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3h ago

TKMS Surges Toward €100 in Frankfurt Debut After Thyssenkrupp Spin-Off

The newly listed naval builder enters public markets with a €18.6 billion orderbook and 51% parent ownership that preserves strategic oversight.

Ein im Bau befindliches U-Boot liegt in der Werft von ThyssenKrupp Marine Systems in Kiel
Oliver Burkhard läutet die Glocke an der Frankfurter Börse zum Börsengang von TKMS.
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Overview

  • Shares opened at €60 and spiked toward €97–€100 before easing, implying a market value of roughly €5.3–6.2 billion.
  • Thyssenkrupp retains 51% through a new holding under an AG & Co. KGaA structure with German government consultation and pre‑emption rights; investors received one TKMS share for every 20 Thyssenkrupp shares.
  • TKMS reports an order backlog of about €18.5–€18.6 billion, keeping its Kiel and Wismar yards busy into the early 2040s.
  • The prospectus outlines a dividend payout of 30–50% of net profit from FY 2025/26 and a €200 million expansion of the Wismar site.
  • Thyssenkrupp stock fell roughly 17–20% on the day, while TKMS leadership departed with Defense Minister Boris Pistorius to pursue a Canadian submarine tender.