Third Quarter 2022: Achieved 25% revenue growth and record-high EBITDA during the quarter

3rd quarter figures:

• The operating revenues were MNOK 7,745 compared to MNOK 6,216 for Q3 2021
• The order intake was MNOK 7,535 compared to MNOK 15,315 for Q3 2021
• The EBITDA was MNOK 1,360 compared to MNOK 1,054 for Q3 2021
• The EBITDA margin was 17.6% compared to 17% for Q3 2021

“KONGSBERG has maintained its positive trend and delivered a good result. We have increased the operating revenues across the company and delivered EBITDA of NOK 1.36 billion, higher than ever before. The sound margin is a result of good project execution and a favourable project mix. Kongsberg Maritime increased the activity of all divisions and grew its operating revenues by 26 per cent. Kongsberg Defence & Aerospace had a high level of activity, especially in the large air defence programmes, where there was considerable progress during the quarter. Kongsberg Digital put two new dynamic digital twins into operation and is experiencing growing demand for its solutions. I’m very pleased with the efforts all my 12,000 colleagues have made, and which have led to us delivering yet another strong quarter,” says Geir Håøy, the president and CEO of KONGSBERG.

Good operations and high market activity

Kongsberg Maritime (KM) achieved operating revenues of MNOK 4,690 during the quarter, just over half of which came from the aftersales market. The order intake of MNOK 5,632 produced a book-to-bill ratio of 1.20, is diversified and covers a wide range of segments.

Kongsberg Defence & Aerospace (KDA) increased its operating revenues by 24 per cent, to MNOK 2,802, and achieved an EBITDA margin of 21.5 per cent. The growth was mainly driven by good progress in its large air defence projects. KDA is currently experiencing increasing market activity in the missile sector and received a purchase order during the quarter for the delivery of Naval Strike Missiles (NSM) worth MNOK 328 to the US Navy under the Over-The-Horizon (OTH) framework agreement.

Kongsberg Digital (KDI) experienced good developments during the quarter, with operating revenues of MNOK 262, and grew its recurring revenues by 34 per cent to MNOK 122.

Security and energy on the agenda

“The security situation in Europe has changed, and the security and sovereignty assertion of states have risen on the agenda. At the same time, the world must handle challenges relating to the energy supply and continue with the energy transformation. At KONGSBERG, we see it as our duty to actively help to solve these challenges using our technology, while at the same time there are considerable business opportunities involved in this. We are closely monitoring the various trends, are implementing measures as required, and have good control of our own operations,” says Håøy.

Will achieve growth target for 2022

“Our order backlog was a sound NOK 54.1 billion at the end of the quarter, our tendering activity is record-high in all business areas, and we will achieve our target of more than NOK 30 billion in revenue in 2022. I’m sure that KONGSBERG will handle the external challenges, grasp new opportunities, and at the same time deliver sound results,” says Håøy.

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