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(Bloomberg) — Thyssenkrupp AG raised the low end of its full-year profit guidance as it reported strength at its steel and naval divisions despite a challenging global industrial environment.
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Adjusted earnings before interest and taxes will be at least be €600 million euros ($691 million) this year, up from a previous minimum of €500 million, the German engineering conglomerate said Thursday. The company also raised the floor of its 2026 net-loss outlook.
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The narrowly improved outlook underscores the contrasting fortunes across Thyssenkrupp’s sprawling portfolio as Chief Executive Officer Miguel Ángel López Borrego seeks to streamline the business.
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Thyssenkrupp continues to contend with subdued demand from Europe’s carmakers still producing below pre-pandemic levels as well as elevated energy expenses following Russia’s invasion of Ukraine. Once a conglomerate that spanned steel, elevators and engineering services, the company is trying to streamline its portfolio and sharpen its focus.
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Central to that effort is the planned separation of its steel division, which has struggled for years with high costs, weak demand and low steel prices. The unit plans to hold a capital markets day at the end of September as it prepares for a potential spinoff, with the parent company possibly retaining a minority stake, Thyssenkrupp said.
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Thyssenkrupp’s adjusted EBIT rose to €183 million during the company’s fiscal third quarter. Steel made the largest contribution to earnings, helped by restructuring, cost cuts and lower raw-material costs.
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Earnings also improved at its materials trading business, supported by higher prices and volumes. Its naval unit posted higher adjusted EBIT as its shipyards work through higher-margin submarine orders, Thyssenkrupp said.
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