Charts on Q4 FY 2019/20 Facts & Figures

Ticker: TKA (Share) TKAMY (ADR)

November 2020

FY 19/20 with important achievements

Balance Sheet

fixed

Target Portfolio

defined

Restructuring

progressing

Performance

enhancing

Transformation of balance sheet >€5 bn Net Cash and >€10 bn Equity at fiscal year-end

  • De-riskingand regaining of strength allow for further restructuring, portfolio development and business evolution

Group of Companies concept to support turnaround and true performance culture

  • M&A for best-owner solutions progressing

Focus on efficiency and costs, headcount reduction ~5,700 in FY 19/20

  • Acceleration going forward with increased target as next step to a total of ~11,000 FTEs1

Value levers for structural improvements in FY 20/21 and beyond in implementation

ESG - Work towards climate neutrality with strong concepts "tkH2Steel" and H2 electrolysis

  1. Already includes 3,600 FTEs from defined initiatives in FY 19/20
  2. | thyssenkrupp AG l November 2020

FY 19/20: stringent implementation of initiatives to reduce costs and push efficiency

Restru. Corp. HQ

FTE reduction

(down to ~400 FTEs)

Steel Strategy

target increased as

Restru. SY

Restru. Cement

20-30

Site closure SP

Restru. SY enlarged

next step to a total of

(~550 FTEs)

(~3,000 FTEs)

(~490 FTEs)

(~460 FTEs)

(∑ ~1,300 FTEs)

~11,000 FTEs

Nov

Mar

Apr

May

Jul

Aug

Sep

Oct

Nov

2019

2020

2020

2020

2020

2020

2020

2020

2020

Target portfolio Elevator sale "tkH2Steel"

Step-up

defined

transparency

termination of

disproportionate

y/e NWC measures

of up to ~€3 bn

M&A progress

De-risking B/S

• SE: non-binding

by asset and

offer from

goodwill

Liberty Steel

impairments of

• PT: revised

~€3 bn

offers received;

due diligence

almost completed

• AST: M&A

initiated

3 | thyssenkrupp AG l November 2020

Restructuring with a clear plan and progressing

Acceleration going forward with target increased as next step to a total of ~11,000 FTEs

FTEs

[#]

Germany

Rest of world

Restructuring R1 expenses1/

R2 cash-out[€ mn]

Sustainable

savings

[€ mn]

~1,600

~2,000

~11,000

~3,600 FTEs

~70%

reduced

~6,000

~30%

Old target

New target

FY 19/20

Until

FY 22/23

~600

~200

low to mid

mid to high

3-digit €mn

3-digit €mn

high

732

2-digit €mn

19/20

20/21E

until 22/23E

  • Until end of FY 19/20 already >50% of 6,000 achieved (~3,600 FTEs)
  • In total, ~5,700 headcounts within FY 19/20
  • In FY 19/20 >60% of required total expenses already incurred
  • FY 20/21 with yoy higher cash-outfor restru.
  • Total sustainable cost benefit from restructuring in mid-high 3-digit€mn range
  1. Including 3,600 from defined initiatives as well as fluctuation and additional FTE reduction
  1. | thyssenkrupp AG l November 2020

FY financials impacted by pandemic-driven demand collapse

[Continuing operations in € mn]

FY 18/19

FY 19/20

Act

Act

yoy

Sales

34,036

28,899

(15%)

thereof Steel Europe

9,065

7,269

(20%)

EBIT adj.

(110)

(1,633)

--

thereof Steel Europe

31

(946)

--

FCF bef. M&A

(1,756)

(5,515)

--

thereof BCF Steel Europe

11

(1,508)

--

  1. SE excl. HP and shifted to MT; MT as new segment as of October 01, 2020; new special item guideline considered
  1. | thyssenkrupp AG l November 2020
  • Impact by pandemic, sequential recovery in almost all businesses in Q4
  • SE and MT with highest negative contribution
  • Pro forma1: €(820) mn at SE and €(593) mn at MT
  • Negative one-timer
    • up to €3 bn from termination of y/e NWC measures
    • ~€0.4 bn from cartel fine at SE
  • Pro forma1: €(1.5) bn at SE and €(1.1) bn at MT

Balance Sheet fixed by gain and proceeds from Elevator sale

B/S de-risking and regaining of financial strength enable more restructuring and business development

Equity [€ bn]

Net

Financial

Position

[€ bn]

Equity ratio

Equity ratio

~6%

~28%

(1.5)

  • Provision restructuring ~€600 mn
  • Impairments ~€3 bn

15.0

10.2

Net income

9.6

2.2

(5.5)

[€ bn]

FY

Net loss

ET Sale

OCI,

FY

18/19

Cont. Ops

Others

19/20

• Cartel fine at SE ~€0.4 bn

(0.9)

• Termination of y/e NWC

5.1

up to~€3 bn

mainly IFRS 16

(0.3)

FY 18/19

FY 19/20

(3.7)

15.2

(5.5)

FY 18/19

FCF

ET Sale1

FY 19/20

bef. M&A

Net Debt

Others

Cont. Ops.

Net Cash

  1. Additional €0.2 bn cash-in from tax refund expected in early FY 20/21
  1. | thyssenkrupp AG l November 2020

Order intake significantly up after pandemic induced shutdown in Q3, but still below prior year

[€ mn]

2018/19

2019/20

Q4

Q3

Q4

qoq

Automotive Technology (AT) 2,3

1,354

815

1,260

55%

Industrial Components (IC) 2,3

631

432

517

20%

Elevator Technology (ET)

2,035

1,898

627

(67%)

Plant Technology (PT) 2,3

614

360

285

(21%)

Marine Systems (MS)

1,807

123

1,869

++

Materials Services (MX)

3,340

2,242

2,741

22%

Steel Europe (SE)

1,814

943

2,008

++

Corporate Headquarters (HQ) 2,3

3

2

1

(46%)

Reconciliation 3,4

(295)

(121)

(313)

Full Group

11,303

6,693

8,996

34%

Disc. elevator operations 5

2,034

1,900

627

(67%)

Group continuing operations

9,270

4,793

8,369

75%

2018/19

2019/20

FY

FY

yoy

yoy (ex FX)1

5,251

4,610

(12%)

(12%)

2,636

2,095

(21%)

(19%)

8,171

6,739

(18%)

0%

2,844

1,670

(41%)

(40%)

2,192

2,227

2%

21%

13,868

11,386

(18%)

(18%)

8,784

7,325

(17%)

(17%)

5

4

(21%)

(21%)

(1,758)

(1,165)

41,994

34,891

(17%)

(12%)

8,169

6,741

(17%)

-

33,825

28,150

(17%)

(15%)

Q4 vs. Q3

AT: Recovery by >50% qoq in almost all businesses driven by restart of auto production and additionally supported by state stimulus packages and other incentives

IC: Strong demand recovery qoq at Forged Technologies (crankshafts for heavy duty engines, undercarriages) and stable order situation at bearings (wind energy)

PT: Down yoy due to medium-sized chemical and mining orders in prior year; market for new orders still challenging due to pandemic, however first green shoots in project activity; increasing customer interest for electrolysis plants for hydrogen and robust service business

MS: Positive due to contract for 4 frigates for

Brazilian navy, which came into effect

MX: Higher volumes due to higher demand from main market segments and product groups

SE: Significant higher volumes across all industries (auto >100% qoq); even higher volumes yoy

1. Adjusted for FX and portfolio effects l 2. Organizational structure based on "newtk" until 30.09.2020 | 3. FY 2018/19 figures on a pro-forma basis | 4. Service and Special Units previously reported at Corporate are now combined in consolidation line as "Reconciliation" |

  1. Incl. Elevator Technology and individual units from Corporate Headquarters
  1. | thyssenkrupp AG l November 2020

Sales

[€ mn]

2018/19

2019/20

Q4

Q3

Q4

qoq

Automotive Technology (AT) 2,3

1,453

842

1,226

46%

Industrial Components (IC) 2,3

639

452

530

17%

Elevator Technology (ET)

2,125

1,947

694

(64%)

Plant Technology (PT) 2,3

935

644

761

18%

Marine Systems (MS)

496

385

561

46%

Materials Services (MX)

3,291

2,245

2,620

17%

Steel Europe (SE)

2,237

1,455

1,810

24%

Corporate Headquarters (HQ) 2,3

3

1

7

++

Reconciliation 3,4

(336)

(261)

(256)

Full Group

10,843

7,710

7,951

3%

Disc. elevator operations 5

2,126

1,946

693

(64%)

Group continuing operations

8,717

5,765

7,258

26%

2018/19

2019/20

FY

FY

yoy

yoy (ex FX)1

5,407

4,702

(13%)

(13%)

2,522

2,099

(17%)

(16%)

7,960

6,546

(18%)

1%

2,943

2,897

(2%)

0%

1,800

1,750

(3%)

(3%)

13,881

11,300

(19%)

(18%)

9,065

7,269

(20%)

(20%)

5

9

++

++

(1,586)

(1,130)

41,996

35,443

(16%)

(12%)

7,960

6,544

(18%)

-

34,036

28,899

(15%)

(15%)

Q4 vs. Q3

AT: Sales mirror order intake; strong recovery by >50% in almost all businesses

IC: Strong recovery at heavy duty engine components and undercarriages and increase at bearings for wind energy (especially Germany and China)

PT: Improvement qoq at chemicals, mining and service; yoy however down since sales ramp-up of large chemical orders and robust service business can only partially compensate pandemic decline

MS: Better progress as planned and over prior year quarter on the execution of contracts due to subcontractors in submarine business

MX: Higher volumes due to higher demand in Europe and North America

SE: Better product mix with sig. higher auto demand, but still below prior year

1. Adjusted for FX and portfolio effects l 2. Organizational structure based on "newtk" until 30.09.2020 | 3. FY 2018/19 figures on a pro-forma basis | 4. Service and Special Units previously reported at Corporate are now combined in consolidation line as "Reconciliation" |

  1. Incl. Elevator Technology and individual units from Corporate Headquarters
  1. | thyssenkrupp AG l November 2020

Q4 EBIT adj. with sequential recovery, particularly at Auto and Materials businesses

[€ mn]

Q4 vs. Q3

2018/19

2019/20

1

2018/19

2019/20

1

Q4

Q3

Q4

qoq

FY

FY

yoy

Automotive Technology (AT)

2,3

(39)

(129)

(104)

19%

(22)

(260)

--

Springs & Stabilizers

3

(64)

(17)

(12)

28%

(122)

(78)

36%

System Engineering

3

(28)

(25)

(65)

--

(25)

(113)

--

Industrial Components (IC)

2,3

61

26

16

(39%)

230

138

(40%)

Elevator Technology (ET)

266

211

80

(62%)

907

693

(24%)

Plant Technology (PT)

2,3

(30)

(97)

(100)

(3%)

(145)

(235)

(62%)

Marine Systems (MS)

1

4

12

++

1

18

++

Materials Services (MX)

(12)

(100)

(48)

52%

107

(110)

--

Materials Production

(2)

(31)

(39)

(23%)

4

(78)

--

Steel Europe (SE)

(45)

(334)

(240)

28%

31

(946)

--

Heavy Plate

3

(23)

(27)

(28)

(4%)

(63)

(115)

(83%)

Corporate Headquarters (HQ)

2,3

(76)

(40)

(41)

(3%)

(252)

(210)

17%

Reconciliation

3,4

(6)

43

12

(56)

53

AT: Gradual improvement at almost all businesses due to better utilization and cost reduction vs. -veone-timer of low 3-digit

IC: Sig. increase by components for heavy duty engines following sales recovery vs. robust but temporarily slightly lower earnings at bearings

PT: Rather stable qoq; yoy down since pandemic effects offset higher earnings from chemical plants, G&A cost reductions and robust service

MS: Measures for performance improvement continue to gain traction

MX: Market recovery in main product groups; sig. higher warehousing shipments (+28%)

Full Group

119

(415)

(414)

0%

802

(860)

--

Disc. elevator operations

5

271

263

97

912

773

SE: Sig. higher shipments (~30%), better product mix and improved utilization

Group continuing operations

(152)

(679)

(511)

25%

(110)

(1,633)

--

HQ: Stable qoq, but with sig. improvement yoy mainly due to lower G&A costs

  1. Figures incl. effects of IFRS 16 l 2. Organizational structure based on "newtk" until 30.09.2020 | 3. FY 2018/19 figures on a pro-forma basis | 4. Service and Special Units previously reported at Corporate are now combined in consolidation line as
    "Reconciliation" | 5. Incl. Elevator Technology and individual units from Corporate Headquarters
  1. | thyssenkrupp AG l November 2020

Overview - Business cash flow (BCF) and Free cash flow before M&A

[€ mn]

2018/19

2019/201

Q4

Q3

Q4

qoq

BCF

Automotive Technology (AT) 2,3

126

(215)

(141)

34%

Springs & Stabilizers 3

(32)

(46)

(43)

8%

System Engineering 3

29

(65)

2

++

BCF

Industrial Components (IC) 2,3

113

8

(45)

--

BCF

Elevator Technology (ET)

269

387

145

(63%)

BCF

Plant Technology (PT) 2,3

(111)

(163)

(248)

(52%)

BCF

Marine Systems (MS)

(129)

(139)

(51)

63%

BCF

Materials Services (MX)

689

(143)

(580)

--

BCF

Steel Europe (SE)

687

(268)

(180)

33%

Heavy Plate 3

(5)

(2)

(9)

--

BCF

Corporate Headquarters (HQ) 2,3

(113)

(69)

(61)

12%

BCF

Reconciliation 3,4

(34)

(79)

(152)

(91%)

BCF

Full Group

1,497

(682)

(1,314)

(93%)

Interest payments

(50)

(32)

(32)

0%

Tax payments

(42)

(57)

(33)

42%

FCF b. M&A Full Group

1,406

(770)

(1,380)

(79%)

FCF b. M&A Disc. elevator operations 5

173

467

123

(74%)

FCF b. M&A Group continuing operations

1,233

(1,238)

(1,503)

(21%)

2018/19

2019/201

FY

FY

yoy

(396)

(776)

(96%)

(170)

(174)

(2%)

(33)

(170)

--

232

(76)

--

781

721

(8%)

(253)

(411)

(63%)

(333)

(203)

39%

41

(1,351)

--

(72)

(1,574)

--

(81)

(64)

21%

(352)

(243)

31%

(308)

(419)

(36%)

(660)

(4,333)

--

(212)

(227)

(7%)

(268)

(275)

(3%)

(1,140)

(4,835)

--

615

680

10%

(1,756)

(5,515)

--

Q4 vs. Q3

AT: Higher earnings and NWC-release (inventories)

IC: Lower earnings, NWC-built up due to increased business activity at Forged Technologies (mainly receivables) and higher investments

PT: Mainly lower prepayments;

lower earnings and pandemic-induced lower prepayments yoy

MS: Determined by milestone payment profile and order intake related down payment, respectively

MX: Mainly due to normalization of NWC (incl. Factoring)

SE: Higher earnings additionally supported by stringent cash control and NWC-measures (mainly inventories and payables)

  1. Figures incl. effects of IFRS 16 l 2. Organizational structure based on "newtk" until 30.09.2020 | 3. FY 2018/19 figures on a pro-forma basis | 4. Service and Special Units previously reported at Corporate are now combined in consolidation line as
    "Reconciliation" | 5. Incl. Elevator Technology and individual units from Corporate Headquarters
  1. | thyssenkrupp AG l November 2020

Special items - continued focus on restructuring

Full Group [€ mn]

2018/19

2019/20

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Disposal effect

AT

Impairment

(1)

(2)

(2)

(85)

(90)

(5)

(81)

(7)

(577)

(670)

Restructuring

(6)

(6)

(94)

5

(14)

(87)

(190)

Others

(3)

(7)

8

(6)

(7)

(5)

8

(39)

(36)

Disposal effect

IC

Impairment

(3)

(2)

(1)

(46)

(100)

(147)

Restructuring

(1)

(4)

(9)

(14)

(1)

(1)

(3)

(16)

(21)

Others

(1)

(10)

(2)

(13)

Disposal effect

1

1

15,149

15,149

ET

Impairment

(4)

(5)

(4)

(4)

Restructuring

(3)

(22)

(13)

(19)

(56)

(7)

(6)

(4)

(10)

(28)

Others

(3)

(7)

(4)

(42)

(54)

(9)

(15)

(3)

(27)

Disposal effect

2

2

PT

Impairment

(1)

(1)

(1)

(2)

Restructuring

(2)

(1)

(2)

(7)

(13)

(1)

(6)

(5)

(16)

(28)

Others

(5)

5

(8)

(1)

(8)

Disposal effect

MS

Impairment

Restructuring

(1)

(1)

(4)

(1)

(5)

Others

Disposal effect

(1)

(1)

(1)

(1)

MX

Impairment

(1)

(4)

(5)

(2)

(492)

(494)

Restructuring

(3)

(2)

(5)

(15)

(24)

(2)

(15)

(9)

(89)

(115)

Others

2

(4)

(9)

(12)

2

1

(1)

(16)

(15)

Disposal effect

(4)

(20)

(3)

(1)

(28)

SE

Impairment

(1)

(1)

(1,558)

(1,558)

Restructuring

(1)

(1)

(1)

(3)

(1)

(124)

(10)

(17)

(152)

Others

1

(134)

12

(122)

HQ

Disposal effect

(10)

(25)

6

(9)

(39)

(22)

(83)

(7)

1

(111)

Impairment

(3)

(3)

(1)

(1)

Corp.

Restructuring

(1)

(1)

(1)

(11)

(14)

(16)

(12)

(2)

(1)

(30)

Others

(1)

16

(4)

1

14

1

(1)

(2)

(2)

Consolidation/Others

(2)

(3)

(4)

(13)

(21)

(4)

(4)

(2)

(170)

(180)

Group

(36)

(204)

(42)

(242)

(524)

(166)

(382)

(73)

11,956

11,334

Comments on Q4

  • Impairment fixed and current assets (increased WACC, lower sales and earnings expectations, also pandemic-related)
  • Restructuring at SY and SP and on segment level
  • Impairment of fixed assets, technical equipment and buildings
  • Restructuring mainly in Europe
  • Restructuring in Europe/Africa and Americas
  • Preparation of the carve-out
  • Counter effect by deconsolidation gain
  • Restructuring throughout the businesses
  • Impairments on financial assets and warehouse locations
  • Restructuring mainly in Germany, Great Britain, France and
    USA
  • Impairments at fixed assets (lower sales and earnings expectations, also pandemic-related)
  • Restructuring for steel strategy 20-30
  • Project expenses and income in connection with the Elevator transaction and separation from tkAG
  • Restructuring at tkAG
  • Mainly impairment on buildings at the thyssenkrupp Quarter

11 | thyssenkrupp AG l November 2020

Special items - new segment structure and new special items guideline

Continuing Operations [€ mn]

2019/20

Q1

Q2

Q3

Q4

MX

Disposal effect

1

5

Impairment

(2)

(377)

Restructuring

(1)

(9)

(3)

(71)

Disposal effect

IC

Impairment

(1)

(46)

(100)

Restructuring

(1)

(1)

(3)

(16)

AT

Disposal effect

(2)

Impairment

(1)

(78)

(6)

(565)

Restructuring

(37)

6

9

(35)

SE

Disposal effect

(3)

(3)

(1)

(10)

Impairment

(1,507)

Restructuring

(1)

(124)

(8)

(17)

MS

Disposal effect

Impairment

Restructuring

(4)

(1)

MT

Disposal effect

10

Impairment

(4)

(3)

(2)

(179)

Restructuring

(58)

(5)

(27)

(56)

Corp. HQ

Disposal effect

(22)

(83)

5

4

Impairment

(1)

Restructuring

(16)

(12)

(2)

(1)

Consolidation/Others

(4)

1

(1)

(142)

Cont. Ops.

(137)

(361)

(40)

(3,069)

FY

6

(379)

(85)

(147)

(21)

(2)

(650)

(56)

(16)

(1,507)

(150)

(5)

11

(188)

(146)

(97)

(1)

(30)

(146)

(3,607)

  • Stricter interpretation of special items guideline leading to less adjustments and therefore to better transparency and credibility both internally and externally
  • Revision affects restructuring measures and other non-operating gains and losses:
    • Only restructuring measures according to IFRS will be adjusted going forward
    • Other non-operating gains and losses will not be adjusted going forward

12 | thyssenkrupp AG l November 2020

Outlook 20/21: Step-up in operational performance, strongest contribution from value levers

New reporting structure as of October 01, 2020 [€ bn]

  • Increase in low to mid single-digit %-range, however, depending on customer demand recovery, particularly auto

Sales

• GDP assumptions 2021: Germany +3.9%, USA +3.5%, China +7.1%; before potential impact of 2nd wave of pandemic

(1.6)

mid 3-digit

-ve

EBIT

adj.

•

SE "low 3-digit-ve"

•

MT "low-mid3-digit-ve"

FY

Market

Value

Lower

FYE

19/20

levers

D/A

20/21

Continued qoq improvement in Q1 expected

Value levers of segments for structural improvements in FY 20/21 and beyond, e.g.

  1. Expansion of service offerings o New (higher margin) products
    • Steel, components for e-mobility
    • Alkaline water electrolysis
  1. Portfolio streamlining, footprint opt. o Personnel productivity
    o Process efficiencies o Project execution
    o Product quality improvements o Procurement gains

FCF

• ~€(1.5) bn -ve (vs. prior year €(5.5) bn -ve)

bef. M&A

mainly by: operational improvements; omission of one-timer (e.g. termination y/e NWC measures; cartel fine SE)

13 | thyssenkrupp AG l November 2020

Outlook 20/21: step-up in operational performance, strongest contribution from value levers

Continued qoq improvement in Q1 expected [€ mn]

19/201 20/21E

Outlook FY 20/21E

MX

(85)

Sig. improvement back to positive due to structural improvements, absence of negative one-time effects and sig.

increase in volumes (from low level, but not expected to return to pre-crisis levels)

IC

139

Slightly up, supported by recovery in the market for forgings and continued robust demand for bearings

AT

(166)

Recovery back to positive resulting mainly from rising contribution from the new plants and projects, continuing

efficiency measures and lower D/A

SE

(820)

Sig. improvement, but still negative in low 3-digit m€ range reflecting structural improvements from Strategy 20-30,

lower D/A and sig. volume recovery (from low level, but not expected to return to pre-crisis levels)

MS

20

Slightly up, supported by performance measures and improvements in project execution

MT

(593)

Significant improvement to a loss in low to mid 3-digit m€ range; substantial progress across all businesses

HQ/

(221)

Improvement vs. prior-year level

Cons./Others

(57)

EBIT adj.

(1,782)

Sig. improvement, but still a loss in the mid 3-digit m€ range due to clear structural progress in all businesses,

however dependent on the market development

Net income (5,541)

Sig. net loss >€(1) bn, despite clear operating improvements and the absence of impairments from the prior year

Sig. improvement, but still negative ~€(1.5) bn, supported by operating improvements in all segments, absence of

FCF b. M&A (5,515)charges from normalization of NWC, absence of cartel fine at SE, with continuing restructuring expenses (low to mid 3-digit m€ range) and depending on cash inflows from OI and payment profile of projects at MS and PT (MT)

  1. 2019/20 figures adjusted for Portfolio changes and new special items guideline
  1. | thyssenkrupp AG l November 2020

Q4 19/201 Q1 20/21E

(51)

17

(112)

(203)

12

(211)

(46)

(31)

(624)

(3,532)

(1,503)

Materials Services: yoy increase back to profitability by growth from market recovery and business

transformation plus effective management initiatives

EBIT adj. [€ mn]

low to mid 2-digit +ve

Bottom-line

(31)

Top-line

(110)

79

FY

Shift to

FY 19/20

Upside by

FYE

value levers,

19/20

Multi Tracks

pro-forma1

20/21

markets2

Sales initiatives for growth in products and services

  • Regional focus particularly on North America and Eastern Europe in addition to increase of shipments by market recovery
  • Ramp-upof growth strategy "Materials-as-a-Service"for new revenue streams with opportunity for margin upside

Holistic approach to push efficiency

  • Complexity reduction by portfolio streamlining with best- owner-approach
  • Drive cost efficiency along the value chain (incl. G&A) by regionally tailored measures
    • Optimization of footprint and logistics concept
    • Operational excellence on shopfloor and in transportation
    • Purchasing excellence

Forward topics

  • Targeted small-scale M&A activities in attractive North American market
  1. €(85) mn incl. one-time charges due to stricter special items guideline l 2. Net of adverse effects
  1. | thyssenkrupp AG l November 2020

Industrial Components: foster market leading positions supported by stringent cost control

and robust market growth

EBIT adj. [€ mn]

Market growth and increase in market share

slightly

up

Bottom-

line

Top-line

  • Market expectations 2021 yoy
    • wind energy:
      longer-termgrowth with continued high level in 2021 despite pull- forward effects in 2020 in China from expiring subsidies
    • auto production:
      significant recovery, however below pre-pandemic levels
    • construction machinery:overall stable, China slightly up
  • Better product mix and additional new products and services

− Bearings:extending existing lines in LCC/BCC and continuous

product development together with global customers

− Forged Technologies:new service line (2nd brand strategy) for

138

undercarriages components and start of prototype production for

front axles

Efficiency gains by continuous and consequent cost control

• Improvement of personnel productivity and reduction of

personnel cost, e.g. restructuring

FY

Upside by

FYE

• Production cost optimization by reduction of specific input factors

value levers,

20/21

19/201

• Improving operational excellence, e.g. de-bottlenecking or

markets2

optimizing process cycles

• Sustainable savings in purchasing, e.g. multiple sourcing

  1. €139 mn incl. one-time charges due to stricter special items guideline l 2. Net of adverse effects
  1. | thyssenkrupp AG l November 2020

Automotive Technology: strict cost control and efficiency measures turn around earnings back to profitability

EBIT adj. [€ mn]

Market recovery

Incl. lower D/A

by ~€60 mn

SP: +89

SY (BTS,PTS):

(116)

+55

(260)

144

mid to high 2-digit m€

Bottom-

line

Top-line

  • Auto production 2021E higher yoy, mainly Europe and NAFTA3, however below pre-pandemiclevels and with still high uncertainty in market environment
  • Further ramp-upof new projects and plants mainly at Steering

Efficiency gains by continuous and consequent cost control

• Improving personnel productivity, e.g. restructuring

− Reduction of ~800 FTE in 20/21E mainly at Damper

and SY Body

− Annual savings in low 2-digit mn € range

• Operational Excellence

FY

Shift to

FY 19/20

Omission

Upside by

FYE

value levers,

20/21

19/20

Multi Tracks

pro-forma1

one-offs

markets2

  1. €(166) mn incl. one-time charges due to stricter special items guideline l 2. Net of adverse effects | 3. Source: IHS light vehicle model production
  1. | thyssenkrupp AG l November 2020

− Optimization of production, reduction of operational

costs linked with improvement of quality as well as

optimized R&D structure

− Strategic Supplier Management / Procurement

Marine Systems: diligent calculation, strict cost control and efficiency measures turn around earnings

EBIT adjusted in million €

Slightly

up

Bottom

line

Top line

18

FY

Upside by

FYE

value levers,

19/201

20/21

markets2

1. €20 mn incl. structural changes going forward l 2. Net of adverse effects

18 | thyssenkrupp AG l November 2020

Organic growth from order backlog and project funnel

  • Tamandaré project (frigates for Brazil)
  • Finalize contractual negotiations submarines Norway/Germany

Performance measures and consequent cost control

  • Performance push naval electronic systems (e.g. restructuring location Wedel)
  • Performance push Service
  • Additional push from commercial project execution
    • Procurement Excellence
    • Optimization of project execution via integrated project teams
    • Structural changes along the value chain

Forward topics

  • Advancing existing products
  • Modernization Kiel shipyard

Steel Europe: significant improvement by volume recovery and acceleration of strategy SE 20-30

EBIT adj. [€ mn]

low

3-digit-ve

Market recovery

• Increase in shipments by up to ~+10%,

mainly recovery in Auto and Industry

− Ramp-up of "focus products" as main driver

(~+20% yoy, mainly Auto)

• Better utilization leads to significantly improved cost base in

up-/downstream operations and raw materials consumption

• High level of I/O prices a potential push for steel prices

(946)

(832)

Bottom-

line

Top line

Incl. lower D/A

by ~€140 mn

Restructuring and further efficiency from SE 20-30

• Bundling of functions and new organizational set-up

− Further reduction of >200 FTEs, mainly in administration;

~550 FTEs already reduced in FY 19/20;

savings of mid 2-digit €mn

115

FY

Shift to

Act

Upside by

FYE

19/20

value levers,

19/20

Multi Tracks

20/21

pro-forma1

markets2

• Further efficiency gains of ~€50 mn

Forward topics:

  • Work towards climate neutrality with strong concepts
    "tkH2Steel"
  1. €(820) mn incl. one-time charges due to stricter special items guideline l 2. Net of adverse effects
  1. | thyssenkrupp AG l November 2020

Group of Companies - target portfolio defined for turnaround and true performance culture

Reporting structure as of October 01, 2020

Former BA Structure

Automotive

Industrial

Elevator

Plant

Marine

Materials

Steel

Technology

Components

Technology

Technology

Systems

Services

Europe

AT

PT

Bearings

MX

Springs & Stabilizers

ET

Cement Technologies

MS

SE

Powertrain Solutions

Forged

Chemical & Process

AST

Technologies

Technologies

Battery Solutions

Mining Technologies

Infrastructure

Heavy Plate

Group of Companies

Industrial

Automotive

Steel

Marine

Materials Services

Components

Technology

Europe

Systems

Multi Tracks1

Bearings

MX

AT

SE

MS

Forged

Technologies

AST

SP

CEM

SY PTS

SY BTS

CC

CPT

HP

tkE stake

MIN

Infrastructure

Stand alone

Dual Track

tk not best sole owner

Evolve on their own

Evolve on their own or

Sell, Partnership, Close

Sales2

by industry consolidation

€9.9 bn

€2.1 bn

€4.1 bn

€7.0 bn

€1.8 bn

€5.5 bn

EBIT adj.2,3

€(85) mn

€139 mn

€(166) mn

€(820) mn

€20 mn

€(593) mn

1. HP: Heavy plate (SE); Infrastructure: Technical Services excl. Mill Services & Systems (MX); SP: Springs & Stabilizers (AT); BTS: OU Battery Solutions (SY); PTS: OU Powertrain Solutions (SY); AST: Acciai Speciali Terni, stainless steel production and stainless

distribution (MX); CPT: Chemical Plants, MIN: Mining, CEM: Cement (PT), CC: Carbon Components l 2. Prof-forma based on FY 2019/20 l 3. Adjustments according to stricter guideline special items as of October 01, 2020

Shift to Multi Track

20 | thyssenkrupp AG l November 2020

Key financials

Full Group

[€ mn]

2018/19

2019/201)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Order intake

10,111

10,360

10,219

11,303

41,994

9,660

9,542

6,693

8,996

34,891

Sales

9,736

10,638

10,779

10,843

41,996

9,674

10,108

7,710

7,951

35,443

EBITDA

465

321

483

256

1,525

237

(6)

(176)

14,669

14,725

EBITDA adjusted

500

526

519

413

1,958

398

258

(111)

(98)

447

EBIT

181

32

183

(124)

272

(115)

(462)

(488)

11,541

10,475

EBIT adjusted

217

240

226

119

802

50

(80)

(415)

(414)

(860)

EBT

99

(55)

80

(207)

(83)

(206)

(537)

(574)

11,429

10,112

Net income/(loss)

68

(161)

(77)

(89)

(260)

(364)

(946)

(668)

11,570

9,592

attrib. to tk AG stockh.

60

(173)

(94)

(97)

(304)

(372)

(948)

(678)

11,583

9,585

Earnings per share2) (€)

0.10

(0.28)

(0.15)

(0.16)

(0.49)

(0.60)

(1.52)

(1.09)

18.61

15.40

Operating cash flow

(2,245)

319

218

1,781

72

(2,144)

132

(489)

(825)

(3,326)

Cash flow from divestm.

25

27

8

49

108

18

11

21

14,716

14,766

Cash flow from investm.

(257)

(323)

(375)

(489)

(1,443)

(327)

(359)

(292)

(1,374)

(2,352)

Free cash flow

(2,477)

22

(149)

1,341

(1,263)

(2,453)

(215)

(760)

12,516

9,088

FCF before M&A

(2,477)

23

(92)

1,406

(1,140)

(2,476)

(209)

(770)

(1,380)

(4,835)

TK Value Added

(1,068)

9,073

Ø Capital Employed

16,058

16,623

16,815

16,749

16,749

17,851

18,220

18,266

17,526

17,526

Cash and cash equivalents

(incl. short-term securities)

2,303

2,947

2,845

3,712

3,712

2,087

2,525

2,591

11,555

11,555

Net financial debt

4,684

4,834

5,101

3,703

3,703

7,138

7,549

8,461

(5,053)

(5,053)

Equity

3,274

2,882

2,494

2,220

2,220

1,934

1,174

(9)

10,174

10,174

Employees

161,496

161,153

161,740

162,372

162,372

161,538

160,090

155,446

103,598

103,598

  1. Figures incl. effects of IFRS 16 | 2. Attributable to tk AG's stockholders
  1. | thyssenkrupp AG l November 2020

NFD includes €1 bn IFRS 16 effect

Key financials

[€ mn]

Continuing operations

2018/19

2019/201)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Order intake

7,968

8,366

8,221

9,270

33,825

7,429

7,559

4,793

8,369

28,150

Sales

7,813

8,768

8,738

8,717

34,036

7,629

8,247

5,765

7,258

28,899

EBITDA

245

129

239

39

652

9

(136)

(417)

(534)

(1,079)

EBITDA adjusted

296

327

281

141

1,046

129

40

(374)

(195)

(400)

EBIT

(18)

(137)

(39)

(318)

(511)

(302)

(561)

(729)

(3,663)

(5,255)

EBIT adjusted

13

41

(13)

(152)

(110)

(177)

(266)

(679)

(511)

(1,633)

EBT

(96)

(224)

(125)

(410)

(855)

(382)

(630)

(810)

(3,771)

(5,593)

Net income/(loss)

(64)

(272)

(213)

(562)

(1,110)

(442)

(688)

(879)

(3,532)

(5,541)

attrib. to tk AG stockh.

(72)

(283)

(229)

(569)

(1,153)

(449)

(691)

(819)

(3,588)

(5,547)

Earnings per share2) (€)

(0.11)

(0.46)

(0.37)

(0.91)

(1.85)

(0.72)

(1.11)

(1.33)

(5.75)

(8.91)

Operating cash flow

(2,255)

72

(53)

1,572

(664)

(2,109)

(58)

(1,004)

(1,053)

(4,224)

Cash flow from divestm.

23

26

7

45

101

18

6

21

14,738

14,783

Cash flow from investm.

(233)

(286)

(289)

(402)

(1,210)

(295)

(318)

(241)

(1,334)

(2,188)

Free cash flow

(2,465)

(188)

(335)

1,215

(1,773)

(2,385)

(371)

(1,224)

12,351

8,371

FCF before M&A

(2,465)

(188)

(335)

1,233

(1,756)

(2,405)

(369)

(1,238)

(1,503)

(5,515)

Employees

108,211

108,235

108,727

109,288

109,288

108,700

107,523

104,356

103,598

103,598

  1. Figures incl. effects of IFRS 16 | 2. Attributable to tk AG's stockholders
  1. | thyssenkrupp AG l November 2020

Sales by region FY 2019/20

[Continuing Operations, %]

Automotive

Industrial

Plant

Marine

Materials

Steel

thyssenkrupp

Technology

Components

Technology

Systems

Services

Europe

Cont. Ops.

Worldwide (€mn)

4,702

2,099

2,896

1,750

11,300

7,269

28,899

DACHLI1

29.6

19.1

7.4

18.4

36.8

54.6

33.3

Germany

28.3

17.0

7.1

18.4

34.1

52.2

31.2

Central/ Eastern Europe

6.0

1.9

16.9

0.0

12.3

7.5

9.3

Western Europe

16.2

19.0

4.0

7.0

22.7

21.1

18.7

North America

22.1

20.7

7.2

0.4

21.2

7.6

15.7

USA

17.7

17.8

3.9

0.4

17.5

4.9

12.5

South America

1.9

5.4

6.8

0.6

0.3

1.4

1.9

Asia/Pacific

0.9

3.2

20.7

21.3

3.3

0.8

5.2

CIS

0.3

0.8

5.7

0.0

0.3

0.8

1.0

Greater China

21.4

27.8

6.6

0.0

0.9

1.9

7.0

China

21.4

27.6

5.0

0.0

0.6

1.9

6.7

India

0.2

1.4

8.6

2.1

0.5

0.6

1.5

Middle East & Africa

1.4

0.8

16.0

50.1

1.6

3.7

6.5

1. D = Germany, A = Austria, CH = Switzerland, LI = Liechtenstein l 2. Incl. Marine Systems

23 | thyssenkrupp AG l November 2020

Sales by customer group FY 2019/20

[Continuing Operations, %]

Automotive

Industrial

Plant

Marine

Materials

Steel

thyssenkrupp

Technology

Components

Technology

Systems

Services

Europe

Cont. Ops.

Overall (€mn)

4,702

2,099

2,896

1,750

11,300

7,269

28,899

Automotive

93.2

30.1

0.0

0.0

14.0

28.0

29.7

Steel and related processing

0.1

1.5

0.8

0.0

19.2

20.5

12.0

Trading

4.9

3.5

0.6

0.3

16.6

24.0

11.1

Construction

0.0

0.7

0.0

0.0

5.8

0.3

2.4

Engineering

0.6

60.3

49.5

0.7

9.2

3.5

13.7

Public sector

0.0

0.2

0.0

96.4

0.4

0.0

6.0

Energy andutilities

0.0

1.0

0.0

0.0

1.2

2.8

1.3

Packaging

0.0

0.1

0.1

0.0

0.8

16.5

4.5

Other customer groups

1.2

2.6

49.0

2.7

32.9

4.3

19.4

1. D = Germany, A = Austria, CH = Switzerland, LI = Liechtenstein l 2. Incl. Marine Systems

24 | thyssenkrupp AG l November 2020

AT

Automotive Technology1

[€ mn]

2018/192)

2019/203)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Order intake

1,283

1,306

1,308

1,354

5,251

1,353

1,182

815

1,260

4,610

Sales

1,231

1,358

1,365

1,453

5,407

1,367

1,267

842

1,226

4,702

EBITDA

67

61

65

16

210

(2)

17

(62)

(164)

(210)

EBITDA adjusted

70

68

57

29

224

94

27

(56)

(25)

40

EBIT

9

0

2

(136)

(126)

(78)

(130)

(142)

(807)

(1,157)

EBIT adjusted

13

9

(5)

(39)

(22)

21

(49)

(129)

(104)

(260)

EBIT adj. margin (%)

1.0

0.7

(0.3)

(2.7)

(0.4)

1.6

(3.9)

(15.3)

(8.5)

(5.5)

tk Value Added

(381)

(1,421)

Ø Capital Employed

2,784

2,909

2,988

3,006

3,006

3,081

3,132

3,172

3,110

3,110

BCF

(313)

(134)

(75)

126

(396)

(251)

(169)

(215)

(141)

(776)

CF from divestm.

1

0

1

0

2

0

1

4

2

7

CF for investm.

(100)

(98)

(93)

(105)

(396)

(100)

(75)

(65)

(132)

(372)

Employees

24,712

24,984

25,513

25,834

25,834

25,891

25,572

24,793

24,763

24,763

Current trading conditions

  • Order intake in Q4 at €1,260 mn (+55% qoq; -7% yoy, ex F/X -4%); sales in Q4 at €1,226 mn (+46% qoq; -16% yoy, ex F/X -13%)
    • Order and sales recovery by ~50% qoq in almost all business driven by restart of auto production and additionally supported by state stimulus packages and other incentives; support from ramp-up of new plants and projects mainly at Steering
  • EBIT adj. in Q4 at €(104) mn 19% up qoq, but significantly below prior year
    • Demand recovery leading to strong qoq operating improvement vs. one-time effects in low 3-digit €mn range not adjusted as special items (revaluation of orders for automotive production lines, allocations to order-related provisions and impairment losses on current assets)
    • Springs & Stabilizers and System Engineering still negative; restructuring continues (SP: closure Olpe, realignment Hagen, SY: operational realignment by splitting into two

independent companies for body and battery/powertrain with subsequent restructuring)

  1. Organizational structure based on "newtk" until 30.09.2020: Former Components Technology renamed Automotive Technology, now incl. System Engineering (previously part of former Industrial Solutions) | 2. Fig. on a pro-forma basis | 3. Fig. incl. effects of IFRS 16
  1. | thyssenkrupp AG l November 2020

IC

Industrial Components1

[€ mn]

2018/192)

2019/203)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Order intake

643

702

661

631

2,636

558

589

432

517

2,095

Order backlog

938

1,014

1,010

1,005

1,005

1,013

1,011

980

946

946

Sales

573

650

660

639

2,522

544

573

452

530

2,099

EBITDA

72

86

84

83

325

72

81

50

24

228

EBITDA adjusted

73

87

99

94

353

73

82

53

45

253

EBIT

42

56

52

51

201

43

5

23

(100)

(29)

EBIT adjusted

43

57

69

61

230

44

52

26

16

138

EBIT adj. margin (%)

7.5

8.7

10.5

9.6

9.1

8.1

9.0

5.8

3.1

6.6

tk Value Added

82

(157)

Ø Capital Employed

1,364

1,380

1,393

1,391

1,391

1,502

1,516

1,514

1,504

1,504

BCF

46

26

46

113

232

(50)

11

8

(45)

(76)

CF from divestm.

5

1

1

5

12

0

0

(0)

1

1

CF for investm.

(12)

(18)

(26)

(46)

(103)

(28)

(25)

(34)

(88)

(176)

Employees

14,493

14,350

14,120

13,773

13,773

13,528

13,318

12,517

12,500

12,500

Current trading conditions

  • Order intake in Q4 at €517 mn (+20% qoq; -18% yoy, ex F/X -14%); sales in Q4 at €530 mn (+17% qoq; -17% yoy, ex F/X -13%)
    • Bearings: good development overall esp. wind energy China and exploration, slight decrease in components for cranes, pandemic-induced decline at aerospace and auto components
    • Forged Technologies: sig. up qoq due to demand recovery; yoy however down due to pandemic-driven demand decline as well as ongoing cyclical downturn; cars/trucks with sig. decline in cyclical Class 8 truck market (esp. USA); undercarriages with continued cyclical demand decline, partially compensated by broader product portfolio and exploitation of new markets and business segments

EBIT adj. in Q4 at €16 mn below prior quarter (-39%) and prior year (-74%)

  • Bearings: overall with positive volume and structural effects, however temporarily slightly lower
  • Forged Technologies: earnings and margin improvement following sales recovery

1. Organizational structure based on "newtk" until 30.09.2020: Incl. Bearings and Forged Technologies (previously part of former Components Technology) | 2. Figures on a pro-forma basis | 3. Figures incl. effects of IFRS 16

26 | thyssenkrupp AG l November 2020

PT

Plant Technology1

[€ mn]

2)

3)

2018/19

2019/20

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Order intake

668

513

1,048

614

2,844

568

457

360

285

1,670

Order backlog

5,021

4,881

5,189

4,847

4,847

4,615

4,252

3,971

3,424

3,424

Sales

615

669

725

935

2,943

755

737

644

761

2,897

EBITDA

(29)

(17)

(50)

(31)

(127)

(8)

(16)

(91)

(102)

(217)

EBITDA adjusted

(22)

(21)

(43)

(23)

(109)

(7)

(10)

(86)

(86)

(190)

EBIT

(37)

(26)

(63)

(38)

(164)

(19)

(27)

(102)

(117)

(265)

EBIT adjusted

(30)

(30)

(55)

(30)

(145)

(18)

(21)

(97)

(100)

(235)

EBIT adj. margin (%)

(4.9)

(4.4)

(7.5)

(3.3)

(4.9)

(2.3)

(2.8)

(15.0)

(13.1)

(8.1)

tk Value Added

(152)

(253)

Ø Capital Employed

(64)

(86)

(139)

(152)

(152)

(191)

(201)

(180)

(141)

(141)

BCF

(31)

0

(111)

(111)

(253)

123

(124)

(163)

(248)

(411)

CF from divestm.

1

0

5

21

28

14

1

(0)

1

15

CF for investm.

(8)

(9)

(9)

(9)

(35)

(8)

(9)

(4)

(16)

(36)

Employees

11,113

11,107

11,423

11,419

11,419

11,300

11,218

10,919

10,753

10,753

Current trading conditions

  • Order intake in Q4 at €285 mn (-54% yoy, ex F/X -52%); down yoy due to medium-sized chemical and mining orders in prior year; market for new orders still challenging due to pandemic, however first green shoots in project activity; robust service business
    • Chemicals: increasing customer interest for electrolysis plants and equipment
    • Cement: overall positive development, upgrade for existing cement line in Q4
    • Mining: pandemic-induced slower customer activity overall; however medium-sized order for port handling equipment in Q4
  • Sales in Q4 at €761 mn (-19% yoy, ex F/X -16%);ramp-up of large chemical orders and robust service business partially compensate still ongoing pandemic decline
  • EBIT adj. in Q4 at €(100) mn below prior year and negative as higher chemical earnings, G&A cost reductions and robust service couldn't compensate pandemic effects (mainly underutilization, additional construction site costs and lower project billing overall)

1. Organizational structure based on "newtk" until 30.09.2020: Former Industrial Solutions renamed Plant Technology (now excl. System Engineering, now part of Automotive Technology) | 2. Figures on a pro-forma basis | 3. Figures incl. effects of IFRS 16

27 | thyssenkrupp AG l November 2020

MS

Marine Systems

[€ mn]

2018/19

2019/201)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Order intake

107

133

145

1,807

2,192

103

132

123

1,869

2,227

Order backlog

5,300

4,944

4,571

5,887

5,887

5,610

5,313

5,045

6,029

6,029

Sales

298

497

510

496

1,800

381

423

385

561

1,750

EBITDA

12

12

12

16

52

13

13

18

28

72

EBITDA adjusted

12

12

13

16

53

13

16

19

28

77

EBIT

0

(0)

(1)

1

0

(0)

(2)

3

11

13

EBIT adjusted

0

(0)

(0)

1

1

(0)

2

4

12

18

EBIT adj. margin (%)

0.0

(0.0)

(0.0)

0.0

0.0

0.0

0.5

1.0

2.1

1.0

tk Value Added

(74)

(89)

Ø Capital Employed

710

799

883

927

927

1,196

1,206

1,225

1,266

1,266

BCF

(148)

(131)

76

(129)

(333)

(49)

37

(139)

(51)

(203)

CF from divestm.

1

0

(0)

0

1

0

0

0

(0)

0

CF for investm.

(8)

(9)

(13)

(28)

(59)

(13)

(19)

(12)

(30)

(73)

Employees

5,868

5,859

5,870

6,013

6,013

6,104

6,133

6,161

6,321

6,321

Current trading conditions

Q4 Order Intake: positive due to contract for 4 frigates for Brazilian navy, which came into effect

Q4 Sales: Better progress as planned and over prior quarter on the execution of contracts due to subcontractors in submarine business Q4 EBIT adj. better qoq and yoy, as measures for performance improvement gain traction

Q4 BCF determined by milestone payment profile and order intake related down payment, respectively

1. Figures incl. effects of IFRS 16

28 | thyssenkrupp AG l November 2020

MX

Materials Services

[€ mn]

2018/19

2019/201)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Order intake

3,370

3,821

3,336

3,340

13,868

3,078

3,325

2,242

2,741

11,386

thereof Materials Production

401

489

401

431

1,721

427

545

225

495

1,691

Sales

3,388

3,696

3,505

3,291

13,881

3,046

3,389

2,245

2,620

11,300

thereof Materials Production

390

463

453

430

1,736

389

461

337

348

1,535

EBITDA

49

79

63

(11)

180

54

58

(66)

(169)

(123)

EBITDA adjusted

50

81

72

17

220

55

72

(55)

(2)

69

thereof Materials Production

16

6

12

8

42

7

5

(21)

(28)

(38)

EBIT

22

51

34

(41)

66

11

14

(111)

(646)

(733)

EBIT adjusted

22

53

43

(12)

107

11

28

(100)

(48)

(110)

thereof Materials Production

7

(4)

3

(2)

4

(3)

(5)

(31)

(39)

(78)

EBIT adj. margin (%)

0.7

1.4

1.2

(0.4)

0.8

0.4

0.8

(4.5)

(1.8)

(1.0)

thereof Materials Production

1.8

(0.8)

0.6

(0.4)

0.2

(0.8)

(1.2)

(9.3)

(11.1)

(5.1)

tk Value Added

(244)

(1,045)

Ø Capital Employed

3,782

3,898

3,914

3,866

3,866

4,035

4,179

4,183

3,901

3,901

BCF

(879)

417

(186)

689

41

(907)

280

(143)

(580)

(1,351)

thereof Materials Production

(134)

18

(22)

144

6

(224)

(22)

(13)

(222)

(481)

CF from divestm.

1

17

1

13

33

5

4

1

11

21

CF for investm.

(18)

(36)

(30)

(51)

(135)

(23)

(34)

(33)

(74)

(164)

Employees

20,378

20,302

20,242

20,340

20,340

20,238

20,023

19,239

18,817

18,817

Current trading conditions

Sales in Q4 significantly up qoq: Improved market environment; Significant higher volumes in warehousing, distribution and auto-related service centers mainly due to higher demand in Europe and North America; Price recovery at carbon steel in September (however still on low level)

EBIT adj. in Q4 improved qoq but still negative: Earnings recovery especially at auto-related service centers; Covid-19 countermeasures e.g. G&A cost reductions cannot compensate underutilization; AST with negative earnings contribution due to unfavourable price situation for stainless steel (especially low basic price level); BCF in Q4 significantly negative mainly due to the normalization of net working capital

1. Figures incl. effects of IFRS 16

29 | thyssenkrupp AG l November 2020

SE

Steel Europe

[€ mn]

2018/19

2019/201)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Order intake

2,341

2,451

2,177

1,814

8,784

2,115

2,259

943

2,008

7,325

Sales

2,131

2,350

2,347

2,237

9,065

1,851

2,154

1,455

1,810

7,269

EBITDA

147

(6)

121

58

321

(48)

(218)

(228)

(142)

(635)

EBITDA adjusted

152

149

113

61

475

(46)

(94)

(218)

(122)

(480)

EBIT

34

(118)

9

(48)

(123)

(166)

(332)

(344)

(1,815)

(2,656)

EBIT adjusted

38

37

1

(45)

31

(164)

(208)

(334)

(240)

(946)

EBIT adj. margin (%)

1.8

1.6

0.0

(2.0)

0.3

(8.9)

(9.6)

(22.9)

(13.3)

(13.0)

tk Value Added

(586)

(3,111)

Ø Capital Employed

5,307

5,498

5,532

5,447

5,447

5,396

5,546

5,549

5,352

5,352

BCF

(832)

(52)

124

687

(72)

(1,045)

(81)

(268)

(180)

(1,574)

CF from divestm.

11

0

(0)

1

12

(2)

(1)

(1)

(9)

(14)

CF for investm.

(94)

(117)

(110)

(161)

(482)

(121)

(141)

(90)

(146)

(498)

Employees

27,613

27,882

27,934

28,278

28,278

28,093

27,869

27,559

27,434

27,434

Current trading conditions

  • EU carbon flat steel market with further economic slowdown, mainly driven by:
    • extremely challenging market environment due to corona pandemic, continuing structural overcapacities, risks from trade imbalances, increased iron ore prices with falling revenues
    • increasing geopolitical and foreign trade tensions and uncertainties
    • still noticeably high imports (in particular Turkey, Russia, South Korea) and safeguard measures so far had not a major limiting effect
  • Shipments sig. increased in Q4 QoQ (2.3 mt vs. prior quarter 1.8 mt), driven by rebound of demand in almost all industries, in particular Auto; shipments below Q4 prior year (2.6 mt)
  • Sales in Q4 up QoQ due to sig. higher shipments with better product mix (auto demand), but still below prior year due to lower sales price levels yoy
  • EBIT adj. in Q4 sig. up QoQ due to sig. higher shipments with better product mix and improved utilization, but still impacted by corona pandemic; still below Q4 prior year due to temporary inefficient cost base, which is already addressed with our Strategy 20/30

1. Figures incl. effects of IFRS 16

30 | thyssenkrupp AG l November 2020

Volume KPI's of Materials Businesses

2011/12

2012/13

2013/14

2014/15

2015/16

2016/17

2017/18

2018/19

2019/20

FY

FY

FY

FY

FY

FY

FY

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Total shipments

kt

10,868

10,669

13,615

13,421

12,605

10,966

11,096

2,376

2,672

2,388

2,413

9,849

2,254

2,410

1,977

2,083

8,725

MX Warehousing shipments1

kt

5,470

5,300

5,592

5,532

5,518

5,686

5,944

1,338

1,568

1,442

1,436

5,784

1,263

1,519

1,033

1,323

5,139

Shipments AST2

kt

-

-

537

747

848

853

888

192

229

222

202

844

180

230

176

184

770

Crude Steel

kt

11,860

11,646

12,249

12,392

12,021

12,060

11,839

2,821

2,902

2,750

2,813

11,286

2,840

2,752

2,044

2,223

9,859

Steel Europe AG

kt

8,408

8,487

8,936

9,276

9,336

9,440

9,171

2,170

2,246

2,110

2,149

8,675

2,167

2,037

1,559

1,806

7,568

HKM

kt

3,452

3,160

3,313

3,116

2,686

2,620

2,668

651

655

640

665

2,611

674

716

485

417

2,291

SE

Shipments

kt

12,009

11,519

11,393

11,725

11,174

11,433

11,302

2,397

2,699

2,720

2,636

10,452

2,242

2,797

1,808

2,335

9,182

Cold-rolled

kt

7,906

7,437

7,137

7,182

7,048

7,169

6,995

1,543

1,718

1,664

1,648

6,572

1,479

1,766

1,163

1,555

5,964

Hot-rolled

kt

4,103

4,082

4,256

4,543

4,126

4,265

4,307

854

981

1,057

989

3,880

759

1,016

637

765

3,177

Average Steel revenues per ton3

139

127

119

114

107

122

132

139

137

134

132

135

131

122

123

123

125

USD/EUR

Aver.

1.30

1.31

1.36

1.15

1.11

1.10

1.19

1.14

1.14

1.12

1.11

1.13

1.11

1.10

1.10

1.17

1.12

USD/EUR

Clos.

1.29

1.35

1.26

1.12

1.12

1.18

1.16

1.15

1.12

1.14

1.09

1.09

1.12

1.10

1.12

1.17

1.17

  1. Excl. AST/VDM shipments | 2. Included at MX since March '14 | 3. Indexed: Q1 2004/05 = 100
  1. | thyssenkrupp AG l November 2020

HQ

Corporate Headquarters

[€ mn]

2018/19

1)

2019/20

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

EBITDA

(69)

(60)

(52)

(90)

(271)

(99)

(154)

(45)

(39)

(336)

EBITDA adjusted

(57)

(51)

(53)

(71)

(232)

(61)

(58)

(36)

(38)

(193)

EBIT

(74)

(64)

(59)

(95)

(293)

(103)

(159)

(49)

(42)

(354)

EBIT adjusted

(63)

(55)

(57)

(76)

(252)

(66)

(63)

(40)

(41)

(210)

BCF

(73)

(99)

(67)

(113)

(352)

(50)

(62)

(69)

(61)

(243)

Employees

1,187

1,119

1,092

1,057

1,057

1,041

969

835

809

809

thereof GER / tk AG

833

774

758

743

743

730

679

560

547

547

thereof Regions

354

345

334

314

314

311

290

275

262

262

  • As of FY 2019/20 the administrative units of Corporate and the regions are shown as Corporate Headquarters. The Service Units and Special Units will be shown in Reconciliation line.
  • Corporate HQ with significant improvement yoy, mainly attributable to measures aimed at reducing administrative costs, particularly staff costs in the corporate functions, as well as lower IT costs.
  • Conformation of targeted headcount reduction for tk AG of down to ~400 FTE:
    • ~200 FTE decided to join a transfer company or left directly in FY 2019/20
    • ~130 FTE transferred to Service and Special units and will be reported in Reconciliation line from Oct 1, 2020 on

1. Figures incl. effects of IFRS 16

32 | thyssenkrupp AG l November 2020

Business Area Overview - Quarterly Order Intake

[€ mn]

2018/19

2019/20

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Automotive Technology1)2)

1,283

1,306

1,308

1,354

5,251

1,353

1,182

815

1,260

4,610

Industrial Components1)2)

643

702

661

631

2,636

558

589

432

517

2,095

Elevator Technology

2,143

1,995

1,999

2,035

8,171

2,232

1,982

1,898

627

6,739

Plant Technology1)2)

668

513

1,048

614

2,844

568

457

360

285

1,670

Marine Systems

107

133

145

1,807

2,192

103

132

123

1,869

2,227

Materials Services

3,370

3,821

3,336

3,340

13,868

3,078

3,325

2,242

2,741

11,386

Steel Europe

2,341

2,451

2,177

1,814

8,784

2,115

2,259

943

2,008

7,325

Corporate Headquarters1)2)

(0)

1

1

3

5

1

(0)

2

1

4

Reconciliation2)3)

(443)

(562)

(457)

(295)

(1,758)

(348)

(384)

(121)

(313)

(1,165)

Full Group

10,111

10,360

10,219

11,303

41,994

9,660

9,542

6,693

8,996

34,891

Disc. elevator operations4)

2,143

1,994

1,999

2,034

8,169

2,232

1,983

1,900

627

6,741

Group continuing operations

7,968

8,366

8,221

9,270

33,825

7,429

7,559

4,793

8,369

28,150

  1. Organizational structure based on "newtk" until 30.09.2020 | 2. FY 2018/19 figures on a pro-forma basis | 3. Service and Special Units previously reported under Corporate are now combined in consolidation line as "Reconciliation" |
  1. Incl. Elevator Technology and individual units from Corporate Headquarters

33 | thyssenkrupp AG l November 2020

Business Area Overview - Quarterly Sales

[€ mn]

2018/19

2019/20

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Automotive Technology1)2)

1,231

1,358

1,365

1,453

5,407

1,367

1,267

842

1,226

4,702

Industrial Components1)2)

573

650

660

639

2,522

544

573

452

530

2,099

Elevator Technology

1,923

1,869

2,042

2,125

7,960

2,045

1,860

1,947

694

6,546

Plant Technology1)2)

615

669

725

935

2,943

755

737

644

761

2,897

Marine Systems

298

497

510

496

1,800

381

423

385

561

1,750

Materials Services

3,388

3,696

3,505

3,291

13,881

3,046

3,389

2,245

2,620

11,300

Steel Europe

2,131

2,350

2,347

2,237

9,065

1,851

2,154

1,455

1,810

7,269

Corporate Headquarters1)2)

(0)

1

1

3

5

1

1

1

7

9

Reconciliation2)3)

(424)

(452)

(374)

(336)

(1,586)

(316)

(297)

(261)

(256)

(1,130)

Full Group

9,736

10,638

10,779

10,843

41,996

9,674

10,108

7,710

7,951

35,443

Disc. elevator operations4)

1,923

1,870

2,041

2,126

7,960

2,044

1,861

1,946

693

6,544

Group continuing operations

7,813

8,768

8,738

8,717

34,036

7,629

8,247

5,765

7,258

28,899

  1. Organizational structure based on "newtk" until 30.09.2020 | 2. FY 2018/19 figures on a pro-forma basis | 3. Service and Special Units previously reported under Corporate are now combined in consolidation line as "Reconciliation" |
  1. Incl. Elevator Technology and individual units from Corporate Headquarters

34 | thyssenkrupp AG l November 2020

Business Area Overview - Quarterly EBIT and Margin

[€ mn]

2018/19

2019/201)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Automotive Technology2)3)

9

(0)

2

(136)

(126)

(78)

(130)

(142)

(807)

(1,157)

%

0.7

(0.0)

0.1

(9.4)

(2.3)

(5.7)

(10.2)

(16.9)

(65.8)

(24.6)

Industrial Components2)3)

42

56

52

51

201

43

5

23

(100)

(29)

%

7.3

8.6

7.9

8.0

8.0

7.8

0.8

5.2

(18.8)

(1.4)

Elevator Technology

199

169

222

202

791

207

168

192

15,216

15,784

%

10.3

9.0

10.9

9.5

9.9

10.1

9.0

9.9

++

++

Plant Technology2)3)

(37)

(26)

(63)

(38)

(164)

(19)

(27)

(102)

(117)

(265)

%

(6.1)

(3.9)

(8.7)

(4.0)

(5.6)

(2.5)

(3.6)

(15.8)

(15.4)

(9.1)

Marine Systems

0

(0)

(1)

1

0

(0)

(2)

3

11

13

%

0.0

(0.0)

(0.1)

0.1

0.0

0.0

(0.4)

0.8

2.0

0.7

Materials Services

22

51

34

(41)

66

11

14

(111)

(646)

(733)

%

0.6

1.4

1.0

(1.2)

0.5

0.3

0.4

(5.0)

(24.7)

(6.5)

Steel Europe

34

(118)

9

(48)

(123)

(166)

(332)

(344)

(1,815)

(2,656)

%

1.6

(5.0)

0.4

(2.2)

(1.4)

(8.9)

(15.4)

(23.6)

++

(36.5)

Corporate Headquarters2)3)

(74)

(64)

(59)

(95)

(293)

(103)

(159)

(49)

(42)

(354)

Reconciliation3)4)

(12)

(36)

(13)

(19)

(80)

(10)

0

41

(159)

(128)

Full Group

181

32

183

(124)

272

(115)

(462)

(488)

11,541

10,475

%

1.9

0.3

1.7

(1.1)

0.6

(1.2)

(4.6)

(6.3)

++

29.6

Disc. elevator operations5)

199

169

221

195

783

187

98

241

15,204

15,730

Group continuing operations

(18)

(137)

(39)

(318)

(511)

(302)

(561)

(729)

(3,663)

(5,255)

%

(0.2)

(1.6)

(0.4)

(3.7)

(1.5)

(4.0)

(6.8)

(12.7)

(50.5)

(18.2)

1. Figures incl. effects of IFRS 16 | 2. Organizational structure based on "newtk" until 30.09.2020 | 3. FY 2018/19 figures on a pro-forma basis | 4. Service and Special Units previously reported under Corporate are now combined in consolidation line as "Reconciliation" | 5. Incl. Elevator Technology and individual units from Corporate Headquarters

35 | thyssenkrupp AG l November 2020

Business Area Overview - Quarterly EBIT adj. and Margin

[€ mn]

2018/19

2019/201)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

Automotive Technology2)3)

13

9

(5)

(39)

(22)

21

(49)

(129)

(104)

(260)

%

1.0

0.7

(0.3)

(2.7)

(0.4)

1.6

(3.9)

(15.3)

(8.5)

(5.5)

Industrial Components2)3)

43

57

69

61

230

44

52

26

16

138

%

7.5

8.7

10.5

9.6

9.1

8.1

9.0

5.8

3.1

6.6

Elevator Technology

204

198

239

266

907

228

174

211

80

693

%

10.6

10.6

11.7

12.5

11.4

11.1

9.4

10.8

11.5

10.6

Plant Technology2)3)

(30)

(30)

(55)

(30)

(145)

(18)

(21)

(97)

(100)

(235)

%

(4.9)

(4.4)

(7.5)

(3.3)

(4.9)

(2.3)

(2.8)

(15.0)

(13.1)

(8.1)

Marine Systems

0

0

0

1

1

(0)

2

4

12

18

%

0.0

(0.0)

(0.0)

0.2

0.0

0.0

0.5

1.0

2.1

1.0

Materials Services

22

53

43

(12)

107

11

28

(100)

(48)

(110)

%

0.7

1.4

1.2

(0.4)

0.8

0.4

0.8

(4.5)

(1.8)

(1.0)

Steel Europe

38

37

1

(45)

31

(164)

(208)

(334)

(240)

(946)

%

1.8

1.6

0.0

(2.0)

0.3

(8.9)

(9.6)

(22.9)

(13.3)

(13.0)

Corporate Headquarters2)3)

(63)

(55)

(57)

(76)

(252)

(66)

(63)

(40)

(41)

(210)

Reconciliation3)4)

(11)

(29)

(10)

(6)

(56)

(6)

4

43

12

53

Full Group

217

240

226

119

802

50

(80)

(415)

(414)

(860)

%

2.2

2.3

2.1

1.1

1.9

0.5

(0.8)

(5.4)

(5.2)

(2.4)

Disc. elevator operations5)

204

198

238

271

912

227

186

263

97

773

Group continuing operations

13

41

(13)

(152)

(110)

(177)

(266)

(679)

(511)

(1,633)

%

0.2

0.5

(0.1)

(1.7)

(0.3)

(2.3)

(3.2)

(11.8)

(7.0)

(5.7)

1. Figures incl. effects of IFRS 16 | 2. Organizational structure based on "newtk" until 30.09.2020 | 3. FY 2018/19 figures on a pro-forma basis | 4. Service and Special Units previously reported under Corporate are now combined in consolidation line as "Reconciliation" | 5. Incl. Elevator Technology and individual units from Corporate Headquarters

36 | thyssenkrupp AG l November 2020

Business Area Overview - Quarterly Business Cash Flow (BCF) and Free Cash Flow before M&A

[€ mn]

2018/19

2019/201)

Q1

Q2

Q3

Q4

FY

Q1

Q2

Q3

Q4

FY

BCF

Automotive Technology2)3)

(313)

(134)

(75)

126

(396)

(251)

(169)

(215)

(141)

(776)

BCF

Industrial Components2)3)

46

26

46

113

232

(50)

11

8

(45)

(76)

BCF

Elevator Technology

45

218

249

269

781

15

173

387

145

721

BCF

Plant Technology2)3)

(31)

0

(111)

(111)

(253)

123

(124)

(163)

(248)

(411)

BCF

Marine Systems

(148)

(131)

76

(129)

(333)

(49)

37

(139)

(51)

(203)

BCF

Materials Services

(879)

417

(186)

689

41

(907)

280

(143)

(580)

(1,351)

BCF

Steel Europe

(832)

(52)

124

687

(72)

(1,045)

(81)

(268)

(180)

(1,574)

BCF

Corporate Headquarters2)3)

(73)

(99)

(67)

(113)

(352)

(50)

(62)

(69)

(61)

(243)

BCF

Reconciliation3)4)

(134)

(72)

(68)

(34)

(308)

(146)

(42)

(79)

(152)

(419)

BCF

Full Group

(2,319)

173

(11)

1,497

(660)

(2,360)

23

(682)

(1,314)

(4,333)

Interest payments

(61)

(84)

(17)

(50)

(212)

(30)

(134)

(32)

(32)

(227)

Tax payments

(97)

(66)

(63)

(42)

(268)

(86)

(98)

(57)

(33)

(275)

FCF b. M&A

Full Group

(2,477)

23

(92)

1,406

(1,140)

(2,476)

(209)

(770)

(1,380)

(4,835)

FCF b. M&A

Disc. elevator operations5)

(12)

211

243

173

615

(71)

160

467

123

680

FCF b. M&A

Group continuing operations

(2,465)

(188)

(335)

1,233

(1,756)

(2,405)

(369)

(1,238)

(1,503)

(5,515)

1. Figures incl. effects of IFRS 16 | 2. Organizational structure based on "newtk" until 30.09.2020 | 3. FY 2018/19 figures on a pro-forma basis | 4. Service and Special Units previously reported under Corporate are now combined in consolidation line as "Reconciliation" | 5. Incl. Elevator Technology and individual units from Corporate Headquarters

37 | thyssenkrupp AG l November 2020

Increase in Capex mainly due to higher investments at Steel Europe

Continuing Operations

up yoy

€1,440 mn

•

•

2019/20

2020/21E

Higher investments at SE in connection with Steel Strategy 20-30 vs. largely stable investments overall at the other segments

Due in particular to the uncertain environment, investments will be approved on a restrictive basis

tk continuing operations

AT

IC

PT

MS

MX

SE

38 | thyssenkrupp AG l November 2020

Liquidity analysis and maturity profile of gross financial debt

as of September 30, 2020 [€ mn]

Available committed

13,165

1,610

credit facilities

Cash and

1

cash equivalents

11,555

26%

18%

26%

10%

2%

18%

1,073

1,496

1,028

1,518

617

123

09/30/20

2020/21

2021/22

2022/23

2023/24

2024/25

after

2024/25

Total: 5,855

(w/o Lease liabilities according to IFRS 16 amounting to 647 € mn)

1. Incl. securities of €8 mn

39 | thyssenkrupp AG l November 2020

Pensions: "patient" long-term financial debt with gradual amortization

[Group, € mn]

Accrued pension and similar obligations

Development at unchanged discount rate (schematic)

8,947

8,600

8,245

8,561

209

50

57

7,654

56

45

638

202

257

242

553

463

54

619

627

256

8,688

8,391

8,274

8,341

8,050

7,699

7,788

7,700

7,811

7,072

0.70

0.90

1.60

0.90

0.70

-355

-387

Q4 18/19

Q1 19/20

Q2 19/20

Q3 19/20

Q4 19/20

Fluctuations in accrued pensions

  • are mainly driven by increases / decreases in discount rates in Germany (>90% of accrued pensions in Germany)
  • do not change payouts to pensioners
  • do not trigger funding situation in Germany;
    and not necessarily funding changes outside Germany
  • are recognized directly in equity via OCI
  • IFRS requires determination of pension discount rate based on AA- rated corporate bonds
  • Pension discount rate significant lower than interest rates of tk corporate bonds
  • >90% of accrued pensions in Germany;
    thereof ~60% owed to exist. pensioners (average age ~77 years)

Accrued pension liability Germany

Accrued pension liability outside GER

Accruals related to partial retirement agreements

Other accrued pension-related obligation

German discount rate

Reclassification due to the presentation as liabilities associated with assets held for sale

40 | thyssenkrupp AG l November 2020

Germany accounts for majority of pension plans

[Group, FY 2019/20; € mn]

Funded status of defined benefit obligation

2,472

6,924

10,580

8,274

1,350

Partly

Unfunded

Accrued

Plan assets

Defined

underfunded

portion

pension

benefit

portion

liabilities

obligation1

  • >95% of the unfunded portion in Germany;
    German pension regulations do not require funding of pension obligations with plan assets;
    therefore funding is mainly done by tk's operating assets
  1. Incl. effects from IAS 19 in UK (pension asset and asset ceiling) of €165 mn l 2 Incl. effects from asset ceiling UK of €39 mn
  1. | thyssenkrupp AG l November 2020

Reconciliation of accrued pension liabilities by region

Germany

Outside Germany

(203)

8,013

7,810

2,567

(2,269)

463

126

Defined

Plan

Accrued

Defined

Plan

Other

Accrued

benefit

assets

pension

benefit

assets

effects2

pension

obligation

liabilities

obligation

liabilities

  • Plan assets outside Germany mainly attributable to UK (~37%) and USA (~28%)
  • Plan asset classes include national and international stocks, fixed income securities of governments and non-governmental organizations, real estate as well as highly diversified funds

Net periodic payments exceed Service costs (incl. in EBITDA) by >€400 mn (long-term ~€300 mn) and amortize pension liability by of Net periodic payment vs. Net periodic pension cost

[Group, € mn]

Non-cash employees earning

Cash to pensioners

future pension payments

(528)

5

60

8,688

198

(396)

(132)

132

(210)

8,274

Net periodic pension cost (263)

(71)

0.70

Net periodic payment 606

0.70

Sep. 30,

Service

Admin

Net

from

from

Annual

Others

Sep. 30,

2019

costs1

costs

interest cost

Group

plan assets

contribution

(mainly

2020

to plan assets

actuarial gains)

In financial statements

P&L: personnel costs2

P&L:

Operating Cash Flow

mainly:

financial line

equity (OCI)

Cash flow statement: "changes in accrued pension and similar obligations"

1. Incl. past service cost and curtailments l 2. Additional personnel expenses include €163 mn net periodic pension cost for defined contribution plans

German discount rate

42 | thyssenkrupp AG l November 2020

Re-conciliation of EBIT Q4 2019/20 from Group P&L

[Continuing Operations, € mn]

P&L structure

Net sales

7,258

Cost of sales

(8,995)

SG&A, R&D

(1,171)

Other income/expense

(751)

Other gains/losses

(5)

= Income from operations

(3,663)

Income from companies using equity method

(5)

EBIT definition

Net sales

7,258

Cost of sales

(8,995)

SG&A, R&D

(1,171)

Other income/expense

(751)

Other gains/losses

(5)

Income from companies using equity method

(5)

Adjustm. for oper. items in fin. income/expense

5

= EBIT

(3,663)

Finance income/expense

(103)

Finance income/expense

(103)

Operating items in fin. income/expense

(5)

= EBT

(3,771)

= EBT

(3,771)

43 | thyssenkrupp AG l November 2020

Disclaimer thyssenkrupp AG

This presentation has been prepared by thyssenkrupp AG ("thyssenkrupp") and comprises the written materials/slides for a presentation concerning thyssenkrupp. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

This presentation is for information purposes only and the information contained herein (unless otherwise indicated) has been provided by thyssenkrupp. It does not constitute an offer to sell or the solicitation, inducement or an offer to buy shares in thyssenkrupp or any other securities. Further, it does not constitute a recommendation by thyssenkrupp or any other party to sell or buy shares in thyssenkrupp or any other securities and should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice. This presentation has been prepared without reference to any particular investment objectives, financial situation, taxation position and particular needs. In case of any doubt in relation to these matters, you should consult your stockbroker, bank manager, legal adviser, accountant, taxation adviser or other independent financial adviser.

The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. To the extent permitted by applicable law, none of thyssenkrupp or any of its affiliates, advisers, connected persons or any other person accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contain herein.

This presentation contains forward-looking statements that are subject to risks and uncertainties. Statements contained herein that are not statements of historical fact may be deemed to be forward-looking information. When we use words such as "plan," "believe," "expect," "anticipate," "intend," "estimate," "may" or similar expressions, we are making forward-looking statements. You should not rely on forward-looking statements because they are subject to a number of assumptions concerning future events, and are subject to a number of uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from those indicated. These factors include, but are not limited to, the following: (i) market risks: principally economic price and volume developments; (ii) dependence on performance of major customers and industries, (iii) our level of debt, management of interest rate risk and hedging against commodity price risks; (iv) costs associated with, and regulation relating to, our pension liabilities and healthcare measures; (v) environmental protection and remediation of real estate and associated with rising standards for real estate environmental protection; (vi) volatility of steel prices and dependence on the automotive industry; (vii) availability of raw materials; (viii) inflation, interest rate levels and fluctuations in exchange rates; (ix) general economic, political and business conditions and existing and future governmental regulation; and (x) the effects of competition.

Any assumptions, views or opinions (including statements, projections, forecasts or other forward-looking statements) contained in this presentation represent the assumptions, views or opinions of thyssenkrupp as of the date indicated and are subject to change without notice. thyssenkrupp neither intends, nor assumes any obligation, unless required by law, to update or revise these assumptions, views or opinions in light of developments which differ from those anticipated. All information not separately sourced is from internal company data and estimates. Any data relating to past performance contained herein is no indication as to future performance. The information in this presentation is not intended to predict actual results, and no assurances are given with respect thereto.

Throughout this presentation a range of financial and non-financial measures are used to assess our performance, including a number of the financial measures that are not defined under IFRS, which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor the group's financial performance alongside IFRS measures because they help illustrate the underlying financial performance and position of the group. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.

44 | thyssenkrupp AG l November 2020

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