CEO's perspective: Consistently navigated through changing market environments

Operations in Q2 were solid. All business areas increased their operating revenues compared to Q2 2024. The growth was primarily driven by increased deliveries of missiles and air defense systems from the defense segment, solutions for the newbuild market in the maritime sector, and high activity related to the delivery of underwater technology.

We are currently experiencing record-high market activity in the defence sector. The demand for our defence systems is substantial, and we are also seeing increased interest from defence customers in our civilian business areas. Several nations have announced plans to procure KONGSBERG systems. Germany announced early in Q2 that it would acquire the Joint Strike Missile for its F-35 fighter jets, with the contract being signed at the end of June. In June, we also entered into an agreement with Thales, which involves the merger of our respective units for tactical communication solutions. The merged company will be well-positioned to capture market share in an area that is receiving significant investment in Europe.

We are seeing significant demand for energy-efficient solutions in the vessel market. Our order intake has been strong, despite the shipyards experiencing fewer orders for new vessels compared to last year. The composition of the vessels being ordered from the shipyards is positive from our perspective. More advanced vessels are being ordered, and there is positive development in markets where KONGSBERG has traditionally held strong positions, such as the offshore market. A substantial order backlog with a historically long horizon makes us resilient to short-term market fluctuations.

"The maritime industry is at the beginning of a comprehensive transition towards more energy-efficient solutions and renewable energy sources, and Kongsberg Maritime will be a leading player in this transition."

KONGSBERG has a comprehensive and highly sought-after underwater technology portfolio and is exposed to both defence and civilian markets. The acquisition of the American hydroacoustic company Sonatech has opened new opportunities in the American market. Subsea technology remains a critical focus area in the US and globally, and we are strongly positioned through our product portfolio.

KONGSBERG is well-prepared to meet both existing and emerging needs in a rapidly changing world. With a global presence, close collaboration with authorities, customers, and suppliers, and an organization driven by high competence and innovation, we continue to create value by delivering solutions that truly make a difference for our customers and partners.