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

Executive summary

• Achieved strong financial results in 2025, with double-digit growth across all business areas, record order intake, and a backlog exceeding NOK 157 billion, setting a robust foundation for future development.

• Underwent a strategic demerger, with Kongsberg Maritime approved for independent listing in April 2026; financials now reflect continuing operations.

• 80% of business is now international, with three main divisions: Defence Systems, Missiles & Aerostructures, and Discovery, plus a growing space business.

• Demand remains high across all business areas, driven by global security needs, sustainability trends, and technology leadership.

• Transformation from a domestic niche supplier to a global prime contractor, now exporting 80–90% of output.

Financial highlights

• 2025 revenues reached NOK 58.6 billion, up 17% year-over-year; EBIT was NOK 9.3 billion, with an adjusted EBIT margin of 13.3%.

• Order intake totaled NOK 87.6 billion, and order backlog grew to NOK 157.4 billion, up 23% from the previous year.

• Q4 revenues for continuing operations were NOK 9,593 million, up 35% year-over-year; EBIT margin 17.1%.

• Book-to-bill ratio was 1.53 for 2025, above two since 2023 for some segments.

• Recent EUR 140 million contract for remote weapon stations as part of a vehicle program in Germany.

Outlook and guidance

• Strong demand and robust backlogs expected to continue across all business areas, with ongoing capacity expansion and investments.

• Defence & Aerospace and Discovery segments anticipate continued growth from multiple programs and market demand.

• Guidance for KDA growth in 2026 in line with 2025, factoring in the Polish order.

• Order momentum expected to continue beyond 2025, supported by increasing defense budgets and scheduled deliveries.