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TKMS Q4 24/25 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 24/25 earnings summary8 Dec, 2025
Executive summary
Achieved record order intake, driven by major submarine contracts and strong demand for modernization services, marking the first year as an independent, publicly listed company with significant strategic progress.
Revenue grew 9% year-over-year to EUR 2.2 billion, with adjusted EBIT up 55% to EUR 131 million and free cash flow up 53% to EUR 784 million.
Joined the MDAX index, increasing market visibility and investor access.
Major operational milestones included successful sea trials, new technology launches, delivery of submarines to Turkey, and ramp-up of the Wismar shipyard.
Benefited from rising German defense spending and modernization, with a robust order backlog and long-term revenue visibility.
Financial highlights
Order backlog reached EUR 18.2 billion as of September 2025, up 55% year-over-year.
Adjusted EBIT margin improved to 6.0%, with net income at EUR 108 million and EPS at EUR 1.65.
Gross margin increased by 8.1 percentage points to 17.6% year-over-year.
Operating cash flow nearly doubled to EUR 948 million, supporting a strong liquidity position.
Free cash flow reached EUR 784 million, supported by customer prepayments.
Outlook and guidance
Reaffirmed midterm targets: 10% sales CAGR, adjusted EBIT margin above 7%, and CapEx gradually declining to 4% of revenue.
Dividend payout ratio of 30%-50% of net income to begin for fiscal year 2025-2026, with first payment in 2027.
For 2025-2026, expects moderate revenue growth between -1% and +2% and EBIT margin in the EUR 100-150 million range.
Growth profile is back-end loaded, with significant ramp-up at Wismar expected to drive future sales.
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Next TKMS earnings date
Q1 25/2611 Feb, 2026
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