TKMS, Germany's most significant shipbuilder, achieves autonomy.
Thyssenkrupp Marine Systems (TKMS) is set to become an independent, publicly-listed company, following the approval of a spin-off by shareholders of thyssenkrupp AG in August 2025. The spin-off will create TKMS AG & Co. KGaA, a separate entity focused on maritime defense systems.
TKMS plans to list its shares on the Prime Standard of the Frankfurt Stock Exchange before the end of 2025. A Capital Markets Day has been scheduled for late September 2025 to present the newly independent TKMS and its growth prospects to investors.
The spin-off aims to provide TKMS with greater entrepreneurial freedom and direct access to the capital market, allowing them to invest in new technologies and markets independently. TKMS's order backlog reached a record €18.5 billion as of June 30, 2025, with strong demand expected to support continued capacity utilization into the 2040s.
Regarding federal government involvement, while explicit details on direct government participation were not provided, TKMS emphasizes its substantial contribution to national and alliance defense, implying strategic defense relevance. The independence also supports responsiveness to customer and market requirements, which likely includes government defense contracts in Germany and alliances.
Oliver Burkhard, previously the HR director at Thyssenkrupp, is the CEO of TKMS. The company employs around 8,300 people and has shipyard locations in Kiel, Wismar, and Itajaí, Brazil, as well as further sites in Hamburg, Bremen, and Emden. TKMS is a world leader in conventionally powered submarines and also builds frigates and corvettes.
The spin-off received positive feedback from shareholders, who believe it will lead to better corporate management and decisions. The largest individual shareholder of ThyssenKrupp AG, the Krupp Foundation, is expected to get a seat on the TKMS supervisory board. Criticism has been raised about the planned management structure of TKMS, with six out of ten supervisory board members being determined by ThyssenKrupp.
TKMS has recently been awarded the construction of the new German research ship 'Polarstern 2' for missions under extreme climate and weather conditions, with an order volume of around 1.2 billion euros. Singapore has also ordered two more submarines from TKMS for the Indo-Pacific region.
The spin-off of TKMS from Thyssenkrupp is intended to give the division greater financial and operational flexibility, positioning TKMS as a maritime defense powerhouse. This strategic realignment strengthens TKMS's position and provides them with the resources to pursue growth, innovation, and partnerships or acquisitions.
TKMS intends to raise funds through listing on the Frankfurt Stock Exchange's Prime Standard, utilizing the finances for investing in new technologies and markets ('finance'). This financial independence will empower TKMS to expand its portfolio, particularly in sectors like conventionally powered submarines, frigates, and corvettes ('finance').
