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29 per cent growth and more than NOK 1 billion in operating profit

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 a new 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

Jan Erik Hoff

Group Vice President Investor Relations

Kongsberg Gruppen ASA

(+47) 99 11 19 16