The following is a summary of the Thyssenkrupp AG (TYEKF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Thyssenkrupp reported Q2 sales of €9.1 billion, down 10% year-on-year due to lower prices and volumes in the materials business.

• EBIT adjusted for Q2 amounted to €184 million, showing a quarter-on-quarter margin improvement of 1 percentage point.

• Free cash flow before M&A came in at -€197 million, as per expectations.

• The company reported a net cash position at €3.5 billion.

• Impairments were noted in the Materials Services division, tied to weaker volumes and prices by year-end.

• Anticipated restructuring costs for the current year are expected to be in the mid 2-digits.

Business Progress:

• Thyssenkrupp made strides in strategic portfolio management, selling a 20% stake in Steel Europe to EPE Corporate Group, aiming to create a 50-50 joint venture.

• The company entered the due diligence phase with KFW Bank for a standalone solution for the Marine Systems.

• Focusing on a 'green transformation', the company's Decarbon Technologies are expanding green technology options for customers.

• New business strategies and improvement measures were announced for Steel Europe and Material Services.

• The internal APEX performance program is reportedly on track, contributing to the company's performance and resilience. By end Q2, over 4,600 individual measures had been identified, totaling around €1.8 billion.

• Ongoing negotiations in the automotive sector seek to secure additional pricing, supported by unfulfilled quantities.

• In terms of the Marine business, the company is in the due diligence phase with Carlisle and is also focusing on a spin-off track.

• A new business plan for Steel Europe, which will inject additional measures into the program, is currently being developed. This plan has not yet been reflected in existing figures.

• The company mentioned ongoing portfolio measures within the Automotive group, but specific details were not provided.

More details: THYSSENKRUPP AG IR

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