TKMS Forges Deeper into Autonomous Subsea Warfare as Elbit Alliance Bolsters Record Order Book
20.05.2026 - 14:11:20 | boerse-global.de
The German naval shipbuilder is coupling its bulging pipeline of conventional submarine contracts with a technological push into unmanned systems. ThyssenKrupp Marine Systems has deepened its partnership with Israeli defense electronics specialist Elbit Systems, targeting the joint development of maritime autonomous platforms. The move comes as TKMS secured in-principle approval for an unmanned surface vessel back in May, and the Israeli technology is expected to accelerate the integration of such systems into larger naval projects.
This strategic layer sits atop a business firing on all cylinders. TKMS reported first-half 2025/26 revenue of €1.17 billion, up 10% year-on-year, while adjusted EBIT climbed 14% to €60 million. The submarine division and its higher-margin Atlas Elektronik subsidiary were the main drivers. The order backlog swelled to a record €20.6 billion, representing a 13% increase from the end of the prior fiscal year, giving the company exceptional visibility on future revenue.
Yet the stock market has been less enthusiastic than the order book suggests. A sector-wide sell-off in defense names dragged TKMS shares 14% lower over the past month, pushing the relative strength index to 32.4 — deep into oversold territory. A rebound has since taken hold: the stock added 5.1% on a weekly basis by Tuesday’s close at €76.30, and by Wednesday it had jumped a further 3.80% to €79.20. Over the trailing week, the gain stands at 9.09%. However, the shares still trade below their short-term moving average and remain 11.01% in the red over 30 days. Year-to-date, the stock is up 14.37%.
Should investors sell immediately? Or is it worth buying TKMS?
Management is not relying solely on the operating momentum. On the corporate front, TKMS has submitted a non-binding offer for German Naval Yards Kiel, a shipyard located on its own premises in Kiel that could unlock operational synergies. Chief executive Oliver Burkhard has signalled that the company will not pay "any price in the world", a clear message of discipline to the market. Separately, a memorandum of understanding with Spain's Navantia covers cooperation on submarine construction, though an outright takeover of the Spanish yard is not under consideration.
Execution of the existing workload is now the primary focus. Andreas Görgen took over as chief operating officer in mid-May, tasked with managing the delivery schedule for the enormous order pipeline. The company’s full-year guidance remains intact: revenue growth in the low to mid single-digit percentage range and an adjusted operating margin above 6%. In the first half, that margin came in at 5.1%, still some way from the target but heading in the right direction.
The interplay between TKMS’s strong operational base and the rising complexity of its strategic choices will determine how investors value the stock. If the company delivers on margin guidance while keeping the Kiel acquisition price disciplined, the gap between a record order book and a still-recovering share price should narrow. Any costly misstep or profit slip, however, would only widen that gap.
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