Slides
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October 2025 YOUR MARITIME POWERHOUSE Meet-the-Management Meetings
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2 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 not be taken out of context. This presentation has been prepared for information and background purposes only. It does not constitute or form part of, andshould not be construed as, an offer of, a solicitation of an offer to buy, or an invitation to subscribe for, underwrite or otherwise acquire, any securities of the business segment Marine Systems of the thyssenkrupp AG group, to be spun-off as the separate legal entity TKMS AG & Co. 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3 Steering from the bridge – highly experienced management team with strong execution track record and clear long-term vision Paul Glaser CFO Oliver Burkhard CEO
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4 TKMS is positioned for a multidecade profit and execution – focused growth story 4 We fixed our basics … … and are scaling our business … … to expand and grow our potential! Realized sales success with our record order backlog across all segments as foundation for growth Increase output at attractive margins through focus on execution excellenceFixed the basics to ensure a sustainable turnaround Expand position in core, drive future of naval warfare, and get stronger through growth Managed the transformation Filled the funnel Excel in delivery Win the future
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5 Submarines #1 supplier of conventional submarines6,7 1 Surface Vessels 3 Top 3 supplier of surface vessels7,8 Atlas Electronics The only sensor-to-shooter solutions provider globally9,10 Maritime Powerhouse with decades of experience ... and strong financialsEstablished player ... ... with global footprint ... >185 Years of experience1 ~8,700 FTE2 as of Jun-25 ~€18.6bn Order backlog as of Jun-25 ~€2.2bn Sales Q3 24/25A LTM5 ~€120mn Adjusted EBIT Q3 24/25A LTM5 >50 User countries >325 Vessels supplied3 >10,000 Total years of operation4 Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accoun ting policy changes and carve-out-specific adjustments 1. Since founding of predecessor firm; 2. Including temporary agency workers; 3. Accounting for all supplied TKMS vessels sin ce 1960 (submarines/surface vessels, including corvettes, frigates and destroyers, as well as certain vessel categories outside TKMS’ current product portfolio, i.e., mine warfare ships and offshore patrol vessels); 4. Estimated cumulative years of operation of all TKMS vessels sold (segments Submarines and Surface Vessels); 5. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are reviewed); 6. Conventional referring to non-nuclear submarines (i.e., typically diesel-electric and air-independent propulsion (AIP) based); 7. Attainable market is provided in revenues and includes no n-sanctioned countries with realistic potential. This excludes markets with national champions in the respective segment and categories not relevant for TKMS (e.g., nuclear submarines, aircraft carriers, and amphibious ships) and does not include potential service-related revenue. Based on new deliveries in attainable market for TKMS within the last decade (2015-2024) and based on company information and management estimates; 8. Surface vessels are defined as corvettes, frigates and destroyers, as well as certain vessel categories outside TKMS’ current product portfolio, i.e., mine warfare ships and offshore patrol vessels; 9. For conventional submarines; 10. Based on company information
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6 Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accoun ting policy changes and carve-out-specific adjustments 1. Order backlog is reflected on basis of the current contractual agreements; 2. Sales potential implied in order intake and order backlog may not be realized; 3. Based on latest available backlog information over LTM sales per Q3 24/25A where LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are reviewed Record order book provides multiyear revenue visibility Order backlog1, in €bn 6.0 11.8 Sep-20 Sep-24 Jun-25 ~18.6 +>50% Backbone for future success2 Backlog at record high resulting in a cumulated revenue coverage of ~8.6x3 High visibility on future revenues through order backlog Significant order pipeline provides potential for further upside Increased intake margin of backlog programs relative to legacy programs
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7 TKMS – ready for a multidecade profitable growth journey Strong market outlook Double market size by 2033 vs. 20241 Maritime Powerhouse Only fully integrated naval solution provider in Europe2 Technology leader #1 in conventional submarines3 Primed for growth ~€18.6bn order backlog as of Jun-254 Compelling financial outlook >7% strategic midterm target for adjusted EBIT margin Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accoun ting policy changes and carve-out-specific adjustments 1. Market size between 2024 and 2033 based on projected annual basis with attainable market including all non-sanctioned countries with realistic potential. This excludes markets with national champions in the respective segment and categories not relev ant for TKMS (e.g., nuclear submarines, aircraft carriers, and amphibious ships) and does not include potential service-related revenue; 2. Based on a comprehensive portfolio offering including conventional submarines (including diesel-electric and AIP systems), mid-size surface vessels (e.g., frigates, corvettes, destroyers), electronic systems (including sonar and sensor systems, torpedoes, uncrewed vehicles, naval communications syste ms and combat management systems), software and services; 3. Based on new deliveries in attainable market for TKMS within the la st decade (2015-2024) and based on management estimates; 4. Order backlog is reflected on basis of the current contractual agreements Source: McKinsey (“Mission Verteidigungsfähigkeit” – Mission Defense Capability); TKMS analysis
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8 1. Applying a fixed exchange rate from July 9, 2025, for conversion into €, while historical exchange rates are applied for Türkiye to account for substantial depreciation; 2. For the maximum potential uplift, where maximum is defined by the scenario “3.5% until 2030”; 3. Based on the “balanced acceleration” scenario as described in the McKinsey report “Mission Verteidigungsfähigkeit” (Mission D efense Capability) for the European uplift (i.e., €915bn + €605bn + “balanced acceleration” scenario at + €190bn); 4. European NATO; 5. Attainable market is provided in revenues and includes non-sanctioned countries with realistic potential. This excludes markets with national champions in the respective segment and categories not relevant for TKMS (e.g., nuclear submarines, aircraft carriers, and amphib ious ships) and does not include potential service-related revenue. Partially attainable market is included for electronics. For electronics, all categories are relevant (including aircraft carriers etc.). Partially attainable market is defined as markets where only one segment (e.g., Atlas Electronics) is able to serve the market due to national champions for submarines or surface vessels; 6. Including electronics for non -TKMS platforms in all categories; 7. Electronics for surface vessel; 8. Electronics for submarines Source: McKinsey (“Mission Verteidigungsfähigkeit” – Mission Defense Capability); NATO; National defense budgets; National defense budgets (US Greenbook FY 2025, Canadian strategy paper “Our North, Strong, and Free”); TKMS analysis TKMS attainable market to nearly double by 2033 Growing defense budgets … … translate into increasing equipment spend Annual defense budgets, nominal in €bn1 Attainable market by TKMS segments5, nominal in €bn 570 825 915 205 435 605 970 2014 2024 2030E Potential European uplift from NATO developments in 20252 775 1,260 Up to 360+5%3 4 10 2 14 5 2024 17 5 20 7 2030E 22 7 23 9 2033E 31 49 61+8%+8% 9% 6% 8% CAGR 12% 6,8 6,7 ∑ ~€1,740bn Potential cumulative increase 25E to 30E2 CAGR Submarines Surface vessels Electronics 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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9Source: TKMS analysis Attractive and resilient market with great long-term visibility Attractive governmental customers, bringing recurring services and OE business Trust as a key factor in supplier selection given public profile of contracts Deep customer partnerships Long-term purchasing strategy due to +40 years of average operational usage High versatility for deployment across a range of peer-to-peer and hybrid mission profiles Strategic assets, not “consumables” Consistent baseload demand with potential of situational uplifts Substantial share of future revenue already backed by orders today Peace-resilient demand 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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10Source: TKMS analysis Accelerated market growth drives competitive dynamics, leading to collaboration and consolidation Rising interest from adjacent players to enter the naval domain Key competitive dynamics Examples NON-EXHAUSTIVE Expanding portfolio to naval shipbuilding Strengthening underwater capabilities Gaining additional production capacity Increasing cross-industry collaboration aimed at capturing synergistic value Growing consolidation in an increasingly fragmented industry 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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11 One-stop shop – the power of being fully integrated USP as naval solution provider Surface Vessels Atlas Electronics Submarines “One-stop shop” End-to-end maritime offer from platforms, naval systems to effectors Full integration of technologies, data, and platforms Intracompany synergies Improved lead times through direct OEM-supplier setup Clear and established intracompany interfaces Established foundation for growth Diversified partnership model designed to enable capacity balancing Active role in consolidation of European defense, including partnerships 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Campaign Customer # of vessels 212CD 2 CPSP9 7-12 P-75I 6+310 12 Note: Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for TKMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments; 1. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited; 2. Conventional refers to non-nuclear submarines (i.e., typically diesel-electric and AIP based); 3. In TKMS attainable markets. Attainable markets are all non-sanctioned countries with realistic potential, i.e., excluding markets with national champions for submarines and categories not relevant for TKMS (i.e., nuclear submarines); 4. including air- independent propulsion, lithium-ion batteries, and Interactive Defense and Attack System; 5. Comprises 209 and 209NG; 6. Includi ng 218SG customized variant for confidential customer; 7. Comprises 212A and 212CD; 8. Including predecessor variant; 9. Cana dian Patrol Submarine Project; 10. To be delivered in the form of material packages Submarines: Market leader with decades of experience and cutting-edge technology Submarine familiesKey highlights #1 supplier of conventional submarines2,3 Innovation leader with state-of-the-art features4 High added value from full value chain coverage Large installed base provides attractive monetization potential Commercial offering and customers Two shipyards in Kiel and Wismar with proprietary pressure hull production line Flexibility with possibilities of contracting “Material packages” and partner shipyards for local capacity In-house submarine crews and training team Key sales campaigns Key products Revenue visibility from profitable order backlog and strong pipeline AIP fuel cellDiesel-electric 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials €1,205mn Revenue Q3 24/25 LTM1 €111mn Gross margin Q3 24/25 LTM1 NOT EXHAUSTIVE Cost-effective export class Advanced AIP-based export class Technologically most sophisticated class Large uncrewed underwater vehicle Class 2095 Class 214 (218SG)6 Confidential8 Class 2127 Stargazer
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13 Surface Vessels: Cutting-edge, modular vessels with flexible production capacity Vessel familiesKey highlights Strategic international construction partnerships Two shipyards in Wismar and Itajai for vessel construction High inhouse design capabilities as large system integrator Various construction partnerships to increase capacity and fulfill local production requirements Key sales campaigns Sophisticated design with proven product quality and resilience Top 3 midsize vessel supplier2,3 due to attractive, modular MEKO® design Note: Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for TKMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments; 1. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited; 2. Based on new deliveries in attainable market for TKMS within the last decade, surface vessels being defined as including corvettes, frigates and destroyers, as well as certain ves sel categories outside our current product portfolio, i.e., mine warfare ships and offshore patrol vessels (2015 -2024); 3. Attainable market is all non- sanctioned countries with realistic potential, i.e., excluding markets with national champions for surface vessels and catego ries not relevant for TKMS (e.g., aircraft carriers) and does not include potential service -related revenue; 4. Including A-200 successor model currently in concept design; 5. Three vessels in scope of broader shipbuilding plan Profitability of future growth targeted with clear view on pipeline Commercial offering and customersKey products Frigates Uncrewed Special purpose vessel 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials €442mn Revenue Q3 24/25 LTM1 €68mn Gross margin Q3 24/25 LTM1 Campaign Customer # of vessels F127 8 Vasco da Gama replacement 3 National Continuous Shipbuilding Plan5 3 NOT EXHAUSTIVE MEKO® A-100 MEKO® A-2004 MEKO® A-300 MEKO® A-400 AMD MEKO® S-X New Polarstern Strong future position expected via cutting-edge innovation
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14 Atlas Electronics: Fully integrated sensor-to-shooter software & electronics offering Product offeringKey highlights Five production sites in Germany and the UK Leading engineering capabilities for system integration across platforms Portfolio focused on electronics with an increasing share of software solutions Key solutions Key sales campaigns Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited; 2. Expected announcement of contract award winner; 3. Mine countermeasures Platform agnostic scalability across the product portfolio Future growth substantiated by robust project pipeline Global presence, serving 40+ navies through local subsidiaries Innovation leader for naval software & electronics Commercial offering and customers 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials €662mn Revenue Q3 24/25 LTM1 €160mn Gross margin Q3 24/25 LTM1 Campaign Customer Date2 MCM3 2025-30 SeaSpider 2025-30 AUKUS Beyond 2030 NOT EXHAUSTIVE Maritime awareness Networked operations Dynamic forces Services Key European player in growing naval software & electronics segment
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In existing portfolio of TKMS In development by TKMS Changing navy doctrines around the globe … Reinforced mission profiles … developing an evolved capability profile Undersea warfare and coastal defense Maritime strike Territorial defense Modular platforms High durability Enhanced sensorics Effectors for all domains Enhanced stealth Increasing speed and mobility Today Tomorrow Multi-domain operations Autonomous platforms AI-based operations 15Source: Deutsche Marine 2035+ (German Navy 2035+); Jahresbericht des Marinekommandos (Naval Command Annual Report); Annual reporting of Royal Norwegian Navy, Royal Navy, Indian Navy, and Royal Australian Navy Global naval doctrines are shifting – TKMS ready to deliver Prescriptive maintenance 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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16 Developing next-generation solutions – technological advantage today and in the future Control hub Uncrewed communication point ILLUSTRATIVE VIEW ON KEY FEATURES OF THE FUTURE NAVAL ECOSYSTEM Expertise in data analytics, with proprietary data access to deliver on increasing complexity of autonomy and AI use cases Technology transfer from existing platforms to autonomous uncrewed platforms In-house electronics capabilities to facilitate development of existing platforms TKMS success factors 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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17 Ready for the next-generation naval platforms Next-generation crewed naval platforms NOT EXHAUSTIVE Atlas ElectronicsSurface Vessels Submarines Advanced battlefield capabilities Interconnected solution architecture Increased automation 1. Diamond-shaped shell; 2. Interactive Defense and Attack System for Submarines (IDAS) and SeaSpider; 3. SonarAI Source: TKMS Improved stealth1 Sonar Intelligence3 Crewed/uncrewed teaming orchestration Commercial Technological One-off asset sale and after-sales offering Advanced weaponry2 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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18 Autonomous systems as expansion to crewed platforms Complementary uncrewed autonomous systems NOT EXHAUSTIVE 1. 17 units successfully delivered and further 11 units currently in production (excluding ongoing sales campaigns); 2. E.g., surveillance-as-a-service offering through fully autonomous vehicles Source: TKMS Complementary with crewed platforms MEKO® S-X ARCIMS Surface Underwater Stargazer SeaCat Technological Commercial Advanced business models2 One-off asset sale and after-sales offering Autonomous operations across domains In-service since 2020 #28 units sold1 In development Live portfolio >40 knots top speed Selective highlight feature 300m operational depth Blue-Ocean-ready Command node 30m length Torpedo and mine- laying options 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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19 ... across our dual AI engine ... Data-driven excellence to provide software-defined defense solutions Leveraging data richness ... Data management Data access Training Bremen Product-related AI, integrated into naval subsystems Munich1 Operations-related AI on platform or system level ... to excel in software- defined defense Availability AI for boosted combat readiness AI-based surveillance and combat system for enhanced automation Tactical AI for optimized real-time decisions 1. Currently in ramp-up Source: TKMS 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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20 Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accoun ting policy changes and carve-out-specific adjustments 1. Order backlog is reflected on the basis of the current contractual agreements; 2. Non -exhaustive selection of TKMS campaign pipeline; 3. Mine countermeasures Further upside potential to record order book from extensive project pipeline Key sales campaigns2 Order backlog, in €bn Atlas ElectronicsSurface Vessels Submarines 6.0 11.8 20.0 Sep-20 Sep-24 Jun-25 Going forward ~18.6 Already secured record order backlog1 … … with further potential beyond SegmentsCustomerCampaign Canadian Patrol Submarine F127 P-75I MCM3 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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21 1. Legacy orders being defined as all orders with an order intake date before Jul-2021 with at least one delivery since 2021 and going forward; 2. New orders being defined as all orders with an order intake date after Jul-2021; 3. Based on submarine contracts, excluding two legacy and one new intake program with classified financial information and one new order supplier contract not comparable with new builds nor material packages; 4. For a submarine example, comparing the average of lead time in production of first-of-class vessels from four completed programs vs. the lead time in production of a first-of-class vessel from a new program with changed production methodology Clear focus on profitable growth through operational excellence Operational excellence – efficiency gains along the product life cycle State-of-the-art facilities and tools Efficient processes and high quality Resilient and scalable supply chain Partner network to scale capacities >12 months reduction in expected time to completion (ETC)4+7pp. improved gross margin at intake from legacy1 orders to new2 orders3 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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22 Kiel Shipyard Hamburg7 + Emden Engineering Wismar5 Shipyard Well-invested production footprint to deliver on record order backlog TKMS major facilities ~3,300 ~€190mn ramp-up €200mn6 ~800 Dorset Software and Electronics ~600 ~€25mn ~1,800 ~€35mn Itajai8 Shipyard ~900 Bremen Software and Electronics Flintbek9 Communication ~300 Munich AI Development Ramp-up 1. As per Q3-2024/25; 2. Excl. temporary workers; 3. CAPEX figures do not include financial investments, leases based on IFRS, and activation of R&D (L3Y referring to FY2021/22, 2022/23, 2023/24); 4. Rented engineering office space not requiring CAPEX investments; 5. The Wismar site has facilities for the construction of submarines and surface vessels; 6. €200mn represents ramp -up CAPEX for Wismar and mostly refers to forward looking periods with majority to be spend until 2028 and mainly covered by direct custome r contributions; 7. TKMS and NVL (Lürssen) share former Blohm+Voss facility, with Lürssen owning the shipyard and TKMS having engineering capabilities in Hamburg, picture referring to Hamburg location; 8. Costs for Itajai acquisition fully covered by contractual agreement of initial offtake contract through the shipyard; 9. L3Y CAPEX <€10mn Source: TKMS CAPEX, L3Y3,4 FTE1,2 Submarines Surface Atlas Electronics Deep dive following Acquired in 2022 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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23 Capacity expansion – Wismar to become the newest submarine and surface vessel production facility in Europe 1. Minor investments like IT infrastructure updates impact surface and submarine construction; 2. €200mn represents ramp -up CAPEX for Wismar and mostly refers to forward looking periods with majority to be spend until 2028 and mainly covered by direct customer contributions; 3. F127 program not yet confirmed as order intake Source: TKMS Build-out of Wismar Customer projects Wismar New Polarstern 212CD F1273 (MEKO® A-400 AMD) 218SG State-of-the-art technology for high-tech, small series production Tailored and hard to copy production equipment Specialized Well-invested facility CAPEX planned for build-out2 >€200mn mainly by direct customer contributions Covered Hybrid shipyard Operational surface shipyard requiring only slight adjustment to construct naval vessels 1 2nd pressure hull production line For submarine construction additional to the existing Kiel facility Confidential 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Supported through rigorous project risk management including high C-level attention 24 1. Can vary depending on chosen tendering procedure; 2. Includes definition, basic and detailed design activities; 3. Include s setting-to-work activities on system level and a comprehensive test and verification program of the vessel; 4. Designated duratio ns to be understood as execution time for first vessel of the program, shorter times thereafter possible Contract and execution excellence – designed to significantly increase margin stability throughout project life Bidding Design2 Implemented improvement measures for operational efficiency along the program life cycle ~2 years4 Construction3 Commissioning ~5 years ~3 years ~2 years1 Established technologies Well-invested sites and processes Capping final payments Hurdle rates and price indexing Strong engineering processes Streamlining testingMonetization of change requests Contractual setups 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Strong growth trajectory 9.2% Sales CAGR FY 21/22A-Q3 24/25A LTM Structural step-up in profitability >2.5x Adjusted EBIT margin expansion FY 21/22A-Q3 24/25A LTM Attractive cash generation €1.4bn Cumulative free cash flow FY 21/22A-9M 24/25A Significant locked-in demand ~€18.6bn Order backlog June 2025 Financial track record: Compelling financial profile underpinned by strong achieved results 25 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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In €bn 5.9x Sep-24A Jun-25A Order backlog Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited 8.6x Sales coverage LTM1 Accelerating order intake fueled by increasing demand and strategic contract wins ~9x LTM sales coverage facilitates nearly a decade of revenue visibility Capacity ramp-up including Wismar covers backlog execution Robust order backlog underpins sustained growth momentum with flexibility to be highly selective on new orders Key highlights Sep-23A 6.5x8.1x Sep-22A Order backlog: Substantial uplift in order book 26 13.8 12.7 11.8 18.6 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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1.7 2.0 Record sales of ~€2.2bn in Q3 24/25A LTM Increase primarily driven by higher sales in the Submarines segment and a greater share of external sales in Atlas Electronics Ramp-up of Wismar capacity will enable accelerated conversion of order backlog into sales, thus driving future growth 1.9 Sales: Strong visibility for sustained topline growth In €bn Sales FY 23/24A Q3 24/25A LTM1FY 22/23AFY 21/22A 2.2 Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited Key highlights 27 9.2% CAGR 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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2.0% 5.5% 2.1% 0.3% 0.9% 0.2% Adjusted EBIT margin 34 120 In % Gross margin uplift largely driven by Atlas Electronics and Surface Vessels segments Disciplined cost management led to a reduction of SG&A expenses relative to sales Optimized R&D spend driven by customer funding of development costs Key highlights Profitability: Driven by structural gross margin uplift and overhead discipline Adjusted EBIT, in €mn Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. Based on reported figures prior to adjustments for deriving adjusted EBIT; 2. Adjustments represent 0.4% of “Other & Adjus tments” over the time horizon, partially offset by (0.2)% in non-SG&A and non-R&D cost positions; 3. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited FY 21/22A Q3 24/25A LTM3Gross margin SG&A1 R&D1 Other & Adjustments2 28 +3.5pp. 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Target operating model: Enhanced segment accountability in the future Historically, thyssenkrupp AG’s Marine Systems segment was managed along legal entity lines, encompassing Shipbuilding (Submarines and Surface Vessels) and Atlas Electronics To enhance financial transparency and accountability, TKMS is introducing a new target operating model with segment-level steering for Submarines, Surface Vessels, and Atlas Electronics Previously, these businesses were operating units within Marine Systems, reporting only to gross margin, as they did not meet the IFRS 8 definition of reportable segments Under the new model, each business will be treated as a stand- alone segment, managing its own P&L down to adjusted EBIT Segment-level adjusted EBIT reporting will begin in Q1 25/26, with the underlying steering logic currently being finalized Independent TKMS reporting with new target operating model 29 Submarines Surface Vessels Atlas Electronics Marine Systems Decarbon Technologies Automotive Technology Materials Services Steel Europe 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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FY 21/22A FY 22/23A FY 23/24A Q3 24/25A LTM1 Sales Gross margin Record ~€1.2bn sales in Q3 24/25A LTM reflect successful project execution Gross margin uplift driven by improved contract terms and gradual phase-out of legacy low-margin order backlog Strong demand for submarine fleet overhauls amid rising naval threats continues to fuel services order momentum Key highlightsSubmarines key financials In €mn Submarines: Significant topline momentum with margin expansion already well underway Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited 13.1% 7.1% 7.4% 84 68 73 111 9.2% 641 956 976 1,205 49.1% 2.1% 23.5% Sales growth/Gross margin 30 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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New orders2 Legacy orders3,4 Submarines in production1, # of submarines Clear visibility on phase-out of legacy programs Illustrative gross margin level 1. Includes self-build submarines as well as material packages, where only for the first TKMS oversees the delivery of the finis hed vessel with forward-looking numbers reflecting the status as per September 2025; 2. Represents all orders with an EDC after July 2021; 3. Legacy orders defined as all orders with an order intake date before July 2021; 4. Includes units of the class 214 for the Turkish navy, which are delivered through material packages, implying that construction is not conducted by TKMS directly Source: TKMS 31 Submarines: Improving margin profile through new order execution and phase-out of legacy programs Legacy programs phasing out, steadily reducing share in overall mix Natural increase in gross margin from higher profitability in new orders Sep-22 Sep-24 Sep-26 Going forward 12 13 15 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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FY 21/22A FY 22/23A FY 23/24A Q3 24/25A LTM1 Sales Gross margin Sales of €442mn in Q3 24/25A LTM Sales decline reflects execution timeline of multiyear projects Structural improvement in gross margin to a range of ~15-17% Margin gains supported by: Proven modular vessel designs Leveraging existing technology Prudent selection of projects with focus on margins Key highlights In €mn Surface Vessels: Improved gross margin supported by modularity and proven technology Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for TKMS an d may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited Surface Vessels key financials 44 99 95 68 738 647 571 442 (12.4)% (11.8)% (22.6)% 15.3% 16.7% 15.3%6.0% Sales growth/Gross margin 32 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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FY 21/22A FY 22/23A FY 23/24A Q3 24/25A LTM1 Sales Gross margin Sales surged to €662mn in Q3 24/25A LTM Gross margins consistently remain strong at ~22-24% Growing share of software and electronics driven by: Vertical integration of Atlas Electronics Further growth opportunities in mine countermeasures and naval weapons Key highlightsAtlas Electronics key financials In €mn Atlas Electronics: Strong growth driven by increasing share of software and electronics Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for TKMS an d may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited 110 135 144 160 459 603 590 662 Sales growth/Gross margin 33 31.4% (2.2)% 12.3% 22.4% 24.3% 24.2%23.9% 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Net positive funding … … resulting in efficient working capital Cash out Cash overfunding Cash in Inventories Trade accounts receivable Trade accounts payable Net advance payments2 Design Construction Commissioning Sep-22A Sep-24A (98) (486)(329) Sep-23A Working capital: Strong cash generation throughout entire project lifecycle Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. E.g., ~5% advance payment at the beginning of a respective project; 2. Defined as contract assets + advance payments to su ppliers (which form part of other financial assets) – contracts liabilities; 3. June 2025 financials are unaudited NWC, in €mn Highly cash-generative business over entire project life cycle Milestone-driven payments with constant overfunding until delivery1 Illustrative cash profile over 5-12 years production cycle Efficient and fully-funded working capital model Inventories and trade accounts receivable significantly overcovered by trade accounts payable and net advance payments (1,039) Jun-25A3 34 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Past strategic investments – including acquisition of Wismar – have laid foundation for scalable platform to execute existing backlog and support future growth Investments partially funded by customers, boosting capital efficiency ~€200mn Capex planned for next fiscal year, including for build-out of Wismar Strategic midterm target investment level of 4.0% of sales Key highlightsNet capex1,2 In €mn Capex: Order backlog execution supported by well-invested production footprint FY 23/24A Q3 24/25A LTM3FY 22/23AFY 21/22A 5.1% 6.2%6.4%7.7% 1.4x 1.8x2.0x2.0x Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. Sum of total capex for tangible and intangible assets, purchases of investments accounted for using the equity method, les s proceeds from disposals (corresponds to “Cash flows from investing activities (adjusted)”); 2. Unaudited; 3. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited Share of sales/x D&A 130 125 102 133 35 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Highly cash-generative business model provides a solid financial foundation Upfront funding through substantial early prepayments secure liquidity across the production life cycle Reliable free cash flow profile supports efficient long-term capital deployment Key highlightsFree cash flow derivation In €mn Cash flow: Highly cash-generative business model ensuring strong financial flexibility FY 21/22A FY 22/23A FY 23/24A Q3 24/25A LTM4 Operating cash flows1 405 304 458 1,210 Net capex2,3 (130) (125) (102) (133) Free cash flow3 275 180 355 1,076 Note: Historical figures shown in this presentation have been extracted from the Combined Financial Statements prepared for T KMS and may differ from historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. Including interest and taxes; 2. Corresponds to “Cash flows from investing activities (adjusted)”, derived as cash flows f rom investing activities adjusted to exclude cash management effects related to cash pool withdrawals (deposits) in connection wi th the integration into the cash pooling and cash management systems of thyssenkrupp AG; 3. Unaudited; 4. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited 36 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Key highlightsLiquidity profile In €mn, pro forma Capital structure: Robust financial position supported by strong liquidity Pro forma financial debt limited to lease liabilities of €32mn per July 2025 Robust net financial position enables TKMS to meet both its operational and strategic needs Access to up to €300mn revolving credit facility from thyssenkrupp AG until September 2028 for increased short-term flexibility (at arm’s length terms) 1,509 1,140 (293) Net zero (108) (32) Net liquidity (July 31, 2025) Pro forma net liquidity (July 31, 2025) 1,217 Adjustments for remaining legal reorganization2 1,108 Total financial indebtedness3 Provisions for pensions and similar obligations4Liquidity 1. Increase in cash by €411mn, reduction in other current financials assets by €(673)mn alongside reduction in current financial liabilities by €261mn; 2. Cash reduction of €(108)mn 3. No drawdown has been made from the €300mn revolving credit facility provided by thyssenkrupp AG; accordingly, it is not reflected in total financial indebtedness; 4. Comprises of €347mn accrued pension and similar obligations and €16mn provisions for other noncurrent employee benefits 1,140 (32) (363) 745 Adjustments for thyssenkrupp AG cash pool termination1 Net financial position In €mn, pro forma Pro forma net financial position (July 31, 2025) 37 4 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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2.0 % Financial targets: Future focus on profitable execution FY 21/22A Q3 24/25A LTM1 Strategic midterm target 5.5% … with further upside potential in the future Embedded margin uplift from new orders and phase-out of lower margin portions of legacy order backlog2 Expected increasing share of generally higher margin software and electronics in naval vessels Stylized margin development Strong margin improvement … Adjusted EBIT margin, in % Increased operational efficiency and utilization of asset base 1. LTM per Q3 24/25A is calculated as 9M 24/25A plus Q4 23/24A; Q4 23/24A is derived as FY 23/24A less 9M 23/24A; 9M 23/24A and 9M 24/25A financials are unaudited; 2 Legacy orders are defined as those with an order intake date before July 2021; new orde rs represent all orders with an EDC after July 2021 >7.0% 38 +3.5pp. 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Financial targets: Primed for profitable growth 1. 30%–50% of the Group’s consolidated net income attributable to TKMS shareholders under IFRS, subject to coverage by free cash flow, is intended to be paid for the first time in 2027, based on the fiscal year ending September 30, 2026 39 Strategic midterm targetsFY 24/25EFY 23/24A Sales/ sales growth Rolling 3-year cumulative FCF Adjusted EBIT/ adjusted EBIT margin Dividend payout1 ~10% CAGR from FY 24/25E with back-end growth acceleration >7.0% 30%-50% >€400mn over next three years starting FY 25/26E Moderate increase compared to FY 23/24A €100-150mn €2.0bn €86mn Additional financial building blocks Capital expenditures Depreciation & amortization ▪ Expected at ~3.5%-4.0% of sales ▪ ~€200mn in FY 25/26E, including for expansion of Wismar, with significant portion funded by customer contributions ▪ Gradual decline to midterm target of ~4% of sales p.a. 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials
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Key takeaways 1 Strong financial track record with structural profitability step-up already under way >2.5x adjusted EBIT margin since FY 21/22A1 2 High-quality order backlog with continued positive momentum Nearly a decade of secured sales2 3 Focus on profitable execution underscored by ambitious strategic midterm targets >7.0% strategic midterm target for adjusted EBIT margin 401. Adjusted EBIT margin improved from 2.0% in FY 21/22A to 5.5% in Q3 24/25A LTM; 2. Based on an ~9x LTM sales coverage ratio (€18.6bn order backlog divided by Q3 24/25A LTM sales of €2.2bn) 1 Strong market outlook 2 Maritime Powerhouse 3 Technology leader 4 Primed for growth 5 Strong financials