Kongsberg Gruppen (KOG) Q2 2025 (Q&A) earnings summary

Executive summary

• Achieved 19–20% top-line growth in H1 and Q2 2025, with EBIT up 24% year-over-year and strong order intake across all business areas, especially defence and maritime.

• Order intake increased 30% in H1 2025, with a robust backlog of NOK 138.8–139 billion and NOK 22 billion for 2025 delivery.

• Major contract wins include a NOK 6.5 billion JSM missile order from Germany and a joint venture with Thales in defence communications.

• Acquisition of Sonatech and Naxys Technologies expands underwater technology and US market access.

Financial highlights

• H1 2025 revenues reached NOK 38.92 billion, up from NOK 32.72 billion in H1 2024; Q2 2025 revenues were MNOK 13,899, up 20% year-over-year.

• EBIT for H1 2025 was NOK 4.81 billion (16.9% margin), up 24% year-over-year; Q2 EBIT margin was 13.8% (12.8% adjusted).

• Cash and cash equivalents at quarter-end were MNOK 14,385, with a strong equity ratio of 26.3%.

• Book-to-bill ratio was 1.31 for Q2 2025, and ROACE reached 68.5%.

Outlook and guidance

• Order backlog of NOK 139 billion provides strong visibility, with NOK 22 billion to be delivered in 2025.

• Continued investments in capacity and technology expected through 2027–2028 to support growth, especially in missiles and air defence.

• Targeting revenue above NOK 120 billion and EBIT margin above 15% by 2033.

• Defence and maritime segments are well positioned for further growth amid global security and environmental trends.