tk Accelis CMD First Take - Establishing a Standalone Material Services Leader

Research evidence excerpt

tk Accelis CMD First Take - Establishing a Standalone Material Services Leader

Update

July 20, 2026 10:26 AM GMT

Morgan Stanley & Co. International plc+Mthyssenkrupp AG | Europe Alain Gabriel, CFA

Equity Analyst

tk Accelis CMD First Take - Alain.Gabriel@MorganStanley.comIoannis Masvoulas, CFA +44 20 7425-8959

Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

Establishing a Standalone Adahna Ekoku

Adahna.Ekoku@morganstanley.com +44 20 7425-0578

Material Services Leader Ferdinand Huber

Research Associate

Ferdinand.Huber@morganstanley.com +44 20 7677-2702

thyssenkrupp AG (TKAG.DE, TKA GY)

A new milestone along the simplification journey. The tk Accelis Capital Markets

Carbon Steel | Germany

Day (CMD) (ex-TK Materials Services) marks a pivotal step in thyssenkrupp’s Stock Rating Equal-weight

transformation into a financial holding company. The business has been earmarked Industry View In-Line

Price target €10.70

for a spin-off, with the listing targeted before the end of CY26. Today’s event Shr price, close (Jul 17, 2026) €11.82

formally launches tk accelis' "equity story", following the playbook executed for the 52-Week Range €12.48-6.14

Mkt cap, curr (mn) €7,355

TKMS spin-off in October 2025. Net debt (09/26e) (mn)* €1,846

EV, curr^ (09/26e) (mn) €8,779

Under the proposed structure, thyssenkrupp will distribute a 49% minority stake

* = GAAP or approximated based on GAAP

pro-rata to existing shareholders (~10% Alfried Krupp von Bohlen und Halbach Fiscal Year Ending 09/25 09/26e 09/27e 09/28e

Foundation, 39% other free float shareholders) while retaining a 51% controlling Sales / Revenue 32,837 32,294 33,340 33,745

interest, keeping tk accelis fully consolidated within the Group. We currently value (€mn)**

EBITDA (€mn)** 1,302 1,564 1,847 2,033

the business at ~€2.8bn.