thyssenkrupp (ETR:TKA) shareholders approved all management proposals at the company’s Annual General Meeting in Bochum, including a dividend of EUR 0.15 per share for fiscal 2024/25, as management outlined progress on its “ACES 2030” transformation plan and the group’s shift toward a financial holding structure.
Supervisory Board: governance, executive changes, and dividend proposal
Supervisory Board Chair Siegfried Russwurm opened the meeting by pointing to what he described as deteriorating geopolitical and economic stability, including Russia’s war in Ukraine, shifting U.S. policy, increased polarization, and trade being used as a tool of power. He said these factors have become a “new normal” of instability for commercial conditions, and noted that decarbonization-related investment needs remain high even as customer demand for decarbonization has grown more slowly than expected in some areas.
Russwurm also described the supervisory board’s activity, citing 39 meetings of the supervisory board and its committees and saying attendance was effectively 100%. He said key topics included performance improvement, portfolio measures, segment targets, transformation measures, investment planning, the TKMS spin-off (approved at an Extraordinary General Meeting on Aug. 8, 2025), and the planned standalone solution for Steel Europe.
On executive compensation, Russwurm said the company has removed pension commitments for executive board members and adjusted compensation design, including long-term incentives paid after four years. He reported short-term variable compensation reached 121% of target (up from 34% the prior year), and total variable compensation was 45% of contractually agreed target income for 2024/25.
Russwurm said the supervisory board proposed a dividend of EUR 0.15 per share, noting the company generated positive cash flow and net income. He added that this dividend would represent about 6% of the investments planned for the current fiscal year and emphasized that the final decision rests with shareholders.
CEO: ACES 2030 and the shift to a financial holding structure
CEO Miguel López told shareholders that the company had moved from a “year of decisions” to a “year of implementation,” arguing that thyssenkrupp is evolving from an integrated industrial group into a financial holding company with increasingly independent segment businesses. He said this model is intended to make segments faster, more flexible, and more transparent, with access to capital markets, while group headquarters is expected to be realigned and streamlined over time.
López highlighted the TKMS spin-off as a major milestone, saying the listing was completed successfully and that TKMS is now listed in the MDAX. He told shareholders the TKMS share was trading almost 25% above its initial listing price at the time referenced. López also provided an illustrative comparison of shareholder value using share prices as of Jan. 23, 2026, and said the combined value of thyssenkrupp shares plus the TKMS shares distributed in the spin-off implied an increase of “well over 200%” over 12 months.
Segment updates: TKMS, Steel Europe, Automotive, Materials Services, and Decarbon Technologies
TKMS (Marine Systems): López described TKMS as an integrated system house for maritime defense with around 8,600 employees and a record order book. He cited a recent order for two additional submarines from Norway and a framework agreement with Germany’s Federal Office of Bundeswehr Equipment for heavyweight torpedoes. He also referenced investments including a shipbuilding hall in Kiel costing more than EUR 250 million and additional planned investments in the “triple-digit million” euro range at the Wismar site. Later in the Q&A, management said TKMS expects an adjusted EBIT margin of about 7%, with a first dividend expected for fiscal 2025/26 (to be paid in 2027, subject to resolution), and a planned payout ratio of 30%–50%.
Steel Europe: López said a collective restructuring agreement with IG Metall signed in December created planning security for implementing a “future industrial concept” in Duisburg. He outlined priorities including technology and quality investments, aligning production volumes with market demand, and continuing the green transformation via the direct reduction plant under construction in Duisburg. He said personnel expenses are expected to be reduced by an average of around 8% through 2030, and referenced termination of the HKM supply contract as a step to reduce overcapacity. On strategic options, López said India’s Jindal Steel expressed interest in the steel business and that thyssenkrupp ended talks with EP Group on a 50/50 joint venture, with EP Group returning its 20% interest. Management said it was in confidential discussions with Jindal and that due diligence timing would depend on the situation. In Q&A, thyssenkrupp said steel needs output of 8.7–9.0 million tons to be competitive and discussed continued ability to run the direct reduction plant on a mix of natural gas and hydrogen given delayed hydrogen availability.
Automotive Technology: López said the segment is facing a difficult market and is pursuing a global structural program targeting more than EUR 150 million in savings and around 18,000 job reductions. He said the segment would be reorganized around chassis, components, aftermarket, and forgings, while Automotive Body Solutions, Automation Engineering, and Springs and Stabilizers would not be part of the new structure. He also said the company initiated the sale of its automotive engineering business to Agile Robots in November 2025, with closing expected in coming months. In Q&A, management said it expects profitability improvement in the second half of fiscal 2025/26 and reiterated a medium-term adjusted EBIT margin target of 7%–8% for the restructured business.
Materials Services: López described a strategy shift from traditional distribution toward integrated supply chain solutions, highlighting demand for resilience and digital solutions amid global trade disruptions. He cited the acquisition of Waves, a Luxembourg-based ESG and sustainability data software provider, and the establishment of a new site in Santa Teresa. Management later reiterated a medium-term adjusted EBIT margin target of about 2%–3% and said an eventual IPO would depend on readiness and market conditions.
Decarbon Technologies and thyssenkrupp nucera: López said the ramp-up of green technology has been slower than expected but argued long-term decarbonization remains unavoidable. He cited projects including an ammonia cracker development with Uniper, Polysius cement technology using oxyfuel CO2 capture, and nucera adding high-pressure electrolysis technology to its portfolio and winning chlor-alkali contracts. In Q&A, management said nucera guided for sales of about EUR 500 million–EUR 600 million and incoming orders up to EUR 900 million (as an expectation) and said the ammonia cracker pilot plant is targeted for completion and commissioning in 2027.
Financial results and outlook
López said group sales were EUR 32.8 billion for fiscal 2024/25, adjusted EBIT improved by EUR 72 million to EUR 600 million, and free cash flow before M&A was EUR 363 million, positive for the third consecutive year. He said net income was EUR 532 million, an improvement of almost EUR 2 billion year over year, supported by special items including reversal of impairment losses on electrical steel India. He also said thyssenkrupp voluntarily complied with CSRD reporting standards in its annual report and was included in CDP’s A-list.
Looking ahead, López said the “year of implementation” would include restructuring provisions expected to result in a net loss and a negative free cash flow before M&A, reflecting restructuring and investments in future viability and modernization.
Voting outcomes: dividend approved and boards discharged
Shareholders approved the proposal to distribute a EUR 0.15 dividend per share (agenda item 2) with 98% of votes cast. The meeting chair said the dividend would be paid in February 2025. Shareholders also discharged executive board and supervisory board members, elected auditors, approved the compensation report, and voted on new supervisory board elections. Reported attendance reached 56.69% of registered share capital represented (including electronic votes), and the live stream peaked at 3,099 observers.
About thyssenkrupp (ETR:TKA)
thyssenkrupp AG operates as an industrial and technology company in Germany and internationally. It operates through five segments: Automotive Technology, Decarbon Technologies, Materials Services, Steel Europe, and Marine Systems. The Automotive Technology segment offers components, systems, and automation solutions for vehicle manufacturing, such as axle assembly, body in white, camshafts and electric engine components, dampers, dies, springs and stabilizers, crankshafts and conrods, steering, and undercarriages.
