TKMS Navigates Ransomware Attack as €40 Billion Order Pipeline Fuels 22% Year-to-Date Stock Gain
Published on 07/19/2026 at 13:12 | Redaktion boerse-global.de
The ransomware group calling itself “The Gentlemen” claimed to have stolen more than a terabyte of data from TKMS’s subsidiary Atlas Elektronik, but the disclosure failed to rattle investors — the stock inched up 0.75% on Friday to close at €81.00, a gain that says more about the defence group’s bulging order book than the incident itself. TKMS countered that the breach was confined to an isolated IT environment at a North American supplier unit and did not compromise core Atlas Elektronik systems, though an independent verification of the hackers’ claims remains pending.
The cyberattack comes at a moment when TKMS is riding one of the strongest procurement cycles in its history. On July 17, the group awarded Swedish defence contractor Saab an €800 million contract to supply and integrate 9LV combat management systems and Sea Giraffe 4A sensors for four new MEKO A-200 DEU frigates. The Bundestag’s budget committee had already approved €6.3 billion in funding on July 8 for the four vessels, with an option for four more worth an additional €5.3 billion. Saab’s systems are scheduled for integration between 2029 and 2032.
Beyond the German frigate programme, TKMS is advancing talks on two landmark submarine projects. The Canadian government named the company the preferred bidder for the Canadian Patrol Submarine Project, which envisions up to twelve Type?212CD boats at an estimated total value of 20 to 30 billion Canadian dollars, including through-life maintenance. In India, CEO Oliver Burkhard indicated in a recent interview that a deal for six submarines valued at roughly €8 billion should be finalised by the end of 2026. Burkhard dismissed concerns that the swelling workload — the total order backlog, including Canadian options, now approaches €40 billion — could strain the company’s delivery capacity.
Should investors sell immediately? Or is it worth buying TKMS?
That backlog was already at a record level when TKMS reported first-half results for fiscal 2025/26 at the beginning of May, posting significant gains in revenue and adjusted EBIT. The group also launched the frigate Cunha Moreira in Brazil under the Tamandaré programme at the end of June and signed a contract with AI specialist Cohere for a group-wide data integration platform. Dr. Andreas Görgen joined the management board in April.
Analyst views on the stock remain split. Bernstein Research set a price target of €76 on July 8, while Deutsche Bank Research took a more bullish stance the following day with a target of €110. Meanwhile, the ownership structure is drawing fresh attention: buyout firm Carlyle is reported to be reassessing a potential investment in TKMS, and talks over a minority state stake via the KfW banking group are continuing.
The shares have risen 22.36% since the start of the year, although they still trade 24% below the 52-week high of €106.58 reached last October. Investors will get a clearer picture of recent performance on August 12, when TKMS publishes its third-quarter earnings report for fiscal 2026. An investor roadshow in London on August 19 and the Hamburg Investorentage on August 27 are likely to feature updates on both the order momentum and any fallout from the cyber incident.
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