TKMS Wins Wismar Council Backing for Submarine Plant as Haifa Handover Caps Dolphin Programme
Published on 09/27/2026 at 12:20 | Editorial boerse-global.de
Two developments on opposite ends of TKMS's submarine business landed within days of each other this week: the arrival of the final Dolphin-class boat at its Israeli home port, and a municipal green light that clears the way for hull construction on German soil.
The INS Drakon reached Haifa on Thursday, according to media reports, where the Israeli Navy took delivery of the newest — and largest — vessel in its fleet. Built by TKMS, the fuel-cell-powered submarine had left the Kiel yard in early September, and its handover closes out the shipbuilder's production run for the Dolphin line, whose air-independent propulsion allows extended submerged operations.
Roughly 1,500 kilometres away, Wismar's city parliament approved the marine shipbuilder's expansion plans, granting planning certainty for new submarine-building capacity in northern Germany. Halls are to rise on the shipyard site from the end of 2026, with submarine construction set to begin there as TKMS responds to mounting global demand for naval defence systems. For a sector where tight delivery schedules on large orders hinge on modern facilities, the additional floor space is seen as a prerequisite rather than a luxury.
Gulf MoU Adds to a Growing Web of Alliances
International partnership work has been running in parallel. On Friday, TKMS and the EDGE Group signed a memorandum of understanding to explore joint underwater surveillance and maritime protection capabilities, pursuing an integrated technological approach that combines several separate systems to safeguard maritime infrastructure and sea areas. The initiative sits within a deepening German-Emirati defence relationship and envisages joint development of protection systems alongside the integration of platforms and sensors.
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It builds on industrial alliances already taking shape in Europe. Just over three weeks ago, TKMS and Italy's Fincantieri reached a framework agreement to expand underwater cooperation, with a joint structure targeted by year-end, subject to regulatory requirements. The group is also pressing ahead on surface projects and systems technology: Babcock International is handling launch systems and platform integration on the Royal Navy programme, while the TKMS-led frigate project company reported design progress that could pave the way for deliveries from the middle of the next decade.
In Britain, the subsidiary TKMS ATLAS UK, working with Babcock, secured a development and supply contract for the next generation of a torpedo-defence system to protect Royal Navy submarines, both existing and future.
Bernstein Sticks With Outperform
Analysts have greeted the operational momentum warmly. Bernstein Research reaffirmed its "Outperform" rating on 21 September and kept its price target at 125 euros, arguing the company's technological niche in the defence industry leaves it well positioned.
The stock closed Friday at 84.00 euros, down 1.1 percent on the day, though it remains up 27 percent so far this year. Investors now face a familiar test: converting a strong demand backdrop into profitable growth will depend on the extra yard capacity and technology partnerships falling into place. The next verified figures on operating and financial performance arrive in winter — the annual report is scheduled for 7 December on the company's own financial calendar.
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