Q1 2024: 26 per cent growth and EBIT of NOK 1.46 billion in the quarter

In the first quarter of 2024, KONGSBERG maintained its positive trend by achieving growth, solid financial results, and a robust order intake. Book/bill above 1 in all business areas continues to grow the order backlog, which increased to NOK 90.2 billion. 

“We’ve achieved a quarter of growth and strong results. Our key performance indicators have progressed as anticipated, and our strong order intake and expanding order backlog provide a solid basis for ongoing positive momentum in the years ahead,” says Geir Håøy, President and CEO of KONGSBERG.

Order intake in the first quarter of 2024 was BNOK 12.7, equivalent to a book/bill of 1.11. Revenue was BNOK 11.45 compared to BNOK 9.09 in the first quarter of 2023, an increase of 26%. EBITDA was BNOK 1.82, up from BNOK 1.36 in the first quarter of 2023 and the EBITDA margin was 15.9% against 14.9% in the first quarter of 2023. EBIT was BNOK 1.46, up from BNOK 1.02 in the first quarter of 2023 and the EBIT margin was 12.8%, up from 11.2% in the first quarter of 2023.

Strong growth across all business areas

There was solid growth in all business areas in the first quarter compared to the corresponding quarter in 2023. Growth was highest in Kongsberg Maritime and Kongsberg Defence & Aerospace, which increased operating revenues by MNOK 778 and MNOK 1 394. There was also solid growth in Kongsberg Discovery and Kongsberg Digital, which increased operating revenues by 16 per cent and 34 per cent respectively. 

In total, KONGSBERG signed orders worth more than BNOK 12.7 in the first quarter and increased the order backlog to BNOK 90.2. All business areas delivered book/bill above 1 and increased their order backlog in the quarter. 

Order backlog continues to grow and missile capacity is further expanded

The missile division in Kongsberg Defence & Aerospace, which has an order backlog of BNOK 35, will during the second quarter commence transfer of production to new and modern facilities. In March, KONGSBERG announced that an additional MNOK 640 will be invested in increased production capacity for missiles. The investment is supported by both the Norwegian authorities and the EU's ASAP programme, which contribute MNOK 200 and MEUR 10 respectively of the investment.

Download Q1 2024 report here

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“The need for further increased production capacity is yet another confirmation of KONGSBERG's leading position within anti-ship missiles. We have already scaled production significantly in existing facilities, and with the new production facility we will be able to deliver larger volumes more efficiently. This is necessary as we see significant potential beyond the contracts we have already secured," says Håøy.

The main drivers are sustainability and safety

KONGSBERG is exposed to sustainability and safety in all business areas.

"At the same time as the world need more security, we will in collaboration solve significant climate challenges. The transition to environment-friendly energy and more efficient energy utilisation are key factors. We invest significant resources in, and experience great demand for, systems and products from our business areas that can help solve several of these challenges, which is reflected in a record high order backlog. This makes me confident that we will continue our growth and deliver solid results in 2024," concludes Håøy.

Comments on the Q1 2024 results

Letter to Stakeholders: Provides solutions to global challenges

2024 carries on from where we left off last year, with high activity and efficient project execution. The global landscape remains tumultuous and uncertain, with security and sustainability taking center stage on the international agenda. Our customers acknowledge KONGSBERG as a key contributor, offering solutions to address the world’s pressing challenges.

Ronny Lie
Chief Communication Officer, Kongsberg Gruppen ASA
Jan Erik Hoff
Group Vice President, Investor Relations, Kongsberg Gruppen ASA