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

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