Kongsberg Maritime (KMAR) Q2 2026 (Q&A) earnings summary

Executive summary

• Achieved record order backlog, driven by strong newbuild execution and scaling in both newbuilds and aftermarket, with stable and increasing aftermarket activity despite some customer delays in larger upgrade projects.

• Focused on disciplined execution post-listing, leveraging industry tailwinds such as energy security, naval requirements, and fleet renewal.

• Strategic ambitions include a 10% CAGR revenue growth over five years and sustaining an EBITDA margin above 16%.

• The acquisition of Berg Propulsion expands the propulsion portfolio, especially in merchant and naval sectors, with minimal overlap and significant synergy potential.

Financial highlights

• Q2 2026 revenues reached MNOK 6,651, up from MNOK 6,337 in Q2 2025; H1 2026 revenues totaled BNOK 13.3, a 2% year-over-year increase.

• Q2 2026 EBITDA was MNOK 830 (12.5% margin), with a first half EBITDA margin of 13.0%, impacted by currency translation and NOK 37 million in demerger costs.

• Q2 2026 order intake was MNOK 7,231, contributing to a record order backlog of MNOK 28,406 and a book-to-bill ratio of 1.09.

• Net interest-bearing debt improved to -611 MNOK by Q2 2026, reflecting a strong balance sheet.

• Net cash flow from operating activities was negative MNOK 233 in Q2, mainly due to increased working capital and IT asset acquisition.

Outlook and guidance

• Positive momentum is expected in the aftermarket for the second half, with fundamentals remaining strong and double-digit newbuild delivery growth expected for 2026.

• New build order backlog is NOK 800 million higher year-over-year, supporting growth and visibility into 2027.

• Short- to medium-term revenue growth is projected at 0–5%, with ambitions to accelerate to the 10% CAGR target within 1–2 years.

• FX headwinds are expected to ease if rates remain stable, reducing negative impacts in coming quarters.

• Geopolitical uncertainties, especially in the Middle East, may impact aftermarket cycles and customer decision-making.