thyssenkrupp Q3 2025/26: sales up and adjusted EBIT improves as strategic realignment advances

Q3 performance

Order intake for April–June fell to €7.7 billion from €10.1 billion a year earlier, largely due to prior-year Marine Systems extensions and lower demand in some businesses. Group sales increased 8% to €8.8 billion. Adjusted EBIT improved to €183 million (prior-year: €155 million), supported by the APEX performance program and restructuring effects in Steel Europe and Materials Services. Net income was €34 million; net income after minority interest was €0 million and earnings per share €0.00.

Balance sheet and cash

Total equity rose to €10.9 billion and the equity ratio stood at 37%. Free cash flow before M&A improved to €(114) million. Net financial assets were €2.6 billion and available liquidity €5.3 billion, which includes a €1.7 billion credit line arranged in June. Proceeds included the June sale of the remaining 15% in Acciai Speciali Terni to Arvedi.

Forecast

The group narrowed its full-year guidance: adjusted EBIT is now expected between €600 million and €900 million (previously €500–900 million). Net income guidance was adjusted to €(700) million to €(400) million and group sales are forecast at -3% to -1% year on year. Free cash flow before M&A is still expected between €(600) million and €(300) million.

Strategic realignment and segment highlights

Under the ACES 2030 program thyssenkrupp advanced the spin-off of Materials Services as tk accelis (shareholder approval obtained) and completed the sale of the HKM interest to Salzgitter. Steel Europe progressed restructuring and direct reduction construction; Decarbon Technologies and Calvion advanced low‑carbon projects. TKMS reported a backlog above €20 billion and in July was named preferred supplier for Canada’s submarine program and won a German Navy frigate contract.