Fourth Quarter 2023: Secured NOK 65 billion in order intake and achieved 28 per cent growth in revenues in 2023.

“KONGSBERG achieved a milestone by surpassing NOK 40 billion in revenue in 2023. This accomplishment is a testament to our unwavering commitment to innovation and the tireless efforts of our dedicated employees over the years. The world is facing significant challenges related to security, climate and sustainability. Our products and systems can help solve many of these challenges and have resulted in a significant influx of orders throughout the year. At the end of 2023 we had a NOK 88.6 billion order backlog, in addition to several significant framework agreements", says President and CEO of KONGSBERG Geir Håøy.

2023:

• The order intake was BNOK 65.4 corresponding to a book/bill of 1.61
• Operation revenues was BNOK 40.6 compared to BNOK 31.8 in 2022, an increase of 28 %
• EBIT was BNOK 4.6 up from BNOK 3.3 in 2022
• EBIT-margin was 11.3%, compared to 10.4% in 2022
• EBITDA was BNOK 6.0, up from BNOK 4.6 in 2022
• EBITDA-margin was 14.9 % compared to 14.5 % in 2022

4. quarter:

• The order intake was BNOK 31.5 corresponding to BNOK 19.2 in Q4 2022
• Operating revenues was BNOK 11.9 compared to BNOK 9.4, an increase of 26%
• EBIT was BNOK 1.3 up from BNOK 1.1 in Q4 2022
• EBIT-margin was 10.7% compared to 11.3% in Q4 2022
• EBITDA was BNOK 1.7 up from BNOK 1.4 in Q4 2022
• EBITDA-margin was 14.0% compared to 14.8% in Q4 2022

Based on this year's solid results and the Group's strong balance sheet, the Board proposes a dividend of NOK 14 per share, of which NOK 7 is in excess of the company's ordinary dividend policy. A total dividend payment of NOK 2.46 billion is proposed to the Annual General Meeting on 7 May 2024. The payment will be made in two instalments, NOK 7 per share in May and NOK 7 per share in October. “Our dividend policy dictates that we should have stable or increasing ordinary dividends. The ordinary part of this year's dividend proposal is NOK 7 per share, which is almost double from last year's level. This increase is proposed as a result of the positive future prospects we see for the company," says Chairman Eivind Reiten.

Solid growth and strong order intake in Q4

Operating revenues in Q4 increased 26 per cent from the corresponding quarter in 2022 and all business areas delivered strong growth. The order intake in the quarter was NOK 31.5 billion, corresponding to a book/bill of 2.64. NOK 16 billion of the order intake is related to the contract for the NSM coastal defence system to Poland, which became effective in the 4th quarter, additionally order intake in Kongsberg Discovery, Kongsberg Digital and in Kongsberg Maritime's aftermarket was strong.

"The results and order intake in Q4 continued the trend from recent years. We had record high activity levels and we signed contracts of considerable size throughout the quarter. Kongsberg Maritime's orders for new vessels were reduced in the quarter, but order intake from the aftermarket continues to increase. Kongsberg Defence & Aerospace delivered an all-time high order intake quarter of almost NOK 25 billion. Kongsberg Discovery continues its success towards both national and commercial customers. Kongsberg Digital continues to grow and increased both the number of installations and users of the digital solutions", says Håøy.

Anticipated growth ahead

In recent years, KONGSBERG has achieved strong results, demonstrated good adaptability, delivered significant growth and improved results. The company's order backlog at the end of 2023 was NOK 88.6 billion. Of this, NOK 30.8 billion will be delivered during 2024.

Kongsberg Maritime is exposed to newbuilds and aftermarkets in a wide range of segments, from traditional merchant fleets to more advanced vessels performing complex marine operations. A generally ageing vessel fleet and stricter requirements related to emissions necessitate upgrades, gives expectations of continued high activity also in the aftermarket.

Kongsberg Defence & Aerospace has grown significantly in recent years and has an order backlog of NOK 65.4 billion at the end of 2023. Anticipation of sustained growth lie ahead, particularly driven by missile deliveries. In order to secure deliveries on existing orders and meet the significant demand, investments are being made in increased production capacity for missiles. The new factory will be operational in summer 2024.

Kongsberg Discovery has world-leading technology and deep domain knowledge within fisheries, marine research, marine operations and monitoring of critical infrastructure. There is great demand for technology in all these segments, which provides the basis for continued growth.

There is considerable attention from the market for Kongsberg Digital's solutions, both related to streamlining operations, as well as from a climate perspective. Strong demand, as well as framework agreements already signed, provides a solid foundation for sustained growth.

“KONGSBERG is an ocean space expert, and we have solutions that reduce the climate footprint of the maritime industry. Our sensor and robotics solutions are important for utilizing and taking care of the resources found in the sea. We have security and defence solutions that are in demand from many parts of the world, and we have digital expertise in both the energy and maritime sectors. At the same time, we live in a world that faces many challenges where technology will be an important part of the solution. We have a record-high order backlog and have never been more strongly positioned. We continue to invest significantly, both in expertise and capacity. This provides a good basis for growth also in 2024," concludes Håøy.

Watch Management's comments on the quarter here:

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