Kongsberg Gruppen achieves record growth with strong Q3 results

By Defence Industry Europe

Kongsberg Gruppen, a prominent Norwegian technology leader in defence, maritime, and aerospace solutions, reported 19% revenue growth for Q3 2024 compared to the same period in 2023. Demonstrating scalability and high profitability, the Group’s performance underscores its ability to capitalise on growing defence and sustainability-related demands worldwide.

 

The order backlog reached a record-high NOK 96.9 billion at the end of Q3, with NOK 11.7 billion planned for delivery in Q4 2024, positioning KONGSBERG for a robust year-end finish. “Q3 was a solid, eventful quarter marked by profitable growth and crucial agreements that establish a foundation for continued expansion,” stated Geir Håøy, President and CEO of KONGSBERG. Alongside expanding capacity, KONGSBERG is committed to security enhancement and sustainable advancements globally.

Operating revenues rose to NOK 11.92 billion this quarter from NOK 9.98 billion in Q3 2023, marking a 19% increase driven by a favourable project mix and efficient execution. The Group’s EBIT surged to NOK 1.87 billion, a 15.7% margin reflecting enhanced operational efficiencies. Kongsberg Maritime, a key growth driver, recorded a 30% year-on-year revenue increase to NOK 6.49 billion, reflecting substantial growth in orders from newbuildings, which now constitute over half of the division’s intake.

 

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Increased orders for autonomous underwater technology, such as Kongsberg Discovery’s Hugin vehicles, highlight the Group’s strategic role in sustainable marine resource management and the protection of critical infrastructure. These advanced solutions, tailored for diverse sectors from commercial to military applications, underscore Kongsberg’s strong market positioning across the maritime domain.

The Group’s workforce grew by 1,165 over the past year to support this expansion, with significant investments in new facilities and supply chain improvements across key markets. Kongsberg Defence & Aerospace also reported growth, with Q3 revenues at NOK 4.26 billion, bolstered by an NOK 11 billion contract with the Netherlands for the NASAMS and NOMADS air defence systems, expected to be finalised soon.

 

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“Security and sustainable transformation are priority areas globally, and Kongsberg’s unprecedented order backlog and strong market position enable us to meet these challenges head-on,” Håøy added. With a focus on optimising energy efficiency and advancing defence technology, Kongsberg remains a crucial player in both national and international markets as it enters the final quarter of 2024.

 

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