Kongsberg Gruppen ASA

Record momentum: orders, revenue growth, and margins - Q3 2026 revenues: NOK 11.3bn, +50% YoY (from NOK 7.6bn). - EBIT: NOK 1.9bn, +66% YoY; EBIT margin 16.4% (vs 14.8% last year). - Order intake: NOK 23.3bn vs NOK 9.5bn last year (book-to-bill 2.06). - Key drivers: high volumes and solid execution; strong growth specifically in Air Defence and Missiles. - Good for investors: indicates strong demand + scaling is translating into cash-generating profitability (operating cash flow also strong—see below).

Backlog visibility hits new record (supports forward growth), but execution remains the #1 priority - Total order backlog: NOK 174.2bn, all-time high. - Delivery profile: 7% in Q4 2026, 30% in 2027 (~NOK 53bn), remaining 63% in 2028+ (~NOK 109bn). - Management emphasis: “delivering on the backlog is our number one priority” (implies execution risk is the central watch item for investors). - Outlook implication: backlog depth supports strong revenue growth in 2027; CEO reiterated long-term ambitions for 2029 and 2033.

Major contract wins expand air defence leadership; undersea/autonomy is gaining traction - NASAMS: Belgium order ~NOK 10bn (largest NASAMS contract Kongsberg has signed) + Netherlands additional order NOK 1.5bn; now 18 user countries. - Other defence wins: Protector Remote Weapon Systems to Canada NOK 1.1bn; JSM order from U.S. Air Force $100m; Rusty Dagger U.S. gov contract $65m. - Undersea opportunity (new): U.S. government awarded autonomous underwater vehicles contract $54m (management calls undersea warfare a fast-growing frontier). - Opportunities: strengthened pipeline in air defence + missiles; emerging momentum in autonomous undersea platforms (ties to AI and dual-use technology expansion).