Kongsberg Gruppen (KOG) Q1 2026 earnings summary

Executive summary

• First quarter 2026 marked the inaugural period post-demerger, with Kongsberg Maritime now reported as discontinued operations and a new organizational structure implemented.

• Revenue reached NOK 9.2 billion, up 26% year-over-year, driven by strong growth across all divisions and major defense contracts.

• EBIT was NOK 1.5 billion, with a margin of 16.6%, reflecting improved profitability and high demand.

• Order intake surged to NOK 27 billion, boosting the order backlog to a record NOK 152 billion.

• Major contract wins included a NOK 16 billion Counter-UAS deal with Poland, NOK 2 billion F-35 orders, and new vessel design contracts for the Norwegian and Canadian navies.

Financial highlights

• Revenues reached NOK 9.2 billion, up 26% year-over-year, with all divisions contributing to growth.

• EBIT rose to NOK 1.5 billion, up 55% year-over-year, with a margin of 16.6% (up from 13.5%).

• Defense Systems revenue grew 45% to NOK 4.1 billion; Missiles & Aerostructures up 22% to NOK 2.8 billion; Discovery up 8% to NOK 2.1 billion.

• Order intake was NOK 27 billion, with a book-to-bill ratio of 2.9 and order backlog at NOK 152 billion.

• Earnings per share from continuing operations were NOK 1.29, up from NOK 0.59 in Q1 2025.

Outlook and guidance

• Full-year revenue growth in NOK expected to exceed 2025 levels, with NOK 27 billion of backlog scheduled for delivery in 2026.

• High demand anticipated for missiles, air defense systems, and weapon stations, with new contract wins expected in 2026.

• Margins expected to fluctuate based on project and product mix throughout the year.

• Ongoing investments in capacity and technology through 2027–2028 to support growth.

• The company is well positioned for further growth, leveraging synergies between defense and discovery segments.