Kongsberg Gruppen (KOG) Q4 2025 (Q&A) earnings summary

Executive summary

• Global leader in maritime technology, delivering integrated solutions across the vessel lifecycle with a balanced mix of newbuild and aftermarket revenues.

• Maintains a large installed base of over 30,000 vessels and a global workforce of over 8,300 employees, more than half of whom are engineers.

• Demonstrates consistent value creation with average annual revenue growth of 16% and order backlog growth of 24% since 2021.

• Achieved strong growth and profitability in 2025, with a record order intake of nearly NOK 90 billion and a total order backlog exceeding NOK 157 billion.

• The demerger of Kongsberg Maritime was approved, with plans to list it as an independent company in April 2026.

Financial highlights

• Revenue reached NOK 31,562 million in 2025, up from NOK 25,326 million in 2024 and NOK 20,650 million in 2023.

• EBIT margin improved to 13% in 2024 and 2025, with Q4 2025 EBIT margin at 17.1%.

• Order intake rose to NOK 31,822 million in 2025, with a backlog of NOK 27,887 million; group order backlog exceeded NOK 157 billion including all segments.

• Sale of the steering gear and rudder business in March 2025 resulted in a NOK 1.2 billion gain, excluded from core financials.

• Proposed total dividend for 2025 is NOK 5.01 billion (NOK 5.70/share), with NOK 3.50/share above the ordinary policy.

Outlook and guidance

• Positioned for continued growth, supported by structural market tailwinds such as energy efficiency, digitalisation, and a naval supercycle.

• No financial guidance or future ambitions provided; these will be addressed at the Capital Markets Day in June.

• Order backlog at year-end 2025 was NOK 130 billion for continuing operations, with NOK 30 billion scheduled for delivery in 2026.

• Anticipates increased demand for retrofitting and upgrades due to aging fleet and limited yard capacity.

• Strategies in place to expand the addressable market and increase the scope of deliveries per vessel.