29 PER CENT GROWTH AND MORE THAN NOK 1 BILLION IN OPERATING PROFIT

27 Apr 2023 07:00 CEST

KONGSBERG continued the good trend and delivered growth, solid results, and
strong order intake in Q1 2023. Strong order intake in all business areas
resulted in continued growth in the order backlog, which increased to NOK 66.9
billion.

1st Quarter 2023:
- The order intake was BNOK 12.1, corresponding to a book/bill of 1.33
- Revenues were BNOK 9.1 compared to BNOK 7.0 in the 1st quarter 2022, an
increase of 29%
- EBITDA was BNOK 1,4, up from BNOK 0,8 in 1st quarter 2022
- The EBITDA margin was 14,9 % versus 11,8 % in 1st quarter 2022
- EBIT was BNOK 1,0, up from BNOK 0,5 in 1st quarter 2022
- The EBIT margin was 11,2 %, up from 7,4 % in 1st quarter 2022

“We have another strong quarter with growth, solid results, and a good influx of
new orders. We delivered NOK 9.1 billion in revenue and generated EBIT of more
than NOK 1 billion. With an order intake of NOK 12.1 billion, we continue to
build an order backlog", says President and CEO Geir Håøy of KONGSBERG.

Strong growth in all business areas

There was strong growth in all business areas in the 1st quarter compared to the
corresponding quarter in 2022. Growth was greatest in Kongsberg Maritime and
Kongsberg Defence & Aerospace, both of which increased operating revenues by
more than MNOK 800 - corresponding to 24 per cent and 43 per cent growth
respectively compared to Q1 2022. There was also solid growth in Kongsberg
Discovery and Kongsberg Digital, which increased operating revenues by 23 per
cent and 33 per cent respectively. Kongsberg Digital can also refer to both an
increased number of users and Kognitwin systems in operation during the quarter.

Continuing to build order backlog

In total, the Group signed orders worth more than NOK 12 billion in the 1st
quarter and increased the order backlog to NOK 66.9 billion. Kongsberg Maritime
was the largest contributor with NOK 7 billion in order intake and a book/bill
of NOK 1.51. Kongsberg Defence & Aerospace had order intake of MNOK 3.8 billion
in the quarter, which includes two new missile orders with a value of NOK 2.4
billion. Kongsberg Discovery had a book/bill of 1.14 in the quarter and order
intake included a contract for a Hugin Superior to a European defence customer.
Kongsberg Digital continues to sign important agreements for the area's digital
solutions. During the quarter, a multi-year agreement was signed with Chevron to
digitize the company's installations. The first digital twins associated with
this agreement are already in operation. Along with the agreement with Shell,
which was signed in December 2022, the contract with Chevron ensures a good
increase in volume going forward.

Missile potential continues to increase

When KONGSBERG's 3rd quarter results in 2022 were presented, it was communicated
that missile orders for more than NOK 15 billion are expected over the next
12-18 months. Already today, 6 months later, orders with a value of more than
NOK 10 billion have been signed. There is currently a high level of activity
related to marketing, tenders, and negotiations on several missile programs,
towards existing and new customers. Several of the contracts could potentially
be of considerable size. In March this year, the US president's proposal for the
2024 U.S. defense budget was tabled. There are proposals for the acquisition of
both the Naval Strike Missile and the Joint Strike Missile. The potential for
KONGSBERG related to this is considerable.

Will continue to grow and deliver solid results

“If the world is to reach its "net zero" ambition by 2050, change must happen
faster. KONGSBERG's ambition is to be an important contributor to this
restructuring. The contribution will come from our operations, but also through
delivering products and systems that help our customers achieve their ambitions.
I am convinced that technology is the most important contributor to this
transition. KONGSBERG has both an existing product portfolio and ongoing
development programs that will make a difference,” says Håøy.
“We are experiencing strong demand and great trust from our customers. In
addition, we have a record-high order backlog. This makes me confident that
KONGSBERG will seize new opportunities, continue to grow, and deliver solid
results also in 2023,” concludes Håøy.

For more information please contact:

Ronny Lie
Chief Communication Officer
Kongsberg Gruppen ASA
(+47) 91 61 07 98
ronny.lie@kog.kongsberg.com
kongsberg.com


Jan Erik Hoff
Group Vice President Investor Relations
Kongsberg Gruppen ASA
(+47) 99 11 19 16
jan.erik.hoff@kog.kongsberg.com
kongsberg.com

Kongsberg (OSE-ticker: KOG) is an international, knowledge-based group that
supplies high-tech systems and solutions to customers in the energy, merchant,
navy and defence and aerospace industries. Kongsberg has more than 12,000
employees in 39 countries and had total revenues of NOK 31.8bn in 2022.
Follow us on: kongsberg.com, Facebook, Twitter and LinkedIn

The information is subject to the disclosure requirements in section 5-12 of the
Norwegian Securities Trading Act.

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588695_Q1-23 Presentation.pdf
588695_Q1-2023_ENGELSK.pdf