Kongsberg Gruppen after earnings: The company catches up with the sector

Key takeaways

Earnings well above consensus
Record contract from Poland
Margin expansion
Company split into segments

Key takeaways

Earnings well above consensus
Record contract from Poland
Margin expansion
Company split into segments

Kongsberg Gruppen (not to be confused with Kongsberg Automotive), a Norwegian defence manufacturer, published its results today, after which the company is posting a fantastic gain of around 15% in a single session. The Oslo-listed company had been stuck in place in terms of valuation for quite some time, despite strong gains across the entire European defence sector driven by large-scale rearmament. It is possible that today’s results mark the end of this price stagnation.

The Q4 results leave little doubt:

Revenue rose to NOK 16.8bn, beating market expectations, and operating profit reached NOK 2.46bn, exceeding consensus by 5% and 22%, respectively. The operating margin increased from 12.7% to 14.7%.

The company’s core business, "Defence and Aerospace”, increased sales by 44% year on year, while also lifting the margin to 18.7%.

Kongsberg specialises primarily in air-defence systems and airspace surveillance. In the face of the persistent threat from Russian drones, these products are in greater demand than ever. This is reflected in a bill-to-book ratio of 2.8. A major part of the large order intake comes from Poland. Kongsberg has been selected as one of the companies expected to deliver the “San” system, designed to protect Polish airspace and the eastern border. The total value of the project is approx. PLN 15bn (around NOK 40bn), although it is not yet known what share of this amount may accrue to Kongsberg.

The company’s management also shared a number of highly important points for shareholders:

The company committed to a generous dividend policy on the back of record profits.
In addition, the company’s “Maritime” segment, which has lower margins, is to be carved out of the company.
Company representatives also assure that ongoing rearmament efforts will continue to benefit Kongsberg and its shareholders.

KOG.NO (D1)

After reaching local lows at the turn of 2025/2026, the valuation rebounded from the 230 level and has been rising steadily, with an observable acceleration of the trend in recent weeks. Source: xStation5

6 February 2026, 3:24 PM

US100 gains after the UoM report🗽Nvidia surges 5%

6 February 2026, 2:51 PM

Geopolitical Briefing (06.02.2026): Is Iran Still a Risk Factor?

6 February 2026, 1:20 PM

Market wrap: European indices attempt a rebound after Wall Street’s record selloff 🔨

6 February 2026, 12:38 PM

Silver surges 5% 📈

Stocks

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days