Kongsberg Gruppen (KOG) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of NOK 48.9 billion and EBIT of NOK 6.5 billion for 2024, with order intake nearing NOK 90 billion and an order backlog of NOK 128 billion, up 44% year-over-year, supporting a positive outlook despite global uncertainties.

• All business areas contributed to growth, with double-digit revenue increases in Maritime and Defence & Aerospace, and significant contract wins in defense and maritime segments.

• Strategic initiatives included new facility openings, expansion in international markets, integration of Kongsberg Digital's maritime operations into Kongsberg Maritime, and the acquisition of Naxys Technologies.

• Raised long-term ambition to reach at least NOK 120 billion in revenue by 2033, supported by increased R&D investments and a focus on security and sustainability.

Financial highlights

• 2024 revenues increased by 20% year-over-year to NOK 48.9 billion; Q4 revenues were NOK 13.91 billion, up 17% year-over-year.

• EBIT for the year was NOK 6.5 billion (13.3% margin), with Q4 EBIT at NOK 1.73 billion (12.4% margin).

• Net earnings for Q4 were NOK 1.47 billion, with EPS of NOK 8.27 for the quarter and NOK 29.14 for the year.

• Cash position at year-end was NOK 14.29 billion, up from NOK 6 billion at the start of the year.

• Book-to-bill ratio for 2024 was 1.8, reflecting robust demand.

Outlook and guidance

• Entered 2025 with NOK 35.4 billion in secured orders for delivery, providing strong growth visibility.

• Continued strong demand expected across all business areas, with a focus on technology-driven solutions for security and sustainability.

• Kongsberg Maritime and Defence & Aerospace are well-positioned for further growth, with new facilities and product launches planned.

• Discovery and Digital segments anticipate growth from recurring revenues and new technology offerings.

• No specific business area split for 2033 revenue target due to dynamic market conditions.