Global submarine leader TKMS debuts on stock exchange, shares surge 60%

On Monday, the Frankfurt Stock Exchange began trading shares of Thyssenkrupp Marine Systems (TKMS), a company specializing in submarines and frigates, Handelsblatt reported. Trading opened at €60 per share, significantly exceeding expectations.

With a market capitalization of around €3.8 billion, TKMS immediately became one of Germany’s most valuable defense companies. Analysts had previously estimated its valuation at only €2.3–2.7 billion.

During early trading, shares soared by nearly 60% to almost €96, and as of 10:35 a.m. Kyiv time, they were trading around €80.

The majority shareholder of TKMS is the ThyssenKrupp conglomerate, which retained a 51% controlling stake, ensuring strategic influence over the company.

Meanwhile, ThyssenKrupp’s own shares fell by roughly 20% at the start of trading, reflecting the separation of this high-margin business.

TKMS is a leading global maritime defense technology company with over 185 years of shipbuilding experience, tracing its history to the Kiel shipyard HDW. It specializes in the design, construction, and support of warships, including: non-nuclear submarines, surface combatants such as frigates and corvettes, advanced maritime electronic systems and weapons.

The company is a world leader in the non-nuclear submarine market and employs around 8,300 people, including 3,700 at its headquarters in Kiel.

TKMS’s order book exceeds €18 billion, including major contracts to build submarines for European and international navies, as well as the Polarstern II research vessel. In December 2025, the Bundestag Budget Committee approved construction of four additional 212CD-class submarines for the German Navy.

• The spin-off of TKMS is part of ThyssenKrupp’s strategic reorganization, transforming from a single conglomerate into a strategic holding company with independent business segments.