Slides
Page 1
KONGSBERG: Strategic separation for enhanced growth Creating two focused champions to capture the full opportunity: A world-class defence leader, and pure-play maritime expert positioned to ride the waves of the future 30 October 2025
Page 2
2 Disclaimer This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of Kongsberg Gruppen ASA (the "Company") or information currently available to the Company. Such forward-looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. Forward-looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as "targets", "believes", "expects", "aims", "assumes", "intends", "plans", "seeks", "will", "may", "anticipates", "would", "could", "continues", "estimate", "milestone" or other words of similar meaning and similar expressions or the negatives thereof. By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements to differ materially from the projected results, performance or achievements expressed or implied by the forward-looking information and statements in this presentation. Should any known or unknown risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual results, performance and achievements could differ materially from that or those described herein as anticipated, believed, estimated or expected. Any forward-looking information or statements in this presentation speak only as at the date of this presentation, and the Company does not intend, unless obligated to do so, and expressly disclaims any obligation or undertaking, to publicly update, correct or revise any of the information included in this presentation, including forward-looking information and statements, whether to reflect changes in the Company's expectations with regard thereto or as a result of new information, future events, changes in conditions or circumstances or otherwise on which any statement in this presentation is based.
Page 3
33Note: 1) Not pro-forma adjusted 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Q3 25 Maritime Defence & Aerospace Discovery Digital Security and sustainability shaping global priorities The world’s focus on resilient security and sustainable solutions creates strong tailwinds for both businesses to stand as separate entitiesStrong growth and momentum have created two autonomous entities Through consistent growth and strategic focus, both entities have evolved into robust leaders in their respective markets Positioning two robust and independent entities for the future Record-high order backlogs for both entities set the foundation for two solid and independent businesses, another strategic step towards delivering on our previously announced 2033-targets Over time, KONGSBERG has grown and evolved into leading, autonomous entities Revenues per business area1 (NOK)
Page 4
4 The separation carries strong strategic merits 4 Sharper strategic focus The demerger will focus leadership capacity, and foster value creation in distinct markets driven by global megatrends 01 Stronger execution power Allows each entity to strengthen their approach, agility, and execution power within their respective domains 02 Improved ability to navigate market-specific challenges and opportunities Different markets, with different strategic requirements, will benefit from autonomous business models03 Enhanced competitiveness Each entity with a size and scalability to ensure an internationally competitive position in their respective markets 04 Kongsberg Maritime and KONGSBERG will separate to optimise operational capabilities and deliver long-term values for all stakeholders Kongsberg Defence & Aerospace and Kongsberg Discovery are joining forces to supercharge defence and surveillance – faster innovation, more dual-use Kongsberg Maritime makes maritime operations cleaner, safer and more energy efficient
Page 5
5 The two separate shares are expected to commence trading in Q2 2026 • Transaction structure: The separation of Kongsberg Maritime from KONGSBERG will be carried out as a demerger, without any offering of shares • Receipt of shares: Shareholders of Kongsberg Gruppen ASA as of completion of the demerger will receive shares in Kongsberg Maritime at a 1:1 ratio based on their respective KOG shareholding • Separate stock exchange listing of Kongsberg Maritime: The shares of Kongsberg Maritime are to be separately listed on the Euronext Oslo Børs, with first day of trading expected in Q2 2026. At or around the same time, the KOG shares will trade exclusive of the right to receive shares in Kongsberg Maritime. Last inclusive date and ex-date to be announced in due course • Shareholder voting: An extraordinary general meeting in KOG to approve the demerger plan is expected to be held in January 2026. The Norwegian state, through the Ministry of Trade, Industry and Fisheries (Nw.: Nærings- og Fiskeridepartementet), has expressed support for the Board’s proposal • Management and board composition of the two companies: Complete management structure will be shared at a later stage. A new Board for Kongsberg Maritime will be effective when the demerger is completed • Indicative timeline: 55 Announcement Oct 2025 Demerger plan Dec 2025 General Meeting Jan 2026 First day of trading Apr 2026 Deep-dive presentations Feb 2026 Listing prospectus Apr 2026
Page 6
6 6 About: • Serves national defence and security needs, adapting rapidly to new global security dynamics and leveraging commercial technologies for cost-effective, innovative solutions – from deep sea to outer space Organisational changes and other: • Comprises of Defence & Aerospace and Discovery1 • CEO: Eirik Lie, currently President of Kongsberg Defence & Aerospace • CFO: Recruitment process initiated • Existing stock exchange listing kept Key financials: • Combined LTM revenues of NOK 28.1 billion 2 per Q3 2025 • Combined LTM EBIT of NOK 4.0 billion2 per Q3 2025 • Order backlog grown by 40% CAGR last five years per Q3 2025 About: • Leads in maritime technology, offering integrated solutions for emission reductions, cost optimisation, and secure digitalisation in the maritime industry. Serving more than 30,000 vessels globally Organisational changes and other: • Comprises of Kongsberg Maritime • CEO: Lisa Edvardsen Haugan, currently President of Kongsberg Maritime • CFO: Mette Toft Bjørgen, currently CFO of Kongsberg Gruppen ASA • All shareholders to be granted shares, 1:1 based on existing holdings in KOG, in a new, Oslo-listed entity Key financials: • LTM revenues of NOK 26.4 billion per Q3 2025 • LTM EBIT of NOK 3.4 billion per Q3 2025 • Order backlog grown by 22% CAGR last five years per Q3 2025 MaritimeDefence & Aerospace Discovery Notes: 1) KONGSBERGs ownership in Kongsberg Digital will also be included in KONGSBERG 2) Revenues and EBIT numbers exclude accounting profit related to Neuver transaction
Page 7
Chapter 1: Kongsberg Maritime Leading supplier of products, services and integrated solutions to the global maritime industry
Page 8
At a glance NOK 26.4bn Q3 2025 LTM revenues NOK 3.4bn Q3 2025 LTM EBIT >30,000 vessels with our solutions onboard ~8,000 employees Technology-driven integrator and systems provider to the maritime industry Technology powerhouse Strong systems portfolio Global reach Investing 7-9% of revenue in R&D to remain at the forefront of the technological landscape Dedicated team of ~8,000 employees globally with deep domain competence Responding to increasing vessel complexity, with corresponding data infrastructure and cyber security requirements Well-positioned and broad product portfolio onboard more than 30,000 vessels Unique position to deliver value through innovative integrated solutions and optimise assets over lifespan Local footprint and global reach, with presence in 35+ countries Resilience, market proximity, and customer intimacy enables us to deliver safe and effective solutions to our customers 8 200+ years of heritage 2016 2020 2024 NOK 27.6bn order backlog per Q3 2025
Page 9
Decarbonisation will require more than fuel transition Vessel connectivity and SaaS Most new-build vessels are now being delivered with IoT based data infrastructure Sustainability and reduced emissions Significant cut in CO2 emissions targeted for international shipping by 2030 Cyber security concerns Cyber attacks on navigation and engine control systems increasing the need for cyber security Fleet utilisation and cost-saving Performance monitoring and predictive maintenance enabling fleet efficiency Uniquely positioned around global trends Note: 1) NO = Number of orders GT = Gross tonnage Source: Clarksons Research, KM Business Intelligence Favourable market indicators Orderbook-to-fleet-ratio NO & GT1 (lhs), average age (rhs) 9 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% '05 '07 '09 '11 '13 '15 '17 '19 '21 '23 '25 Orderbook To Fleet Ratio No % Orderbook To Fleet Ratio GT % Average Age 19 23 50% 16% 5% 17% Digital & operations Hydrodynamics Equipment & systems Global security concerns Increasing spending in Naval segment as part of long- term market cycle Market backdrop supports substantial growth for KM driven by megatrends related to decarbonisation, digitalisation and security
Page 10
10 Delivering the systems of tomorrow... ... tailored to the needs of today’s fleet Uniquely positioned through a broad offering and system integration across the value chain Present across the value chain, combining advanced engineering with deep domain knowledge of maritime operations Kongsberg Maritime offers a broad portfolio of solutions founded on unique domain knowledge and advanced engineering Vessel design 01 02 03 04 05 Components System integration and automation Delivery to yards and vessel owners Aftermarket services Integrating the next-generation maritime technology and delivering future-proof solutions for all types of vessels Designing and equipping the world’s vessels, with ~1/3 of today’s fleet using Kongsberg Maritime’s solutions LNG Tug Seaborne Naval Offshore Other
Page 11
Chapter 2: KONGSBERG Premier supplier of defence and critical infrastructure solutions
Page 12
At a glance NOK 28.1bn1 Q3 2025 LTM revenue (excl. JVs) NOK 4.0bn1 Q3 2025 LTM EBIT 200+ years of heritage ~80 % sales outside Norway ~7,000 employees Protecting people and planet – from deep sea to space Technology powerhouse A frontrunner in development of advanced technologies for defence, research, and commercial applications Global world leading products Premier supplier of advanced defence and commercial products and solutions supporting mission critical operations – from deep sea to space 12 2016 2020 2024 NOK 114.7bn order backlog per Q3 2025 1) Revenues and EBIT numbers exclude accounting profit related to Neuver transaction
Page 13
114,7 0 100 200 300 400 500 600 700 800 900 0 20 40 60 80 100 120 140 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q 2025 KONGSBERG backlog Defence procurements Backlog growth ~4.5× above global defence spending Proven partner in major defence markets KONGSBERG’s growth has outpaced the defence market over the past decade Source: Jane’s (December 2024) for Defence Procurement 13 KONGSBERG backlog development (NOKbn) vs. defence procurement in available countries (USDbn) 9.5x 2.1x KONGSBERG supplies >30 nations, representing ~80% of global addressable defence spending. US ~20% Europe ~70% RoW ~10% Backlog split by geography:
Page 14
Transforming industry dynamics Nations are reshoring defence production and leveraging dual- use civilian technologies to build more resilient and cost- efficient supply chains Increase in defence spending NATO member nations have committed to significantly increase annual defence spending Leveraging megatrends World leading positions Rapid innovation KONGSBERG ideally positioned to capture long-term value in defence megatrend Air defence Most sold medium range air defence system in the world, 13 user nations Autonomous underwater vehicles Number 1 supplier of deep water AUVs Strike missiles Selected by 15 nations Remote weapon systems ~80% global market share in weapon stations Sensor and sonars Global supplier to civilian and military customers, including most research vessels KONGSBERG is at the forefront of technological advancements, bridging military and civilian expertise to drive rapid innovation 14 Satellite World-leading supplier of ground station services for satellites in polar orbit Quantum Technology Crewed / uncrewed platforms Inertial Navigation Autonomous Systems Satellite Payloads Dual-use Technology Artificial Intelligence Big data & Analytics Underwater Technology
Page 15
Unlocking long-term value creation See definition of APMs in Kongsberg Gruppen ASA’s quarterly report for 3Q 2025