Kongsberg Maritime (KMAR) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 5% YoY to MNOK 6,639; EBITDA was MNOK 1,041, a 15.7% margin, including MNOK 72 of restructuring costs.

• Order intake reached MNOK 8,323 and backlog rose MNOK 1,347 to a record MNOK 29,753, supporting visibility into 2027 and beyond.

• Newbuild revenue grew 16% YoY and was 54% of revenue; aftermarket revenue declined 5% and remained subject to short-term variability.

Financial highlights

• Q3 revenue was MNOK 6,639 versus MNOK 6,313 a year earlier; currency translation reduced the comparison by MNOK 199.

• Q3 EBITDA was MNOK 1,041 versus MNOK 1,143, with a 15.7% margin versus 18.1%; FX translation reduced EBITDA by MNOK 32 and restructuring costs were MNOK 72.

• Q3 EBIT was MNOK 886 and earnings after tax were MNOK 563; YTD EBITDA was MNOK 2,763, with a 13.9% margin.

• Operating cash flow was MNOK 1,412 in Q3 and MNOK 1,728 YTD; YTD included MNOK 470 for IT asset settlements and a MNOK 129 working-capital increase.

• 2025 comparative EBITDA included a MNOK 1,205 gain from the Steering Gear and Rudder business distribution.

Outlook and guidance

• Backlog delivery profile: 18% in 2026, 32% in 2027 and 50% in 2028 or later; 88% of backlog relates to newbuild projects.

• 2026 newbuild deliveries are expected to grow at a double-digit rate YoY; MNOK 5,500 of backlog is scheduled for Q4 delivery, with profitability dependent on project mix.

• Capital Markets Day ambitions include 10% revenue CAGR over a five-year cycle and EBITDA margin above 16% over time; growth is expected to be more moderate early in the cycle.

• Long-term aftermarket demand is supported by the installed base, docking activity, fleet age, owner economics and regulation, while short-cycle demand creates quarterly variability.