Tkms Ag & Co. Kgaa · XETR:TKMS
Tkms Ag & Co. Kgaa — 9M 2025/26 Earnings Presentation
30 slides from Tkms Ag & Co. Kgaa's earnings presentation, Aug 12, 2026
Slide 1: Earnings presentation 9M 2025/26
Earnings presentation 9M 2025/26 August 12, 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: Latest developments in the German and international defense landscape
Latest developments in the German and international defense landscape Defense budget, Germany1 (in €bn) Recent defense news Federal budget (Bundeshaushalt) Off-budget fund (Sondervermögen) Bundeswehr “The Bundeswehr has cancelled its troubled F126 anti- x% CAGR submarine warfare (ASW) frigate progra
Slide 4: Financial KPIs in 9M 25/26
Financial KPIs in 9M 25/26 Order backlog Adj. EBIT Free cash flow €20.1bn €110mn -€204mn Sales Adj. EBIT margin €1,890mn 5.8% Note: Order backlog as of June-26, all other figures for 9M 25/26 4
Slide 5: Signing MEKO® A-200 DEU contract and advancement on strategic cooperation
Signing MEKO® A-200 DEU contract and advancement on strategic cooperation MEKO® A-200 DEU: TKMS signs largest ever surface vessel contract Following the termination of the F126 programme in June, the German Navy selected TKMS's MEKO® A-200 DEU as the solution for its anti-submarine warfare frigate
Slide 6: TKMS selected as Preferred Supplier for Canada's submarine fleet
TKMS selected as Preferred Supplier for Canada's submarine fleet Key highlights Program context TKMS selected as preferred partner to deliver >€15bn up to 12 submarines, based on the proven Potential order value 212CD platform Creates a common 212CD family across Germany, Norway and Canada, esta
Slide 7: TKMS - A leading player for maritime domain in multi-domain operations
TKMS - A LEADING PLAYER FOR MARITIME DOMAIN IN MULTI-DOMAIN OPERATIONS Core capabilities on today‘s battlefield… … to create the future naval ecosystem. Crewed naval platforms Submarines, frigates From the military platform to the tactical system of systems Uncrewed systems … by connecting the dots
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 as of Aug 12, 2026 as preferred partner/bidder NOT EXHAUSTIVE NOT EXHAUSTIVE 20.1 Program Value Campaign # of vessels
Slide 9: Ongoing successful execution of the legacy backlog providing margin uplift
17 Ongoing successful execution of the legacy backlog providing margin uplift Progress in 9M 25/26 Clear visibility on phase-out of legacy programs Illustrative gross margin level New orders2 3 legacy submarines delivered Submarines in production1 Legacy orders3,4 Class 214 Nov 2025 confidential Sou
Slide 10: Financial update & outlook
Financial update & outlook Paul Glaser CFO 10
Slide 11: Group results: Strong momentum continued in 9M with +13% Adj. EBIT growth YoY
Group results: Strong momentum continued in 9M with +13% Adj. EBIT growth YoY x% Margin Order intake Sales Adj. EBIT in €mn in €mn in €mn 8,598 1,890 1,587 110 98 3,617 3,001 722 528 45 50 208 6.1% 5.8% 8.5% 6.9% 9M 24/25 9M 25/26 Q3 24/25 Q3 25/26 9M 24/25 9M 25/26 Q3 24/25 Q3 25/26 9M 24/25 9M 25/
Slide 12: Submarines: Continued execution of legacy orderbook supporting profitability
Submarines: Continued execution of legacy orderbook supporting profitability x% Margin Order intake Sales Adj. EBIT in €mn in €mn in €mn 7,202 46 1,001 26 2,914 854 2,186 400 11 9 231 67 1.3% 4.6% 3.8% 6.4% 9M 24/25 9M 25/26 Q3 24/25 Q3 25/26 9M 24/25 9M 25/26 Q3 24/25 Q3 25/26 9M 24/25 9M 25/26 Q3
Slide 13: Surface Vessels: Inflection point reached and Adj. EBIT improved in Q3
Surface Vessels: Inflection point reached and Adj. EBIT improved in Q3 x% Margin Order intake Sales Adj. EBIT in €mn in €mn in €mn 1,183 Includes positive high single digit €mn currency effect 30 30 408 12 368 7 158 131 36 9 8.1% 7.4% 4.2% 9.5% 3 9M 24/25 9M 25/26 Q3 24/25 Q3 25/26 9M 24/25 9M 25/26
Slide 14: Atlas Electronics: dynamic top-line growth across all domains
Atlas Electronics: dynamic top-line growth across all domains x% Margin Order intake Sales Adj. EBIT in €mn in €mn in €mn 1,950 59 45 612 21 480 17 235 236 180 86 154 9.4% 9.6% 11.9% 7.4% 9M 24/25 9M 25/26 Q3 24/25 Q3 25/26 9M 24/25 9M 25/26 Q3 24/25 Q3 25/26 9M 24/25 9M 25/26 Q3 24/25 Q3 25/26 Or
Slide 15: Adj. EBIT Bridge: Dynamic increase at Submarines and Atlas, while Surface Vessels stabilized
Adj. EBIT Bridge: Dynamic increase at Submarines and Atlas, while Surface Vessels stabilized x% TKMS Group margin x% Segment margin (9M 25/26) +xpp Change from 9M 24/25 TKMS Adj. EBIT bridge 9M 24/25 to 9M 25/26 Submarines in €mn Ongoing strong execution of +3.3pp -0.7pp +0.2pp -0.3pp legacy order
Slide 16: Balance Sheet: Strong liquidity and disciplined investments support financial flexibility
Balance Sheet: Strong liquidity and disciplined investments support 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 Net
Slide 17: Free cash flow: Development reflects timing of milestone payments and project ramp-up
Free cash flow: Development reflects timing of milestone payments and project ramp-up TKMS cash flow statement in €mn Timing of milestone 1 9M 24/25 9M 25/26 payments and temporarily higher cash outflows in relation to ramp-up of new projects; last year Operating cash flows 719 (121) 1 exceptionally
Slide 18: 2nd guidance update for FY25/26 on better project execution; mid-term targets confirmed
2nd guidance update for FY25/26 on better project execution; mid-term targets confirmed FY 25/26 Guidance Strategic mid-term targets Revenue growth +10% to +12% YoY ~10% revenue CAGR (prev.: +2% to +5%) from FY 24/25 Adj. EBIT margin up to 6.5% >7.0% (prev.: >6.0%) ~€200mn in FY 25/26E, including ex
Slide 19: Key takeaways
Key takeaways 1 Proven execution excellence… Three legacy deliveries in 9M 2 …and production speediness A-200 type within 36 months 3 Strong order backlog… 20.1bn€, +10% YTD 4 …to be further transformed… CPSP, A-200 DEU, P75i …resulting in additional 5 efficiency and scaling effects FY26 guidance up
Slide 20: Q&A
Q&A 20
Slide 21: 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 22: 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 23: Appendix
TKMS Your Maritime Powerhouse Appendix TKMS
Slide 24: Consolidated statement of income
Consolidated statement of income Q3 Q3 9M 9M million € 2024/25 2025/26 2024/25 2025/26 Sales 528 722 1,587 1,890 Cost of sales (418) (595) (1,313) (1,556) Gross profit 110 127 274 335 Research and development cost (13) (15) (35) (42) Selling expenses (20) (20) (55) (62) General and administrative ex
Slide 25: Consolidated statement of cash flows
Consolidated statement of cash flows 9M 9M 9M 9M million € 2024/25 2025/26 million € 2024/25 2025/26 Net income 75 56 Capital expenditures for property, plant and equipment (inclusive of (46) (76) advance payments) and investment property Adjustments to reconcile net income to operating cash flows:
Slide 26: Consolidated statement of financial position
Consolidated statement of financial position million € Sept. 30, 2025 Jun. 30, 2026 million € Sept. 30, 2025 Jun. 30, 2026 Goodwill 1,044 1,047 Capital stock 0 64 Intangible assets other than goodwill 284 271 Capital reserve 0 1,246 Property, plant and equipment 532 544 Retained earnings 0 (202) Inv
Slide 27: Quarterly details year-to-date
Quarterly details year-to-date €m Q1 25 Q2 25 H1 25 Q3 25 9M 25 Q1 26 Q2 26 H1 26 Q3 26 9M 26 Order Intake 5.440 157 5.597 3.001 8.598 904 2.505 3.409 208 3.617 t/o Submarines 4.227 62 4.289 2.914 7.202 74 2.045 2.119 67 2.186 t/o Surface Vessels 1.158 16 1.174 9 1.183 2 32 33 3 36 t/o Atlas Electro
Slide 28: 9M Order intake, sales and Adj. EBIT by segment
9M Order intake, sales and Adj. EBIT by segment Submarines Surface Vessels Atlas Electronics 9M 9M 9M 9M 9M 9M million € 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 Order intake 7,202 2,186 1,183 36 235 1,950 Sales 854 1,001 368 408 480 612 Adj. EBIT 11 46 30 30 45 59 Adj. EBIT 1.3 4.6 8.1 7.4 9
Slide 29: Q3 Order intake, sales and Adj. EBIT by segment
Q3 Order intake, sales and Adj. EBIT by segment Submarines Surface Vessels Atlas Electronics Q3 Q3 Q3 Q3 Q3 Q3 million € 2024/25 2025/26 2024/25 2025/26 2024/25 2025/26 Order Intake 2,914 67 9 3 86 154 Sales 231 400 158 131 180 236 Adj. EBIT 9 26 7 12 21 17 Adj. EBIT 3.8 6.4 4.2 9.5 11.9 7.4 Margin,
Slide 30: Adj. EBIT reconciliation
Adj. EBIT reconciliation Q3 Q3 9M 9M million € 2024/25 2025/26 2024/25 2025/26 Income from operations 37 47 85 98 TK group trademark fee 0 0 4 0 Other financial income 1 2 2 3 Special items 7 1 6 9 Adjusted EBIT 45 50 98 110 30
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