Tkms Ag & Co. Kgaa · XETR:TKMS
Tkms Ag & Co. Kgaa — Q1 2025/26 Earnings Presentation
25 slides from Tkms Ag & Co. Kgaa's earnings presentation, Feb 11, 2026
Slide 1: Earnings presentation Q1 2026
Earnings presentation Q1 2026 February 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 x% CAGR “Canada has reached a final agreement to join the EU’s €150 x% % of GDP billion Security Action for Europe pro
Slide 5: Ongoing increase of order backlog and stable financial KPIs in Q1, in-line with plan
Ongoing increase of order backlog and stable financial KPIs in Q1, in-line with plan Order backlog Adj. EBIT Free cash flow €18.7bn €26mn €33mn Revenue Adj. EBIT margin €545mn 4.8% Note: Order backlog as of Dec-25, all other figures for Q1 25/26 5
Slide 6: Key milestones reached by TKMS in Q1 2025/26
Key milestones reached by TKMS in Q1 2025/26 Operations Technology Customers MoUs1 signed with Successful SeaSpider tests Norway approves purchase Canadian firms Marmen, firings, demonstrating of two additional 212CDs3 Cohere, Seaspan and Ellis navigation, stabilization, and Don to support pro
Slide 7: Order intake driven by record torpedo contract and additional submarine program extensions
Order intake driven by record torpedo contract and additional submarine program extensions Submarines Surface Vessels Atlas Electronics Order backlog1 Relevant new orders Ongoing campaigns in €bn as of 11 February 2026 NOT EXHAUSTIVE NOT EXHAUSTIVE 18.7 Program Value, in €mn Campaign # of vessels 16
Slide 8: Financial update & outlook
Financial update & outlook Paul Glaser CFO 8
Slide 9: TKMS group financials
TKMS group financials x% Margin Order intake Revenue Adj. EBIT in €mn in €mn in €mn 5.440 550 545 904 26 26 4.7% 4.8% Q1 24/25 Q1 25/26 Q1 24/25 Q1 25/26 Q1 24/25 Q1 25/26 Solid book to bill of 1.7x in Q1 despite lower Orderbacklog is being executed as planned Stable development despite prior
Slide 10: Submarines financial results
Submarines financial results x% Margin Order intake Revenue Adj. EBIT in €mn in €mn in €mn 4.217 315 231 -0.4% -1.6% -1 69 -4 Q1 24/25 Q1 25/26 Q1 24/25 Q1 25/26 Q1 24/25 Q1 25/26 Prior year strongly supported by orders for YoY development reflects usual volatility due to Wismar ramp-up costs
Slide 11: Surface Vessels financial results
Surface Vessels financial results x% Margin Order intake Revenue Adj. EBIT in €mn in €mn in €mn 1.149 174 13 12 126 1 10.6% 7.1% Q1 24/25 Q1 25/26 Q1 24/25 Q1 25/26 Q1 24/25 Q1 25/26 Previous year supported by order intake of Q1 revenue growth reflects execution of Prior year impacted by posit
Slide 12: Atlas Electronics financial results
Atlas Electronics financial results x% Margin x% Growth Order intake Revenue Adj. EBIT in €mn in €mn in €mn 1.259 +31% +114% 185 22 141 10 52 7.2% 11.8% Q1 24/25 Q1 25/26 Q1 24/25 Q1 25/26 Q1 24/25 Q1 25/26 Order of DM2A5 heavyweight torpedoes for Solid revenue growth across all domains Strong
Slide 13: Segment contribution bridge to Q1 25/26 Adj. EBIT
Segment contribution bridge to Q1 25/26 Adj. EBIT x% TKMS Group margin x% Segment margin (Q1 25/26) +xpp Change from Q1 24/25 TKMS Adj. EBIT bridge Q1 24/25 to Q1 25/26 in €mn Submarines -1.3pp -3.5pp +4.6pp +0.1pp Wismar ramp-up, timing effects in new projects, higher 4.7% -1.6% 7.1% 11.8% 4.8% s
Slide 14: TKMS Group NWC, CAPEX development, and capital structure
TKMS Group NWC, CAPEX development, and capital structure 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 advance payments1 2.4% 4.5% Prov
Slide 15: TKMS Group free cash flow development
TKMS Group free cash flow development TKMS cash flow statement in €mn Previous year with 1 Q1 24/25 Q1 25/26 exceptionally high operating cash flow driven by substantial down payments from newly Operating cash flows 914 1 58 contracted orders 2 Rise in Net CAPEX in line with strategic priorities, dr
Slide 16: Guidance and mid-term financial targets
Guidance and mid-term financial targets FY 25/26 Guidance Strategic mid-term targets Revenue growth +2% to +5% YoY ~10% revenue CAGR from FY (prev.: -1% to +2% YoY) 24/25E with back-end growth acceleration Adj. EBIT €100 to 150mn >7.0% Adj. EBIT margin >6.0% (prev.: further increase) ~€200mn in FY 2
Slide 17: Q&A
Q&A 17
Slide 18: 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 19: 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 20: Appendix
TKMS Your Maritime Powerhouse Appendix TKMS
Slide 21: Q1 25/26 statement of income
Q1 25/26 statement of income Quarter ended Quarter ended In €mn Dec. 31, 2024 Dec. 31, 2025 Sales 550 545 Cost of sales (466) (450) Gross margin 83 95 Research and development cost (10) (12) Selling expenses (18) (22) General and administrative expenses (33) (37) Other income 17 14 Other expenses (1
Slide 22: Q1 25/26 combined statement of cash flows
Q1 25/26 combined statement of cash flows Quarter Quarter Quarter Quarter ended ended ended ended Dec. 31, Dec. 31, Dec. 31, Dec. 31, In €mn 2024 2025 In €mn 2024 2025 Net income/(loss) 24 4 Purchase of investments accounted for using the equity method and - - non-current financial assets Adjustment
Slide 23: Q1 25/26 combined statement of financial position
Q1 25/26 combined statement of financial position Quarter Quarter ended Year ended ended Year ended Dec. 31, Sep. 30, Dec. 31, Sep. 30, In €mn 2025 2025 In €mn 2025 2025 Goodwill 1.044 1.044 Accrued pension and similar obligations 334 344 Intangible assets other than goodwill 280 284 Provisions for
Slide 24: Order intake, revenue and gross margin by segment
Order intake, revenue and gross margin by segment Submarines Surface Vessels Atlas Electronics In €mn Q1 Q1 Q1 Q1 Q1 Q1 24/25 25/26 24/25 25/26 24/25 25/26 Order intake 4.217 69 1.149 1 52 1.259 Revenue 315 231 126 174 141 185 Adj. EBIT -1 -4 13 12 10 22 Adj. EBIT -0.4 -1.6 10.6 7.1 7.2 11.8 margin,
Slide 25: Q1 25/26 adj. EBIT reconciliation
Q1 25/26 adj. EBIT reconciliation Quarter ended Quarter ended In €mn Dec. 31, 2024 Dec. 31, 2025 Profit/(loss) from operations 22 27 tk Group trademark fee 4 0 Other financial income 0 0 Special items 0 (1) Adjusted EBIT 26 26 25
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