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(Bloomberg) — Thyssenkrupp AG maintained its key earnings and cash-flow targets, while striking a more cautious note on sales because of heightened geopolitical uncertainty and its impact on international markets.
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The German conglomerate said it still expects negative free cash flow before mergers and acquisitions of as much as €600 million ($707 million) in the fiscal year ending Sept. 30, 2026, reflecting restructuring costs. It maintained a forecast for adjusted earnings before interest and taxes of as much as €900 million. The company also nudged down its less-scrutinized sales outlook, now forecasting revenue between a 3% decline and flat year-on-year.
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“We remain slightly cautious only in respect of our sales forecast, not least because of heightened geopolitical uncertainties and their impacts on the international markets,” Thyssenkrupp Chief Financial Officer Axel Hamann said in a statement Tuesday.
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Thyssenkrupp continues to contend with subdued demand from Europe’s carmakers, where output remains below pre-pandemic levels, as well as elevated energy costs following Russia’s invasion of Ukraine. Once a sprawling conglomerate spanning steel, elevators and engineering services, the company is trying to streamline its portfolio and sharpen its focus.
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Central to that overhaul is a plan to put its steel unit on an independent footing. Earlier this month, Thyssenkrupp and Jindal Steel International agreed to pause talks over the Indian company taking a stake in the business, underscoring the challenges the German group faces in loosening its grip on the unit.
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For the quarter ended March 31, adjusted earnings before interest and taxes rose by €179 million from a year earlier to €198 million, with Steel Europe making the largest contribution as lower raw material and energy costs, along with restructuring-driven personnel savings, offset weaker sales, Thyssenkrupp said.
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Order intake rose by €2.6 billion from a year earlier to €10.6 billion in the fiscal second quarter, driven mainly by higher orders at Thyssenkrupp’s naval engineering unit, which has benefited from rising global defense spending.
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