Better than expected by the Kongsberg Group

WATCH LIVE: Webcast from the quarterly presentation at 8.15

– We have delivered a quarter with growth and good results. The most important key figures developed in the direction we predicted and, with good order intake and an increased order reserve, we have laid the foundation for continued positive development in the years ahead, says CEO and CEO Geir Håøy of Kongsberg Gruppen.

In the report, the technology company writes that order intake in the first quarter was NOK 12.7 billion, corresponding to a book/bill of 1.11. Operating income was NOK 11.45 billion, compared to NOK 9.09 billion in the first quarter of 2023. This corresponds to an increase of 26 per cent.

Operating profit before depreciation and amortization (EBITDA) was NOK 1.82 billion, up from NOK 1.36 billion in the first quarter. In advance, an EBITDA of NOK 1.68 billion was expected, according to estimates obtained by Infront.

This gives an EBITDA margin of 15.9 per cent, an increase from 14.9 per cent in the first quarter of 2023. The operating profit (EBIT) ended at NOK 1.46 billion, up from NOK 1.02 billion a year ago, and against expected NOK 1.31 billion.

Increased capacity

Furthermore, it states that Kongsberg Gruppen’s missile division, which has an order reserve of NOK 35 billion, will begin transferring production to new and modern facilities during the second quarter. It was announced in March that a further NOK 640 million will be invested in increased production capacity for missiles.

This investment is supported by both the Norwegian authorities and the EU’s ASAP programme, which contributes respectively NOK 200 million and EUR 10 million of the investment.

– The need for further increased production capacity is yet another confirmation of the Kongsberg Group’s leading position in naval missiles. We have already scaled production significantly in existing facilities and with the new factory 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.