KONGSBERG (OSE: KOG) achieved 19% revenue growth in Q3 2024 compared to Q3 2023, demonstrating strong profitability and efficient scaling as revenues increased. At the end of Q3 2024, the company’s order backlog stood at NOK 96.9 billion, with NOK 11.7 billion scheduled for delivery in Q4 2024, setting the stage for a strong year-end performance.
Key Financial Highlights for Q3 2024
- Operating Revenues: MNOK 11,924 (vs. MNOK 9,978 in Q3 2023)
- Order Intake: MNOK 12,951 (vs. MNOK 11,339 in Q3 2023)
- EBIT: MNOK 1,868 (EBIT margin: 15.7%) compared to MNOK 1,270 (12.7%) in Q3 2023
- Cumulative EBIT as of Q3 2024: MNOK 4,778 (13.7% margin), up from MNOK 3,327 (11.6%) in the same period last year
Favorable project execution and volume effects contributed to margin improvements.
Strong Market Position and High Activity Across Sectors
- Book-to-bill ratio: 1.09 for Q3 2024
- Heightened demand for security and sustainability solutions worldwide
- Significant market and tendering activity across the Group
Geir Håøy, President and CEO of KONGSBERG, remarked:
“We achieved profitable growth while expanding capacity and signing key agreements. With strong demand for both security and sustainable solutions, KONGSBERG is positioned to contribute to both the energy transition and enhanced security.”
Kongsberg Maritime: Growth Driver with 30% Increase in Revenues
Kongsberg Maritime was the largest growth contributor, reporting MNOK 6,487 in revenues, a 30% increase from Q3 2023.
- Order intake: MNOK 6,953 with a book-to-bill ratio of 1.07
- Strong growth in orders from new buildings, accounting for nearly 40% of order intake
- Focus on energy efficiency, emission reduction technologies, and data-driven maritime solutions
Håøy highlighted the importance of technology in maritime transformation, stating:
“We provide essential solutions for the industry’s transition towards energy efficiency and emission reduction.”
Kongsberg Discovery Secures Key Contracts
Kongsberg Discovery signed four new contracts in Q3 2024 for delivering Hugin autonomous underwater vehicles (AUVs). These advanced AUVs, used by commercial clients, authorities, and military forces, reflect the growing demand for monitoring and marine resource management solutions.
Kongsberg Defence & Aerospace: Steady Growth and New Opportunities
- Operating Revenues: MNOK 4,255 (8% increase from Q3 2023)
- Order backlog: NOK 72 billion
Significant investments are underway in missile production facilities in Norway, Australia, and the US to meet increasing demand. A major NOK 11 billion contract for NASAMS and NOMADS air defence systems with the Netherlands government is expected by year-end, marking the largest air defence contract in KONGSBERG’s history.
Investments and Workforce Expansion
KONGSBERG’s workforce increased by 1,165 employees over the past year, bringing the total to 14,361 by the end of Q3. Investments in new facilities and streamlined operations support the company’s growth strategy.
Håøy emphasized the importance of capacity building:
“We are focusing on expanding both our workforce and facilities while streamlining processes and enhancing global reach.”
Outlook and Future Prospects
KONGSBERG is well-positioned to benefit from the global shift towards renewable energy and enhanced security solutions. With record-high order backlogs and unprecedented market activity, the company is preparing for sustained growth across its business areas.
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Source: KONGSBERG
