Tkms Ag & Co. Kgaa · XETR:TKMS
Tkms Ag & Co. Kgaa — H1 2025/26 Earnings Presentation
27 slides from Tkms Ag & Co. Kgaa's earnings presentation, May 11, 2026
Slide 1: Earnings presentation H1 2025/26
Earnings presentation H1 2025/26 May 11, 2026 Your Maritime Powerhouse
Slide 2: Agenda and speakers
Agenda and speakers Key highlights Financial update and outlook Oliver Burkhard Paul Glaser CEO CFO 2
Slide 3: Key highlights
Key highlights Oliver Burkhard CEO 3
Slide 4: Latest developments in the German defense landscape
Latest developments in the German defense landscape Defense budget, Germany1 (in €bn) Recent defense news Federal budget (Bundeshaushalt) Off-budget fund (Sondervermögen) Bundeswehr “The Trump administration is considering a plan to punish x% CAGR certain NATO allies it views as insufficiently suppo
Slide 5: Further increase of order backlog and solid progress of financial KPIs in H1 25/26
Further increase of order backlog and solid progress of financial KPIs in H1 25/26 Order backlog Adj. EBIT Free cash flow €20.6bn €60mn €(72)mn Sales Adj. EBIT margin €1,168mn 5.1% Note: Order backlog as of Mar-26, all other figures for H1 25/26 5
Slide 6: Recent key milestones reached by TKMS
Recent key milestones reached by TKMS Operations Technology Customers/Campaigns Legacy contracts: two submarines Demonstrator of autonomous Norway approves purchase of two in H1 delivered underwater vehicle BlueWhale additional 212CDs New Polarstern: Scaled Vessel handed over to German Navy
Slide 7: Latest developments: executive board, strategic cooperation and international partnership
Latest developments: executive board, strategic cooperation and international partnership Appointment of Dr. Andreas Görgen MoU2 with Navantia to explore TKMS and Embraer sign MoU2 with as COO1 strategic cooperation options Brazilian Ministry of Defense to expand the Tamandaré Program Supervisory
Slide 8: Order intake driven by additional submarine order and record torpedo contract
Order intake driven by additional submarine order and record torpedo contract Submarines Surface Vessels Atlas Electronics Order backlog1 Relevant new orders Ongoing campaigns in €bn NOT EXHAUSTIVE NOT EXHAUSTIVE 20.6 Program Value Campaign # of vessels 18.2 212CD option ~€2bn P-75I 6+32 boats (2 bo
Slide 9: Financial update & outlook
Financial update & outlook Paul Glaser CFO 9
Slide 10: Group results: Growth momentum picked up in Q2 leading to +14% Adj. EBIT growth in H1
Group results: Growth momentum picked up in Q2 leading to +14% Adj. EBIT growth in H1 x% Margin Order intake Sales Adj. EBIT in €mn in €mn in €mn 5,597 1,168 1,060 3,409 60 2,505 53 624 510 34 27 157 5.0% 5.1% 5.3% 5.4% H1 24/25 H1 25/26 Q2 24/25 Q2 25/26 H1 24/25 H1 25/26 Q2 24/25 Q2 25/26 H1 24/25
Slide 11: Submarines: Adj. EBIT strongly improved; phase out of legacy projects benefitting margins
Submarines: Adj. EBIT strongly improved; phase out of legacy projects benefitting margins x% Margin Order intake Sales Adj. EBIT in €mn in €mn in €mn 4,289 622 601 25 21 2,119 370 2,045 308 2 4 62 0.4% 3.5% 1.1% 6.6% H1 24/25 H1 25/26 Q2 24/25 Q2 25/26 H1 24/25 H1 25/26 Q2 24/25 Q2 25/26 H1 24/25 H1
Slide 12: Surface Vessels: performance in H1 slightly lower caused by positive one-off in prior year
Surface Vessels: performance in H1 slightly lower caused by positive one-off in prior year x% Margin Order intake Sales Adj. EBIT in €mn in €mn in €mn 1,174 Includes positive high single digit €mn 277 currency effect 23 210 18 103 10 84 5 33 16 32 11.1% 6.3% 11.8% 5.0% H1 24/25 H1 25/26 Q2 24/25 Q2
Slide 13: Atlas Electronics: strong execution continues to drive double digit margins
Atlas Electronics: strong execution continues to drive double digit margins x% Margin x% Growth Order intake Sales Adj. EBIT in €mn in €mn in €mn 1,796 376 41 300 191 24 537 159 19 14 150 94 7.9% 10.9% 8.6% 10.0% H1 24/25 H1 25/26 Q2 24/25 Q2 25/26 H1 24/25 H1 25/26 Q2 24/25 Q2 25/26 H1 24/25 H1 25/
Slide 14: Adj. EBIT Bridge: Submarine turnaround and strong performance at Atlas
Adj. EBIT Bridge: Submarine turnaround and strong performance at Atlas x% TKMS Group margin x% Segment margin (H1 25/26) +xpp Change from H1 24/25 Submarines TKMS Adj. EBIT bridge H1 24/25 to H1 25/26 Strong execution and catch-up in €mn effects in Q2 25/26 +3.1pp -4.8pp +3.0pp +0.1pp 5.0% 3.5% 6.
Slide 15: Balance Sheet: Strong liquidity and disciplined investments supports financial flexibility
Balance Sheet: Strong liquidity and disciplined investments supports financial flexibility x% Share of revenue Operating net working capital Net CAPEX2 Net financial position in €mn in €mn in €mn Inventories Trade accounts payable Liquidity3 Total financial indebtedness4 Trade accounts receivable Ne
Slide 16: Free cash flow: Development impacted by timing of milestone payments and project ramp-up
Free cash flow: Development impacted by timing of milestone payments and project ramp-up TKMS cash flow statement in €mn Timing of milestone 1 H1 24/25 H1 25/26 payments and temporarily higher cash-outflows in relation to ramp-up of new projects; last year Operating cash flows 788 (21) 1 exceptional
Slide 17: Guidance for FY25/26 and all mid-term financial targets confirmed
Guidance for FY25/26 and all mid-term financial targets confirmed FY 25/26 Guidance Strategic mid-term targets Revenue growth +2% to +5% YoY ~10% revenue CAGR from FY 24/25 with back-end growth acceleration Adj. EBIT margin >6.0% >7.0% ~€200mn in FY 25/26E, including expansion of Wismar CAPEX1 Gradu
Slide 18: Key takeaways
Key takeaways 1 Strong order backlog 20.6bn€ 2 Turnaround in Submarines Delivered 3 FY25/26 guidance confirmed >6% adj. EBIT margin 4 Mid-term targets confirmed >7% adj. EBIT margin 5 Attractive campaign pipeline in 2026/27 Solid balance sheet and 6 FCF generation to fund growth 7 Strong track recor
Slide 19: Q&A
Q&A 19
Slide 20: Investor Relations contacts
If you have further questions, please reach out to our Investor Relations team Jacques R. Esser Ariane Jonas Head of Investor Relations, Annual General Meeting, Senior Vice President Executive Assistance jacques.esser@tkmsgroup.com ariane.jonas@tkmsgroup.com Johannes Braun Gabriel Freudenthaler Inst
Slide 21: Disclaimer
Disclaimer This presentation has been prepared by TKMS AG & Co. KGaA (“TKMS”) and comprises the written materials/slides for a presentation concerning TKMS. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The distribution of this document
Slide 22: Appendix
TKMS Your Maritime Powerhouse Appendix TKMS
Slide 23: Consolidated statement of income
Consolidated statement of income Q2 Q2 H1 H1 million € 2024/25 2025/26 2024/25 2025/26 Sales 510 624 1,060 1,168 Cost of sales (429) (511) (895) (960) Gross margin 81 113 165 208 Research and development cost (12) (15) (22) (27) Selling expenses (17) (20) (36) (41) General and administrative expense
Slide 24: Consolidated statement of cash flows
Consolidated statement of cash flows H1 H1 H1 H1 million € 2024/25 2025/26 million € 2024/25 2025/26 Net income 46 27 Capital expenditures for property, plant and equipment (inclusive of (28) (46) advance payments) and investment property Adjustments to reconcile net income to operating cash flows:
Slide 25: Consolidated statement of financial position
Consolidated statement of financial position million € Sept. 30, 2025 Mar. 31, 2026 million € Sept. 30, 2025 Mar. 31, 2026 Goodwill 1,044 1,044 Equity and liabilities Intangible assets other than goodwill 284 275 Invested equity attributable to tk Group 1,166 0 Property, plant and equipment 532 532
Slide 26: Order intake, sales and Adj. EBIT by segment
Order intake, sales and Adj. EBIT by segment Submarines Surface Vessels Atlas Electronics Q2 Q2 H1 H1 Q2 Q2 H1 H1 Q2 Q2 H1 H1 million € 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 Order intake 62 2,045 4,289 2,119 16 32 1,174 33 94 537 150 1,796 Sa
Slide 27: Adj. EBIT reconciliation
Adj. EBIT reconciliation Q2 Q2 H1 H1 million € 2024/25 2025/26 2024/25 2025/26 Income from operations 26 25 48 52 TK group trademark fee 0 0 4 0 Other financial income 1 0 1 1 Special items (1) 9 (1) 8 Adjusted EBIT 27 34 53 60 27
TKMS AG & Co. KGaA — H1 2025/26 Earnings Presentation on 6ix