1) Financial Overview & Performance Management - Q3 2026 reported a net income of EUR 34 million, with free cash flow before M&A at minus EUR 114 million, improving year-on-year. - The company confirmed full-year guidance for free cash flow before M&A, expecting it to remain between minus EUR 600 million and minus EUR 300 million. - The net cash position stands at EUR 2.6 billion, reflecting a focus on maintaining balance sheet strength amidst macroeconomic challenges.

2) Segment Performance Insights - Material Services (tk accelis) showed strong sales growth driven by favorable market conditions, particularly in North America, leading to a significant EBIT adjusted increase. - Automotive Technology faced a challenging market, with sales under pressure due to lower demand, although aftermarket and Forged Technologies segments showed growth. - Decarbon Technologies struggled with weak order intake and project delays, negatively impacting sales and EBIT adjusted, despite some operational efficiency gains. - Steel Europe reported increased sales and a more than doubled EBIT adjusted year-to-date, driven by restructuring efforts and lower raw material costs.

3) Operational Challenges & Headwinds - The Automotive segment continues to manage through a soft market environment, with restructuring efforts not fully compensating for lower volumes and increased costs. - Decarbon Technologies is experiencing project hesitance, leading to weak order intake and additional costs from legacy projects. - The Rhine River levels are being monitored closely due to potential impacts on raw material and logistics costs, though specific effects remain uncertain.

4) Guidance & Strategic Outlook - The company has lowered sales guidance for the full year to a range of minus 3% to minus 1% compared to the previous year, while EBIT adjusted guidance has been narrowed to EUR 600 million to EUR 900 million. - Upcoming Capital Markets Day for Steel Europe aims to provide transparency on recent milestones and future strategies, including restructuring plans and market positioning. - The transformation into a lean financial holding company is underway, with a focus on individual business strategies to ensure sustainable success.

5) Missing Information & Conclusion - The transcript lacks specific figures regarding the impact of the Rhine River situation on logistics and costs, as well as detailed future projections for the Decarbon Technologies segment. - Bottom line: Thyssenkrupp is navigating a complex market landscape with mixed segment performances. While restructuring efforts are yielding positive results, challenges in Automotive and Decarbon Technologies persist. The focus on maintaining a strong balance sheet and strategic transformations positions the company for potential recovery, but caution remains warranted in the face of macroeconomic uncertainties.