On January 19, 2026, TKMS AG & Co KGaA's Chief Financial Officer, Paul Glaser, mentioned that the ongoing crisis regarding Greenland might improve the company's chances of securing a multi-billion euro submarine contract with Canada. This comes as Ottawa seeks to strengthen its ties with Europe due to rising tensions with the US.

TKMS is one of two companies competing to replace Canada's aging submarine fleet. The situation around Greenland has put Europe in a cautious position, making a closer relationship with Europe appealing for Canada, a NATO member.

Glaser highlighted that TKMS’s Type 212CD submarine, developed in collaboration with Norway, presents an opportunity for Canada to enhance its alliances along NATO’s northern border during this critical period. This statement was made during an event where the company celebrated its entry into Germany’s MDAX mid-cap index.

Regarding the Greenland situation, Glaser commented, “As things stand today, I wouldn’t say it’s the decisive factor for us. But I also wouldn’t call it harmful.”

The other contender for the contract is South Korea’s Hanwha Ocean Co Ltd. Glaser noted that TKMS has an edge because its submarines and frigates are designed for Arctic warfare, allowing them to cover large areas from relatively compact platforms.

Additionally, the company is close to finalizing an $8 billion deal with Mazagon Dock Shipbuilders Ltd., a state-owned Indian company, to produce submarines for the Indian Navy.

Glaser remarked, “We have a partnership with MDL, which will also build the submarines, and it works very well. We were also selected by the procurement authorities. This means that once submarines come, they will come to TKMS.”

TKMS recently separated from its parent company, Thyssenkrupp AG, and went public in Frankfurt in October. The company entered the MDAX on December 22 after just 46 trading days, according to Thomas Book, a board member of Deutsche Börse AG.