Slides
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TKMS Earnings presentation 9M 2025/26 August 12 , 2026 Your Maritime Powerhouse
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Oliver Burkhard CEO Paul Glaser CFO Key highlights Financial update and outlook 2 Agenda and speakers
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Defense budget, Germany1 (in €bn) Latest developments in the German and international defense landscape Recent defense news 1. Excluding defense funding for Ukraine 2. Company filings 3. Source: https://www.dbwv.de/aktuelle -themen/blickpunkt/beitrag/eckwertebeschluss -zum-bundeshaushalt-2027-und-finanzplanung-bis-2030 “The U.S. expects European NATO allies and Canada to swiftly increase the number of manned and unmanned aircraft and ships they contribute to the alliance’s defense plans as Washington steps back in these areas” June 3, 2026 “Vessel traffic through the Strait of Hormuz has slumped since U.S. President Donald Trump’s blockade took effect […], with shipowners increasingly avoiding one of the world’s most important energy corridors as fighting intensifies.” 62 24 2025 83 26 2026E3 93 28 2027E 2028E 2029E 2030E 86 108 121 150 159 180 CAGR +16% CAGRx% % of GDP2x% 1.9% 2.4% 3.4%2.6% 3.2% Federal budget (Bundeshaushalt) Off-budget fund (Sondervermögen) Bundeswehr 3.8% “The Bundeswehr has cancelled its troubled F126 anti- submarine warfare (ASW) frigate programme […]. As a replacement for the six F126s, [it] is to receive up to eight MEKO) A-200 DEU frigates.” June 24, 2026 July 20, 2026 “In a first-of-its-kind operation, U.S. Central Command (CENTCOM) utilized three […] unmanned surface vessels to strike a docked Ghadir-class midget submarine at Iran's Bandar Abbas Naval Base.” July 13, 2026 3
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Financial KPIs in 9M 25/26 Order backlog €20.1bn Adj. EBIT €110mn Adj. EBIT margin 5.8% Free cash flow -€204mn Sales €1,890mn Note: Order backlog as of June-26, all other figures for 9M 25/26 4
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Signing MEKO® A-200 DEU contract and advancement on strategic cooperation MEKO® A-200 DEU: TKMS signs largest ever surface vessel contract Following the termination of the F126 programme in June, the German Navy selected TKMS's MEKO® A-200 DEU as the solution for its anti-submarine warfare frigates German Budget Committee approved the procurement of four MEKO® A-200 DEU frigates on July 8, plus an option for four additional vessels Formal Contract Signature took place in July; first delivery targeted as early as 2029 Second MoU¹ with Navantia marks further milestone towards collaboration Building on the first MoU1 signed earlier this year, TKMS and Navantia signed a second MoU1 further strengthening their strategic partnership in the submarine sector. The two companies intend to establish a joint collaboration framework for selected submarine projects by the end of the year. 2 Partnership will bring together complementary industrial capabilities to enhance capacity, innovation and long-term competitiveness for customers worldwide while leaving existing projects and contracts unchanged. 5 Signing MEKO® A-200 DEU contract and advancement on strategic cooperation 1. Memorandum of Understanding; 2. Subject to the necessary regulatory approvals
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TKMS selected as Preferred Supplier for Canada's submarine fleet Key highlights Potential order value >€15bn Increase of current order backlog >50% Potential increase of 212CD fleet within NATO 12→ up to 24 Program context TKMS selected as preferred partner to deliver up to 12 submarines, based on the proven 212CD platform Creates a common 212CD family across Germany, Norway and Canada, establishing a NATO fleet of up to 24 submarines Strengthens Arctic sovereignty, NATO interoperability and long-term industrial base More than €15bn of potential order value, increasing our order backlog by >50% Supports our growth ambitions, further margin expansion and positive free cash flow trajectory mid- to long-term Drives efficiency gains by scaling combined CAN, GER and NOR project up to 24 units Financial impact Final contract signature expected End of CY 26 6
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Crewed naval platforms Submarines, frigates Uncrewed systems Unmanned surface vehicles Unmanned underwater vehicles Sensors and AI based signal processing Sonar systems on platforms Effectors Torpedoes, Anti-Torpedo-Torpedo, mine-counter measures From the military platform to the tactical system of systems … by connecting the dots in the naval ecosystems … by prioritizing data sovereignty … by closely observing market trends and competitors Anchored in core competencies, leverage through strategic partnerships … by evolving the use of sonar, sensors and data … by further pushing system integration … by partnering up for non-core activities Creating a multi-domain ecosystem … based on proprietary customer access … by advancing into the layer where decisions are made in the naval ecosystem Combat management systems for frigates and submarines Core capabilities on today‘s battlefield… … to create the future naval ecosystem. Communication solutions Underwater and surface communication 7 TKMS - A LEADING PLAYER FOR MARITIME DOMAIN IN MULTI-DOMAIN OPERATIONS
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Order intake driven by additional submarine order and record torpedo contract Atlas ElectronicsSurface VesselsSubmarines Sept-20 Sept- 25 Jun-26 6.0 18.2 20.1 Order backlog1 in €bn NOT EXHAUSTIVE Confidential ValueProgram Heavyweight torpedoes DM2A5 Relevant new orders as of Aug 12, 2026 Ongoing campaigns as preferred partner/bidder NOT EXHAUSTIVE 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. Order backlog reported as reflected by current contractual agreements; 2. to be delivered in the form of material packages 3. Modernization of satellite communication systems Campaign # of vessels Canadian Patrol Submarine up to 12 P-75I 6+32 A-200 DEU 4 F127 5+1+2 212CD option boats (2 boats) ~€2bn A-200 DEU (4 vessels) (signing after Q3; July 14) ~€5bn ConfidentialSATCOM3 8
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Legacy orders3,4Submarines in production1 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 finished vessel; 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 Ongoing successful execution of the legacy backlog providing margin uplift Sep-22 Sep -24 Sep -26 Sep -28 Going forward New orders2 Class 214 Nov 2025 Mediterranean Progress in 9M 25/26 confidential Southeast-Asia Jan 2026 June 2026 3 legacy submarines delivered confidential 17 9
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Paul Glaser CFO Financial update & outlook 10
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Group results: Strong momentum continued in 9M with +13% Adj. EBIT growth YoY 9M 24/25 9M 25/26 98 110 Solid book to bill1 of 2x in 9M, thanks to order intake at Submarines and Atlas Previous year’s 9M supported by extraordinarily strong order intake at Submarine (6x boats) and Surface Vessels (New Polarstern) 9M revenue increased by 19% as growth momentum further picked up in Q3 Ramp-up of new projects increasingly reflected in top-line growth, while legacy backlog is being executed as planned Adj. EBIT +13% YoY for 9M, despite spin-off related G&A cost increases and higher selling/campaign costs Adj. EBIT margin YoY decline driven by last year’s one-off accounting gains from first-time preparation of combined financials Margin x% Note: Historical figures shown in this presentation have been extracted from the Consolidated statement of financial position prepared for TKMS and may differ from those historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 1. Book to bill is defined as the ratio of order intake to sales 9M 24/25 9M 25/26 1,587 1,890 9M 24/25 9M 25/26 8,598 3,617 Q3 24/25 Q3 25/26 3,001 208 Q3 24/25 Q3 25/26 528 722 Q3 24/25 Q3 25/26 45 50 6.1% 5.8% 8.5% 6.9% 11 Order intake in €mn Sales in €mn Adj. EBIT in €mn
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Submarines: Continued execution of legacy orderbook supporting profitability This year’s 9M order intake includes two additional 212CDs for Norway in Q2. Prior year’s 9M strongly supported by six new submarine orders and order intake of mid-life upgrade for 6x 212A for German navy Potential CPSP order not yet in orderbook 9M revenue +17% YoY as new projects increasingly ramp up and additionally benefitted from service business Strong improvement in Adj. EBIT due to ongoing execution of current orderbook Phase out of legacy contracts and ramp up of new contracts significantly benefitting margins Successful cost management in Q3, especially selling expenses Margin x% Note: Historical figures shown in this presentation have been extracted from the Consolidated statement of financial position prepared for TKMS and may differ from those historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 12 Order intake in €mn Sales in €mn Adj. EBIT in €mn 9M 24/25 9M 25/26 7,202 2,186 Q3 24/25 Q3 25/26 2,914 67 9M 24/25 9M 25/26 854 1,001 Q3 24/25 Q3 25/26 231 400 9M 24/25 9M 25/26 11 46 Q3 24/25 Q3 25/26 9 26 1.3% 4.6% 3.8% 6.4%
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Surface Vessels: Inflection point reached and Adj. EBIT improved in Q3 Previous year supported by order intake of New Polarstern Little order activity in 9M 25/26 as planned; Order intake for A-200 DEU to come in Q4 of ~€5bn 9M revenue grows by 11% YoY, reflecting execution of existing order book Solid progress of “Tamandaré” in Brazil and production ramp-up of New Polarstern Q3 revenue impacted by accounting timing effects (catch-up in Q4) Prior year’s 9M impacted by high single digit €mn currency gain; this year benefitting from mid single digit €mn provision reversal Q3 benefitting from successful cost management, especially selling expenses; Positive trend to continue (A-200 DEU) Margin x% Note: Historical figures shown in this presentation have been extracted from the Consolidated statement of financial position 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 Includes positive high single digit €mn currency effect 13 Order intake in €mn Sales in €mn Adj. EBIT in €mn 9M 24/25 9M 25/26 1,183 36 Q3 24/25 Q3 25/26 9 3 9M 24/25 9M 25/26 368 408 Q3 24/25 Q3 25/26 158 131 9M 24/25 9M 25/26 30 30 Q3 24/25 Q3 25/26 7 12 4.2%7.4% 9.5%8.1%
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Atlas Electronics: dynamic top-line growth across all domains Order of DM2A5 heavyweight torpedoes placed in H1 Strong intra-group order intake in relation to the 212CD submarines Solid service order intake (modernization of various platforms of the German navy) 9M revenue growth of +28% YoY, driven by all domains, especially Naval Weapons Progress in project MCM Ukraine and high- performing execution in product support Intra-group revenue growth as new-build submarine projects progress 9M Adj. EBIT +31% YoY with a further slight margin growth on productivity and cost management, especially G&A Q3 YoY impacted by extraordinarily strong service business last year and temporary ramp- up investments this year Order intake in €mn Sales in €mn Adj. EBIT in €mn Note: Historical figures shown in this presentation have been extracted from the Consolidated statement of financial position prepared for TKMS and may differ from those historically reported in thyssenkrupp AG publications for the Marine Systems segment mainly due to accounting policy changes and carve-out-specific adjustments 14 9M 24/25 9M 25/26 235 1,950 Q3 24/25 Q3 25/26 86 154 9M 24/25 9M 25/26 480 612 Q3 24/25 Q3 25/26 180 236 Q3 24/25 Q3 25/26 21 17 Marginx% 9M 24/25 9M 25/26 45 59 9.4% 9.6% 11.9% 7.4%
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Adj. EBIT Bridge: Dynamic increase at Submarines and Atlas, while Surface Vessels stabilized TKMS Adj. EBIT bridge 9M 24/25 to 9M 25/26 in €mn 9M 24/25 35 Submarines 0 Surface Vessels 14 Atlas Electronics -37 Others/ Group & Consolidation 9M 25/26 98 110 6.1% 5.8% Segment margin (9M 25/26)x%TKMS Group margin 4.6% 9.6% +3.3pp 7.4% -0.7pp +0.2pp -0.3pp Change from 9M 24/25+xpp Submarines Ongoing strong execution of legacy orderbook Significant EBIT growth in Q3 Surface Vessels Significant positive currency impact last year Q3 with YoY Adj. EBIT growth Atlas Electronics Further productivity gains and cost management Others Negative effects from one-off pension funding along with spin-off related G&A cost increases Note: Historical figures shown in this presentation have been extracted from the Consolidated statement of financial position 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 x% 15
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Balance Sheet: Strong liquidity and disciplined investments support financial flexibility Operating net working capital in €mn Net CAPEX2 in €mn Net financial position in €mn 323 285 -423 -1,515 Sep-25 396 178 -519 -1,125 Jun-26 -1,330 -1,070 9M 24/25 9M 25/26 88 83 1,722 (49) (359) Sep-25 1,218 (37) (348) Jun-26 1,313 834 Liquidity3 Total financial indebtedness4 Provisions for pensions and similar obligations5 Share of revenuex% Inventories Trade accounts receivable Trade accounts payable Net advance payments1 5.5% 4.4% 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 accounti ng policy changes and carve-out-specific adjustments 1. Defined as contract assets + advance payments to suppliers (which form part of other financial assets) – contract liabilities; 2. Sum of total capex for tangible and intangible assets, purchases of investments accounted for using the equity method, l ess proceeds from disposals (corresponds to “Cash flows from investing activities (adjusted)”); 3. Comprises of Cash and cash equivalents and Receivables from cash pooling arrangements with tk Group; 4. Comprises of current and non-current lease liabilities and current bank borrowings. No drawdown has been made from the €300mn revolving credit facility provided by thyssenkrupp AG; accordingly, it is not reflected in total finan cial indebtedness; 5. Comprises of provisions for pension and similar obligations and provisions for other non -current employee benefits Reduction mainly due to spin- off related one-off payment to tkAG in Q1 (~€285mn) 16
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Operating cash flows Free cash flow: Development reflects timing of milestone payments and project ramp-up 1 Timing of milestone payments and temporarily higher cash outflows in relation to ramp-up of new projects; last year exceptionally high milestone payments. 3 FCF in 9M below previous year largely due to timing effects in relation to milestone payments and project ramp-up; positive FCF for fiscal year expected TKMS cash flow statement in €mn 9M 24/25 9M 25/26 719 (121) Net CAPEX1 (88) (83) 1 Free cash flow 631 (204) 3 2 2 Net CAPEX in line with strategic priorities, driven by Wismar ramp-up, and digitalization and modernization investments; largely customer pre- funded Note: Historical figures shown in this presentation 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)”, adjusted to exclude cash management effects related to cash pool withdrawals (deposits) of thyssenkrupp AG prior to the spin-off 17
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~€200mn in FY 25/26E, including expansion of Wismar Gradual decline to mid-term target of ~4% of revenue 2nd guidance update for FY25/26 on better project execution; mid-term targets confirmed FY 25/26 Guidance Strategic mid-term targets >7.0% ~10% revenue CAGR from FY 24/25 +10% to +12% YoY (prev.: +2% to +5%) CAPEX1 Revenue growth 30% to 50% Dividend payout3 >€400mn, over three years starting FY 25/26 Rolling 3-year cum. FCF Adj. EBIT margin up to 6.5% (prev.: >6.0%) Expected at ~3.5% to 4.0% of revenue D&A2 1. Corresponds to Investments as presented in our financial reports; 2. Mid -term target; 3. 30%–50% of the Group’s consolidated net income attributable to TKMS shareholders under IFRS, subject to coverage by free cash fl ow, is intended to be paid for the first time in 2027, based on the fiscal year ending September 30, 2026 18
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Key takeaways 1 Proven execution excellence… Three legacy deliveries in 9M 2 …and production speediness A-200 type within 36 months 3 Strong order backlog… 20.1bn€, +10% YTD 4 …to be further transformed… CPSP, A-200 DEU, P75i 5 …resulting in additional efficiency and scaling effects FY26 guidance upgraded 6 Solid balance sheet Debt free 7 Strong 3-years track record Adj. EBIT margin tripled 19
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Q&A 20
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If you have further questions, please reach out to our Investor Relations team Jacques R. Esser Head of Investor Relations, Senior Vice President jacques.esser@tkmsgroup.com Ariane Jonas Annual General Meeting, Executive Assistance ariane.jonas@tkmsgroup.com Gabriel Freudenthaler Institutional & Retail Investors, Analysts gabriel.freudenthaler@tkmsgroup.com Johannes Braun Institutional & Retail Investors, Analysts johannes.braun@tkmsgroup.com Investor telephone: +49 431 700 3361 21
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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 in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is for information purposes only and the information contained herein (unless otherwise indicated) has been provided by TKMS. It does not constitute an offer to sell or the solicitation, inducement or an offer to buy shares in TKMS or any other securities. Further, it does not constitute a recommendation by TKMS or any other party to sell or buy shares in TKMS or any other securities and should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice. This presentation has been prepared without reference to any particular investment objectives, financial situation, taxation position and particular needs. In case of any doubt in relation to these matters, you should consult your stockbroker, bank manager, legal adviser, accountant, taxation adviser or other independent financial adviser. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. To the extent permitted by applicable law, none of TKMS or any of its affiliates, advisers, connected persons or any other person accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contain herein. This presentation contains forward-looking statements that are subject to risks and uncertainties. Statements contained herein that are not statements of historical fact may be deemed to be forward-looking information. When we use words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may” or similar expressions, we are making forward-looking statements. You should not rely on forward-looking statements because they are subject to a number of assumptions concerning future events, and are subject to a number of uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from those indicated. Any assumptions, views or opinions (including statements, projections, forecasts or other forward-looking statements) contained in this presentation represent the assumptions, views or opinions of TKMS as of the date indicated and are subject to change without notice. TKMS neither intends, nor assumes any obligation, unless required by law, to update or revise these assumptions, views or opinions in light of developments which differ from those anticipated. All information not separately sourced is from internal company data and estimates. Any data relating to past performance contained herein is no indication as to future performance. The information in this presentation is not intended to predict actual results, and no assurances are given with respect thereto. This presentation contains certain supplemental financial or operative measures that are not calculated in accordance with IFRS and are therefore considered as non-IFRS measures. We believe that such non-IFRS measures used, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flow. There are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by us may differ from, and not be comparable to, similarly titled measures used by other companies. All numbers shown are as reported, unless otherwise stated. All numbers shown are as reported, unless otherwise stated. All amounts are stated in million euros (€mn) unless otherwise indicated. Amounts between €0.5mn and €0 are rounded and reported as €0. Rounding differences may occur. 22
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Appendix 23
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Consolidated statement of income million € Q3 2024/25 Q3 2025/26 9M 2024/25 9M 2025/26 Sales 528 722 1,587 1,890 Cost of sales (418) (595) (1,313) (1,556) Gross profit 110 127 274 335 Research and development cost (13) (15) (35) (42) Selling expenses (20) (20) (55) (62) General and administrative expenses (35) (48) (97) (129) Other income 6 7 29 32 Other expenses (11) (4) (31) (39) Other gains/(losses), net 0 1 0 4 Income from operations 37 47 85 98 Income (loss) from companies accounted for using the equity method 0 1 2 2 Finance income 16 11 53 36 Finance expenses (8) (6) (26) (18) Financial income, net 8 6 29 20 Income before tax 45 52 114 118 Income tax expense (16) (24) (39) (62) Net income 29 29 75 56 Thereof: attributable to TKMS Group 28 25 73 49 attributable to non-controlling interests 1 4 2 7 Earning per share (€) 0 0 0 0 Basic 0.45 0.39 1.15 0.77 Diluted 0.45 0.39 1.15 0.77 24
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Consolidated statement of cash flows million € 9M 2024/25 9M 2025/26 Net income 75 56 Adjustments to reconcile net income to operating cash flows: Deferred income taxes, net 41 (4) Depreciation, amortization and impairment of non-current assets 54 67 Reversals of impairment losses of non-current assets 0 0 Result fr. comp. accounted for using the (2) (2) (Gain)/loss on disposal of non-current assets 0 1 Changes in assets and liabilities, net of effects of acquisitions and divestitures and other non-cash changes Inventories (83) (73) Trade accounts receivable 47 107 Contract assets (60) (93) Accrued pension and similar obligations (3) 0 Other provisions 11 17 Trade accounts payable 177 86 Contract liabilities 613 (69) Other assets/liabilities not related to investing or financing activities (151) (213) Operating cash flows 719 (121) million € 9M 2024/25 9M 2025/26 Capital expenditures for property, plant and equipment (inclusive of advance payments) and investment property (46) (76) Capital expenditures for intangible assets (inclusive of advance payments) (42) (7) Proceeds from disposals of property, plant and equipment, intangible assets, investments accounted for using the equity method and other non-current assets 0 0 Cash pool withdrawals 71 0 Cash flows from investing activities (17) (83) Proceeds from liabilities to financial institutions 0 2 Repayments of liabilities to financial institutions 0 (14) Cash flows from redemption of lease liabilities (5) (6) Profit loss transfers received 147 99 Transactions with tk Group 50 (385) Cash flows from financing activities 193 (305) Net increase/(decrease) in cash and cash equivalents 894 (509) Effect of exchange rate changes on cash and cash equivalents (7) 5 Cash and cash equivalents at beginning of year 122 1,722 Cash and cash equivalents at end of year 1,010 1,218 Additional information regarding income tax amounts included in operating cash flows: Dividends received Income taxes paid (9) (40) Interest received 49 26 Interest paid (4) (4) 25
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Consolidated statement of financial position million € Sept. 30, 2025 Jun. 30, 2026 Goodwill 1,044 1,047 Intangible assets other than goodwill 284 271 Property, plant and equipment 532 544 Investments accounted for using the equity method 8 9 Other financial assets 10 10 Other non-financial assets 119 213 Deferred tax assets 13 13 Total non-current assets 2,010 2,107 Inventories 323 396 Trade accounts receivable 285 178 Contract assets 300 399 Other financial assets 151 14 Other non-financial assets 601 864 Current income tax assets 5 9 Cash and cash equivalents 1,722 1,218 Total current assets 3,386 3,077 Total assets 5,396 5,184 million € Sept. 30, 2025 Jun. 30, 2026 Capital stock 0 64 Capital reserve 0 1,246 Retained earnings 0 (202) Invested equity attributable to tk Group 1,166 0 Cumulative other comprehensive income (95) (78) Equity attributable to tk Group 1,072 1,029 Invested equity attributable to non-controlling interests 14 2 Total equity 1,086 1,031 Accrued pension and similar obligations 344 335 Provisions for other non-current employee benefits 15 13 Other provisions, non-current 0 0 Deferred tax liabilities 237 239 Lease liabilities, non-current 26 29 Other financial liabilities, non current 7 24 Total non-current liabilities 630 640 Provisions for current employee benefits 40 48 Other provisions, current 333 344 Current income tax liabilities 14 44 Lease liabilities, current 6 8 Trade accounts payable 423 519 Other financial liabilities, current 349 58 Contract liabilities 2,349 2,286 Other non-financial liabilities, current 168 206 Total current liabilities 3,681 3,513 Total liabilities 4,311 4,153 Total equity and liabilities 5,396 5,184 26
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Quarterly details year-to-date €m Q1 25 Q2 25 H1 25 Q3 25 9M 25 Q1 26 Q2 26 H1 26 Q3 26 9M 26 Order Intake 5.440 157 5.597 3.001 8.598 904 2.505 3.409 208 3.617 t/o Submarines 4.227 62 4.289 2.914 7.202 74 2.045 2.119 67 2.186 t/o Surface Vessels 1.158 16 1.174 9 1.183 2 32 33 3 36 t/o Atlas Electronics 56 94 150 86 235 1.259 537 1.796 154 1.950 t/o Others/Cons. -1 -14 -16 -7 -22 -430 -108 -539 -16 -555 Sales 550 510 1.060 528 1.587 545 624 1.168 722 1.890 t/o Submarines 315 308 622 231 854 231 370 601 400 1.001 t/o Surface Vessels 126 84 210 158 368 174 103 277 131 408 t/o Atlas Elektronik 141 159 300 180 480 185 191 376 236 612 t/o Others/Cons. -32 -41 -73 -42 -115 -45 -40 -86 -44 -130 Adj. EBIT 26 27 53 45 98 26 34 60 50 110 Margin 4,7% 5,3% 5,0% 8,5% 6,1% 4,8% 5,4% 5,1% 6,9% 5,8% t/o Submarines -1 4 2 9 11 -4 25 21 26 46 Margin -0,4% 1,2% 0,4% 3,8% 1,3% -1,6% 6,7% 3,5% 6,4% 4,6% t/o Surface Vessels 13 10 23 7 30 12 5 18 12 30 Margin 10,6% 11,7% 11,1% 4,2% 8,1% 7,1% 5,1% 6,3% 9,5% 7,4% t/o Atlas Elektronik 10 13 24 21 45 22 19 41 18 59 Margin 7,2% 8,5% 7,9% 11,9% 9,4% 11,8% 10,0% 10,9% 7,4% 9,6% t/o Others/Cons. 4 0 4 8 11 -4 -15 -19 -6 -25 27
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9M Order intake, sales and Adj. EBIT by segment Submarines Surface Vessels Atlas Electronics million € 9M 2024/25 9M 2025/26 9M 2024/25 9M 2025/26 9M 2024/25 9M 2025/26 Order intake 7,202 2,186 1,183 36 235 1,950 Sales 854 1,001 368 408 480 612 Adj. EBIT 11 46 30 30 45 59 Adj. EBIT Margin, in % 1.3 4.6 8.1 7.4 9.4 9.6 28
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Q3 Order intake, sales and Adj. EBIT by segment Submarines Surface Vessels Atlas Electronics million € Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 Q3 2024/25 Q3 2025/26 Order Intake 2,914 67 9 3 86 154 Sales 231 400 158 131 180 236 Adj. EBIT 9 26 7 12 21 17 Adj. EBIT Margin, in % 3.8 6.4 4.2 9.5 11.9 7.4 29
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Adj. EBIT reconciliation million € Q3 2024/25 Q3 2025/26 9M 2024/25 9M 2025/26 Income from operations 37 47 85 98 TK group trademark fee 0 0 4 0 Other financial income 1 2 2 3 Special items 7 1 6 9 Adjusted EBIT 45 50 98 110 30