Outlook: Well-positioned in market trends with significant growth potential

This Outlook-article was first published in our Annual Report 2024.

At the end of 2024, the Group had an order backlog of NOK 127.9 billion (NOK 88.6 billion in 2023), of which NOK 35.4 billion is to be delivered in 2025. This corresponds to NOK 4.5 billion higher order coverage for the current year compared to the previous year and provides a good basis for continued growth. Order intake from the aftermarket is to a lesser extent included in the order backlog. Framework agreements are only included in the order backlog when orders under the framework are received.

KONGSBERG is exposed to market trends that offer significant growth potential going forward. To ensure the capacity to deliver the existing order backlog and meet future demand, investments are being made to increase capacity both within and outside of Norway. 

Creating a more environmentally friendly maritime fleet

Our business area Kongsberg Maritime delivers to newbuilds and the aftermarket across a wide range of vessel segments, from traditional merchant fleets to more advanced vessels performing complex marine operations. An aging fleet and stricter emission requirements create a need for fleet renewal, which supports long-term demand for the business area’s solutions. However, the renewal of the maritime fleet will take time, as shipyard capacity limits the number of new vessels being built. Technology is key to succeeding in creating a more environmentally friendly maritime fleet, and Kongsberg Maritime aims to be a leader in this development. The sale of the steering gear and rudder  business will be completed in 2025. This part of Kongsberg Maritime generated MNOK 950 in operating revenues in 2024. The business area is well-positioned in a market with increasing demand for efficiency-enhancing and emission-reducing technology, providing a basis for further growth in 2025.

In January 2025, KONGSBERG announced that Kongsberg Digital’s maritime business will be transferred to Kongsberg Maritime. This includes approximately 500 employees and operating revenues of just over MNOK 600. Going forward, Kongsberg Digital will prioritize the further development of digital workspaces for the energy and process industries. After this change, Kongsberg Digital will be referred to as part of other operations.

Leading market positions in several segments

Kongsberg Defence & Aerospace has grown continuously in recent years and had an order backlog of NOK 100 billion at the end of 2024. During 2025, all missile production will be transferred to new facilities. The composition of projects in delivery is an important driver for profitability, which may vary between quarters. The business area has leading market positions in several defence segments and is positioned for good order intake and continued solid growth in 2025.

High demand for technology

Kongsberg Discovery has an extensive portfolio of advanced technology combined with deep domain knowledge and software. This is important in fisheries, marine research, marine operations, offshore energy production, and monitoring of critical infrastructure. There is high demand for technology in all these segments. In 2025, the technology portfolio has been further expanded through the acquisition of Naxys Technologies. The business area’s solid positions provide a basis for continued growth in 2025.

Key challenges

The world is facing key challenges related to climate and security, and the geopolitical situation is constantly changing. KONGSBERG is well-positioned to address many of these challenges. This, in addition to a strong order backlog and a solid financial position, provides a good foundation for continued growth in 2025.