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

Executive summary

• 2025 saw strong growth, high profitability, and record order intake, with a backlog exceeding NOK 157 billion, setting a robust foundation for future development.

• International operations now account for 80-90% of business, reflecting a major shift from domestic focus over the past decade.

• The demerger of Kongsberg Maritime was approved, with plans to list it independently in April 2026; financials now reflect continuing operations (Defence & Aerospace, Discovery).

• Strategic partnerships, joint ventures, and acquisitions such as Zone 5 and Sonatech are central to expanding market reach and capabilities.

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

Financial highlights

• Revenues reached NOK 58.6bn in 2025, up 17% year-over-year, with EBIT of NOK 9.3bn and an adjusted EBIT margin of 13.3%.

• Order backlog grew to NOK 157.4bn, up 23% from the previous year, with book-to-bill ratio at 1.53.

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

• Revenues have tripled over the past decade, with stable margins around 15%.

• Proposed total dividend for 2025 is NOK 5.01 billion (NOK 5.70/share), including an extraordinary component.

Outlook and guidance

• Strong demand and robust backlogs are expected to continue, with NOK 30 billion scheduled for delivery in 2026.

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

• Guidance for KDA growth in 2026 is 20%-32%, factoring in the recent Poland contract.

• Main deliveries for the NOK 16 billion Poland counter-UAS contract will occur in 2027, with some extending into 2028.