Thyssenkrupp plans Frankfurt listing for trading unit on October 28
Key Facts
Thyssenkrupp has set October 28, 2026 as the planned listing date for shares in its materials trading unit TK Axilis, according to a group statement, as part of a reorganisation of its businesses. The initial listing will take place on the Frankfurt Stock Exchange, giving the unit an independent presence in the equity market. The group has chosen the exchange's Prime Standard segment for the company's shares. Thyssenkrupp said Germany's financial regulator had approved the unit's securities prospectus. The approval fulfils a key condition for the planned listing, which is part of a process to give group companies greater independence.
The spin-off provides for 49% of TK Axilis shares to be transferred directly to Thyssenkrupp shareholders, according to the group's statement on shareholder approval. Thyssenkrupp will retain a 51% stake in the company after the spin-off. The group will thus remain the majority shareholder in the unit preparing to list, alongside the direct ownership its shareholders will receive. Shareholders approved the transaction at an extraordinary general meeting held on August 7, 2026. The broader strategy aims to shift from an integrated industrial group to a financial holding company comprising independent businesses responsible for their own operations and enjoying greater flexibility.
Under the distribution arrangements announced by Thyssenkrupp, shareholders will receive 1 TK Axilis share for every 20 shares they hold in the group. The allocation will be proportional to the shareholdings used as the basis for the transaction. Custodian banks will carry out the allocation automatically, under the mechanism outlined in the company's statement on the listing date. Shareholders will not be required to make a cash payment for the shares allocated to them under the spin-off. For holders of Thyssenkrupp American depositary receipts, the unit's shares will generally be settled in cash, according to the same statement.
TK Axilis enters independence with a business that generated sales of 11.4 billion euros in fiscal 2024/2025, according to Thyssenkrupp's segment data. The company employs about 15,500 people, according to its Capital Markets Day presentation. The company sees public infrastructure investment in Europe and North America as a growth driver in the markets it serves. Chief Executive Ilse Henne said independence would allow the company to "grow its higher-margin businesses". This approach links operational independence with the expansion of more profitable activities, according to the objectives management presented to investors.
In its latest quarterly results, Thyssenkrupp attributed improved sales in its Materials Services segment to higher volumes and prices. North American distribution was among the businesses that benefited from both factors, according to the earnings statement. Higher volumes and prices also contributed to the segment's international trading operations. At group level, adjusted earnings before interest and taxes totalled 183 million euros in the latest reported quarter. Thyssenkrupp compared this with earnings of 155 million euros in the corresponding quarter a year earlier, in its announcement of improved sales and adjusted operating earnings.
Over the medium term, TK Axilis targets compound annual sales growth of more than 4%, according to the presentation of its strategy and independence objectives at Capital Markets Day. It also targets an adjusted earnings margin before interest, taxes, depreciation and amortisation of between 4% and 5% over the same period. The spin-off is currently scheduled to take effect on October 27, 2026, according to Thyssenkrupp's statement on the transaction arrangements. The effective date will, in principle, form the basis for allocating shares to shareholders. Thyssenkrupp is subsequently scheduled to publish its annual report for fiscal 2025/2026 on December 8, 2026, according to the group's investor relations calendar.