Preliminary remarks
Combined management report
This management report combines the management report on the thyssenkrupp group and the management report on thyssenkrupp AG. In it we report on the course of business including business performance as well as on the position and expected development of the group and of thyssenkrupp AG. The information on thyssenkrupp AG is presented in the section headed “Annual financial statements of thyssenkrupp AG,” with disclosures in accordance with the German Commercial Code (HGB). We report in accordance with German Accounting Standard 20 (GAS 20) “Group Management Report.”
For the first time, the combined management report for fiscal year 2024 / 2025 incorporates the sustainability report as a separate section. This combined sustainability report simultaneously complies with the requirements of Directive (EU) 2022 / 2464 of the European Parliament and of the Council of 14 December 2022 (Corporate Sustainability Reporting Directive, CSRD) and with the non-financial reporting obligations contained in §§ 315b and 315c HGB – the consolidated non-financial statement – and in §§ 289b to 289e HGB – the non-financial statement of thyssenkrupp AG. The sustainability report also contains disclosures in accordance with Article 8 of Regulation 2020 / 852 (EU Taxonomy Regulation).
The sustainability report is subject to a separate business audit to obtain limited assurance in accordance with ISAE 3000 (Revised). Further information can be found in the “Assurance report of the independent German Public Auditor on a limited assurance engagement in relation to the sustainability report” in the subsection headed “Additional information” that is not part of this management report.
Due to the addition of the sustainability report, the structure of the combined management report was amended compared with the prior year. Material amendments concern:
Integration into the sustainability report of the information on sustainability matters that was formerly disclosed in the separate sections headed “Climate, energy and environment,” “Purchasing,” “Social responsibility,” “EU Taxonomy” and “Overview of non-financial disclosures”
Integration into the section headed “Fundamental information about the group” of the information that was formerly disclosed in the separate section headed “Technology and innovations”
Integration into the new subsection headed “Results of operations and financial position of the group” in the “Report on the economic position” of the information that was formerly disclosed in the separate subsections headed “Group review” and “Results of operations and financial position.”
Consolidation in the new section headed “Corporate governance” of the corporate governance information that was formerly disclosed in separate sections such as those headed “Corporate governance statement,” “Takeover-related disclosures” and “Compliance.”
This report follows the internal management model applied by thyssenkrupp in fiscal year 2024 / 2025.
Since the sale of the Elevator Technology business at the end of July 2020, thyssenkrupp has held an investment in TK Elevator, which is assigned to “Reconciliation” in the segment reporting. For further details see also Note 24 (Segment reporting) and Note 22 (Financial instruments).
In fiscal year 2023 / 2024, a divestment process was initiated for the activities of thyssenkrupp Electrical Steel India, which was part of the Steel Europe segment. These activities met the criteria set forth in IFRS 5 for recognition as a disposal group for the first time in the 4th quarter of 2023 / 2024. Therefore, the assets and liabilities relating to these activities had to be presented separately in the statement of financial position as of September 30, 2024. The sale of thyssenkrupp Electrical Steel India was completed on January 30, 2025.
The business performance is presented by segment.
In accordance with § 317 (2) sentence 6 HGB, the disclosures contained in the “Corporate governance statement” in the management report are subject to a purely formal examination. The “Corporate governance statement” also contains disclosures about the internal control and risk management systems as required by the GCGC, which go beyond the statutory requirements for the management report. These disclosures are outside the scope of the audit of the content of the management report performed by the auditor, are contained in separate paragraphs in the “Corporate governance statement” to set them apart and are flagged accordingly.
The links to further information are not part of either the management report or the audit.