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

Executive summary

• Revenues grew 20% year-over-year in Q2 2025 and 19% in H1, driven by strong demand across all business areas, especially defence and maritime segments.

• EBIT increased 24% year-over-year in H1 2025, with all business areas reporting higher operating revenues and robust order intake.

• Major contract wins included a NOK 6.5 billion JSM missile order from Germany and nine shuttle tankers for Tsakos, with high aftermarket activity.

• The acquisition of Sonatech and Naxys Technologies expanded the underwater technology portfolio and strengthened US market access.

• Maintains a solid balance sheet and a robust order backlog of NOK 138.8–139 billion, with NOK 22.2 billion for 2025 delivery.

Financial highlights

• H1 2025 revenues reached NOK 38.92bn, up from NOK 32.72bn in H1 2024; Q2 2025 revenues: MNOK 13,899, up 20% from Q2 2024.

• EBIT for H1 2025 was NOK 4.81bn (16.9% margin), a 24% increase year-over-year; Q2 EBIT: MNOK 1,918 (13.8% margin), adjusted EBIT margin 12.8%.

• Order intake Q2: MNOK 18,184; order backlog at quarter-end: MNOK 138,795, up MNOK 43,234 year-over-year.

• Cash and cash equivalents: MNOK 14,385 at quarter-end; cash position at NOK 30.6bn at end of Q2 2025.

• Q2 EPS: NOK 1.85 vs NOK 1.36 in Q2 2024.

Outlook and guidance

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

• Expects continued strong demand in existing markets, high activity in aftermarket services, and investments in capacity and technology through 2027–2028.

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

• Missile production ramp-up and international capacity expansion underway, with scale and mass production anticipated to improve margins.

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