Kongsberg Gruppen Asa Stock Earnings Reports

Kongsberg reported a strong Q2 2026 with revenues up 31% year-over-year to NOK 10.4 billion (first quarter above NOK 10bn), EBIT NOK 1.7 billion and an EBIT margin of 16.1%. Order intake was NOK 17.1 billion in the quarter (excluding a ~$400m NASAMS Kuwait award) and the order backlog increased to NOK 158 billion. Key commercial wins included roughly NOK 11 billion in Joint Strike Missile (JSM) orders (repeat orders from Germany and the U.S., plus Canada), NASAMS involvement for Kuwait (via Raytheon/FMS), and a >NOK 200 million underwater surveillance contract. Kongsberg closed the Zone 5 acquisition (California, ~400 employees) — a strategic move to add high-volume, lower-cost missile production (White Spike, Rusty Dagger) and to pursue new business models (including a proposed subscription model for surge capacity). Management expects Zone 5 to reach annual revenues of >NOK 10 billion in the medium term, though near-term margins may be low during scale-up (single-digit margins expected for 12–24 months). The company is ramping missile factories (U.S., Australia), expanding facilities (Poland, Horten) and pursuing European production hubs. Cash decreased from NOK 16.4 billion to NOK 4.9 billion driven by a NOK 5 billion dividend, NOK 3.7 billion paid for Zone 5, and a NOK 1 billion bond repayment; working capital remains strong at NOK -9.1 billion. Management reiterated 2026 revenue growth above 2025, long-term ambitions to reach NOK 100 billion by 2029 and NOK 150 billion by 2033, and highlighted supply chain security as the principal execution risk. Other noted items: inclusion of 50/50 joint ventures proportionately in reported APMs, IFRS effects related to a revoked export license to Malaysia (not quantified due to ongoing negotiations), and improving results at Falkor (Kongsberg Digital) and Patria (equity-accounted).