KONGSBERG (OSE: KOG) delivered strong revenue growth with an increase of 28 per cent compared to Q1 2024. The results in Q1 confirm our strong position and the order backlog increased to NOK 134 billion. The profitability shows that KONGSBERG is well positioned in a rapidly changing world.
Revenues in the first quarter were MNOK 14 622 compared to MNOK 11 450 in the same quarter last year, an increase of 28 per cent (19 per cent adjusted for accounting gain from the sale of the steering gear and rudder business). All business areas increased revenues compared to Q1 2024.
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“We have concluded a successful quarter marked by high activity and solid order intake. All business areas reported an increase in operating revenues compared to Q1 2024. This growth was primarily driven by missiles and air defence systems in the defence segment, solutions for newbuilding and aftermarket services in the maritime sector, and the delivery of subsea technology,” says Geir Håøy, President and CEO of KONGSBERG.
Highlights and key takeaways
• MNOK 14 622 in revenues, 28% growth from Q1 2024, 19% adjusted for the sale of the steering gear and rudder business
• All business areas increased revenues compared to Q1 2024
• The order backlog at the end of Q1 2025 was MNOK 133 975, an increase of MNOK 6 082 in the quarter
• Kongsberg Defence & Aerospace signed several strategic contracts and the business area’s order backlog increased to NOK 105 billion
• Strong order intake and a book/bill ratio of 1,3 in Kongsberg Maritime
• Kongsberg Discovery signed contracts for the delivery of 6 new HUGIN autonomous underwater vehicles
Order intake in Q1 was MNOK 20 739, compared to MNOK 12 746 in the same quarter last year. This represent a book/bill for the quarter of 1,42. EBIT in Q1 was MNOK 2 892, corresponding to an EBIT margin of 19,8 per cent compared to MNOK 1 463 (12,8 per cent) in the same quarter last year. EBIT in the quarter included an gain of NOK 1 048 related to the sale of the steering gear and rudder business. The EBIT margin in the quarter adjusted for this gain was 13.6 percent. Favourable project mix, volume effects and efficient project execution were the main reasons for the positive margin development in the quarter.
Well-positioned across vessel segments
Kongsberg Maritime had a solid order intake and book/bill of 1.3. The business area increased the revenue from both the newbuilding and aftermarket compared with Q1 last year.
Revenues were MNOK 6 743 in Q1, an increase of 25 per cent compared to the same quarter last year. All divisions increased their revenues, and there was high activity in deliveries to both existing fleet and new vessels. The increase in deliveries to new vessels in the quarter was among others driven by deliveries to LNG transport vessels. There was a good order intake from both the newbuilding and aftermarket markets. Kongsberg Maritime is well positioned within various market segments, and sales of solutions for offshore vessels and LNG transport vessels were important contributors to order intake in the quarter.
In Q1, Kongsberg Digital’s maritime portfolio was transferred into Kongsberg Maritime. By combining the digital capabilities from Kongsberg Maritime and Kongsberg Digital with Kongsberg Maritime’s broad product portfolio, a new step is taken to optimise vessel operations and reduce costs through more energy-efficient solutions for the maritime sector.
Increased activity in missile and air defence
Kongsberg Defence & Aerospace signed several strategic contracts and increased its order backlog. Growth in the business area was mainly driven by increased delivery volumes for missiles and air defence.The order backlog for missiles and air defence systems now totals more than NOK 85 billion. This has driven growth and led to significant capacity expansions.
“In recent years, the demand for missile and air defence systems has contributed to a significant increase in the order backlog and has been an important driver for our capacity expansions. In the first quarter, we commenced construction of a new missile factory in Australia. Later this year, we will initiate construction of a similar factory in the US,” says Håøy.
Revenues were MNOK 5 375 in Q1, up 9 per cent from the same quarter last year. A large part of the growth in the quarter was driven by increased activity in missile projects and air defence deliveries. In Q1 2024, Kongsberg Defence & Aerospace had extraordinary deliveries of NOK 500 million related to a single project. Order intake was MNOK 10 374 in Q1 corresponding to a book-to-bill of 1,93. At the end of the quarter, the business area had an order backlog of MNOK 105 440, an increase of MNOK 4 814 during the quarter.
High activity related to autonomous underwater vehicles
Kongsberg Discovery delivered MNOK 1 357 in revenues in Q1, an increase of 29 per cent compared to the same quarter last year. Order intake in Q1 was MNOK 1 464, corresponding to a book-to-bill of 1,08, compared to MNOK 1 157 in Q1 2024. The business area experienced high demand for its products and solutions, securing contracts for the delivery of six new HUGIN autonomous underwater vehicles.
KONGSBERG announced in January 2025 the acquisition of the technology company Naxys Technologies AS. The company is specialized in recognizing the sound of oil and gas leaks via passive acoustics. With this, Kongsberg Discovery strengthens its technology platform and is well-positioned to meet the increasing demand in both sustainability and security.
“We have a robust business model, high adaptability, and strong position for further growth. With a global presence, close collaboration with authorities, customers, and suppliers, and an organization driven by high competence and innovation, we are committed to creating value by delivering solutions that make a significant impact for our customers and partners,” says Håøy.
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