21 PER CENT GROWTH AND EBIT OF NOK 1.45 BILLION IN THE QUARTER

10 Jul 2024 07:00 CEST

KONGSBERG continued its positive development in the second quarter. Signing of
several major contracts increased the order backlog to NOK 95.6 billion.

«We have delivered another solid quarter. Operating revenues increased, and
profitability was good. We are experiencing high demand for our solutions, both
from civilian- and defence customers," says President and CEO Geir Håøy of
KONGSBERG.

• All business areas delivered growth
• Book/bill at 1.49 and the order backlog is growing
• New missile factory opened in June

Order intake in the second quarter of 2024 was NOK 17.3 billion, corresponding
to a book/bill of NOK 1.49. Revenues were NOK 11.59 billion compared to NOK 9.61
billion in the second quarter of 2023, an increase of 21%. EBITDA was NOK 1.82
billion, up from NOK 1.38 billion in the second quarter of 2023 and the EBITDA
margin was 15.7% compared to 14.4% in the second quarter of 2023. EBIT was NOK
1.45 billion, up from NOK 1.04 billion in the second quarter of 2023 and the
EBIT margin was 12.5%, up from 10.8% in the second quarter of 2023.

All business areas deliver growth
All business areas increased operating revenues in Q2 compared with the
corresponding quarter in 2023. The main drivers for the growth were Kongsberg
Maritime and Kongsberg Defence & Aerospace, which increased operating revenues
by NOK 1.00 billion and NOK 0.96 billion, respectively.

The order backlog is growing
KONGSBERG signed contracts worth more than NOK 17.3 billion in Q2, and the order
backlog increased to NOK 95.6 billion. Kongsberg Defence & Aerospace signed two
new contracts for the NASAMS air defence system in the quarter. The first was an
expansion and modernisation of Spain's existing system and the second was a
contract for air defence to Norway, in line with the plans presented in the
Norwegian Armed Forces' long-term plan that was approved by the Norwegian
Parliament in the quarter. An important deal was also signed for the delivery of
the Joint Strike Missile (JSM) to the United States Air Force.

«The US Air Force is by far the largest user of F-35 fighter jets and their
choice of JSM could be a significant revenue driver for the defence area in the
years to come," says Håøy.

Kongsberg Maritime increased its order intake from both new vessels and its
existing fleet. The business area is experiencing great demand for
emission-reducing and emission-free solutions. Kongsberg Maritime has a
diversified order intake from different vessel types. The focus on
decarbonisation leads to an increased need for technology on the vessels, which
increases Kongsberg Maritime's scope and content of deliveries.

New missile factory opened in June
In recent years, KONGSBERG has invested in increased capacity, and in June the
new and modern missile production facility, Nexus, opened.

«The growth phase we are in requires capacity. Over the past few years, we have
invested significantly, both in new employees, facilities and further
development of our processes. The new missile factory in Kongsberg, Nexus, will
take missile production to the next level and ensure delivery of larger volumes
in the years ahead. The order backlog and strong demand for our missile
technology make me confident of high activity at Nexus," says Håøy.

KONGSBERG 2033: NOK >120 billion revenues
KONGSBERG's new growth ambition was announced at the Capital Markets Day in
June: KONGSBERG will have sales of more than NOK 120 billion in 2033 with an
EBIT margin of more than 15 per cent.

"The markets in which we operate are experiencing solid growth and
transformation, and our positions have never been stronger. The solidity of the
current portfolio and the long-term nature of demand provide a foundation for
the company’s new ambitions. Our ambition is to triple our revenues over the
next ten years. This is ambitious, but by continuing to and developing the
company, this is absolutely a realistic goal," Håøy concludes.

For more information please contact:
Ronny Lie
Group VP and Chief Communication Officer
(+47) 91 61 07 98
ronny.lie@kog.kongsberg.com

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

KONGSBERG (OSE ticker: KOG) is an international, knowledge-based group that
supplies high-technology systems and solutions to customers in a wide range of
markets such as defence, security, maritime, energy, aerospace, climate mapping
and subsea technology. KONGSBERG has more than 13,500 employees in 39 countries
and has a total turnover of NOK 40.6 billion in 2023.

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623333_Q2 2024 - Investor presentation.pdf
623333_Q2-2024_GB.pdf