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Thyssenkrupp, the German industrial conglomerate, has warned that it expects a deep net loss in the 2025–26 financial year as it books heavy restructuring provisions linked to its steel division. The group forecasts a net loss of up to €800 million in 2026, driven mainly by charges related to Thyssenkrupp Steel Europe (TKSE), which it is attempting to sell to India’s Jindal Steel International.
Management said the measures being taken this year are intended to lay the foundation for sustainably stronger earnings, even as the immediate impact on the bottom line is negative. Free cash flow before M&A is projected to turn negative in 2026, between –€300 million and –€600 million, compared with an expected positive €363 million in 2025, marking a reversal after three years of positive cash generation.
Thyssenkrupp also guided for adjusted operating profit of €500–900 million in 2026, below current market expectations. The outlook disappointed investors, with the stock trading lower following the announcement. Despite the headwinds, the company plans to keep its €0.15 per share dividend for 2025 unchanged, signalling confidence in its long-term restructuring and portfolio simplification strategy, including the planned divestment of the steel unit.
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