German TKMS Order Backlog Hits Record 24.2 Billion Dollars
German shipbuilder TKMS reported a record order backlog of 20.6 billion euros. First-half profits and sales beat estimates amid rising global defense spending.
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TKMS AG& CO KGAA reached a record 20.6 billion euro ($24.2 billion) order backlog as European defense spending continues to surge. The backlog rose from 18.7 billion euros in December, fueled by demand for submarine and sonar technology. Sustained geopolitical conflict is driving long-term military investment, decoupling European defense reliance from the United States.
