9 July 2025 – KONGSBERG (OSE: KOG) delivers solid revenue growth of 20 per cent compared to the second quarter of 2024. All business areas increased their operating revenues compared to Q2 2024. The growth was mainly driven by higher delivery volumes for missiles and air defence from the defence segment, solutions for the newbuild market in the maritime sector and high activity related to deliveries of subsea technology.
“We are experiencing strong demand for our products, delivering a 20 per cent increase in revenues and solid profitability also in Q2. Despite operating in a world impacted by escalating conflicts and evolving framework conditions, KONGSBERG, with over 210 years of history, has consistently navigated through changing market environments. Our achievements over the past year demonstrate our ability to develop sought-after solutions in a dynamic world,” says Geir Håøy, President and CEO of KONGSBERG.
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Highlights and Key Figures
• MNOK 13,899 in revenues, 20 per cent growth from Q2 2024
• All business areas increased their operating revenues compared to Q2 2024
• Order intake in Q2 was MNOK 18,184, compared to MNOK 17,278 in the same quarter last year
• Kongsberg Defence & Aerospace signed Germany (NOK 6,5 billion) as the fifth customer for the Joint Strike Missile; the business area’s order backlog increased to NOK 109 billion
• Strong order intake and a book/bill at 1,18 in Kongsberg Maritime
• Kongsberg Discovery delivered good growth in the quarter, up 21 per cent from the corresponding quarter last year.
Order intake in Q2 was MNOK 18,184, compared to MNOK 17,278 in the same quarter last year. This resulted in a book/bill for the quarter of 1.31. EBIT in Q2 was MNOK 1,918, corresponding to an EBIT margin of 13.8 per cent compared to MNOK 1,448 (12.5 per cent) in the same quarter last year.
Accumulated operating revenues in H1 2025 was MNOK 28,521, up 24 per cent from MNOK 23,039 in H1 last year (19 per cent adjusted for accounting gain from the sale of the steering gear and rudder business). EBIT in H1 2025 included an accounting gain of MNOK 1,206 related to the sale of the steering gear and rudder business. The EBIT margin in H1 adjusted for this gain was 13.2 per cent, compared to 12.6 per cent in H1 2024.
Strong and diversified market position
There was a good order intake in the quarter for Kongsberg Maritime, especially from the newbuild market. The business area’s technology deliveries hold a strong market position across several vessel segments, and order intake from the offshore segment was particularly strong this quarter. Revenues increased by 7 per cent compared to the same quarter last year. The growth was driven by increased deliveries of control and automation systems to various vessel types, as a result of the solid and diversified order intake the business area has seen in recent years.
Order intake in the quarter was MNOK 7,519, corresponding to a book/bill of 1.18. Order intake in Q2 2024 was MNOK 6,131. Accumulated order intake in H1 2025 was MNOK 16,305, corresponding to a book/bill of 1.24. Accumulated operating revenues for H1 2025 correspond to a growth of 15 per cent compared with H1 2024.
“The maritime industry is at the beginning of a comprehensive transition towards more energy-efficient solutions and renewable energy sources, and Kongsberg Maritime will be a leading player in this transition,” says Håøy.
Meeting new and future defence needs
A large part of the growth in the quarter for the business area Kongsberg Defence & Aerospace was driven by increased activity in missile projects and air defence deliveries. Revenues are up 38 per cent from the same quarter last year, and accumulated operating revenues so far are up 23 per cent compared to H1 2024.
Order intake was MNOK 9,841 in the 2nd quarter corresponding to a book/bill of 1.61. The accumulated order intake in H1 2025 was MNOK 20,214 compared to MNOK 15,447 in H1 2024. At the end of the quarter, the business area reported a record-high order backlog, with an increase of NOK 3,803 million during the quarter.
In the second quarter, the business area signed an agreement with Ukrainian industrial partners covering plans for the development and delivery of low-cost, high-volume air defence missiles, as well as uncrewed surface vessels in Ukraine. At the same time, it was announced that Kongsberg Defence & Aerospace is opening an office in Kyiv.
“There is a significant need to strengthen defence capabilities, and we continue to expand capacity in line with growing demand. In 2025, we began construction of a new missile factory in Australia, and later this year, work will start on a new factory in the United States. The office in Kyiv will help strengthen cooperation and facilitate production in the region,” says Håøy.
In June, KONGSBERG and Thales agreed to merge two of their business units: Kongsberg Defence & Aerospace’s Tactical Communications Unit and Thales’s Crypto and Secure Communications Unit in Norway. A joint venture is being formed to meet the growing demand for effective communication within defence in Norway, NATO, and other countries.
“We are currently experiencing record-high market activity in the defence sector. The demand for our defence systems is substantial, and we are also seeing increased interest from defence customers in our civilian business areas,” says Håøy.
Increased market access through the acquisition of Sonatech
Kongsberg Discovery’s revenues were MNOK 1,226 in Q2, an increase of 21 per cent compared to the same quarter last year. Order intake in the 2nd quarter was MNOK 966, corresponding to a book-to-bill of 0.79, compared to MNOK 839 in Q2 2024. Order intake for Kongsberg Discovery will vary between quarters due to larger individual orders. In Q2, order intake was primarily driven by deliveries of autonomous underwater vehicles, as well as mapping and positioning systems. At the end of Q2 2025, Kongsberg Discovery had an order backlog of MNOK 2,919.
In June 2025, KONGSBERG announced the acquisition of Sonatech, an American company with 50 years of experience in underwater acoustics. Sonatech has a strong and solid relationship with the U.S. Navy. The acquisition will provide increased market access in the US for the business area’s product portfolio.
“We have a comprehensive and highly sought-after underwater technology portfolio and are exposed to both defence and civilian markets. Subsea technology remains a critical focus area in the US and globally, and we are strongly positioned through our product portfolio,” says Håøy.
Kongsberg Discovery, together with Kongsberg Defence & Aerospace and Kongsberg Satellite Services, also opened the Oslofjord Critical Maritime Infrastructure Protection Test Bed—a test arena launched in response to the Norwegian government’s Total Preparedness Report, which emphasizes the need for closer cooperation between authorities and industry to address emerging and complex security challenges.
“KONGSBERG is well-prepared to meet both existing and emerging needs in a rapidly changing world. With a global presence, close collaboration with authorities, customers, and suppliers, and an organization driven by high competence and innovation, we continue to create value by delivering solutions that truly make a difference for our customers and partners,” concludes Håøy.
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