Kongsberg Gruppen (KOG) Q4 2025 earnings summary

Executive summary

• 2025 saw strong double-digit growth, record order intake, and a backlog exceeding NOK 157 billion, with NOK 130 billion for continuing operations post-demerger.

• The demerger of Kongsberg Maritime was approved, with listing planned for April 2026, while Kongsberg Defence & Aerospace and Kongsberg Discovery will form a focused technology and defense company.

• High demand in defense, maritime, and discovery segments was driven by global security, sustainability, and technological trends.

Financial highlights

• Revenues reached NOK 58.6 billion in 2025, up 17% year-over-year, with Q4 revenues at NOK 16.8 billion (+21% YoY); continuing operations reported NOK 31.6 billion for the year.

• EBIT was NOK 9.3 billion (adjusted margin 13.3%); for continuing operations, full-year EBIT was NOK 4.7 billion, with Q4 EBIT margin at 17.1%.

• Order intake totaled NOK 87.6 billion, and order backlog grew 23% to NOK 157.4 billion.

• Net earnings in Q4 were NOK 2.3 billion (+58% YoY); net interest-bearing debt at year-end was negative NOK 10.9 billion.

• Proposed dividend for 2025 is NOK 5.01 billion (NOK 5.70/share), including an extra NOK 3.50/share.

Outlook and guidance

• 2026 revenue growth is expected to be in line with 2025, supported by a strong order backlog and high revenue coverage.

• Margins for Defence & Aerospace are expected to normalize, with less impact from accelerated deliveries.

• Ongoing investments in capacity and facilities are planned through 2027-2028 to meet future demand.