Kongsberg Maritime (KMAR) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked the first standalone quarterly presentation after the demerger, with solid operational performance and scaling of OEM activities across vessel segments.

• Revenue for Q1 2026 was MNOK 6,649, with EBITDA at MNOK 893 and a margin of 13.4%.

• Order intake reached MNOK 7,502, resulting in a book-to-bill ratio of 1.13 and an order backlog of MNOK 27,851.

• The business experienced a shift in revenue mix, with newbuilds accounting for 53–55% of revenues, up from 47% last year, offsetting aftermarket softness.

• Geopolitical tensions, especially in the Middle East, caused disruptions and volatility in shipping and offshore markets, impacting aftermarket revenues.

Financial highlights

• Q1 2026 revenues were MNOK 6,649, slightly down from MNOK 6,704 in Q1 2025, impacted by currency translation and divestments.

• EBITDA was MNOK 893 (13.4% margin), impacted by MNOK 65 in demerger costs and currency effects.

• Net cash flow from operating activities was MNOK 548, with net interest-bearing debt at MNOK 290 at quarter-end.

• Book-to-bill ratio was 1.13 overall and 1.26 for newbuilds; order intake reached MNOK 7,502.

• Working capital increased by MNOK 177, representing 5.8% of revenue.

Outlook and guidance

• Double-digit growth in newbuild deliveries is expected for 2026, supported by a strong order backlog, with 86% of backlog related to newbuilds.

• Aftermarket deliveries face short-term volatility due to geopolitical uncertainty but are supported by long-term structural drivers.

• The company is positioned to benefit from trends in energy efficiency, digitalization, and defense-driven demand.

• New targets and long-term growth ambitions will be presented at the Capital Markets Day in June 2026.