The Defence & Aerospace division accounted for 54% of those orders, with CEO Geir Håøy noting “record-high market activity” in the sector. This growth is driven by European commitments to increase defence budgets following Russia’s invasion of Ukraine and uncertainty over future U.S. military support.
Kongsberg is expanding its production facilities in Norway and Australia, with additional investment planned in the United States later this year. “We are quite comfortable with our own capacity going forward,” Håøy told Reuters.
The Australian facility is government-funded and will be equipped and leased long-term by Kongsberg, while the U.S. site involves a direct investment by the company. Chief Financial Officer Mette Toft Bjørgen said Kongsberg will invest 3% to 5% of its sales into expanding defence production capacity.
Alongside building infrastructure, the company is also strengthening its supply chain, which Håøy described as “as important as building its own capacity.” Kongsberg’s second-quarter core earnings (EBITDA) rose 28% to 2.33 billion crowns, exceeding analyst expectations.
Revenue for the quarter stood at 13.9 billion crowns, slightly below market forecasts by 1.7%. Kongsberg serves various sectors including defence, aerospace, maritime, energy and fisheries.
Source: Reuters.
