Thyssenkrupp's Two-Front War: Naval Orders Surge as Hydrogen Losses Widen Before August Spin-Off Vote
29.06.2026 - 08:05:35 | boerse-global.de
Thyssenkrupp enters a decisive summer with its portfolio pulling in opposite directions. While the naval defense division locks in a major frigate contract, the group's green hydrogen subsidiary Thyssenkrupp Nucera is bleeding cash—posting a steep operating loss that underscores the challenges of scaling clean-tech ventures. Shareholders will soon have their say on a key restructuring step: the spin-off of the materials division at an extraordinary general meeting on 7 August.
The numbers at Nucera paint a stark picture. Revenue in the second fiscal quarter collapsed by 77% year on year to just €50 million, while the operating result (EBIT) plunged to minus €65 million, weighed down by high investment costs and one-off charges. The unit's share price has mirrored this distress. After listing at a premium in mid-2023, Nucera stock recently hit an all-time low of €7.07 and now trades at €7.21. The only bright spot: order intake quadrupled to €316 million in the period, offering a glimmer of future capacity utilisation.
Far more buoyant is Thyssenkrupp Marine Systems (TKMS). The defense arm recently secured a contract to build eight MEKO A-200 DEU frigates for the German navy, with first delivery scheduled for 2029. The unit has operated independently since October 2025 and now benefits from a broader rotation of investor capital into defense and aerospace. That sector-wide shift has also lifted the prospects of rival KNDS, which is reportedly planning an initial public offering before the summer break—a move that indirectly boosts TKMS's valuation.
The wider economic backdrop remains challenging for German industry. Stagnant growth and high energy costs are squeezing margins, and a recent survey shows 60% of industrial companies plan to cut jobs this year. Heavyweights such as Volkswagen and Bosch have already announced stringent cost-saving programmes. Thyssenkrupp's own restructuring efforts aim to transform the conglomerate into a financial holding, giving each segment more autonomy and investors greater transparency.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
The materials division—soon to be named tk accelis under the spin-off plan—will be 49% unbundled and distributed directly to existing shareholders, while Thyssenkrupp retains a 51% stake. Shareholder approval on 7 August is widely expected, though the vote will serve as the first real test of the new holding structure. If approved, tk accelis will start life as a standalone entity.
Management has held steady on its full-year guidance. For fiscal 2025/2026, adjusted EBIT is forecast between €500 million and €900 million, but the net result is expected to be a loss of €400 million to €800 million, reflecting heavy restructuring charges. The disparate performance of the group's segments—strong naval orders versus ballooning hydrogen losses—drove the parent company's stock to €10.31 at last count, having shed roughly 12% over the past month while still showing a 12% gain year on year.
Technicians note the shares are now trading about 2.4% below the 50-day moving average of €10.56, yet remain roughly 3% above the 200-day line of €10.02. The Relative Strength Index stands at 42.4, indicating a neutral but slightly weak momentum. A decisive break below the 200-day support near €10 could accelerate selling, whereas holding that level would confirm the longer-term uptrend.
Thyssenkrupp at a turning point? This analysis reveals what investors need to know now.
Alongside the structural changes, Thyssenkrupp announced on 25 June an alliance with software firm GlobalLogic to deploy "Physical AI" across industrial production and engineering processes—a small but strategic step to modernise operations. For now, however, all eyes are on the extraordinary meeting in August, when shareholders will decide whether to give the group's radical portfolio surgery the green light.
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