ThyssenKrupp Marine Systems (TKMS) is juggling a ransomware incident alongside a torrent of multibillion-euro contracts. The company confirmed that the cybercriminal group “The Gentlemen” targeted its subsidiary Atlas Elektronik, claiming to have exfiltrated more than one terabyte of data. TKMS pushed back on the scale of the breach, noting that the affected North American unit runs on an isolated IT network, separate from the rest of the group. An independent verification of the data haul has yet to emerge.
The cyberattack comes at a moment of intense operational activity. On July 17, TKMS awarded Swedish defence contractor Saab a roughly €800 million contract — equivalent to 8.7 billion Swedish kronor — for the supply of 9LV combat management systems and Sea Giraffe radar sensors. These will equip four new MEKO A-200 DEU frigates (also designated Class 128), with system integration scheduled between 2029 and 2032. The order follows the Bundestag’s budget committee approval of €6.3 billion for the four vessels earlier this month, an agreement that also includes an option for four additional units. Hull construction remains with TKMS.
Beyond Germany, the order pipeline is bulging across continents. CEO Oliver Burkhard told the Frankfurter Allgemeine Zeitung that he expects India’s Project 75-I — a deal covering six submarines valued at roughly €8 billion — to close by the end of 2026. If that materialises, TKMS’s total order backlog would swell to approximately €40 billion, a figure that already incorporates the Canadian option. In early July, the Canadian government named TKMS as the preferred bidder for the Canadian Patrol Submarine Project, which envisions up to twelve Type 212CD boats and comes with a total estimated value of around €20 billion, including long-term maintenance. Meanwhile, in Brazil, the Tamandaré programme continues to advance: TKMS christened the frigate “Cunha Moreira” at the end of June — the third in a series of vessels for the Brazilian Navy.
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The financial underpinning for this growth was laid in early May, when TKMS reported a record order backlog for the first half of fiscal year 2025/26, alongside sharp increases in revenue and adjusted EBIT. To improve efficiency across its expanding portfolio of mega-projects, the group signed a strategic agreement with AI specialist Cohere at the end of June to deploy a group-wide data integration platform.
Yet the stock market has remained relatively subdued. Shares closed on Friday at €81.00, a level that still sits 24 percent below the 52-week high of €106.58 struck in mid-October 2025. On a 30-day view, the stock has gained 6.02 percent, signalling some stabilisation after a broader correction. The year-to-date return stands at a more impressive 22.36 percent. Analyst opinions diverge: Bernstein Research set a €76 price target with a neutral rating on July 8, while Deutsche Bank Research came in the following day with a markedly more bullish €110 target.
Adding to the mix, the ownership structure is in flux. Financial investor Carlyle is reportedly weighing a fresh bid for the company, while parallel negotiations are under way for a minority state stake via the KfW banking group. For now, investors are weighing the gap between a relentless flow of headline-grabbing orders and the near-term share price, with the ransomware episode adding a reminder of the operational risks that come with rapid expansion.
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