealized gains/(losses) on cash flow hedges | ||
| Change in unrealized gains/(losses), net | 124 | 35 |
| Net realized (gains)/losses | (73) | (3) |
| Tax effect | 2 | 1 |
| Net unrealized gains/(losses) | 54 | 32 |
| Share of unrealized gains/(losses) of investments accounted for using the equity method | 47 | (4) |
| Subtotals of items of other comprehensive income that could be reclassified to profit or loss in future periods | 301 | 32 |
| Other comprehensive income | 284 | 207 |
| Total comprehensive income | 252 | (127) |
| Thereof: | ||
| thyssenkrupp AG's shareholders | 234 | (117) |
| Non-controlling interest | 18 | (10) |
thyssenkrupp group – statement of changes in equity
Equity attributable to thyssenkrupp AG's stockholders
| million €,(except number of shares) | Number of sharesoutstanding | Capital stock | Additional paid-incapital | Retained earnings | |
|---|---|---|---|---|---|
| Balance as of Sept. 30, 2024 | 622,531,741 | 1,594 | 6,664 | 1,004 | |
| Net income/(loss) | (51) | ||||
| Other comprehensive income | (19) | ||||
| Total comprehensive income | (70) | ||||
| Gains/(losses) resulting from basis adjustment | |||||
| Profit attributable to non-controlling interest | |||||
| Balance as of Dec. 31, 2024 | 622,531,741 | 1,594 | 6,664 | 934 | |
| Balance as of Sept. 30, 2025 | 622,531,741 | 1,594 | 6,664 | 1,557 | |
| Net income/(loss) | (353) | ||||
| Other comprehensive income | 184 | ||||
| Total comprehensive income | (169) | ||||
| Gains/(losses) resulting from basis adjustment | |||||
| Profit attributable to non-controlling interest | |||||
| Spin-off Marine Systems (changes of shares of already consolidated companies) | (485) | ||||
| Balance as of Dec. 31, 2025 | 622,531,741 | 1,594 | 6,664 | 903 |
Condensed interim financial statements of the thyssenkrupp group | thyssenkrupp group – statement of changes in equity
Equity attributable to thyssenkrupp AG's stockholders
| Cash flow hedges | ||||||||
|---|---|---|---|---|---|---|---|---|
| Foreign currencytranslation adjustment | Fair valuemeasurement of debtinstruments | Fair valuemeasurement ofequity instruments | Designated riskcomponent | Hedging costs | Share of investmentsaccounted for usingthe equity method | Total | Non-controllinginterest | Total equity |
| 69 | 1 | 31 | 144 | (33) | 109 | 9,583 | 775 | 10,358 |
| (51) | 18 | (33) | ||||||
| 198 | 0 | 2 | 67 | (11) | 47 | 285 | (1) | 284 |
| 198 | 0 | 2 | 67 | (11) | 47 | 234 | 18 | 252 |
| (202) | (202) | (202) | ||||||
| 0 | (30) | (30) | ||||||
| 267 | 1 | 33 | 9 | (44) | 157 | 9,615 | 762 | 10,378 |
| (112) | 2 | 47 | (4) | (10) | 29 | 9,767 | 793 | 10,560 |
| (353) | 19 | (334) | ||||||
| 8 | 0 | 1 | 41 | 6 | (4) | 237 | (29) | 207 |
| 8 | 0 | 1 | 41 | 6 | (4) | (117) | (10) | (127) |
| 2 | 2 | 2 | ||||||
| 0 | (134) | (134) | ||||||
| (485) | 485 | 0 | ||||||
| (103) | 2 | 48 | 40 | (4) | 25 | 9,168 | 1,134 | 10,302 |
thyssenkrupp group – statement of cash flows
| million € | 1st quarter endedDec. 31, 2024 | 1st quarter endedDec. 31, 2025 |
|---|---|---|
| Net income/(loss) | (33) | (334) |
| Adjustments to reconcile net income/(loss) to operating cash flows: | ||
| Deferred income taxes, net | 8 | 15 |
| Depreciation, amortization and impairment of non-current assets | 292 | 187 |
| Reversals of impairment losses of non-current assets | (24) | 0 |
| (Income)/loss from companies accounted for using the equity method, net of dividends received | 56 | (13) |
| (Gain)/loss on disposal of non-current assets | 16 | 5 |
| Changes in assets and liabilities, net of effects of acquisitions and divestitures and other non-cash changes | ||
| – Inventories | (765) | (777) |
| – Trade accounts receivable | 546 | 273 |
| – Contract assets | (29) | (110) |
| – Provisions for pensions and similar obligations | (37) | 72 |
| – Other provisions | (21) | 230 |
| – Trade accounts payable | (303) | (549) |
| – Contract liabilities | 779 | (21) |
| – Other assets/liabilities not related to investing or financing activities | (180) | (209) |
| Operating cash flows | 306 | (1,232) |
| Purchase of investments accounted for using the equity method and non-current financial assets | (1) | (1) |
| Expenditures for acquisitions of consolidated companies net of cash acquired | (2) | 0 |
| Capital expenditures for property, plant and equipment (inclusive of advance payments) and investment property | (440) | (232) |
| Capital expenditures for intangible assets (inclusive of advance payments) | (15) | (25) |
| Proceeds from government grants | 181 | 0 |
| Proceeds from disposals of property, plant and equipment and investment property | (9) | (1) |
| Cash flows from investing activities | (287) | (260) |
THYSSENKRUPP INTERIM REPORT 1ST QUARTER 2025 / 2026
Condensed interim financial statements of the thyssenkrupp group | thyssenkrupp group – statement of cash flows
| million € | 1st quarter endedDec. 31, 2024 | 1st quarter endedDec. 31, 2025 |
|---|---|---|
| Proceeds from liabilities to financial institutions | 15 | 9 |
| Repayments of liabilities to financial institutions | (17) | (23) |
| Lease liabilities | (36) | (36) |
| Proceeds from/(repayments on) loan notes and other loans | (62) | (57) |
| Profit attributable to non-controlling interest | (30) | (21) |
| Other financial activities | (43) | (47) |
| Cash flows from financing activities | (174) | (175) |
| Net increase/(decrease) in cash and cash equivalents | (155) | (1,666) |
| Effect of exchange rate changes on cash and cash equivalents | 3 | (10) |
| Cash and cash equivalents at beginning of reporting period | 5,871 | 5,725 |
| Cash and cash equivalents at end of reporting period | 5,718 | 4,048 |
| thereof cash and cash equivalents within the disposal groups | 13 | 0 |
| Additional information regarding cash flows from interest, dividends and income taxes which are included inoperating cash flows: | ||
| Interest received | 40 | 35 |
| Interest paid | (9) | (8) |
| Dividends received | 0 | 0 |
| Income taxes (paid)/received | (27) | (63) |
thyssenkrupp group – selected notes
Corporate information
thyssenkrupp Aktiengesellschaft ("thyssenkrupp AG" or "Company") is a publicly traded corporation domiciled in Duisburg and Essen in Germany. The condensed interim consolidated financial statements of thyssenkrupp AG and its subsidiaries for the period from October 1, 2025 to December 31, 2025, were reviewed and authorized for issue in accordance with a resolution of the Executive Board on February 10, 2026.
Basis of presentation
The accompanying group's condensed interim consolidated financial statements have been prepared pursuant to section 115 of the German Securities Trading Act (WpHG) and in conformity with IAS 34 "Interim financial reporting". They are in line with the International Financial Reporting Standards (IFRS) and its interpretations adopted by the International Accounting Standards Board (IASB) for interim financial information effective within the European Union. Accordingly, these financial statements do not include all of the information and footnotes required by IFRS for complete financial statements for year-end reporting purposes.
The accounting principles and practices as applied in the group's condensed interim consolidated financial statements as of December 31, 2025 correspond to those pertaining to the most recent annual consolidated financial statements with the exception of the recently adopted accounting standards. A detailed description of the accounting policies is published in the notes to the consolidated financial statements of our annual report 2024 / 2025.
Review of estimates and judgments
The preparation of the group financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. All estimates and assumptions are made to the best of management's knowledge and belief in order to fairly present the group's financial position and results of operations; they are reviewed on an ongoing basis. This applies in particular to increasing trade tensions and political uncertainties; for further details see the presentation of economic conditions in the report on the economic position in the interim management report. In view of this and given the ratio of market capitalization to the thyssenkrupp group's equity, other intangible assets and property, plant and equipment of selected cash generating units were tested for impairment.
As part of the impairment test for the Steel Europe cash-generating unit in the 1st quarter ended December 31, 2025, the carrying amounts were confirmed. Overall, the impairment review did not result in any significant impairment losses or reversals of impairment losses in the consolidated financial statements.
01 Recently adopted accounting standards
In fiscal year 2025 / 2026, thyssenkrupp adopted the following amendments to an existing standard that do not have a material impact on the group's consolidated financial statements:
■ Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability", issued in August 2023
02 thyssenkrupp Automation Engineering disposal group
Automation Engineering is an internationally recognized specialist in customized machinery and product specific automation solutions. On November 21, 2025, the contracts for the sale of the core business of the Automation Engineering business unit to Agile Robots SE, a technology company headquartered in Munich, were signed. As a result, in the 1st quarter ended December 31, 2025, the disposal group meets the criteria of IFRS 5 for a separate presentation for the first time. Accordingly, the assets and liabilities of the core business of the Automation Engineering business unit are presented separately in the statement of financial position as of December 31, 2025, under the line items "Assets held for sale" and "Liabilities associated with assets held for sale," respectively.
The disposal takes place in the context of the realignment of the Automotive Technology segment, which is aimed at growth and enhanced capital-market readiness. Prior to the transaction, Agile Robots, together with thyssenkrupp and IG Metall, agreed on a best-and-fair-owner arrangement. Completion of the transaction (closing) is subject to customary regulatory approvals and is expected to proceed in the coming months.
With the initial classification as a disposal group, the measurement of the assets and liabilities was reviewed in accordance with IFRS 5. This resulted in an impairment loss totaling €35 million, as the fair value less costs of disposal was lower than the carrying amount. The non-recurring measurement at fair value less costs of disposal is based on the negotiated purchase price. The impairment losses totaling €30 million were fully recognized in cost of sales in the 1st quarter ended December 31, 2025. Of this amount, €10 million relates to land and buildings, €1 million to technical machinery and equipment, €2 million to other equipment, factory and office equipment, and €2 million to right-of-use assets. Additional impairment losses of €15 million were recognized in inventories, while €5 million of the total impairment loss calculated was not recognized due to the measurement provisions of IFRS 5.
The assets and liabilities that comprised the disposal group after impairments as of December 31, 2025 are shown in the following table. The cumulative other comprehensive income in the equity allocated to the disposal group amounted to €(1) million as of December 31, 2025.
| million € | Dec. 31, 2025 |
|---|---|
| Deferred tax assets | 4 |
| Trade accounts receivable | 22 |
| Contract assets | 44 |
| Other current non-financial assets | 5 |
| Current income tax assets | 2 |
| Assets held for sale | 78 |
| Provisions for pensions and similar obligations | 9 |
| Provisions for other non-current employee benefits | 1 |
| Deferred tax liabilities | 1 |
| Non-current financial debt | 1 |
| Provisions for current employee benefits | 3 |
| Other current provisions | 2 |
| Current financial debt | 1 |
| Trade accounts payable | 16 |
| Contract liabilities | 35 |
| Other current non-financial liabilities | 12 |
| Liabilities associated with assets held for sale | 80 |
THYSSENKRUPP AUTOMATION ENGINEERING DISPOSAL GROUP
03 Total equity
The increase in non-controlling interests, together with a corresponding decrease in retained earnings, results from the spin-off of the Marine Systems segment, which became legally effective upon its entry in the commercial register on October 17, 2025, followed by the initial listing of the marine division TKMS AG & Co. KGaA in the Prime Standard of the Frankfurt Stock Exchange on October 20, 2025. The shareholders of thyssenkrupp AG had previously approved the spin-off by a large majority at the extraordinary general meeting of thyssenkrupp AG on August 8, 2025; for every 20 shares of thyssenkrupp AG, they received one share of TKMS AG & Co. KGaA. thyssenkrupp AG remains the majority shareholder with a 51% stake and continues to fully consolidate the marine division in the consolidated financial statements, with 49% being presented as non-controlling interests in equity as of the 1st quarter ended December 31, 2025.
In December 2025, rating agency Moody's downgraded the outlook from positive to stable, without changing the rating.
04 Effects of the spin-off of the Marine Systems segment on share-based compensation
For the members of the Executive Board of thyssenkrupp AG and the other participating executive employees outside the Marine Systems segment, the ongoing tranches (13th to 15th tranche) of the long-term incentive plan (LTI) are adversely affected by the fact that, from the date of the stock market listing of the TKMS limited partnership share on October 20, 2025, the shares of thyssenkrupp AG have been traded taking into account the assets transferred as part of the spin-off, and the LTI participants – unlike the shareholders of thyssenkrupp AG, who receive actual limited partnership shares in TKMS Holding – do not receive virtual limited partnership shares in TKMS Holding. To compensate for this disadvantage arising from the spin-off and to place the LTI participants in an economically equivalent position to the shareholders of thyssenkrupp AG, the number of virtual shares granted under the ongoing 13th to 15th LTI tranches was increased by applying a conversion factor of 0.3911. For the Executive Board compensation plans that provide for partial remuneration in equity instruments, this adjustment constitutes a modification in accordance with IFRS 2.47.
The conversion factor was calculated on the basis of the allocation ratio of the future TKMS limited partnership shares and the average price performance of both shares during the first 30 trading days after listing. This ensures that participants are granted an economically equivalent number of virtual thyssenkrupp AG shares. Accordingly, the number of virtual shares granted under each of the three LTI tranches mentioned above was multiplied by 1.3911 to determine the new number of virtual shares.
05 Provisions for pensions and similar obligations
Based on updated interest rates and fair value of plan assets, an updated valuation of pension obligations was performed as of December 31, 2025:
PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS
| million € | Sept. 30, 2025 | Dec. 31, 2025 |
|---|---|---|
| Pension obligations | 5,162 | 4,984 |
| Partial retirement | 107 | 183 |
| Other pension-related obligations | 29 | 32 |
| Reclassification due to the presentation as liabilities associated with assets held for sale | 0 | (9) |
| Total | 5,298 | 5,190 |
As of December 31, 2025, the provisions for partial retirement include an addition of €87 million recognized in the context of partial retirement agreements concluded at thyssenkrupp Steel Europe AG under the "Neuaufstellung Stahl" program (see Note 06).
The Group applied the following weighted average assumptions to determine pension obligations:
WEIGHTED AVERAGE ASSUMPTIONS
| Sept. 30, 2025 | Dec. 31, 2025 | |||||
|---|---|---|---|---|---|---|
| in % | Germany | Other countries | Total | Germany | Other countries | Total |
| Discount rate for accrued pensionobligations | 3.80 | 2.82 | 3.57 | 4.10 | 2.81 | 3.79 |
06 Other provisions
The restructuring provisions included in other provisions increased by €275 million to €566 million compared with September 30, 2025. Additions in the amount of €322 million, mainly relating to the Steel Europe segment, were mainly by amounts utilized partially compensated.
The additions made in the 1st quarter ended December 31, 2025 in the Steel Europe segment relate to the restructuring measures resolved by thyssenkrupp Steel Europe AG as part of the "Neuaufstellung Steel" program. Based on the key points agreement from July 2025, the final restructuring collective agreement, social plan, reconciliation of interests, and numerous group works agreements were signed on December 1, 2025. The corporate measures essentially comprise adjustments within the production network and efficiency measures. The provision amounting to €315 million mainly includes severance payments and benefits to employees resulting from the termination of employment relationships. It is based on a detailed restructuring plan agreed between the Executive Board and employee representatives, which was communicated to employees on December 3, 2025. In addition, €87 million relating to early retirement arrangements concluded under the "Neuaufstellung Steel" program are recognized in the provisions of partial retirement within the balance sheet item "Provisions for pensions and similar obligations" (see Note 05).
07 Financial debt
The existing commercial paper program with a maximum issuance volume of €3.0 billion was utilized in the amount of €55 million as of December 31, 2025.
08 Contingencies and commitments
Contingencies
thyssenkrupp AG as well as, in individual cases, its subsidiaries have issued guarantees or warranties in favor of business partners or lenders. The following table shows obligations under guarantees or warranties where the principal debtor is not a consolidated group company:
CONTINGENCIES
| Maximum potentialamount of futurepayments as of | Provision as of | ||
|---|---|---|---|
| million € | Dec. 31, 2025 | Dec. 31, 2025 | |
| Performance bonds | 4 | 0 | |
| Total | 4 | 0 |
The thyssenkrupp group has issued guarantees or warranties for TK Elevator GmbH and its subsidiaries in favor of their customers which amounts to €0 million as of December 31, 2025 (September 30, 2025: €2 million). The buyer consortium has undertaken to indemnify thyssenkrupp against expenses in connection with the guarantees and warranties until they are fully discharged. As additional security, thyssenkrupp has received guarantees in the same amount from the buyer.
The basis for possible payments under the guarantees or warranties is always the non-performance of the principal debtor under a contractual agreement, e.g. late delivery, delivery of non-conforming goods under a contract or non-performance with respect to the warranted quality.
All guarantees or warranties are issued by or issued by instruction of thyssenkrupp AG or subsidiaries upon request of the principal debtor obligated by the underlying contractual relationship and are subject to recourse provisions in case of default. If such a principal debtor is a company owned fully or partially by a foreign third party, the third party is generally requested to provide additional collateral in a corresponding amount.
Commitments and other contingencies
The group's existing purchasing commitments from energy supply contracts increased to €1.2 billion as of December 31, 2025 and September 30, 2025, respectively. Furthermore due to the high volatility of iron ore prices, in the Steel Europe segment the existing long-term iron ore and iron ore pellets supply contracts are measured for the entire contract period at the iron ore prices applying as of the respective balance sheet date. Compared with September 30, 2025, purchasing commitments slightly decreased to €1.2 billion.
In the Steel Europe segment, there was a purchase commitment of €1,102 million as of December 31, 2025 (September 30, 2025: €1,091 million) relating to the construction of the direct reduction plant. This is covered in parts by grants from the federal government and the state of North Rhine-Westphalia. In this context, the thyssenkrupp group received no payments under government grants in the 1st quarter ended December 31, 2025 (€181 million in the 1st quarter ended December 31, 2024).
There have been no material changes to the other commitments and contingencies since the end of fiscal year 2024 / 2025.
09 Financial instruments
The carrying amounts of trade accounts receivable measured at amortized cost, other current receivables as well as cash and cash equivalents equal their fair values due to the short remaining terms. For money market funds and trade accounts receivable measured at fair value, the carrying amount equals the fair value.
For the preference shares in connection with the Elevator investment, which are classified as equity instruments, the option was exercised to recognize them initially at fair value in equity (without recycling). For the ordinary shares, also measured at fair value since September 30, 2025, due to their significance the option was also exercised to subsequently measure them at fair value recognized in equity (without recycling). Miscellaneous other financial assets include the loans from the elevator transaction, which are measured at amortized cost; see also Note 10. The other equity and debt instruments are in general measured at fair value income-effective, which is based to the extent available on market prices as of the balance sheet date. When no quoted market prices in an active market are available, equity and debt instruments are measured by discounting future cash flows based on current market interest rates over the remaining term of the financial instruments.
The fair value of foreign currency forward transactions is determined on the basis of the middle spot exchange rate applicable as of the interim balance sheet date, and taking account of forward premiums or discounts arising for the respective remaining contract term compared to the contracted forward exchange rate. Common methods for calculating option prices are used for foreign currency options. The fair value of an option is influenced not only by the remaining term of an option, but also by other factors, such as current amount and volatility of the underlying exchange or base rate.
Interest rate swaps and cross currency swaps are measured at fair value by discounting expected cash flows on the basis of market interest rates applicable for the remaining contract term. In the case of cross currency swaps, the exchange rates for each foreign currency, in which cash flows occur, are also included.
The fair value of commodity futures is based on published price quotations. It is measured as of the interim balance sheet date, both internally and by external financial partners.
The carrying amounts of trade accounts payable and other current liabilities equal their fair values due to the short remaining term. The fair value of fixed rate non-current liabilities equals the present value of expected cash flows. Discounting is based on interest rates applicable as of the balance sheet date. The carrying amounts of floating rate liabilities approximately correspond to their fair values.
Financial liabilities measured at amortized cost with a carrying amount of €4,455 million as of December 31, 2025 (September 30, 2025: €5,149 million) have a fair value of €4,460 million (September 30, 2025: €5,157 million) that was determined based on fair value measurement attributable to level 2.
Financial assets and liabilities measured at fair value could be categorized in the following three level fair value hierarchy:
FAIR VALUE HIERARCHY AS OF SEPT. 30, 2025
| million € | Sept. 30, 2025 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Financial assets at fair value | ||||
| Fair value recognized in profit or loss | ||||
| Derivatives not qualifying for hedge accounting | 51 | 0 | 51 | 0 |
| Equity instruments | 13 | 7 | 5 | 0 |
| Fair value recognized in equity | ||||
| Trade accounts receivable | 769 | 769 | ||
| Equity instruments | 1,096 | 1,096 | ||
| Debt instruments (measured at fair value) | 13 | 13 | 0 | 0 |
| Derivatives qualifying for hedge accounting | 47 | 0 | 47 | 0 |
| Total | 1,988 | 21 | 871 | 1,096 |
| Financial liabilities at fair value | ||||
| Fair value recognized in profit or loss | ||||
| Derivatives not qualifying for hedge accounting | 30 | 0 | 30 | 0 |
| Cash equivalents | 1,318 | 1,318 | ||
| Fair value recognized in equity | ||||
| Derivatives qualifying for hedge accounting | 56 | 0 | 56 | 0 |
| Total | 1,404 | 1,318 | 85 | 0 |
FAIR VALUE HIERARCHY AS OF DEC. 31, 2025
| million € | Dec. 31, 2025 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Financial assets at fair value | ||||
| Fair value recognized in profit or loss | ||||
| Derivatives not qualifying for hedge accounting | 55 | 0 | 55 | 0 |
| Equity instruments | 11 | 7 | 3 | 0 |
| Fair value recognized in equity | ||||
| Trade accounts receivable | 683 | 683 | ||
| Equity instruments | 1,097 | 1,097 | ||
| Debt instruments (measured at fair value) | 14 | 14 | 0 | 0 |
| Derivatives qualifying for hedge accounting | 30 | 0 | 30 | 0 |
| Total | 1,890 | 22 | 771 | 1,097 |
| Financial liabilities at fair value | ||||
| Fair value recognized in profit or loss | ||||
| Derivatives not qualifying for hedge accounting | 47 | 0 | 47 | 0 |
| Cash equivalents | 1,070 | 1,070 | ||
| Fair value recognized in equity | ||||
| Derivatives qualifying for hedge accounting | 49 | 0 | 49 | 0 |
| Total | 1,166 | 1,070 | 96 | 0 |
The fair value hierarchy reflects the significance of the inputs used to determine fair values. Financial instruments with fair value measurement based on quoted prices in active markets are disclosed in level 1. In level 2 determination of fair values is based on observable inputs, e.g. foreign exchange rates. Level 3 comprises financial instruments for which the fair value measurement is based on unobservable inputs using recognized valuation models.
In the reporting quarter there were no reclassifications between level 1 and level 2.
Changes of the income non-effective equity instruments included in level 3 were as follows:
RECONCILIATION LEVEL 3 FINANCIAL INSTRUMENTS – INCOME NON-EFFECTIVE
| million € | ||||
|---|---|---|---|---|
| Balance as of Sept. 30, 2025 | 1,096 | |||
| Changes income non-effective | 1 | |||
| Balance as of Dec. 31, 2025 | 1,097 |
In a first step, based on TK Elevator's current planning as well as assumptions regarding perpetual annuity and applying risk-appropriate cost of capital, the total enterprise value of TK Elevator is determined using the discounted cash flow method (enterprise value). After deducting the fair values of the individual debt instruments used to finance the participation at the respective levels of the companies below Vertical Topco I S.A., the value of the financial instruments at the level of Vertical Topco I S.A. (interest-free loan, preference shares and ordinary shares) is obtained. Considering the discounted cash flows attributable to the interest-free loan and the preference shares, corresponding to their respective instrument-specific features, the fair value of the ordinary shares is determined as residual value.
The equity instruments based on individual measurement parameters and recognized at fair value in equity comprise the preference and the ordinary shares in Vertical Topco I S.A., Luxembourg, from the investment in TK Elevator. The fair value of the preference shares is determined based on a financial valuation model (discounted cash flow method), which takes account of the contractually-based expected future cash flows from the preference shares. As of December 31, 2025, a risk-adjusted discount rate of 8.60% (September 30, 2025: 8.33%) was applied. For the ordinary shares of Vertical Topco I S.A., Luxembourg, also recognized as equity instruments at fair value in equity (without recycling) since September 30, 2025, the previously described model applies, considering a risk-adjusted discount rate of 10.43% (September 30, 2025: 11.29%).
The effect resulting from both measurements is recognized in equity through other comprehensive income under the line item "Fair value measurement of equity instruments."
Impairments of trade accounts receivable and contract assets
The expected default rates for trade accounts receivable are mainly derived from external credit information and ratings for each counterparty, which allows more accurate calculation of the probability of default compared with the formation of rating classes. The customer risk numbers assigned by trade credit insurers and the creditworthiness information provided by credit agencies are translated into an individual probability of default per customer using a central allocation system. This individual probability of default per customer is used uniformly throughout the thyssenkrupp group. The information is updated quarterly. If no rating information is available at counterparty level, an assessment is made based on the average probability of default for each segment plus an appropriate risk premium. For the group financial statements as of December 31, 2025, the latest external credit information and ratings were used.
The defaults refer in particular to insolvency cases that could not be derived from the rating information in the prior year.
10 Segment reporting
Segment reporting follows thyssenkrupp's internal control concept.
As of the start of fiscal year 2025 / 2026, the Automotive Technology segment is allocated functions and expenses for the regional platforms in China, North America and South America which, in the previous year, were allocated to Corporate Headquarters in the context of segment reporting. Due to the lack of material impact, the corresponding prior-year figures were also not adjusted.
Segment information for the 1st quarter ended December 31, 2024 and 2025, respectively is as follows:
SEGMENT INFORMATION
| million € | AutomotiveTechnology | DecarbonTechnologies | MaterialsServices | SteelEurope | MarineSystems | CorporateHeadquarters | Reconciliation | Group |
|---|---|---|---|---|---|---|---|---|
| 1st quarter ended Dec. 31, 2024 | ||||||||
| External sales | 1,670 | 905 | 2,691 | 1,993 | 569 | 0 | 3 | 7,831 |
| Internal sales within the group | (1) | 2 | 46 | 185 | (1) | 1 | (232) | 0 |
| Sales | 1,669 | 907 | 2,737 | 2,178 | 568 | 1 | (229) | 7,831 |
| EBIT | (21) | 12 | 7 | 146 | 31 | (52) | (22) | 102 |
| Adjusted EBIT | 12 | 17 | 8 | 168 | 31 | (42) | (3) | 191 |
| 1st quarter ended Dec. 31, 2025 | ||||||||
| External sales | 1,625 | 734 | 2,505 | 1,772 | 544 | 0 | 6 | 7,186 |
| Internal sales within the group | 1 | 4 | 56 | 191 | 0 | 0 | (252) | 0 |
| Sales | 1,626 | 738 | 2,561 | 1,964 | 545 | 0 | (247) | 7,186 |
| EBIT | (13) | (16) | 15 | (187) | 27 | (56) | (10) | (240) |
| Adjusted EBIT | 20 | (16) | 15 | 216 | 26 | (44) | (6) | 211 |
Compared with September 30, 2025, average capital employed decreased by €275 million to €2,964 million at Automotive Technology, by €219 million to €2,824 million at Steel Europe and by €94 million to €114 million at Marine Systems as of December 31, 2025. The development of capital employed as of the reporting date may differ from the development of average capital employed.
The column "Reconciliation" breaks down as following:
BREAKDOWN RECONCILIATION
| million € | Service Units | Special Units | Consolidation | Reconciliation |
|---|---|---|---|---|
| 1st quarter ended Dec. 31, 2024 | ||||
| External sales | 4 | 1 | (2) | 3 |
| Internal sales within the group | 60 | 6 | (299) | (232) |
| Sales | 65 | 8 | (301) | (229) |
| EBIT | 7 | (27) | (2) | (22) |
| Adjusted EBIT | 7 | (8) | (2) | (3) |
| 1st quarter ended Dec. 31, 2025 | ||||
| External sales | 3 | 1 | 2 | 6 |
| Internal sales within the group | 54 | 6 | (312) | (252) |
| Sales | 57 | 7 | (311) | (247) |
| EBIT | (5) | (5) | 1 | (10) |
| Adjusted EBIT | (2) | (6) | 1 | (6) |
In the 1st quarter ended December 31, 2024, EBIT of Special Units includes an impairment loss of €20 million recognized on assets used jointly in the thyssenkrupp group (corporate assets). This impairment loss is treated as a special item and therefore is not included in adjusted EBIT.
thyssenkrupp's investment in TK Elevator comprises several financing instruments which are accounted for as follows:
- Ordinary shares (with voting rights) in Vertical Topco I S.A., Luxembourg. Due to the existence of significant influence until September 29, 2025, the ordinary shares were treated and reported as an investment accounted for using the equity method in accordance with the requirements of IAS 28. Amortization of the acquisition cost was recognized in financial income from companies accounted for using the equity method in the statement of income. As of September 29, 2025, the transition from equity method accounting to fair value measurement in accordance with IFRS 9 took place. From September 30, 2025, onward, ordinary shares are treated as equity instruments under the provision of IAS 32 resp. IFRS 9 and reported under non-current other financial assets. The initial measurement as well as the subsequent measurements are carried out at fair value, with the initial measurement as of September 29, 2025, recognized income-effective within the financial result under income from investments and changes in fair value from September 30, 2025, onward recognized in equity in other comprehensive income (without recycling).
- Preference shares (with voting rights) in Vertical Topco I S.A., Luxembourg. The preference shares are treated as an equity instrument in accordance with IAS 32 and IFRS 9 and reported under other non-current financial assets. Subsequent measurement is at fair value, with changes in fair value recognized directly in equity in other comprehensive income (without recycling).
- Interest-free loans (borrower: Vertical Topco I S.A., Luxembourg). The interest-free loans are treated as debt instruments in accordance with IAS 32 and IFRS 9 and likewise reported under other non-current financial assets. They are measured at amortized cost, with income effects from subsequent measurement recognized in finance income/(expense), net under financial income and finance expense, respectively in the statement of income.
The reconciliation of the earnings figure adjusted EBIT to income/(loss) before tax as presented in the statement of income is presented below:
| million € | 1st quarter endedDec. 31, 2024 | 1st quarter endedDec. 31, 2025 |
|---|---|---|
| Adjusted EBIT as presented in segment reporting | 191 | 211 |
| Special items | (89) | (450) |
| EBIT as presented in segment reporting | 102 | (240) |
| + Non-operating income/(expense) from companies accounted for using the equity method | (66) | 0 |
| + Finance income | 258 | 133 |
| – Finance expense | (278) | (149) |
| – Items of finance income assigned to EBIT based on economic classification | (1) | (1) |
| + Items of finance expense assigned to EBIT based on economic classification | 5 | 3 |
| Income/(loss) group (before tax) | 20 | (254) |
RECONCILIATION ADJUSTED EBIT TO INCOME/(LOSS) BEFORE TAX
In the 1st quarter ended December 31, 2025, the special items primarily comprise restructuring expenses in the Steel Europe segment (€402 million) (see Note 06) as well as impairment losses in the Automotive Technology segment, which are related to the presentation of the Automation Engineering disposal group (€30 million) (see Note 02).
In the 1st quarter ended December 31, 2024, the special items mainly comprised restructurings in the Automotive Technology (€31 million) and Decarbon Technologies (€4 million) segments as well as impairment losses of mainly property, plant and equipment (€108 million) and income on the measurement of CO2 forward contracts (€90 million) in the Steel Europe segment. This figure includes income from the termination of cash flow hedges (€76 million) due to a significant deviation from the budget for the extension of CO2 certificates caused by lower shipments, making it necessary to reverse the reserve recognized in total equity to profit or loss.
11 Sales
Sales and sales from contracts with customers are presented below:
SALES
| AutomotiveTechnology | DecarbonTechnologies | MaterialsServices | SteelEurope | MarineSystems | CorporateHeadquarters | Reconciliation | Group |
|---|---|---|---|---|---|---|---|
| 1,258 | 255 | 384 | 2,032 | 13 | 0 | (193) | 3,750 |
| 145 | 49 | 2,103 | 18 | 4 | 0 | (17) | 2,303 |
| 61 | 62 | 194 | 35 | 21 | 1 | (35) | 339 |
| 172 | 529 | 6 | 0 | 527 | 0 | (10) | 1,224 |
| 38 | 12 | 1 | 102 | 2 | 0 | (3) | 152 |
| 1,675 | 907 | 2,689 | 2,188 | 567 | 1 | (258) | 7,768 |
| (6) | (1) | 48 | (10) | 2 | 0 | 30 | 63 |
| 1,669 | 907 | 2,737 | 2,178 | 568 | 1 | (229) | 7,831 |
| 1,234 | 253 | 371 | 1,813 | 32 | 0 | (184) | 3,519 |
| 141 | 31 | 2,014 | 24 | 5 | 0 | (13) | 2,201 |
| 50 | 59 | 202 | 33 | 22 | 0 | (41) | 324 |
| 159 | 387 | 3 | 0 | 486 | 0 | (5) | 1,031 |
| 42 | 8 | 0 | 92 | 0 | 0 | (2) | 140 |
| 1,626 | 738 | 2,590 | 1,962 | 544 | 0 | (244) | 7,216 |
| 0 | 0 | (30) | 2 | 1 | 0 | (3) | (30) |
| 1,626 | 738 | 2,561 | 1,964 | 545 | 0 | (247) | 7,186 |
SALES FROM CONTRACTS WITH CUSTOMERS BY CUSTOMER GROUP
| million € | AutomotiveTechnology | DecarbonTechnologies | MaterialsServices | SteelEurope | MarineSystems | CorporateHeadquarters | Reconciliation | Group |
|---|---|---|---|---|---|---|---|---|
| 1st quarter ended Dec. 31, 2024 | ||||||||
| Automotive | 1,514 | 5 | 409 | 639 | 0 | 0 | (23) | 2,546 |
| Trading | 84 | 2 | 465 | 343 | 0 | 1 | (53) | 843 |
| Engineering | 61 | 232 | 210 | 50 | 0 | 0 | (1) | 552 |
| Steel and related processing | 1 | 13 | 434 | 533 | 0 | 0 | (175) | 806 |
| Other manufacturing industry | 0 | 546 | 583 | 96 | 3 | 0 | 0 | 1,228 |
| Construction | 0 | 4 | 132 | 5 | 0 | 0 | 0 | 141 |
| Public sector – defense | 0 | 1 | 3 | 0 | 556 | 0 | (5) | 555 |
| Packaging | 0 | 0 | 35 | 341 | 0 | 0 | (4) | 372 |
| Energy and utilities | 0 | 1 | 45 | 148 | 0 | 0 | (1) | 193 |
| Other customer groups | 14 | 102 | 373 | 31 | 8 | 0 | 4 | 533 |
| Total | 1,675 | 907 | 2,689 | 2,188 | 567 | 1 | (258) | 7,768 |
| 1st quarter ended Dec. 31, 2025 | ||||||||
| Automotive | 1,449 | 6 | 459 | 607 | 0 | 0 | 4 | 2,525 |
| Trading | 85 | 3 | 361 | 313 | 10 | 0 | (51) | 721 |
| Engineering | 77 | 247 | 206 | 38 | 0 | 0 | (4) | 565 |
| Steel and related processing | 1 | 7 | 408 | 498 | 0 | 0 | (188) | 726 |
| Other manufacturing industry | 0 | 386 | 554 | 91 | 1 | 0 | (2) | 1,031 |
| Construction | 0 | 5 | 139 | 8 | 0 | 0 | (2) | 149 |
| Public sector – defense | 0 | 1 | 3 | 0 | 526 | 0 | 4 | 535 |
| Packaging | 0 | 1 | 28 | 279 | 0 | 0 | (3) | 304 |
| Energy and utilities | 0 | 1 | 60 | 109 | 0 | 0 | 0 | 170 |
| Other customer groups | 13 | 80 | 373 | 19 | 6 | 0 | (2) | 488 |
| Total | 1,626 | 738 | 2,590 | 1,962 | 544 | 0 | (244) | 7,216 |
SALES FROM CONTRACTS WITH CUSTOMERS BY REGION
| million € | AutomotiveTechnology | DecarbonTechnologies | MaterialsServices | SteelEurope | MarineSystems | CorporateHeadquarters | Reconciliation | Group |
|---|---|---|---|---|---|---|---|---|
| 1st quarter ended Dec. 31, 2024 | ||||||||
| German-speaking area1) | 464 | 116 | 841 | 1,104 | 155 | 0 | (176) | 2,504 |
| Western Europe | 233 | 160 | 383 | 457 | 160 | 0 | (38) | 1,355 |
| Central and Eastern Europe | 139 | 19 | 335 | 216 | 1 | 0 | (14) | 696 |
| Commonwealth of Independent States | 1 | 1 | 6 | 3 | 3 | 0 | 0 | 14 |
| North America | 472 | 102 | 919 | 256 | 2 | 1 | (16) | 1,736 |
| South America | 87 | 43 | 7 | 19 | 104 | 0 | (2) | 259 |
| Asia / Pacific | 21 | 31 | 109 | 7 | 29 | 0 | 0 | 197 |
| Greater China | 233 | 132 | 44 | 11 | 2 | 0 | (4) | 419 |
| India | 12 | 56 | 21 | 40 | 17 | 0 | (1) | 146 |
| Middle East & Africa | 10 | 248 | 22 | 75 | 95 | 0 | (7) | 443 |
| Total | 1,675 | 907 | 2,689 | 2,188 | 567 | 1 | (258) | 7,768 |
| 1st quarter ended Dec. 31, 2025 | ||||||||
| German-speaking area1) | 458 | 95 | 760 | 1,022 | 122 | 0 | (198) | 2,258 |
| Western Europe | 233 | 159 | 377 | 388 | 136 | 0 | (14) | 1,279 |
| Central and Eastern Europe | 145 | 13 | 349 | 184 | 0 | 0 | (16) | 674 |
| Commonwealth of Independent States | 1 | 21 | 3 | 2 | 20 | 0 | 0 | 48 |
| North America | 483 | 96 | 976 | 236 | 3 | 0 | (15) | 1,779 |
| South America | 80 | 21 | 10 | 20 | 145 | 0 | (1) | 275 |
| Asia / Pacific | 12 | 36 | 57 | 3 | 26 | 0 | 0 | 134 |
| Greater China | 202 | 134 | 17 | 9 | 1 | 0 | 1 | 364 |
| India | 6 | 48 | 22 | 33 | 17 | 0 | 0 | 126 |
| Middle East & Africa | 6 | 116 | 20 | 65 | 74 | 0 | (1) | 279 |
| Total | 1,626 | 738 | 2,590 | 1,962 | 544 | 0 | (244) | 7,216 |
- Germany, Austria, Switzerland, Liechtenstein
Of the sales from contracts with customers €1,184 million (prior year: €2,103 million) results from long-term contracts and €6,032 million (prior year: €5,666 million) from short-term contracts in the 1st quarter ended December 31, 2025, €1,210 million (prior year: €2,235 million) relates to sales recognized over time, and €6,006 million (prior year: €5,533 million) to sales recognized at a point in time in the 1st quarter ended December 31, 2025.
12 Other income
Other income includes income from electricity price compensation and further income from premiums and from grants.
13 Financial income/(expense), net
Following the transition from equity accounting to measurement at fair value through equity in other comprehensive income (without recycling) for the ordinary shares in Vertical Topco I S.A. as part of the Elevator investment effective September 29, 2025, financial income/(expense), net includes expenses of €66 million from the ordinary shares in the line item "Income from investments accounted for using the equity method" only in the 1st quarter ended December 31, 2024 (see Note 10).
14 Earnings per share
Basic earnings per share are calculated as follows:
EARNINGS PER SHARE (EPS)
| 1st quarter ended Dec. 31, 20241st quarter ended Dec. 31, 2025 | ||||
|---|---|---|---|---|
| Total amountin million € | Earnings pershare in € | Total amountin million € | Earnings pershare in € | |
| Net income/(loss)(attributable to thyssenkrupp AG's shareholders) | (51) | (0.08) | (353) | (0.57) |
| Weighted average shares | 622,531,741 | 622,531,741 |
There were no dilutive securities in the periods presented.
15 Additional information of the statement of cash flows
The liquid funds considered in the statement of cash flows can be derived from the balance sheet position "Cash and cash equivalents" as following:
RECONCILIATION OF LIQUID FUNDS
| million € | Dec. 31, 2024 | Sept. 30, 2025 | Dec. 31, 2025 |
|---|---|---|---|
| Cash | 1,828 | 2,649 | 2,222 |
| Cash equivalents | 3,877 | 3,076 | 1,827 |
| thereof restricted | 1,000 | 546 | 472 |
| Cash and cash equivalents according to the balance sheet | 5,705 | 5,725 | 4,048 |
| Cash and cash equivalents of disposal groups | 13 | 0 | 0 |
| Liquid funds according to statement of cash flows | 5,718 | 5,725 | 4,048 |
As of December 31, 2025 cash and cash equivalents of €7 million (December 31, 2024: €80 million; September 30, 2025: €76 million) result from the joint operation HKM.
16 Subsequent event
On February 6, 2026, thyssenkrupp Steel Europe AG and Salzgitter AG have reached an agreement on the continuation of HKM by means of a key issues paper. Under the plan, thyssenkrupp Steel Europe will sell its shares in HKM to Salzgitter AG effective June 1, 2026. Supplies from HKM to thyssenkrupp Steel Europe will terminate at the end of 2028, instead of at the end of 2032 as previously envisaged. Implementation of the agreement is subject to the approval of the governing bodies of Salzgitter AG and a positive assessment of a going concern report, which Salzgitter AG has already commissioned. A further prerequisite is that the third owner, Vallourec S. A., also agrees to sell its shares to Salzgitter AG. In the event of the sale of HKM, the pro rata recognition of HKM in the thyssenkrupp consolidated financial statements will cease. If all of the conditions mentioned are met, the transaction is expected to result in a disposal loss in the low to mid three-digit million range.
THYSSENKRUPP INTERIM REPORT 1ST QUARTER 2025 / 2026
Condensed interim financial statements of the thyssenkrupp group | thyssenkrupp group – selected notes
Essen, February 10, 2026
thyssenkrupp AG The Executive Board
López
Dinstuhl Hamann Henne von Rath
Review report
To thyssenkrupp AG, Duisburg and Essen
We have reviewed the condensed interim consolidated financial statements of thyssenkrupp AG, Duisburg and Essen – comprising the consolidated statement of financial position, the consolidated statement of income and the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows and selected notes – together with the interim group management report of thyssenkrupp AG, for the period from October 1, 2025 to December 31, 2025 that are part of the quarterly financial report according to § 115 WpHG ["Wertpapierhandelsgesetz": "German Securities Trading Act"]. The preparation of the condensed interim consolidated financial statements in accordance with International Accounting Standard IAS 34 "Interim Financial Reporting" as adopted by the EU, and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports, is the responsibility of the Company's management. Our responsibility is to issue a report on the condensed interim consolidated financial statements and on the interim group management report based on our review.
We performed our review of the condensed interim consolidated financial statements and the interim group management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the review so that we can preclude through critical evaluation, with a certain level of assurance, that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the EU, and that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company employees and analytical assessments and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot issue an auditor's report.
Based on our review, no matters have come to our attention that cause us to presume that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with IAS 34, "Interim Financial Reporting" as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports.
Düsseldorf, February 11, 2026
KPMG AG Wirtschaftsprüfungsgesellschaft
Dr. Markus Zeimes René Kadlubowski Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor] [German Public Auditor]
Additional information
Contact and 2026 / 2027 financial calendar
For more information please contact:
2026 / 2026 financial calendar
Communications
Phone: +49 201 844536043 Fax: +49 201 844536041 Email: [email protected]
Investor Relations
Email: [email protected] Institutional investors and analysts Phone: +49 201 844536464 Fax: +49 201 8456531000 Private investors Phone: +49 201 844536367 Fax: +49 201 8456531000
Published by
thyssenkrupp AG thyssenkrupp Allee 1, 45143 Essen, Germany Postfach, 45063 Essen, Germany Phone: +49 201 8440 Fax: +49 201 844536000 Email: [email protected] www.thyssenkrupp.com
May 12, 2026 Interim report 1st half 2025 / 2026 (October to March)
August 13, 2026 Interim report 9 months 2025 / 2026 (October to June)
December 8, 2026 Annual report 2025 / 2026 (October to September)
February 5, 2027 Annual General Meeting
February 11, 2027 Interim report 1st quarter 2026 / 2027 (October to December)
This interim report was published on February 12, 2026. Produced in-house using firesys.
Forward-looking statements
This document contains forward-looking statements that reflect management's current views with respect to future events. Such statements are subject to risks and uncertainties that are beyond thyssenkrupp's ability to control or estimate precisely, such as the future market environment and economic conditions, the behavior of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated synergies and the actions of government regulators. Therefore, the actual results may differ materially from the results explicitly presented or implicitly contained in this financial report. The forward-looking statements contained in this financial report will not be updated in the light of events or developments occurring after the date of the report.
Rounding differences and rates of change
Percentages and figures in this report may include rounding differences. The signs used to indicate rates of change are based on economic aspects: Improvements are indicated by a plus (+) sign, deteriorations are shown in brackets ( ). Very high positive and negative rates of change (≥100% or ≤(100)%) are indicated by ++ and −− respectively.
Variances for technical reasons
Due to statutory disclosure requirements the Company must submit this financial report electronically to the Federal Gazette (Bundesanzeiger). For technical reasons there may be variances in the accounting documents published in the Federal Gazette. German and English versions of the financial report can be downloaded from the internet at www.thyssenkrupp.com. In the event of variances, the German version shall take precedence over the English translation.