Kongsberg Maritime (KMAR) Investor presentation summary

Business profile and competitive position

• Global maritime technology supplier with integrated solutions from bridge to propeller, serving vessels through design, construction and operations.

• Global network: ~8,300 employees, 53% engineers, 24/7 operations and 30,000+ installed vessels; 2025 revenue mix was EMEA 52%, APAC 34% and Americas 14%.

• Differentiation centers on competitive products, system integration, lifecycle support and local execution near shipyards, owners and operators.

• Solutions address energy efficiency, alternative energy, emissions management, digitalisation, system integration and offshore wind.

• Exposure spans gas carriers, cargo, naval and government, offshore energy, tug, passenger and other vessel segments; YTD 2026 newbuild intake was led by offshore energy at 27%, naval and government at 22%, and cargo at 18%.

Lifecycle model and market opportunity

• Newbuild offerings include ship design, advisory support and equipment packages; operational support covers maintenance, repairs, overhauls, upgrades, conversions and vessel life extensions.

• Installed base of 30,000+ vessels supports recurring aftermarket demand; 12,000+ vessels served annually with field service and spares, 25,000+ remote support sessions in the last 12 months, and 2,200+ service, engineering and support staff.

• Backlog grew at a stated 21% CAGR, while a broad shipping-segment mix and aftermarket exposure are positioned to moderate individual market cycles.

• More than 50,000 vessels are estimated to require upgrades over the next five years to comply with regulations; ageing fleets and incentives to extend vessel lives support demand.

• Newbuild growth is attributed to greater system scope and vessel complexity, not vessel count alone; integrated digital systems and a broader portfolio are intended to expand addressable deliveries.

Financial performance and credit profile

• LTM Q2 2026 order intake was MNOK 30,337, revenue MNOK 27,179 and EBITDA MNOK 3,911; NIBD/EBITDA was -0.2x, with EBITDA including IFRS 16.

• Revenue growth was presented at a 15% CAGR, alongside backlog growth at a 21% CAGR; 2025 financials exclude the NOK 1.2bn gain from the sale of the steering gear and rudder business.

• H1 2026 revenue was MNOK 13,299 versus MNOK 13,042 in H1 2025; EBITDA was MNOK 1,723 versus MNOK 3,150, with H1 2025 including a MNOK 1,205 business-distribution gain.

• Nordic Credit Rating assigned BBB+ with stable outlook, citing a leading role in integrated maritime technology, sound cash flows, a strong financial position and limited debt.

• Financial policy targets investment-grade status and maximum NIBD/EBITDA of 2.0x; dividend target is 40–60% of earnings after tax.