Thyssenkrupp AG Adjusts Outlook for FY 2023/24

Thyssenkrupp AG has revised its forecast for the fiscal year 2023/24 based on preliminary results from the third quarter and updated full-year projections. The company cites a challenging market environment causing a significant decline in sales. The market is expected to remain unstable in the short term. Efficiency measures from the APEX performance program are helping but not fully offsetting negative market effects.

For FY 2023/24, Thyssenkrupp AG now anticipates a sales decline of 6-8% compared to the previous year. Previously, it had expected sales to simply be below last year's figures. Adjusted EBIT is now expected to be over €500 million, revised from a high three-digit million euro range. Free cash flow before M&A is projected to be around €-100 million, down from a previously expected small positive figure in the low three-digit million euro range.

Additional figures will be updated and announced with the third-quarter results on August 14.