Tkms Ag & Co. Kgaa · XETR:TKMS
Tkms Ag & Co. Kgaa — Investor Day (September 2025)
171 slides from Tkms Ag & Co. Kgaa's investor day presentation, Sep 30, 2025
Slide 1: Your Maritime Powerhouse – Capital Markets Day
YOUR MARITIME POWERHOUSE September 30, 2025 Capital Markets Day
Slide 2: Disclaimer
Disclaimer This presentation has been prepared solely for the use at this meeting. By attending the meeting where this presentation is made or accessing this presentation, you agree to be bound by the following limitations. This material is given in conjunction with an oral presentation and should n
Slide 3: Capital Markets Day – Agenda
Capital Markets Day – Agenda 1 Onboarding Oliver Burkhard, CEO 4 2 Key Investment Highlights Oliver Burkhard, CEO & Paul Glaser, CFO 7 3 Market Outlook Oliver Burkhard, CEO 25 4 Segments Oliver Burkhard, CEO 33 I Submarines Christian Rogge, EVP Submarines 36 II Surface Vessels Oliver Juckenhöfel, EV
Slide 4: Onboarding
1 Onboarding Oliver Burkhard CEO 4
Slide 5: Steering from the bridge – TKMS management team
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Steering from the bridge – TKMS management team Oliver Burkhard Paul Glaser Dirk Steinbrink Angelika Kambeck CEO CFO CTO CHRO Christian Rogge
Slide 6: 6
6
Slide 7: Key Investment Highlights
2 CEO Key Investment Highlights Oliver Burkhard Paul Glaser CFO 7
Slide 8: TKMS is positioned for a multidecade profit and execution-focused growth story
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook TKMS is positioned for a multidecade profit and execution – focused growth story We fixed our basics … … and are scaling our business … … to
Slide 9: Maritime Powerhouse with decades of experience
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Maritime Powerhouse with decades of experience Established player ... ... with global footprint ... ... and strong financials >185 ~8,700 >50
Slide 10: Record order book provides multiyear revenue visibility
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Record order book provides multiyear revenue visibility Order backlog1, in €bn Backbone for future success2 High visibility on future revenue
Slide 11: TKMS – ready for a multidecade profitable growth journey
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook TKMS – ready for a multidecade profitable growth journey A Strong market outlook Double market size by 2033 vs. 20241 Only Maritime fully int
Slide 12: A: Global maritime networks – highly interconnected and vulnerable
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Global maritime networks – highly interconnected and vulnerable ILLUSTRATIVE Shipping route Shipping point Interconnection point Subsea ca
Slide 13: A: TKMS attainable market to nearly double by 2033
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: TKMS attainable market to nearly double by 2033 CAGR Submarines Surface vessels Electronics Growing defense budgets … … translate into inc
Slide 14: B: Integrated across naval platforms, uncrewed systems, and software & electronics
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Integrated across naval platforms, uncrewed systems, and software & electronics NON-EXHAUSTIVE Submarines Surface Vessels Atlas Electronic
Slide 15: B: One-stop shop – the power of being fully integrated
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: One-stop shop – the power of being fully integrated USP as naval solution provider “One-stop shop” Submarines End-to-end maritime offer
Slide 16: B: Empowering security – deep relationships with long-term customers
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Empowering security – deep relationships with long-term customers across the globe Well-established government relationships Customer coun
Slide 17: C: Developing next-generation solutions
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook C: Developing next-generation solutions – technological advantage today and in the future ILLUSTRATIVE VIEW ON KEY FEATURES OF THE FUTURE NAV
Slide 18: C: Fully integrated, end-to-end offering of crewed and uncrewed platforms
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook C: Fully integrated, end-to-end offering of crewed and uncrewed platforms ILLUSTRATIVE VIEW ON KEY TKMS’ PRODUCTS Evolution of crewed naval p
Slide 19: D: Further upside potential from extensive project pipeline
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Further upside potential to record order book from extensive project pipeline Submarines Surface Vessels Atlas Electronics Already secured
Slide 20: D: Clear focus on profitable growth through operational excellence
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Clear focus on profitable growth through operational excellence State-of-the-art facilities Efficient processes and Partner network to sca
Slide 21: D: Contract and execution excellence
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Contract and execution excellence – designed to significantly increase margin stability throughout project life Implemented improvement me
Slide 22: E: Track record of strong financial performance
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Track record of strong financial performance CAGR/Delta Strong top-line growth … ... at significantly improving margins … ... with a stron
Slide 23: E: Structural step-up in profitability with clear upside ahead
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Structural step-up in profitability with clear upside ahead Strong margin improvement … … with further upside potential in the future Adju
Slide 24: Summary: Locked on course for profitable growth
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Summary: Locked on course for profitable growth Strong market Large and sustainably growing attainable market projected, market size A with a
Slide 25: Market Outlook
3 Market Outlook Oliver Burkhard CEO 25
Slide 26: “Peace dividend” – decades of underinvestment have weakened naval power
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook “Peace dividend” – decades of underinvestment have weakened naval power Equals 1 surface vessel Equals 1 submarine Estimated “peace dividend”
Slide 27: Defense budgets expected to accelerate strongly
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Defense budgets expected to accelerate strongly ILLUSTRATIVE CAGR 3.5% scenario "Balanced acceleration" scenario Minimum defense budgets Annu
Slide 28: Global naval doctrines are shifting – TKMS ready to deliver
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Global naval doctrines are shifting – TKMS ready to deliver In existing portfolio of TKMS In development by TKMS Changing navy doctrines arou
Slide 29: Attractive and resilient market with great long-term visibility
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Attractive and resilient market with great long-term visibility Strategic assets, Deep customer Peace-resilient not “consumables” partnership
Slide 30: Primed for growth – TKMS attainable market projected to almost double
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Primed for growth – TKMS attainable market is projected to almost double Electronics for Surface Vessels2 Electronics for Submarines2 Surface
Slide 31: Accelerated market growth drives collaboration and consolidation
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Accelerated market growth drives competitive dynamics, leading to collaboration and consolidation NON-EXHAUSTIVE Key competitive dynamics Exa
Slide 32: Key takeaways: TKMS market set for long and sustainable growth
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Key takeaways: TKMS market set for long and sustainable growth Growing Budgets rising on uncertainty and NATO targets, fueled by low historic
Slide 33: Segments
4 Segments Oliver Burkhard CEO 33
Slide 34: TKMS is propelled by three synergistic business segments
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook TKMS is propelled by three synergistic business segments Your Maritime Powerhouse Submarines Surface Vessels Atlas Electronics Today’s #1 Top
Slide 35: TKMS is the only fully integrated player among the closest competitors
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook TKMS is the only fully integrated player among the closest competitors In product portfolio Partially in product portfolio State participatio
Slide 36: 4.I Submarines
4.I Christian Rogge EVP Submarines Submarines 36
Slide 37: TKMS
TKMS 37
Slide 38: #1 in conventional submarines with clear advantages vs. nuclear submarines
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook #1 in conventional submarines1 with clear advantages vs. nuclear submarines Landmark moment (2001) – US aircraft carrier captured Advantages
Slide 39: Market leader with decades of experience and cutting-edge submarine technology
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Market leader with decades of experience and cutting-edge submarine technology Segment snapshot Segment highlights Today’s position Ambition
Slide 40: A: Wide product portfolio tailored to key naval missions
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Wide product portfolio tailored to key naval missions NON-EXHAUSTIVE Diesel-electric Fuel cell AIP Key products Class1 Class 2092 Class 21
Slide 41: B: Unseen but on scene – excellent range, stealth, and lethality
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Unseen but on scene – technology powerhouse with excellent range, stealth, and lethality Highlights of the latest TKMS design Range State-
Slide 42: B: Driving innovation with standard-setting technologies
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Driving innovation with standard-setting technologies Exemplary innovations Advanced Submarine Fuel Cell Lithium-ion Battery Interactive D
Slide 43: C: End-to-end value chain coverage with flexible operating model
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook C: End-to-end value chain coverage with flexible operating model Indicative frequency Low High Submarine operating model and value chain Adva
Slide 44: D: 97 submarines installed globally
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: 97 submarines installed globally – strong position for driving renewal and after-sales Installed base1,2 Commercialization opportunities b
Slide 45: E: Multidecade revenue visibility with 27 submarines in order backlog
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Multidecade revenue visibility with 27 submarines in order backlog Order backlog, units1 27 1 Confidential 3 Confidential Confidential 4 4
Slide 46: E: Deep dive – unique 212CD submarine partnership
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Deep dive – unique 212CD submarine partnership as blueprint for future standardized NATO design Cross-country lighthouse project Strategic
Slide 47: E: Clear focus on execution to ensure profitable fulfillment of order backlog
1 Introduction 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Clear focus on execution to ensure profitable fulfillment of order backlog NON-EXHAUSTIVE High quality in submarine project execution St
Slide 48: E: Backlog profitability expected to improve significantly
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Backlog profitability expected to improve significantly with new contract terms and execution excellence NON-EXHAUSTIVE New orders2 Legacy
Slide 49: E: Well-positioned to capture material market growth through strong pipeline
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Well-positioned to capture material market growth through strong pipeline CAGR Attractive market growth … ... fueling robust pipeline Atta
Slide 50: Segment highlights: Global benchmark for conventional submarines in NATO waters
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Segment highlights: Global benchmark for conventional submarines in NATO waters #1 supplier of conventional submarines1,2 offering the full r
Slide 51: 4.II Surface Vessels
4.II Oliver Juckenhöfel EVP Surface Vessels Surface Vessels 51
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Slide 53: TKMS focused on highly attractive mid-scale segment
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook TKMS focused on highly attractive mid-scale segment TKMS footprint Low High TKMS footprint within surface vessels market Market segment Small
Slide 54: Key provider of cutting-edge, modular vessels with flexible production capacity
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Key provider of cutting-edge, modular vessels with flexible production capacity Segment snapshot Segment highlights Today’s position Ambition
Slide 55: A: Modular platform design adaptable to a broad range of mission profiles
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Modular platform design adaptable to a broad range of mission profiles NON-EXHAUSTIVE Frigates Uncrewed Special purpose Key products Class
Slide 56: A: MEKO is our unique and proven combatant DNA
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: MEKO® is our unique and proven combatant DNA MEKO® warship design principles Deep dive follows Stealth Modularity Ships with low detectabi
Slide 57: A: Deep dive – MEKO modularity meets diverse customer needs
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Deep dive – MEKO® modularity meets diverse customer needs MEKO® configuration modularity Advantages of modularity Drones Radars Sensors Ra
Slide 58: B: Technology-rich portfolio with cutting-edge innovations
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Technology-rich portfolio with cutting-edge innovations Exemplary innovations Digital Ship Support Services MEKO® S-X Digital platform for
Slide 59: C: Surface vessels installed with top-tier navies across the globe
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook C: 84 surface vessels installed with top-tier navies across the globe Installed surface vessel base per country1,2 Strategic implications EME
Slide 60: C: Service offering focused on attractive midlife conversions
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook C: Service offering focused on attractive midlife conversions In-life services strategic focus Exemplary case study from pipeline Reduced cou
Slide 61: D: Flexible operating model designed to efficiently scale capacity
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Flexible operating model designed to efficiently scale capacity Indicative frequency Low High Surface Vessels operating model and value ch
Slide 62: D: Case study – customer-funded facility meets localization requirements
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Case study – customer-funded facility meets localization requirements LOCALIZED PRODUCTION CASE STUDY Project-linked acquisition and finan
Slide 63: E: Ready to capture strong market tailwinds
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Ready to capture strong market tailwinds by focusing on selective, high-quality campaigns CAGR Deep dive next Attractive market growth … .
Slide 64: E: Deep dive – highly synergistic partnership with NVL
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Deep dive – highly synergistic partnership with NVL PARTNERSHIP CASE STUDY Equity share in Commercial JV Partnership structure Contract sc
Slide 65: Segment highlights: A market-leading supplier of surface vessels
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Segment highlights: A market-leading supplier of surface vessels, combining modular design and decades of experience Modular, adaptable platf
Slide 66: 4.III Atlas Electronics
4.III Michael Ozegowski EVP Atlas Electronics Atlas Electronics 66
Slide 67: TKMS
TKMS d 67
Slide 68: Atlas Electronics – mission-critical systems for naval superiority
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Atlas Electronics – mission-critical systems for naval superiority EXEMPLARY Atlas Electronics solutions across platforms Submarines Combat m
Slide 69: Atlas Electronics – well-positioned solution architect for future of naval warfare
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Atlas Electronics – well-positioned solution architect for the future of naval warfare Segment snapshot Segment highlights Today’s position A
Slide 70: A: Atlas Electronics positioned with strong market trends
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Atlas Electronics positioned with strong market trends Low High Growing number of naval assets Software and electronics share in vessels3
Slide 71: A: Cutting-edge and only integrated sensor-to-shooter provider
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Cutting-edge and only integrated sensor-to-shooter provider1 Integrated systems from sensor-to-shooter Detection Threat evaluation Engagem
Slide 72: A: Comprehensive portfolio of mission-critical naval systems, sensors, and effectors
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Comprehensive portfolio of mission-critical naval systems, sensors, and effectors across the sensor-to-shooter chain NOT EXHAUSTIVE Key so
Slide 73: B: Access to well-diversified customer base across the globe
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Access to well-diversified customer base across the globe Customer country2 Local TKMS Atlas subsidiary Global customer base and local sub
Slide 74: C: Platform- and OEM-independent solutions unlocking high scalability
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook C: Platform- and OEM-independent solutions unlocking high scalability EXEMPLARY Scalable offering Integration capabilities Complete process I
Slide 75: D: Strategically positioned for next generation of naval systems
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Strategically positioned for the next generation of naval systems NOT EXHAUSTIVE A leading position today Deep dive follows In portfolio t
Slide 76: D: Deep dive – key innovations across hardware and software
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Deep dive – key innovations across hardware and software EXEMPLARY Key innovations Uncrewed systems – Digital platform – Sonar intelligenc
Slide 77: E: Well-positioned to capture material market growth from strong pipeline
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Well-positioned to capture material market growth from strong pipeline CAGR For submarines For surface vessels Deep-dive next Attractive m
Slide 78: E: AUKUS pact presents multidecade revenue opportunity
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: AUKUS pact presents multidecade revenue opportunity in key defense markets Trilateral security Opportunity for TKMS partnership Significan
Slide 79: E: Potential for high and growing profitability
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Potential for high and growing profitability – capturing entire value-add along the life cycle Integrated operating model Margin enabler I
Slide 80: Segment highlights: Key European player for integrated naval systems
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Segment highlights: Key European player for integrated naval systems, sensors, and effectors, delivered via scalable setup A Key market playe
Slide 81: Governance
5 Governance Volkmar Dinstuhl Chairman of Supervisory Board 81
Slide 82: Positioned to unleash value as independent company
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Positioned to unleash value as independent company, supported by future governance Independence enabled by … … governance reflecting post-spi
Slide 83: KGaA structure enables thyssenkrupp AG to support TKMS
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook KGaA structure enables thyssenkrupp AG to support TKMS in pursuing its standalone strategy Background and rationale AG & Co. KGaA structure E
Slide 84: TKMS to be governed by experienced supervisory board
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook TKMS to be governed by experienced supervisory board, including state representative Key terms of envisaged security TKMS supervisory board a
Slide 85: TKMS to operate independently while upholding relationship with thyssenkrupp AG
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook TKMS to operate independently while upholding a beneficial relationship with thyssenkrupp AG Stability and Stable supplier Transition ownersh
Slide 86: TKMS executive compensation fully aligned with shareholder interests
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook TKMS executive compensation fully aligned with shareholder interests Select elements of TKMS management compensation Base Short-term incentiv
Slide 87: Overview of TKMS Compliance Management System
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Overview of TKMS Compliance Management System Compliance culture Code of Conduct Tone from the Top Compliance Commitment Compliance in busine
Slide 88: Execution & Technology
6 Execution & Technology Dirk Steinbrink CTO Johannes Gelze EVP Atlas Electronics 88
Slide 89: Right set of capabilities to efficiently scale capacity and deliver on backlog
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Right set of capabilities to efficiently scale capacity and deliver on backlog at attractive margins Execution Technology A: State-of-the-art
Slide 90: A: Headquartered in Germany with strategic proximity to customers worldwide
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Headquartered in Germany with strategic proximity to customers worldwide HQ Submarines Surface Atlas Electronics Shipyards Production/engi
Slide 91: A: Well-invested production footprint to deliver on record order backlog
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Well-invested production footprint to deliver on record order backlog Submarines Surface Atlas Electronics FTE1,2 CAPEX, L3Y3,4 Deep dive
Slide 92: A: Capacity expansion – Wismar
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Capacity expansion – Wismar to become the newest submarine and surface vessel production facility in Europe Build-out of Wismar Customer p
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Slide 94: A: Capacity grows in line with order book
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Capacity grows in line with order book, while preserving extra headroom Growth in production capacity Order backlog working needs covered
Slide 95: B: Tailored processes from engineering over construction to commissioning
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Tailored processes from engineering over construction to commissioning Double-V process tailored for small-series production1 Rationale 1:
Slide 96: B: Robotics and automation designed to improve the production process
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Robotics and automation designed to significantly improve the production process CASE STUDY Custom robotics solutions Example Key facts2 F
Slide 97: B: Relentless focus on quality and reliability
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Relentless focus on quality and reliability NOT EXHAUSTIVE Differentiating capabilities Overview of critical NATO and industry norms1 Impr
Slide 98: C: Tailored construction partnership setups
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook C: Tailored construction partnership setups designed to unlock flexible capacity NON-EXHAUSTIVE Flexible range of partnership models Value pr
Slide 99: D: Focused on supply chain resilience and efficiency
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Focused on supply chain resilience and efficiency Key goals in TKMS supply chain Key supply chain highlights Reliability Nearshoring (e.g.
Slide 100: D: Resilient, reliable, and local supplier base
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Resilient, reliable, and local supplier base Procurement spend breakdown 1 … … by top suppliers … by supplier region 3,500+ Top 10 Rest o
Slide 101: Right capabilities reduce delivery times and minimize margin leakage
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Right set of capabilities enables TKMS to reduce delivery times and minimize margin leakage Margin leakage reduction ETC reduction Incorporat
Slide 102: Robust technology portfolio powered by established innovation approach
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Robust technology portfolio powered by established innovation approach Execution Technology E: Comprehensive technology portfolio >3,000 pate
Slide 103: E: Advanced technologies for today and the future
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Advanced technologies for today and the future Our technological edge today … ... and in the future Next-generation crewed Minimal signatu
Slide 104: E: TKMS well-positioned to shape the future naval ecosystem
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: TKMS is well-positioned to shape the future naval ecosystem Control hub Uncrewed communication point Full-spectrum coverage from crewed to
Slide 105: E: Ready for the next-generation naval platforms
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Ready for the next-generation naval platforms NOT EXHAUSTIVE Submarines Surface Vessels Atlas Electronics Next-generation crewed naval pla
Slide 106: E: Autonomous systems as expansion to crewed platforms
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Autonomous systems as expansion to crewed platforms NOT EXHAUSTIVE Selective highlight feature Live portfolio In development Complementary
Slide 107: E: Communication capabilities facilitate network-centric tactics
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: TKMS’ communication capabilities facilitate cooperation and network-centric tactics across naval platforms NOT EXHAUSTIVE Platform-indepen
Slide 108: E: TKMS AI capabilities designed to improve defense capabilities
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: TKMS AI capabilities designed to improve defense capabilities and availability Key AI use cases in the naval battlefield Technological Tac
Slide 109: E: Shaping next-generation naval defense and attack capabilities
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: Shaping next-generation naval defense and attack capabilities NOT EXHAUSTIVE Defense effector Attack effector Cutting-edge naval weaponry
Slide 110: F: OceanX innovation think tank
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook F: TKMS’ “OceanX” innovation think tank – translating trends into action Innovation think tank Our innovation approach OceanX MVP1-driven and
Slide 111: F: Shorter innovation cycles for scalable solutions
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook F: Shorter innovation cycles for scalable solutions New innovations at accelerated development speed and reduced project specificity Developm
Slide 112: F: Data-driven excellence to provide software-defined defense solutions
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook F: Data-driven excellence to provide software-defined defense solutions Leveraging data richness ... ... across our dual AI engine ... ... to
Slide 113: F: Trusted partners enhance technology development and funding
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook F: Trusted partners enhance our technology development capabilities and funding NOT EXHAUSTIVE Innovation partnerships Partnership deep dives
Slide 114: Key takeaways: Execution and technology excellence
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Key takeaways: Execution and technology excellence designed to shape the future of naval warfare State-of-the-art A facilities Well-invested
Slide 115: Strategy
7 Strategy Oliver Burkhard CEO 115
Slide 116: Clear strategy focused on execution combined with prudent, margin-oriented growth
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Clear strategy focused on execution combined with prudent and margin-oriented growth in an evolving naval market Strategic pillars Guiding pr
Slide 117: A: Extensive pipeline expected to unlock prudent, margin-accretive growth
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Extensive pipeline expected to unlock prudent, margin-accretive growth Submarines Surface Vessels Atlas Electronics Robust pipeline ... ..
Slide 118: B: Key enabler of diversified and multi-asset naval operations
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Key enabler of diversified and multi-asset naval operations ILLUSTRATIVE VIEW ON KEY TKMS’ PRODUCTS From platform-/ … to diversified and m
Slide 119: C: 3-step growth scaling
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook C: 3-step growth scaling – focused on increasing capacity of existing facilities first Key priority Capturing next level of growth Maximizing
Slide 120: D: Strategic partnerships drive competitive edge
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Strategic partnerships drive competitive edge NOT EXHAUSTIVE Pursuing partnerships Local content to capture … – localized customer access
Slide 121: E: ESG deeply integrated into all TKMS business practices
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook E: ESG deeply integrated into all TKMS business practices Environmental Social Governance ESG roadmap and integration into business practices
Slide 122: People Strategy
8 People Strategy Angelika Kambeck CHRO 122
Slide 123: Clear people vision – a core driver of our business
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Clear people vision – a core driver of our business B: We follow a A: We build on a strong product-led and employee base focused people path
Slide 124: A: Highly experienced and committed workforce
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook A: Highly experienced and committed workforce One strong crew Maritime Powerhouse1 Global footprint1,2 Workforce distribution by segment, in
Slide 125: B: Our product-centric workforce is able to deliver on our backlog
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook B: Our product-centric workforce is able to deliver on our backlog Workforce distribution by Software and engineering Safe execution function
Slide 126: C: Continuous development of our highly skilled workforce
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook C: Relentless focus on continuous development of our highly skilled workforce Highly skilled workforce … … and continuous development Workfor
Slide 127: D: Clear plan to ramp-up our workforce
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook D: Clear plan to ramp-up our workforce to meet our operational demands Workforce growth plan Attractiveness as an employer High internal enga
Slide 128: Updated employer branding to attract the workforce of tomorrow
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Updated employer branding to attract the workforce of tomorrow Employee branding1 1. Secure Oceans – Secure Jobs 128
Slide 129: Financials & Outlook
9 Paul Glaser CFO Financials & Outlook 129
Slide 130: Financials & Outlook highlights
High-quality order backlog provides multiyear sales visibility Positioned for significant sales and earnings growth Achieved structural step-up in profitability with potential for further significant margin upside Highly attractive cash generation 130
Slide 131: Financial track record: Compelling financial profile
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Financial track record: Compelling financial profile underpinned by strong achieved results Historical financials Key highlights In €mn Str
Slide 132: Order backlog: Substantial uplift in order book
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Order backlog: Substantial uplift in order book Order backlog Key highlights In €bn Sales coverage LTM1 Accelerating order intake fueled by
Slide 133: Sales: Strong visibility for sustained topline growth
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Sales: Strong visibility for sustained topline growth Sales Key highlights In €bn CAGR Record sales of ~€2.2bn in Q3 24/25A LTM Increase
Slide 134: Profitability: Structural improvement in adjusted EBIT margin
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Profitability: Successful track record of structural improvement in adjusted EBIT margin Adjusted EBIT Key highlights In €mn Margin Q3 24/2
Slide 135: Profitability: Structural gross margin uplift and overhead discipline
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Profitability: Driven by structural gross margin uplift and overhead discipline Adjusted EBIT margin Key highlights In % Adjusted EBIT, in €m
Slide 136: Profitability: Structural improvement over last 3 years
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Profitability: Structural improvement clearly visible over last 3 years Gross margin and operating expenses Share of sales Key highlights In
Slide 137: Quality of earnings: Clean accounting approach
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Quality of earnings: Clean accounting approach Reconciliation: Income from operations to adjusted EBIT Key highlights In €mn Adjusted EBIT
Slide 138: Target operating model: Enhanced segment accountability
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Target operating model: Enhanced segment accountability in the future Independent TKMS reporting with new target operating model Historical
Slide 139: Submarines: Significant topline momentum with margin expansion
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Submarines: Significant topline momentum with margin expansion already well underway Submarines key financials Key highlights Sales growth/Gr
Slide 140: Submarines: Measures for improving contract terms and execution
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Submarines: Measures taken for improving contract terms and execution Implemented improvement levers Contract terms High hurdle rates Technol
Slide 141: Submarines: Improving margin profile through phase-out of legacy programs
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Submarines: Improving margin profile through new order execution and phase-out of legacy programs Clear visibility on phase-out of legacy pro
Slide 142: Surface Vessels: Improved gross margin
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Surface Vessels: Improved gross margin supported by modularity and proven technology Surface Vessels key financials Key highlights Sales grow
Slide 143: Atlas Electronics: Strong growth driven by software and electronics
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Atlas Electronics: Strong growth driven by increasing share of software and electronics Atlas Electronics key financials Key highlights Sales
Slide 144: Working capital: Strong cash generation throughout project lifecycle
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Working capital: Strong cash generation throughout entire project lifecycle Net positive funding … … resulting in efficient working capital I
Slide 145: Capex: Order backlog execution supported by well-invested footprint
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Capex: Order backlog execution supported by well-invested production footprint Net capex1,2 Key highlights Share of sales/x D&A In €mn Past
Slide 146: Cash flow: Highly cash-generative business model
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Cash flow: Highly cash-generative business model ensuring strong financial flexibility Free cash flow derivation Key highlights In €mn High
Slide 147: Capital structure: Robust financial position supported by strong liquidity
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Capital structure: Robust financial position supported by strong liquidity Liquidity profile Net financial position Key highlights In €mn, pr
Slide 148: Financial track record: Compelling financial profile
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Financial track record: Compelling financial profile underpinned by strong achieved results Significant Strong Structural step-up Attractive
Slide 149: Financial targets: Future focus on profitable execution
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Financial targets: Future focus on profitable execution Strong margin improvement … … with further upside potential in the future Adjusted EB
Slide 150: Financial targets: Primed for profitable growth
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Financial targets: Primed for profitable growth FY 23/24A FY 24/25E Strategic midterm targets Sales/ Moderate increase ~10% CAGR €2.0bn from
Slide 151: Key takeaways
1 Onboarding 2 Key Investment Highlights 3 Market Outlook 4 Segments 5 Governance 6 Execution & Technology 7 Strategy 8 People Strategy 9 Financials & Outlook Key takeaways Strong financial track record 1 with structural profitability >2.5x step-up already under way adjusted EBIT margin since FY 21/
Slide 152: Summary
Summary Strong market outlook Double market size by 2033 vs. 20241 Only Maritime fully integrated naval solution provider in Powerhouse Europe2 #1 Technology in conventional submarines3 leader ~€18.6bn Primed for order backlog as of Jun-254 growth Compelling >7% strategic midterm target for adjusted
Slide 153: Your Maritime Powerhouse – Investor Relations Contact
YOUR MARITIME POWERHOUSE Investor Relations Contact: Jacques Esser SVP Investor Relations +49 172 1012242 jacques.esser@tkmsgroup.com
Slide 154: Glossary
Glossary TKMS
Slide 155: Glossary (1/3)
Glossary (1/3) Term Meaning Term Meaning A Actual ASW Anti-Submarine Warfare AAW Anti-Air Warfare AUKUS Australia, United Kingdom, and United States ACOS Atlas Core System AU Australia ACTAS Active Towed Array Sonar bn Billion Adj. Adjusted CAGR Compound Annual Growth Rate AG Aktiengesellschaft (Pub
Slide 156: Glossary (2/3)
Glossary (2/3) Term Meaning Term Meaning CRM Corporate Risk Manager GmbH Gesellschaft mit beschränkter Haftung CTO Chief Technology Officer IDAS Interactive Defense and Attack System DE Germany IFRS International Financial Reporting Standards DK Denmark IMCMS Integrated Mine Countermeasure System E
Slide 157: Glossary (3/3)
Glossary (3/3) Term Meaning Term Meaning kta Joint Venture with Kongsberg Defence & Aerospace pp. Percentage Point L5Y Last Five Years R&D Research and Development LIB Lithium-ion Batteries SOF Special Operations Forces m Meter t Ton M&A Mergers and Aqcuisitions tkMS thyssenkrupp Marine Systems MMPC
Slide 158: Appendix
Appendix 158
Slide 159: TKMS market figures are based on customers’ defense and naval equipment budgets
TKMS market figures are based on customers’ defense and corresponding naval equipment budgets1 Budget logic Revenue logic Defense budgets Naval equipment budgets TKMS attainable market1 Definition Defense-related funds in Share of overall defense budgets Share of naval equipment budgets governmental
Slide 160: TKMS is able to access ~85% of countries with relevant navy inventory
TKMS is able to access ~85% of countries with relevant navy inventory Attainable Partially attainable Non-attainable Sanctioned Included in market model: Yes No Number of Examples TKMS markets countries1 Submarines Surface Vessels Electronics Germany Surface and underwater Conventional Frigate Naval
Slide 161: Q3 results: Financial ambitions underpinned by strong current trading
Q3 results: Financial ambitions underpinned by strong current trading Key financials per 9M 23/24A and 9M 24/25A Key highlights In €mn Sales increased by Last nine months 12.3% in 9M 24/25A year-over-year, driven 9M 23/24A 9M 24/25A by strong order backlog 8.2x 11.7x conversion and solid execution
Slide 162: Group financials: Profit and loss statement
Group financials: Profit and loss statement FY 21/22A – FY23/24A and 9M 23/24A – 9M 24/25A In €mn FY 21/22A FY 22/23A FY 23/24A 9M 23/24A1 9M 24/25A1 Sales 1,696 1,949 1,987 1,413 1,587 Gross margin 239 308 313 238 274 SG&A (160) (176) (186) (140) (152) R&D (54) (43) (48) (34) (35) Other income/(exp
Slide 163: Group financials: Cash flow statement
Group financials: Cash flow statement FY 21/22A – FY23/24A and 9M 23/24A – 9M 24/25A In €mn FY 21/22A FY 22/23A FY 23/24A 9M 23/24A1 9M 24/25A1 Net income 13 63 88 62 75 Depreciation and amortization 65 64 72 51 54 Inventories (24) (37) (35) (45) (83) Trade accounts receivable 17 62 (74) (18) 47 Con
Slide 164: Group financials: Cash flow statement (continued)
Group financials: Cash flow statement (continued) FY 21/22A – FY23/24A and 9M 23/24A – 9M 24/25A In €mn FY 21/22A FY 22/23A FY 23/24A 9M 23/24A1 9M 24/25A1 Operating cash flows 405 304 458 (33) 719 Cash flows from investing activities (280) (425) 170 (12) (17) Less: Cash pool withdrawals/(deposits)
Slide 165: Group financials: Balance sheet – Assets
Group financials: Balance sheet – Assets Sep-22A – Sep-24A and Jun-25A In €mn Sep-22A Sep-23A Sep-24A Jun-25A1 Assets Goodwill 1,043 1,043 1,044 1,044 Intangibles, other than goodwill 296 287 271 286 Property, plant and equipment 337 396 488 486 Other noncurrent assets 179 199 132 142 Total noncurre
Slide 166: Group financials: Balance sheet – Equity and liabilities
Group financials: Balance sheet – Equity and liabilities Sep-22A – Sep-24A and Jun-25A In €mn Sep-22A Sep-23A Sep-24A Jun-25A1 Equity and liabilities Equity 1,955 2,072 1,598 1,721 Pension provisions and similar obligations 363 345 367 363 Deferred tax liabilities 124 140 203 243 Lease liabilities 2
Slide 167: Group financials: Net working capital
Group financials: Net working capital Sep-22A – Sep-24A and Jun-25A In €mn Sep-22A Sep-23A Sep-24A Jun-25A1 Trade receivables 268 207 281 232 Inventories 173 209 245 327 Current assets 440 416 526 560 Trade account payable (248) (374) (411) (581) Net advance payments (290) (371) (600) (1,018) Curren
Slide 168: Group financials: Derivation of Q3 24/25A LTM financials
Group financials: Derivation of Q3 24/25A LTM financials Q3 24/25A LTM derivation In €mn - 1 2 = 3 3 + 4 = 5 FY 23/24A 9M 23/24A Q4 23/24A Q4 23/24A 9M 24/25A Q3 24/25A LTM Sales 1,987 1,414 573 573 1,587 2,160 Gross margin 313 238 75 75 274 349 SG&A (186) (140) (46) (46) (152) (198) R&D (48) (34) (
Slide 169: Segment financials: Derivation of Q3 24/25A LTM financials
Segment financials: Derivation of Q3 24/25A LTM financials Q3 24/25A LTM derivation In €mn - 1 2 = 3 3 + 4 = 5 FY 23/24A 9M 23/24A Q4 23/24A Q4 23/24A 9M 24/25A Q3 24/25A LTM Submarines Sales 976 625 351 351 854 1,205 Gross margin 73 52 20 20 91 111 Surface Vessels Sales 571 497 74 74 368 442 Gross
Slide 170: Segment financials: Segment consolidation
Segment financials: Segment consolidation Segment consolidation key financials In €mn FY 21/22A FY 22/23A FY 23/24A Q3 24/25A LTM1 8 8 All Other Segments 7 8 Sales Gross margin 8 7 4 5 (264) Sales (151) (157) (158) Corporate and Consolidation Gross margin (7) 6 (2) (2) Note: Historical figures shown
Slide 171: Your Maritime Powerhouse – Capital Markets Day
YOUR MARITIME POWERHOUSE September 30, 2025 Capital Markets Day