Kongsberg Maritime (KMAR) Q2 2026 earnings summary

Executive summary

• Achieved stable revenues and record order backlog in Q2 2026, supported by strong newbuild activity, disciplined execution, and scaling in both newbuilds and aftermarket segments.

• Acquisition of Berg Propulsion broadened propulsion offerings and expanded addressable markets, especially in merchant and naval segments.

• Both Energy & Control and Propulsion & Handling divisions delivered year-on-year growth, with newbuilds as the main driver.

• Navigated market complexity with innovation and financial discipline, maintaining profitable growth.

• Q2 2026 marked the first full quarter post-listing, with a focus on leveraging long-term industry tailwinds such as energy security, naval requirements, and fleet renewal.

Financial highlights

• Q2 2026 revenues were MNOK 6,651, up from MNOK 6,337 in Q2 2025; H1 2026 revenues reached BNOK 13.3, up 5.3% year-over-year after adjusting for currency effects.

• Q2 2026 EBITDA was MNOK 830 (12.5% margin), impacted by NOK 34 million in currency and NOK 37 million in demerger costs; H1 2026 EBITDA margin was 13.0%.

• Q2 2026 order intake was MNOK 7,231, with a book-to-bill of 1.09; backlog reached a record MNOK 28,406.

• Net cash position at quarter-end was MNOK 611, with MNOK 2,500 in cash and MNOK 4,000 undrawn credit.

• 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

• Double-digit year-on-year growth in newbuild deliveries is expected for 2026, supported by a book-to-bill above one and 87% of backlog tied to newbuilds.

• Targeting 10% revenue CAGR and EBITDA margin above 16% over the cycle, with quarter-to-quarter variation expected.

• Long-term fundamentals for both newbuild and aftermarket remain strong, though aftermarket is more volatile in the near term due to geopolitical uncertainty.