Thyssenkrupp Ag · XETR:TKA
Thyssenkrupp — thyssenkrupp Steel Europe — Investor Day (September 2026)
62 slides from Thyssenkrupp's investor day presentation, Sep 28, 2026
Slide 1: Capital Market Day 2026
CAPITAL MARKET DAY 2026 thyssenkrupp Steel Europe AG I September 28, 2026 I London 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for the use at this meeting. By attending the meeting where this presentation is made or accessing this presentation, you agree to be bound by the following limitations. This material is given in conjunction with an oral presentation and should n
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Slide 4: Dr. Marie Jaroni, Philipp Conze, Dr. Marco Richrath
Dr. Marie Jaroni Philipp Conze Dr. Marco Richrath Chief Executive Officer (CEO) Chief Financial Officer (CFO) Chief Operating Officer (COO) CEO at tkSE since 2025 CFO at tkSE since 2024 COO at tkSE since 2026 Former CSO and CTO at tkSE Former CFO at Rothe Erde Group Former SVP at Shell 4
Slide 5: The Core of our Story
The 00 Core of our Story Steel powerhouse built Introduction on a strong foundation + Positive momentum of European steel market + New management team delivering tangible results 5
Slide 6: We are a leading premium flat steel producer in Europe, for Europe
We are a leading premium flat steel producer in Europe, for Europe 00 I Introduction Operations Position Financials Largest Full-range €9.8bn integrated steel production site1 flat steel portfolio2 net sales FY2024/25 8 #2 €0.3bn complementary downstream hubs in EU flat steel3 adj. EBITDA FY2024/255
Slide 7: Clear strategic roadmap for the future of thyssenkrupp Steel Europe
We have defined a clear strategic roadmap for the future of thyssenkrupp Steel Europe 00 I Introduction Customer value proposition Workplace Future-ready safety production network Performance Competitive culture cost position Decarbonization Source: Company information 7
Slide 8: We have already achieved major milestones
We have already achieved major milestones 00 I Introduction HKM1 exit Future-ready production network Signed 2026 Restructuring Self-help agreement with union End of supply contract 2028 measures Signed 2025 Cost efficiencies Competitive cost position Started 2024 1. Former JV operated with Salzgitt
Slide 9: Medium-term ambition of €1.2bn+ adj. EBITDA
We work towards our medium-term ambition of €1.2bn+ adj. EBITDA 00 I Introduction ILLUSTRATIVE Adj. EBITDA medium-term ambition, in €bn Majority 1.2+ of expected uplift is self-help driven >50% 1 ~0.4 of expected self-help uplift considered FY2025/26E Self-help Cost inflation Market & Medium-term lo
Slide 10: thyssenkrupp Steel Europe at an inflection point
thyssenkrupp Steel Europe at an inflection point 00 I Introduction 1 Steel powerhouse built on a strong foundation #2 in EU flat steel1 2 Positive momentum of European steel market >80% of EU flat steel market volume covered by tariff regime2 3 New management team delivering tangible results >50% of
Slide 11: Steel powerhouse built on a strong foundation
01 Steel powerhouse Steel powerhouse built on a strong foundation 11
Slide 12: We build on a strong foundation
We build on a strong foundation 01 I Steel powerhouse Premium product portfolio State-of-the-art production network Strategic Well-established investments customer relationships Source: Company information 12
Slide 13: Duisburg is the EU's largest integrated steel production site
Production network: Duisburg is the EU’s largest integrated steel production site, creating tangible scale advantages and benefiting from modernized core plants 01 I Steel powerhouse Integrated site combines primary steelmaking with extensive 2 10 km area range of downstream facilities Largest integ
Slide 14: Duisburg core with 8 complementary downstream hubs
Production network: Duisburg is the core of our network with 8 complementary and specialized downstream hubs 01 I Steel powerhouse 8 DOWNSTREAM HUBS 1 Dortmund 2 Bochum1 Automotive downstream site for High efficiency for e-mobility cold-rolling and coating and high-strength for auto Duisburg 3 Ander
Slide 15: We are located in the heart of the European industry
Production network: We are located in the heart of the European industry 01 I Steel powerhouse 500km 7 Gelsenkirchen 2 Bochum In Europe, Deep sea harbor Rotterdam Netherlands for Europe 1 Dortmund >40% Duisburg 6 Finnentrop Germany 5 Hagen Belgium 4 Siegerland 8 Isbergues 3 Andernach of EU manufactu
Slide 16: Premium product portfolio: diversified flat steel portfolio
Premium product portfolio: Our state-of-the-art production network enables a diversified flat steel portfolio 01 I Steel powerhouse Full range offered1 Partially offered1 Not offered1 Coated Electrical steel Hot-dip Organic coil- Grain-oriented Non-grain-oriented Company galvanized coating steel Tin
Slide 17: Nearly two-thirds of our portfolio is premium
Premium product portfolio: Nearly two-thirds of our portfolio is premium, reflecting our value-over-volume approach 01 I Steel powerhouse SIMPLIFIED Flat steel sales share by product1, in % Flat steel sales share by portfolio category1, in % ~21% ~65% Tinplate Premium Medium-wide at higher CM2 ~9% s
Slide 18: Premium products with distinctive value propositions
Premium product portfolio: We offer premium products with distinctive value propositions 01 I Steel powerhouse NOT EXHAUSTIVE Medium-wide Electrical Hot-rolled Cold-rolled Coated Tinplate strip steel strip strip Product Automotive DWI food tin Medium-wide GOES top perform® Special grades exposed par
Slide 19: Broad and diverse customers and leading positions across end markets
Customer relationships: Our premium portfolio enables a broad and diverse set of customers and leading positions across end markets 01 I Steel powerhouse NOT EXHAUSTIVE Flat steel sales Customer Leading positions share FY2024/251 base4 in the EU AUTOMOTIVE ~47% >140 customers #2 Automotive5 #1 GOES6
Slide 20: Three reasons customers value our partnership
Customer relationships: Three reasons customers value our partnership 01 I Steel powerhouse Quality Proximity Innovation Trusted partner with decades-long Local proximity to customers for Deep industry expertise and joint track record of delivering short lead times and flexible product development t
Slide 21: We continuously enable innovation in Automotive
Customer relationships: We continuously enable innovation in Automotive 01 I Steel powerhouse From press hardening to high-performance e-mobility 1974 1976 50 years First patent on press hardening 1982 1983 1984 First fully galvanized steel body in series (Porsche 911 Turbo 3.0) 1985 of shaping Use
Slide 22: JV with Tagal in China positions us for Chinese OEMs
Customer relationships: Established in 2000, our JV with Tagal in China positions us well for partnering with Chinese OEMs producing BEVs in Europe 01 I Steel powerhouse SELECTED Successful downstream coating JV Tagal in China BYD SAIC yearly ~1.4 Mt shipments1 Great Wall Motor 50/50 JV with Chinese
Slide 23: We build on a strong foundation
We build on a strong foundation 01 I Steel powerhouse Premium product portfolio State-of-the-art production network Strategic Well-established investments customer relationships Source: Company information 23
Slide 24: Strategic investment program strengthening production capabilities
Strategic investments: We are strengthening our production capabilities and our premium portfolio through a strategic investment program 01 I Steel powerhouse Investment criteria Strong customer Competitive >€1bn 1 backing advantage strategic investment program over the Resilient High-margin last 5
Slide 25: Majority of investments completed, additional ones to come
Strategic investments: The majority has been completed - additional investments will come over the next months 01 I Steel powerhouse Successfully completed Ongoing investments Tinplate & Precision Steel/ Automotive Electrical Steel Medium-wide strip Hot-Dip Double Reversing Modernization Galvanizing
Slide 26: Strategic DR-plant + SAF, supported by public investment
Strategic investments: We are building a strategic DR-plant + SAF, supported by public investment 01 I Steel powerhouse tkH2Steel® Future-ready ~€3bn expected capex “green steel”1 €2bn public investment (funding) base with strategic DR+SAF2 Technology Operations Market Funding Innovative design H an
Slide 27: DR+SAF concept to continue producing premium portfolio
Strategic investments: The DR+SAF concept is designed to enable us to continue producing our premium portfolio in our existing production network 01 I Steel powerhouse “Green steel”1 from iron ore | Two main routes tkSE approach Conventional Integrated DR + Electric arc Integrated DR + Submerged rou
Slide 28: DR+SAF establishes foundation for decarbonization with flexibility
Strategic investments: Our DR+SAF concept establishes the foundation for our decarbonization while maintaining flexibility for future paths 01 I Steel powerhouse Today Tomorrow tkH2Steel® Strategic flexibility in timing and technology, (DR+SAF) depending on Strategic choice for first step Market dem
Slide 29: Key takeaways
01 I Steel powerhouse Steel powerhouse in European market Key State-of-the-art production network takeaways ~65% premium share Well-established customer relationships Near-complete investment program Source: Company information 29
Slide 30: Positive momentum of European steel market
02 Steel market Positive momentum of European steel market 30
Slide 31: European steel market with positive momentum
European steel market with positive momentum driven by both resilient steel demand across end markets and safeguards 02 I Steel market Stable end markets Safeguards Resilient steel demand Improved outlook for across end markets European producers with supportive driven by EU regulatory demand trends
Slide 32: Flat steel market in the EU expected to remain stable through 2030
End markets: Flat steel market in the EU is expected to remain stable through 2030 02 I Steel market EU steel market, in Mt Steel Long steel Flat steel1 – tkSE core market Stable demand outlook 49 126 77 ~78 2025 2026E 2030E 1. Incl. heavy plate (quarto) steel Source: Company information, Eurofer 32
Slide 33: We operate in three distinct end markets
End markets: We operate in three distinct end markets 02 I Steel market NOT EXHAUSTIVE Market outlook2 Light vehicles AUTOMOTIVE Trucks Energy SPECIALTIES Packaging Construction INDUSTRY1 Manufacturing Household 1. Includes Other | 2. Illustrative outlook; outlook periods: Present through Year-End 2
Slide 34: EU automotive flat steel demand expected to remain firm
End markets - AUTOMOTIVE: EU automotive flat steel demand is expected to remain firm 02 I Steel market X EU total vehicle production (mn vehicles) X BEV1 share of production (in %) Flat steel demand for automotive production located in EU, in Mt Stable flat steel demand ~13.9 ~14.0 ~14.4 expected fo
Slide 35: Chinese OEMs ramping up production in the EU
End markets - AUTOMOTIVE: Chinese OEMs ramping up production in the EU, expected to positively impact flat steel demand 02 I Steel market Chinese OEMs1,2 Non-Chinese OEMs Flat steel demand for automotive production located in EU, in Mt ~14.4 Chinese players ramping ~13.9 ~14.0 ~0 up their EU product
Slide 36: Higher flat steel demand per BEV supports market demand
End markets - AUTOMOTIVE: Higher flat steel demand per BEV is expected to support overall market demand 02 I Steel market ICE Internal combustion BEV Battery electric engine vehicle Lower demand for ICE New BEV demand pools e.g., transmission, clutch e.g., traction machines, battery cases ~10% Sourc
Slide 37: Electrical steel offers premium opportunities in energy and power markets
End markets - SPECIALTIES: Electrical steel offers attractive premium opportunities in growing energy and power markets 02 I Steel market Electrical steel Application Outlook Premium grain-oriented electrical Critical material across Substantially growing in steel with silicon added (GOES) power gri
Slide 38: Stable flat steel end markets expected
End markets - Summary: Stable flat steel end markets expected 02 I Steel market Resilient steel demand Stable end = markets Supportive demand trends Source: Company information 38
Slide 39: EU measures support a level playing field for EU steel producers
Safeguards: EU measures increasingly support a level playing field for EU steel producers 02 I Steel market Main confirmed safeguards Further measures currently in discussion SELECTED SELECTED Automotive low-carbon steel incentives² EU steel Electrical steel Industrial Accelerator Act safeguards1 (G
Slide 40: Confirmed EU steel safeguards support improved outlook
Safeguards: Confirmed EU steel safeguards support an improved outlook for EU steel producers 02 I Steel market EU steel safeguards Resulting EU flat steel market1, in Mt Import quota ~78 Tariff-covered Reduced import Increased tariff market volume ~12³ quota for EU flat on above-quota steel market1,
Slide 41: Newly implemented electrical steel safeguards
Safeguards: Newly implemented electrical steel (GOES) safeguards are expected to strengthen competitive positioning of European producers 02 I Steel market Provisional electrical steel (GOES) safeguards Expected impact on EU steel production Increased MIP Expanded Improved conditions for for top gra
Slide 42: US market indicates safeguards may increase EBITDA margins
Safeguards: The US market has indicated that safeguards may be a contributor to increasing EBITDA margins 02 I Steel market Average EBITDA margin1 of major listed steel companies, in % Ø 2010-2017 Ø 2018-2025 – Lockstep – – Structurally higher – Introduction of protective measures for domestic US ma
Slide 43: Key takeaways
02 I Steel market Steel at the heart of European industry Key Stable EU flat steel demand takeaways Supportive demand trends New EU safeguards Improved pricing environment Source: Company information 43
Slide 44: New management team delivering tangible results
03 Tangible results New management team delivering tangible results 44
Slide 45: New management team with deep industry expertise and fresh perspectives
We are a new management team, combining deep industry expertise with fresh perspectives to deliver our strategic roadmap 03 I Tangible results New management team tk-Group tenure >5 years Streamlined core leadership team1 ~20% ~40% ~20% leaner external new hires female share Dr. Marie Jaroni Philipp
Slide 46: Executing on a clear strategic roadmap with tangible results
We are executing on a clear strategic roadmap and have already delivered tangible results 03 I Tangible results X Expected adj. EBITDA uplift in the medium term1 HKM exit Future-ready production network Restructuring Self-help agreement with union ≥€0.3bn p.a. measures ≥€0.3bn p.a. additional ~€0.1b
Slide 47: Right-sized FTE base: restructuring agreement
Right-sized FTE base: Restructuring agreement is the core element to achieve sustainable profitability 03 I Tangible results FTE reduction to medium-term target, in # of FTE ∑4k FTE completed ~11k FTE ~27k ~5.3k ~3.5k ~1.8k up to 4k ~2.2k ~16k FTE baseline1 Network and Make-or-Buy HKM and other FTE
Slide 48: Network and efficiency: FTE reductions progressing
Restructuring agreement – Network and efficiency: FTE reductions are progressing 03 I Tangible results Targeted FTE reduction in the medium term Expected adj. EBITDA uplift contribution1 ~5.3k ≥€0.3bn p.a. ~1.8k uplift in the medium term incl. closure of blast furnace 9 ~1.5k additional ~€0.1bn p.a.
Slide 49: Temporary personnel cost reductions of ~€0.5bn
Restructuring agreement: Further commitment from unions through temporary personnel cost reductions amounts to ~€0.5bn cumulatively until FY2029/30 03 I Tangible results Expected additional savings Up to ~6% 1 temporary reduction ∑ ~€0.5bn in salaries & special cumulative savings, payments, financia
Slide 50: HKM exit: lower fixed cost and higher utilization
HKM exit: Shifting production to our existing network is expected to result in lower overall fixed cost and higher utilization 03 I Tangible results Past... 2028... Expected adj. EBITDA uplift contribution2 3 under-utilized steel mills 2 -1x higher-utilized steel mills fixed cost 3x fixed cost ≥€0.3
Slide 51: Holistic non-FTE cost efficiency program
Cost efficiencies: We have set up a holistic non-FTE cost efficiency program 03 I Tangible results INDICATIVE Identified savings potential, by category1 Expected adj. EBITDA uplift contribution2 Quality cost ≥€0.2bn p.a. Maintenance uplift in the medium term & reliability Procurement >450 & input co
Slide 52: Key takeaways
03 I Tangible results New management team Key Right-sized FTE base with ~11k reduction takeaways Landmark restructuring agreement: ≥€0.3bn uplift1 HKM exit eliminating fixed costs: ≥€0.3bn uplift1 Non-FTE cost efficiency program: ≥€0.2bn uplift1 1. Expected Source: Company information 52
Slide 53: Attractive self-help driven financial trajectory
04 Self-help trajectory Attractive self-help driven financial trajectory 53
Slide 54: Recent financials: started to deliver tangible results
Recent financials: We have started to deliver tangible results, with uplift in profitability 04 I Self-help trajectory X Adj. EBITDA, in €/t X% Adj. EBITDA margin Topline Profit Investment Net sales, in €bn Adj. EBITDA, in €bn Capex, in €bn 40 36 >46 0.6 0.7 10.7 9.8 3.3% 3.0% >4% ~0.43 0.36 Cash fl
Slide 55: FY2025/26E adj. EBITDA increase of >30% mostly self-help driven
FY2025/26E: The expected increase in adj. EBITDA by >30% is mostly driven by self-help measures, also significantly strengthening resilience 04 I Self-help trajectory X Adj. EBITDA, in €/t X% Adj. EBITDA margin Adj. EBITDA bridge, in €bn >30% increase Market & portfolio 36 Market & Self-help >46 i A
Slide 56: Medium-term EBITDA ambition underpinned by self-help measures
Medium-term EBITDA: Our medium-term ambition is underpinned by self-help measures, expected to lead to a threefold increase in adj. EBITDA 04 I Self-help trajectory X Adj. EBITDA, in €/t X% Adj. EBITDA margin Expected development of adj. EBITDA, in €bn 1 2 1 Performance uplift within tkSE control an
Slide 57: Capex moving to stable medium-term base
Capex: We expect capex to move to a stable medium-term base, after temporary elevation from DR-plant investment 04 I Self-help trajectory Expected capital expenditure by category, in €bn DR-plant1 capex Base capex Sustainable base capex remaining at ~€0.5bn in the medium term Base capex mainly inclu
Slide 58: Free Cash Flow to turn positive in the medium term
Medium-term FCF: We expect Free Cash Flow to turn positive in the medium term 04 I Self-help trajectory ILLUSTRATIVE Expected medium-term cash flow statement, in €bn Increasing adj. EBITDA, majority backed by Adj. EBITDA 1.2+ self-help measures NWC change Cash flow neutral through-cycle Capital expe
Slide 59: Financial performance to significantly improve over the medium term
Medium-term ambition: We expect financial performance to significantly improve over the medium term 04 I Self-help trajectory INDICATIVE 1.2+ Adj. Strong adj. EBITDA growth 2 EBITDA ~0.4 ambition driven by self-help in €bn measures Significant improvement in FCF, Positive FCF driven by adj. EBITDA g
Slide 60: Key takeaways
04 I Self-help trajectory €1.2bn+ adj. EBITDA in medium-term Key Self-help driven takeaways Tangible results already visible Positive Free Cash Flow Source: Company information 60
Slide 61: thyssenkrupp Steel Europe at an inflection point
thyssenkrupp Steel Europe at an inflection point 05 I Wrap-up 1 Steel powerhouse built on a strong foundation #2 in EU flat steel1 2 Positive momentum of European steel market >80% of EU flat steel market volume covered by tariff regime2 3 New management team delivering tangible results >50% of expe
Slide 62: Thank you
Thank you for your attention. 62
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