Kongsberg Maritime (KMAR) CMD 2026 summary

Strategic Market Positioning and Industry Trends

• Operating in a fragmented geopolitical landscape, with increased focus on maritime security, energy efficiency, and resilience shaping customer investment and operational priorities.

• Exposure to diverse market segments—merchant marine, offshore energy, and naval—reduces dependence on single cycles and supports stable growth.

• Strong presence in growth regions like India, Middle East, and Brazil, scaling with customers and increasing yard capacity.

• Naval market importance rising due to global defense spending and demand for standardized, integrated systems, especially in NATO and the USA.

• Decarbonization and digitalization are key drivers, with customers seeking solutions for energy efficiency, compliance, and operational optimization.

Financial Guidance and Capital Allocation

• Targeting 10% CAGR revenue growth over a five-year cycle, with ambition to sustain EBITDA margin above 16%.

• Since 2021, organic growth from NOK 15bn to NOK 27bn (15% CAGR), with order backlog rising from NOK 12bn to NOK 28bn.

• NOK 600 million cost reduction initiative to be realized by end of 2026, with full-year effect in 2027, strengthening competitiveness.

• R&D spend to remain at 6%-8% of revenues, focusing on both existing and new product development.

• Dividend policy targets 40%-60% of net earnings, with additional shareholder remuneration considered annually; M&A focused on complementary technologies and adjacent markets.

Business Model, Resilience, and Growth Drivers

• Asset-light delivery model, global supply chain, and local presence enable cost leadership and resilience.

• Large installed base (30,000+ vessels) and recurring life cycle services provide stable aftermarket revenue.

• Growth strategy includes increasing product scope per vessel and expanding into new and adjacent segments, such as electrification, autonomy, and digital solutions.

• Examples of innovation include unmanned vessels (Reach Remote), electrified tugs, and integrated vessel systems.

• R&D and digitalization investments target hybridization, electrification, and system integration for both new builds and retrofits.