Interim report
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Quarterly report 2nd quarter / 1st half 2025 #protectingpeopleandplanet
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KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 2 2nd quarter / 1st half 2025 KONGSBERG We are experiencing strong demand for our products, delivering a 20% increase in revenues and solid profitability also in Q2. We operate in a world impacted by escalating conflicts and evolving framework conditions. For more than 210 years, KONGSBERG has navigated through changing market conditions. Our achievements over the past year confirm our ability to develop sought-after solutions in a dynamic world. Geir Håøy, President and CEO Operations in Q2 were solid. All business areas increased their operating revenues compared to Q2 2024. The growth was primarily driven by increased deliveries of missiles and air defense systems from the defense segment, solutions for the newbuild market in the maritime sector, and high activity related to the delivery of underwater technology. We are currently experiencing record-high market activity in the defence sector. The demand for our defence systems is substantial, and we are also seeing increased interest from defence customers in our civilian business areas. Several nations have announced plans to procure KONGSBERG systems. Germany announced early in Q2 that it would acquire the Joint Strike Missile for its F-35 fighter jets, with the contract being signed at the end of June. In June, we also entered into an agreement with Thales, which involves the merger of our respective units for tactical communication solutions. The merged company will be well- positioned to capture market share in an area that is receiving significant investment in Europe. We are seeing significant demand for energy-efficient solutions in the vessel market. Our order intake has been strong, despite the shipyards experiencing fewer orders for new vessels compared to last year. The composition of the vessels being ordered from the shipyards is positive from our perspective. More advanced vessels are being ordered, and there is positive development in markets where KONGSBERG has traditionally held strong positions, such as the offshore market. A substantial order backlog with a historically long horizon makes us resilient to short-term market fluctuations. The maritime industry is at the beginning of a comprehensive transition towards more energy-efficient solutions and renewable energy sources, and Kongsberg Maritime will be a leading player in this transition. KONGSBERG has a comprehensive and highly sought-after underwater technology portfolio and is exposed to both defence and civilian markets. The acquisition of the American hydroacoustic company Sonatech has opened new opportunities in the American market. Subsea technology remains a critical focus area in the US and globally, and we are strongly positioned through our product portfolio. KONGSBERG is well-prepared to meet both existing and emerging needs in a rapidly changing world. With a global presence, close collaboration with authorities, customers, and suppliers, and an organization driven by high competence and innovation, we continue to create value by delivering solutions that truly make a difference for our customers and partners. Geir Håøy, President & CEO
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KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 3 2nd quarter / 1st half 2025 Key financial figures Q2 • MNOK 13,899 in revenues, 20 per cent growth from Q2 2024 • MNOK 1,918 in EBIT in the quarter, of which MNOK 158 was related to a gain from sale of business • EBIT margin for the quarter was 13.8 per cent, adjusted for gain from sale of business the EBIT margin was 12.8 per cent Market and order intake • Kongsberg Defence & Aerospace signed Germany (NOK 6,5 billion) as the fifth customer for the JSM, the business area's order backlog increased to NOK 109 billion • Strong order intake and a book/bill at 1,18 in Kongsberg Maritime Expansion of the portfolio • KONGSBERG and Thales will establish a joint venture in Norway that combines KONGSBERG's tactical communication unit with Thales' crypto and secure communication unit • Kongsberg Discovery has signed an agreement to acquire Sonatech, an American company specializing in underwater acoustics Revenues EBIT Revenues YTD per business area Order backlog Breakdown by delivery date Orders EPS (NOK) 9,614 11,589 13,899 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 Revenues 13,899 11,589 28,521 23,039 48,872 EBITDA1) 2,328 1,815 5,619 3,635 8,028 EBITDA (%) 16.7 15.7 19.7 15.8 16.4 EBIT1) 1,918 1,448 4,810 2,910 6,507 EBIT (%) 13.8 12.5 16.9 12.6 13.3 Earnings before tax 2,054 1,487 4,970 2,920 6,584 Earnings after tax 1,624 1,179 3,899 2,302 5,144 EPS (NOK) 1.85 1.36 4.43 2.63 5.82 Order Intake 18,184 17,278 38,922 30,024 87,809 Highlights and Key figures 30.6 31.3 31.12 MNOK 2025 2025 2024 ROACE (%) 1) 68.5 60.7 46.8 Order backlog1) 138,795 133,975 127,893 Net interest-bearing debt 1) (9,072) (11,302) (9,604) No. of employees 14,994 14,808 14,629 1) See definitions page 28 1,038 1,448 1,918 10.8% 12.5% 13.8% EBIT EBIT % Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 10,512 17,278 18,184 68,130 95,561 138,795 Order intake Order backlog Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 46% 40% 9%5% Kongsberg Maritime Kongsberg Defence & Aerospace Kongsberg Discovery Other 0.88 1.36 1.85 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 16% 25%59% 2025 2026 2027+
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Results and order intake Revenues in 2nd quarter was MNOK 13,899 compared to MNOK 11,589 in the same quarter last year, an increase of 20 per cent (19 per cent adjusted for accounting gain from the sale of the steering gear and rudder business). All business areas increased revenues compared to Q2 2024. Growth in Kongsberg Maritime was driven by increased delivery volumes for automation and control products for several different vessel types. The solid revenue growth in Kongsberg Defence & Aerospace of 38 per cent compared with Q2 last year was mainly driven by increased delivery volumes for missiles and air defence. Kongsberg Discovery delivered good growth in the quarter, up 21 per cent from the corresponding quarter last year. Accumulated operating revenues in H1 2025 was MNOK 28,521, up 24 per cent from MNOK 23,039 in H1 last year (19 per cent adjusted for accounting gain from the sale of the steering gear and rudder business). EBIT in Q2 was MNOK 1,918, corresponding to an EBIT margin of 13.8 per cent (12.8 per cent adjusted for MNOK 158 in accounting gain from the sale of the steering gear and rudder business) compared to MNOK 1,448 (12.5 per cent ) in the same quarter last year. Favourable project mix, volume effects and efficient project execution were the main reasons for the positive margin development in the quarter. Total EBIT in H1 2025 was MNOK 4,810, corresponding to an EBIT margin of 16.9 per cent, EBIT in H1 2025 included an accounting gain of MNOK 1,206 related to the sale of the steering gear and rudder business. The EBIT margin in H1 adjusted for this gain was 13.2 per cent, compared to 12.6 per cent in H1 2024. Order intake in Q2 was MNOK 18,184, compared to MNOK 17,278 in the same quarter last year. This resulted in a book/bill for the quarter of 1.31. Order intake can fluctuate significantly between quarters. Kongsberg Defence & Aerospace signed a significant JSM contract for deliveries to Germany and increased its order backlog to MNOK 109,242. Kongsberg Maritime had a solid order intake and book/bill of 1.18 and increased its order backlog to MNOK 26,201. The order backlog at the end of Q2 2025 was MNOK 138,795, an increase of MNOK 4,820 in the quarter, and an increase of MNOK 43,234 since Q2 2024. Cash flow The Group had MNOK 14,385 in cash and cash equivalents at the end of 2nd quarter compared to MNOK 16,460 at the end of Q1 2025, a decrease of MNOK 2,075 in the quarter. Cash flow from operating activities in the quarter was MNOK 214. The Group's cash flow from investment activities was MNOK (337). The main drivers behind this were investments in increased capacity and product development. Cash flow from financing activities was MNOK (1,969) in the quarter, mainly related to the payment of the first tranche of dividends of MNOK (1,759). So far this year, KONGSBERG has had a net increase in cash and cash equivalents of MNOK 91. The largest negative cash flows were related to dividend payments, acquisitions of businesses, investments in increased capacity and product development. The positive effect on cash flow comes mainly from payments for the sale of the steering gear and rudder business and net cash flow from operating activities. Balance sheet 30.6 31.3 31.12 MNOK 2025 2025 2024 Equity 18,995 21,255 19,269 Equity ratio (%) 26.3 29.7 27.8 Total assets 72,354 71,528 69,414 Working capital 1) (5,726) (7,652) (7,241) Gross interest-bearing debt 5,313 5,158 4,689 Cash and cash equivalents 14,385 16,460 14,293 Net interest bearing debt 1) (9,072) (11,302) (9,604) Net interest bearing debt/ EBITDA 1) (0.9) (1.2) (1.2) 1) See definitions page 28 At the end of the quarter, KONGSBERG had interest-bearing bond debt of total MNOK 2,500. See Note 7 for further information. The Group has a syndicated and committed loan facility of MNOK 2,500, as well as an overdraft facility of MNOK 1,500. Net interest-bearing debt at the end of Q2 was MNOK (9,072) compared to MNOK (11,302) at the end of 2024. The reduction in net interest-bearing debt was driven by the increase in cash equivalents. KONGSBERG has a long-term issuer rating of A- with a «positive outlook» awarded by the credit rating agency Nordic Credit Rating. The standalone credit assessment is BBB+. The rating was last updated on 11 April 2025 and can be found on www.nordiccreditrating.com. Other activities / other matters Kongsberg Digital's maritime portfolio was transferred to Kongsberg Maritime in Q1 2025. At the same time, Kongsberg Digital is focusing on digital twins, energy simulation and well operations. As part of KONGSBERG's strategic portfolio assessment, an evaluation of our strategic ownership position in Kongsberg Digital has been initiated. This could lead to a future transaction. We have engaged J.P. Morgan as financial advisor in the assessment. Future communication about the process in Kongsberg Digital will follow as needed. In Q3 2024, KONGSBERG signed an agreement to sell the steering gear and rudder business to a fund managed by the Nordic private equity company Norvestor. The steering gear and rudder business was part of the Propulsion & Handling division in Kongsberg Maritime. In 2024 this business had revenues of approximately MNOK 950. The transaction was carried out on 3 March 2025. The accounting gain of the sale of the steering gear and rudder business has been reported under other operations and has had an effect so far this year with a total of MNOK 1,206 on revenues and EBIT, divided between MNOK 1,048 in Q1 and MNOK 158 in Q2 2025. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 4 2nd quarter / 1st half 2025
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Key figures 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 Revenues 6,386 5,980 13,129 11,383 24,766 EBITDA 870 861 1,939 1,749 3,886 EBITDA (%) 13.6 14.4 14.8 15.4 15.7 EBIT 716 729 1,635 1,482 3,354 EBIT (%) 11.2 12.2 12.5 13.0 13.5 Order Intake 7,519 6,131 16,305 12,288 28,386 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 5 2nd quarter / 1st half 2025 5,077 6,131 7,519 19,553 19,733 26,201 Order intake Order backlog Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 8% 55% 17% 20% Integration & Energy Global Customer Support Propulsion & Handling Automation & Control Orders Order backlog Breakdown by delivery date EBITRevenues Revenues YTD per divison Order intake per segment 1. half year 2025 36% 41% 23% 2025 2026 2027+ Kongsberg Maritime 3%17% 11% 28%3%4% 6% 15% 11%2%Fishery & SP LNG Naval Offshore Offshore Wind OPU Pax Seaborne Tug Other 30.6 31.3 31.12 MNOK 2025 2025 2024 Order backlog 26,201 24,680 22,800 No. of employees 7,725 7,630 7,255 5,006 5,980 6,386 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 392 729 716 7.9% 12.2% 11.2% EBIT EBIT % Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025
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Results Revenues were MNOK 6,386 in Q2, an increase of 7 per cent compared to the same quarter last year. Growth in Kongsberg Maritime was driven by increased delivery volumes for automation and control products to several different vessel types. The business area's technology deliveries have a strong market position in several vessel segments, and the growth in deliveries to newbuilds is a result of the solid and diversified order intake in recent years. Accumulated for H1 2025, operating revenues was MNOK 13,129, corresponding to a growth of 15 per cent compared with H1 2024. Deliveries to the aftermarket accounted for about 52 percent of operating revenues in Q2, compared to 57 per cent in Q1. EBIT was MNOK 716 in 2nd quarter, corresponding to an EBIT margin of 11.2 per cent compared to MNOK 729 (12.2 per cent) in the same quarter last year. EBIT in H1 2025 was MNOK 1,635, corresponding to an EBIT margin of 12.5 per cent, an increase from MNOK 1,482 (13.0 per cent) margin in the same period in 2024. Profitability between quarters may vary based on volume and project mix in the business area. Market and orders Order intake in the quarter was MNOK 7,519, corresponding to a book/bill of 1.18. Order intake in Q2 2024 was MNOK 6,131. Accumulated order intake in H1 2025 was MNOK 16,305, corresponding to a book/bill of 1.24. There was a good order intake in the quarter, especially from the newbuilding market. Kongsberg Maritime is well positioned through advanced technology deliveries to various vessel segments. In particular, sales of solutions for offshore vessels were an important contributor to order intake in the quarter. Among the highlights, solid orders were signed for deliveries to shuttle tankers and PSV vessels. Order intake from the offshore segment accounted for about 35 percent of the total order intake from new vessels in Q2. The average age of the world fleet has increased significantly over the past ten years, while demands for reduced emissions and energy efficiency have increased. Close cooperation with shipyards, vessel owners and operators over several decades has given the business area unique domain knowledge. Maritime expertise and significant investments in innovative technology provide a competitive advantage in both existing and new markets. The focus is on products and solutions that provide a high degree of operational efficiency and meet cybersecurity requirements. This provides a good basis for significant demand for Kongsberg Maritime's solutions in both the short and long term. At the end of Q2 2025, Kongsberg Maritime had an order backlog of MNOK 26,201. Other factors Kongsberg Digital's maritime portfolio was transferred to Kongsberg Maritime in Q1 2025. By combining the digital capabilities from Kongsberg Maritime and Kongsberg Digital with Kongsberg Maritime's broad product portfolio, a new step is taken to optimise vessel operations and reduce costs through more energy-efficient solutions for the maritime sector. In 2024, this part of Kongsberg Digital's operations had operating revenues of just over NOK 600 million. Approximately 500 employees have been transferred from Kongsberg Digital to Kongsberg Maritime as a result of the transaction. In Q3 2024, KONGSBERG signed an agreement to sell its steering gear and rudder business to a fund managed by the Nordic private equity firm Norvestor. The steering gear and rudder business was part of Kongsberg Maritime's Propulsion & Handling division. In 2024, this business had revenues of approximately NOK 950 million and about 150 employees. The transaction was completed on 3 March 2025. The financial impact of the transaction is recorded under other operations and does not affect Kongsberg Maritime's results. During the quarter, Kongsberg Maritime implemented an organisational change. Financially, Kongsberg Maritime will report on a new segment structure from Q3. The new segment structure is: • Propulsion & Handling • Automation, Energy & Integrated System • Digital & Simulation • Global Customer Support KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 6 2nd quarter / 1st half 2025
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Key figures 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 Revenues 6,122 4,425 11,497 9,342 19,123 EBITDA 1,045 856 2,057 1,703 3,545 EBITDA (%) 17.1 19.4 17.9 18.2 18.5 EBIT 875 703 1,723 1,403 2,903 EBIT (%) 14.3 15.9 15.0 15.0 15.2 Share of net income associated companies 113 96 126 133 445 Order Intake 9,841 10,257 20,214 15,447 54,382 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 7 2nd quarter / 1st half 2025 49% 36% 15% Defence Systems Missile & Space Aerostructures & MRO Revenues EBIT Orders Revenues YTD per division Order backlog Breakdown by delivery date Order backlog per division 10% 21% 69% 2025 2026 2027 + 41% 54% 5% Defence Systems Missile & Space Aerostructures & MRO Kongsberg Defence & Aerospace 30.6 31.3 31.12 MNOK 2025 2025 2024 Order backlog 109,242 105,440 100,626 No. of employees 4,881 4,786 4,648 3,472 4,425 6,122 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 514 703 875 14.8% 15.9% 14.3% EBIT EBIT % Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 4,438 10,257 9,841 44,938 71,506 109,242 Order intake Order backlog Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025
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Results Revenues were MNOK 6,122 in Q2, up 38 per cent from the same quarter last year. A large part of the growth in the quarter was driven by increased activity in missile projects and air defence deliveries. Accumulated operating revenues so far in 2025 was MNOK 11,497, up 23 per cent compared to H1 2024. EBIT was MNOK 875 in Q2, corresponding to an EBIT margin of 14.3 per cent compared to MNOK 703 (15.9 per cent) in the same quarter last year. The EBIT margin in this business area can fluctuate depending on the specific projects being executed. Accumulated for the first half of the year, EBIT was MNOK 1,723 compared to MNOK 1,403 in the same period in 2024. The share of net income from associated companies was MNOK 113 in the quarter compared with MNOK 96 in the corresponding quarter 2024. Patria's figures for Q2 include March, April and May. See also note 5. Market and orders Order intake was MNOK 9,841 in 2nd quarter corresponding to a book/bill of 1.61. Accumulated order intake in H1 2025 was MNOK 20,214 compared to MNOK 15,447 in H1 2024. At the end of the quarter, the business area had an order backlog of MNOK 109,242, an increase of MNOK 3,803 during the quarter and an increase of MNOK 37,736 from Q2 2024. In June, Kongsberg Defence & Aerospace signed a contract worth NOK 6.5 billion for deliveries of the Joint Strike Missile (JSM) to Germany. The contract is structured as a sale between Norway and Germany, where Kongsberg Defence & Aerospace has signed a contract with the Norwegian Defence Materiel Agency in Norway. Germany becomes the fifth nation to acquire JSM, following Norway, Japan, Australia and the United States. Growth and significant investments Kongsberg Defence & Aerospace develops and supplies equipment and technology to the Norwegian Armed Forces and Norway's allies. NATO countries are investing in and strengthening their own defence capability. There is great demand for Kongsberg Defence & Aerospace's core products such as air defence, missiles and weapon stations. The order backlog for missiles and air defence systems now amounts to approximately NOK 90 billion. This has driven growth and led to significant capacity expansions. In 2024, the new missile factory in Kongsberg opened. The capacity expansions continue and in 2025 we have started construction of a new missile factory in Australia. Construction of a new missile factory in the United States will start later this year. In Norway, there is a high level of activity in connection with fleet renewal in the Navy with new frigates and standardised vessels. Both of these procurements offer great opportunities for KONGSBERG. Our Vanguard concept is designed to meet the need for standardized vessels and the concept has also generated international interest. KONGSBERG is engaged in multiple projects aimed at developing solutions to address current and future needs. The new supersonic missile 3SM is a development project in collaboration with the German industry to introduce a new long- range missile that expands the current missile portfolio and complements the NSM and JSM. In the field of air defence, efforts are being made to expand NASAMS to address a broader spectrum of ranges and threats, known as Full Spectrum Air Defence. Achieving a good balance between short-term opportunities and long-term strategic plans is crucial for sustained success over time. KONGSBERG and Thales have agreed to merge two of their business units, Kongsberg Defence & Aerospace's tactical communications unit and Thales' unit for crypto and secure communications in Norway. A joint venture will be established to meet the growing demand for effective communication within defence in Norway, NATO and other countries. The new company will be owned 50/50 by Thales and Kongsberg Defence & Aerospace and will include approximately 350 employees in Oslo, Trondheim and Asker, Norway. The two businesses had a combined revenues of approximately NOK 1,500 million in 2024. Kongsberg Defence & Aerospace has entered into an agreement with Ukrainian industrial players to develop and deliver low-cost anti-aircraft missiles and unmanned surface vehicles (USVs). Kongsberg Defence & Aerospace has also established an office in Kyiv. In Q2, we successfully launched two new microsatellites, ARVAKER 2 and 3. The two satellites are part of the N3X satellite constellation that has been developed to ensure stable monitoring of maritime activity. With the satellites in orbit, KONGSBERG can support Norway and other global players and ensure further increased maritime safety. In Q2, KONGSBERG signed a contract with Veidekke for the construction of a new building, Utsikten, which will house around 2,300 employees in Kongsberg. The building is expected to be completed in 2028. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 8 2nd quarter / 1st half 2025
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Key Figures 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12MNOK 2025 2024 2025 2024 2024 Revenues 1,226 1,012 2,583 2,064 4,427 EBITDA 270 169 550 308 759 EBITDA (%) 22.0 16.7 21.3 14.9 17.1 EBIT 230 143 470 258 653 EBIT (%) 18.8 14.2 18.2 12.5 14.7 Order Intake 966 839 2,430 1,997 4,526 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Tall og noter Page 9 2nd quarter / 1st half 2025 46% 12% 23% 19% Ocean Technologies Marine Life Technologies Uncrewed Platforms Seatex Revenues EBIT Order Revenues YTD per division Order backlog Breakdown by delivery date Order backlog per division 65% 22% 13% 2025 2026 2027 + 51% 9% 23% 17% Ocean Technologies Marine Life Technologies Uncrewed Platforms Seatex Kongsberg Discovery 30.6 31.3 31.12 MNOK 2025 2025 2024 Order backlog 2,919 3,194 3,069 No. of employees 1,279 1,247 1,191 948 1,012 1,226 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 141 143 230 15.1% 14.2% 18.8% EBIT EBIT % Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 835 839 966 2,641 2,925 2,919 Order intake Order backlog Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025
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Results Revenues were MNOK 1,226 in Q2, an increase of 21 per cent compared to the same quarter last year. The business area had particularly high activity in the quarter related to deliveries of autonomous underwater vehicles and mapping and positioning systems. Accumulated operating revenues for H1 was MNOK 2,583, an increase of 25 per cent from H1 2024. EBIT was MNOK 230 in 2nd quarter, corresponding to an EBIT margin of 18.8 per cent compared to MNOK 143 (14.2 per cent) in the same quarter last year. The margin change from Q2 last year is mainly due to a more favourable project mix, good project execution, as well as volume effects. Accumulated for the first half of the year, EBIT was MNOK 470 (18.2 per cent) compared to MNOK 258 (12.5 per cent) in the same period in 2024. Market and orders Order intake in 2nd quarter was MNOK 966, corresponding to a book-to-bill of 0.79, compared to MNOK 839 in Q2 2024. Order intake for Kongsberg Discovery will vary between quarters due to larger individual orders. In Q2 , order intake was mainly driven by sales of standard products, as well as a HUGIN autonomous underwater vehicle. Sustainable management of marine resources and security is an important driver for several of Kongsberg Discovery's products. The business area is exposed to these drivers in major market segments such as offshore energy generation, commercial fishing, seabed mapping, security and critical infrastructure monitoring. The demand for solutions for a better understanding of the ocean space, from commercial actors, public administration and defence customers, is increasing. Sensor technology monitors and maps areas that are often difficult to access, such as deep sea areas, along the seabed and in the water column. There is a growing demand for technology to protect against various underwater threats such as submarines and mines. We are experiencing increased international attention to the need to protect and monitor critical infrastructure, and we have a broad product portfolio that is relevant to this area. At the end of Q2 2025, Kongsberg Discovery had an order backlog of MNOK 2,919. Other factors In June 2025, KONGSBERG announced the acquisition of Sonatech, an American company with 50 years of experience in underwater acoustics. Sonatech has a strong and solid relationship with the U.S. Navy. Combined with the business area's technology portfolio and expertise, the transaction will increasingly make our systems and products available to the U.S. Navy. Sonatech had MUSD 32.8 in operating revenues in 2024. The acquisition will be completed later in 2025, subject to necessary approvals from the US authorities. The acquisition of Sonatech is the second acquisition the business area has signed in 2025. In the first quarter, Kongsberg Discovery acquired the technology company Naxys Technologies, which is a leading player in passive hydro acoustics, primarily aimed at environmental monitoring. Naxys Technologies had operating revenues of MNOK 124 in 2024. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 10 2nd quarter / 1st half 2025
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Outlook At the end of Q2 2025, the Group had an order backlog of NOK 139 billion, of which NOK 22 billion will be delivered during 2025. This corresponds to NOK 3 billion higher order coverage for H2 2025 compared to H2 2024 and provides a solid foundation for continued growth. Order intake from the aftermarket is to a lesser extent included in the order backlog. Framework agreements are only included in the order backlog when orders under the agreement are received. KONGSBERG is exposed to market trends that provide significant growth potential going forward. To ensure capacity to deliver the existing order backlog and to meet future demand, investments are being made both in and outside Norway. In recent years, we have both started and completed new facilities. As communicated at the company's Capital Markets Day in 2024, we are in a period of increased investments that will persist until 2027-2028. Kongsberg Maritime supplies newbuild and aftermarket customers in a wide range of vessel segments, from traditional merchant fleets to more advanced vessels performing complex marine operations. A generally ageing vessel fleet and stricter requirements related to emissions create a need for fleet renewal, which underpins long- term demand for the business area's solutions. However, the renewal of the maritime fleet will take time, as the capacity of the shipyards limits the number of new vessels being built. Technology is the key to succeeding in creating a more environmentally friendly maritime fleet, and Kongsberg Maritime's ambition is to be a leader in this development. The business area is well positioned in a market with an increasing need for efficient and emission-reducing technology, which provides a basis for further growth in 2025. Kongsberg Defence & Aerospace has experienced continuous growth in recent years, with an order backlog exceeding NOK 109 billion by the end of H1 2025. By 2025, all missile production will be relocated to new facilities. The mix of projects being delivered is a key driver of profitability, which may fluctuate between quarters. The business area holds leading market positions in several defence segments and is well-positioned for strong order intake and sustained growth in 2025. Kongsberg Discovery has an extensive portfolio of advanced technology combined with deep domain knowledge and advanced software. This is important in fisheries, marine research, marine operations, ocean-based energy production and monitoring of critical infrastructure. There is significant demand for technology across all these segments. The business area's strong positions provide the solid foundation for continued growth in 2025. The world is facing climate and security challenges while simultaneously navigating an constantly changing geopolitical landscape. KONGSBERG's ability to create value close to its customers is seen as a way to mitigate risks during times of high uncertainty. With significant demand, strong order backlog, and solid financial position, KONGSBERG is well-positioned for further growth in 2025. Kongsberg, 8 July 2025 The Board of Directors Kongsberg Gruppen ASA KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 11 2nd quarter / 1st half 2025 KONGSBERG Over the past years, KONGSBERG has had a positive development, demonstrated good adaptability, delivered significant growth and strong results.
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KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 12 2nd quarter / 1st half 2025 Numbers & Notes
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Key figures by quarter KONGSBERG 2025 2024 2023 MNOK 2025 Q2 Q1 2024 Q4 Q3 Q2 Q1 2023 Q4 Q3 Q2 Q1 Revenues 28,521 13,899 14,622 48,872 13,909 11,924 11,589 11,450 40,617 11,936 9,978 9,614 9,090 EBITDA 5,619 2,328 3,292 8,028 2,147 2,246 1,815 1,820 6,037 1,672 1,626 1,381 1,357 EBITDA (%) 19.7 16.7 22.5 16.4 15.4 18.8 15.7 15.9 14.9 14.0 16.3 14.4 14.9 EBIT 4,810 1,918 2,892 6,507 1,730 1,868 1,448 1,463 4,600 1,273 1,270 1,038 1,019 EBIT (%) 16.9 13.8 19.8 13.3 12.4 15.7 12.5 12.8 11.3 10.7 12.7 10.8 11.2 Share of net income associated companies 125 111 14 441 276 32 97 37 358 177 148 21 12 Order intake 38,922 18,184 20,739 87,809 44,834 12,951 17,278 12,746 65,401 31,461 11,339 10,512 12,089 Order backlog 138,795 138,795 133,975 127,893 127,893 96,865 95,561 90,204 88,550 88,550 69,233 68,130 66,927 KONGSBERG MARITIME¹ 2025 2024 2023 MNOK 2025 Q2 Q1 2024 Q4 Q3 Q2 Q1 2023 Q4 Q3 Q2 Q1 Revenues 13,129 6,386 6,743 24,766 6,896 6,487 5,980 5,402 20,356 5,681 5,022 5,006 4,646 EBITDA 1,939 870 1,069 3,886 897 1,240 861 888 2,601 671 762 529 640 EBITDA (%) 14.8 13.6 15.9 15.7 13.0 19.1 14.4 16.4 12.9 12.0 15.3 10.6 13.8 EBIT 1,635 716 919 3,354 760 1,112 729 753 2,053 538 615 392 508 EBIT (%) 12.5 11.2 13.6 13.5 11.0 17.1 12.2 13.9 10.2 9.6 12.3 7.9 11.0 Order intake 16,305 7,519 8,787 28,386 9,145 6,953 6,131 6,157 22,408 4,798 5,534 5,077 6,999 Order backlog 26,201 26,201 24,680 22,800 22,800 20,536 19,733 20,053 19,097 19,097 19,942 19,553 19,135 1) Kongsberg Digital’s maritime operations have been transferred to Kongsberg Maritime and the sale of Kongsberg Maritime’s steering gear and rudder business was completed in Q1. The comparable figures are not revised. KONGSBERG DEFENCE & AEROSPACE 2025 2024 2023 MNOK 2025 Q2 Q1 2024 Q4 Q3 Q2 Q1 2023 Q4 Q3 Q2 Q1 Revenues 11,497 6,122 5,375 19,123 5,527 4,255 4,425 4,917 15,977 5,026 3,948 3,472 3,531 EBITDA 1) 2,057 1,045 1,012 3,545 986 856 856 846 3,005 900 752 664 689 EBITDA (%) 17.9 17.1 18.8 18.5 17.8 20.1 19.4 17.2 18.8 17.9 19.1 19.1 19.6 EBIT 1) 1,723 875 848 2,903 811 689 703 700 2,397 748 594 514 541 EBIT (%) 15.0 14.3 15.8 15.2 14.7 16.2 15.9 14.2 15.0 14.9 15.1 14.8 15.4 Share of net income associated companies 126 113 12 445 280 32 96 37 406 191 147 56 12 Order intake 20,214 9,841 10,374 54,382 34,185 4,749 10,257 5,190 37,771 24,839 4,646 4,438 3,849 Order backlog 109,242 109,242 105,440 100,626 100,626 71,963 71,506 65,667 65,377 65,377 45,667 44,938 43,964 1) EBITDA and EBIT for 2023 are restated due to Kongsberg IT being reported as a part of other from 2024. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 13 2nd quarter / 1st half 2025
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Key figures by quarter continued KONGSBERG DISCOVERY 2025 2024 2023 MNOK 2025 Q2 Q1 2024 Q4 Q3 Q2 Q1 2023 Q4 Q3 Q2 Q1 Revenues 2,583 1,226 1,357 4,427 1,241 1,122 1,012 1,052 4,001 1,195 937 948 920 EBITDA 550 270 280 759 257 194 169 139 646 174 160 168 144 EBITDA (%) 21.3 22.0 20.6 17.1 20.7 17.3 16.7 13.2 16.5 15.2 17.3 18.0 15.8 EBIT 470 230 240 653 228 167 143 114 556 150 149 141 117 EBIT (%) 18.2 18.8 17.7 14.7 18.4 14.9 14.2 10.9 14.2 13.1 16.1 15.1 12.8 Order intake 2,430 966 1,464 4,526 1,300 1,229 839 1,157 4,305 1,326 1,103 835 1,041 Order backlog 2,919 2,919 3,194 3,069 3,069 3,002 2,925 3,110 2,948 2,948 2,732 2,641 2,708 Due to eliminations and that Kongsberg Digital, Property, Kongsberg IT and Corporate functions are not included, the sum of Business Areas does not add up to Group. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 14 2nd quarter / 1st half 2025
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Condensed income statement 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 MNOK Note 2025 2024 2025 2024 2024 Operating revenues 13,741 11,589 27,315 23,039 48,872 Gain from sale of business 158 — 1,206 — — Revenues 4 13,899 11,589 28,521 23,039 48,872 Operating expenses 8 (11,571) (9,774) (22,902) (19,404) (40,844) EBITDA 4 2,328 1,815 5,619 3,635 8,028 Depreciation (161) (135) (320) (265) (577) Depreciation, leasing assets 6 (123) (118) (241) (237) (485) Amortisation (125) (109) (249) (218) (436) Impairment of intangible assets — (6) — (6) (23) EBIT 4 1,918 1,448 4,810 2,910 6,507 Share of net income from joint arrangements and associated companies 5 111 97 125 134 441 Interest on leasing liabilites 6 (46) (35) (93) (71) (148) Net financial items 70 (22) 128 (53) (216) Earnings before tax (EBT) 2,054 1,487 4,970 2,920 6,584 Income tax expenses 12 (430) (308) (1,071) (618) (1,441) Earnings after tax (EAT) 1,624 1,179 3,899 2,302 5,144 Attributable to: Equity holders of the parent 1,624 1,195 3,899 2,313 5,126 Non-controlling interest — (15) — (11) 18 Earnings per share (EPS) / EPS diluted in NOK Earnings per share 9 1.85 1.36 4.43 2.63 5.82 Earnings per share, diluted 9 1.85 1.36 4.43 2.63 5.82 Condensed statement of comprehensive income 1.4 - 30.6 1.1 - 30.6 1.1 - 31.12 MNOK Note 2025 2024 2025 2024 2024 Earnings after tax 1,624 1,179 3,899 2,302 5,144 Specification of other comprehensive income for the period: Items to be reclassified to profit or loss in subsequent periods: Change in fair value, cashflow hedges • Cash flow hedges and cross-currency swaps 7 (78) (40) (16) (167) (239) Tax effect cash flow hedges 17 9 4 37 53 Translation differences currency 85 (177) (253) 136 373 Total items to be reclassified to profit or loss in subsequent periods 24 (208) (266) 6 187 Items not to be reclassified to profit or loss in subsequent periods: Actuarial gains/losses pensions — — — — (47) Tax effect on actuarial gain/loss on pension — — — — 10 Total items not be reclassified to profit or loss — — — — (37) Comprehensive income 1,648 971 3,633 2,308 5,294 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 15 2nd quarter / 1st half 2025
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Condensed statement of financial position 30.6 31.3 31.12 MNOK Note 2025 2025 2024 Assets Property, plant and equipment 7,311 7,020 6,804 Leasing assets 6 2,509 2,429 1,959 Intangible assets 8 6,368 6,367 5,957 Share in joint arrangments and associated companies 5 4,584 4,616 4,634 Other non-current assets 949 896 887 Total non-current assets 21,720 21,329 20,240 Inventories 7,299 7,252 7,274 Trade receivables 9,029 8,657 10,662 Customer contracts, asset 7 15,691 14,519 13,435 Derivatives 7 2,319 2,050 2,356 Other short-term receivables 1,912 1,262 1,154 Cash and cash equivalents 14,385 16,460 14,293 Total current assets 50,634 50,200 49,174 Total assets 72,354 71,528 69,414 30.6 31.3 31.12 MNOK Note 2025 2025 2024 Equity, liabilities and provisions Issued capital 5,928 5,928 5,928 Retained earnings 11,320 13,653 11,377 Other reserves 1,111 1,087 1,372 Non-controlling interests 635 587 593 Total equity 18,995 21,255 19,269 Long-term interest-bearing loans 7 1,000 2,000 2,500 Long-term leasing liabilities 6 2,248 2,194 1,762 Other non-current liabilities and provisions 3 2,236 2,264 2,187 Total non-current liabilities and provisions 5,484 6,458 6,449 Customer contracts, liabilities 7 30,606 29,919 29,158 Derviatives 7 2,038 2,221 4,100 Short-term interest-bearing loans 7 1,575 500 — Short-term leasing liabilites 6 490 464 427 Other current liabilites and provisions 3 11,057 10,712 10,012 Total equity, liabilitiess and provisions 47,876 43,815 43,696 Total equity, liabilities and provisions 72,355 71,528 69,414 Equity ratio (%) 26.3 29.7 27.8 Net-interest-bearing debt (9,072) (11,302) (9,604) KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 16 2nd quarter / 1st half 2025
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Condensed statement of changes in equity 30.6 31.3 31.12 MNOK Note 2025 2025 2024 Equity opening balance 19,269 19,269 16,465 Total comprehensive income 3,633 1,985 5,294 Dividends (3,870) — (2,463) Transactions with tresury shares related to employee share programme 5 — (3) Purchase/sale, in non-controlling interest (43) — (23) Equity closing balance 18,994 21,254 19,269 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 17 2nd quarter / 1st half 2025
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Condensed cash flow statement 1.4 - 30.6 1.1 - 30.6 1.1 - 31.12 MNOK Note 2025 2024 2025 2024 2024 Earnings after tax 1,624 1,179 3,899 2,302 5,144 Depreciation/impairment of property, plant and equipment 161 135 320 265 577 Depreciation, leasing assets 123 118 241 237 485 Amortisation/impairment of intangible assets 125 115 249 223 459 Share of net income from joint ventures and associated companies 5 (111) (97) (125) (134) (441) Net finance items (24) 57 (35) 124 364 Income taxes 430 308 1,071 618 1,441 Gain on sale of business (158) — (1,206) — — Change in net current assets and other operatings- related items (1,956) 98 (2,154) (594) 5,716 Net cash flow from operating activites 214 1,913 2,259 3,041 13,744 Dividend from joint arrangments and associated companies 5 196 159 196 159 184 Purchase/disposal of property, plant and equipment (476) (493) (904) (910) (1,668) Investment in subsidiaries and associated companies 9 (24) — (479) (9) (84) Investment in financial assets (125) — (125) — — Interest received 172 74 361 138 322 Sale of business and investment in subsidiaries 9 43 — 1,365 — 53 Capitalised internal development and other intangible assets (123) (106) (255) (195) (459) Settlement of cross-currency swaps — (109) — (109) (109) Net cash flow from investing activites (337) (475) 158 (927) (1,762) 1.4 - 30.6 1.1 - 30.6 1.1 - 31.12 MNOK Note 2025 2024 2025 2024 2024 Net change interest-bearing loans 75 (500) 75 (500) (500) Payment of principal portion of lease liabilities 6 (122) (119) (237) (235) (480) Interest paid (26) (51) (72) (103) (171) Interest paid on leasing liabilities 6 (46) (35) (93) (71) (148) Net payment related to employee share programme (90) (90) (90) (100) (100) Dividends paid to equity holders of the parent (1,759) (1,186) (1,759) (1,187) (2,463) of which dividends from treasury shares — — — — — Net cash flow from financing activities (1,969) (1,982) (2,177) (2,196) (3,862) Effect of changes in exchange rates on cash and cash equivalents 17 (98) (149) 44 198 Net change in cash and cash equivalents (2,075) (643) 91 (38) 8,318 Cash and cash equivalents at the beginning of the period 16,460 6,581 14,293 5,975 5,975 Cash and cash equivalents at the end of the period 1) 14,385 5,938 14,385 5,938 14,293 1) MNOK 7 997 of the cash and cash equivalents at the end of the period is placed in liquidity fund. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 18 2nd quarter / 1st half 2025
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1 General information and principles General information The consolidated financial statement for 2nd quarter (interim financial statement) covers Kongsberg Gruppen ASA, its subsidiaries and shares in joint arrangements and associated companies that are included according to the equity method. Principles Interim financial statements are compiled in accordance with IAS 34 (interim reporting), stock exchange regulations and the additional requirements of the Securities Trading Act. Interim financial statements do not include the same amount of information as the full financial statements and should be read in the context of the consolidated financial statements for 2024. The consolidated financial statements for 2024 were prepared in compliance with the Norwegian Accounting Act and international standards for financial reporting (IFRS) established by the EU. The consolidated financial statements for 2024 are available on www.kongsberg.com. The interim financial statement has not been audited. 2 New standards as of 1. January 2025 The accounting principles used in the quarterly report are the same principles as those applied to the consolidated financial statements for 2024. Changes in accounting standards with effect from 1.1.25 have not had a material effect on the consolidated financial statements. 3 Estimates Preparing the interim financial statement involves assessments, estimates and assumptions that affect the use of accounting principles and posted amounts for assets and obligations, revenues and expenses. Actual results may deviate from these estimates. The key considerations in connection with the application of the Group’s accounting principles and the major sources of uncertainty remain the same as when the 2024 consolidated financial statements was compiled. The first half year of 2025 has been characterised by great political unrest and uncertainty and KONGSBERG may be affected if this continues. At the end of the quarter his has not had any effect on the financial figures. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 19 2nd quarter / 1st half 2025
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4 Segment information Revenues EBITDA EBIT 1.4 - 30.6 1.1 - 30.6 1.1 - 31.12 1.4 - 30.6 1.1 - 30.6 1.1 - 31.12 1.4 - 30.6 1.1 - 30.6 1.1 - 31.12 MNOK 2025 2024 2025 2024 2024 2025 2024 2025 2024 2024 2025 2024 2025 2024 2024 Kongsberg Maritime 1 6,386 5,980 13,129 11,383 24,766 870 861 1,939 1,749 3,886 716 729 1,635 1,482 3,354 Kongsberg Defence & Aerospace 6,122 4,425 11,497 9,342 19,123 1,045 856 2,057 1,703 3,545 875 703 1,723 1,403 2,903 Kongsberg Discovery 1,226 1,012 2,583 2,064 4,427 270 169 550 308 759 230 143 470 258 653 Other 2 165 173 1,312 251 556 143 (71) 1,073 (124) (162) 97 (128) 982 (233) (402) Group 13,899 11,589 28,521 23,039 48,872 2,328 1,815 5,619 3,635 8,028 1,918 1,448 4,810 2,910 6,507 1) Kongsberg Digital’s maritime operations have been transferred to Kongsberg Maritime and the sale of Kongsberg Maritime’s steering gear and rudder business was completed in Q1. The comparable figures are not revised. 2) Other activities consist of Kongsberg Digital, Kongsberg IT, property, corporate functions and eliminations. Revenues YTD by division: MNOK 2025 2024 MNOK 2025 2024 MNOK 2025 2024 Divisions Divisions Divisions Global Customer Support 7,033 6,396 Defence Systems 6,002 5,277 Ocean Technologies 1,222 1,080 Integration & Energy 1,051 1,114 Missile & Space 4,383 3,069 Marine Life Technologies 329 301 Propulsion & Handling 2,214 2,419 Aerostructure & MRO 1,912 1,592 Uncrewed Platforms 610 377 Automation & Control 2,587 2,203 Other/eliminations (800) (596) Seatex 496 367 Other/elimination 244 (750) Kongsberg Defence & Aerospace 11,497 9,342 Other/eliminations (74) (62) Kongsberg Maritime 13,129 11,383 Kongsberg Discovery 2,583 2,064 Other/elimination 1,312 251 Total revenues 28,521 23,039 The table shows the anticipated date on which remaining performance obligations as of 30. June 2025 are recognised as income: 2025 2024 Date of revenue recognition Date of revenue recognition Order backlog 2026 and later Order backlog 2025 and later MNOK 30.6.25 2025 2026 30.6.24 2024 2025 Kongsberg Martime 26,201 9,437 10,847 5,917 19,733 8,289 6,758 4,686 Kongsberg Defence & Aerospace 109,242 10,858 22,599 75,786 71,506 8,445 15,436 47,625 Kongsberg Discovery 2,919 1,892 646 382 2,925 1,609 947 369 Other/elimination 432 22 263 113 1,397 415 451 530 Total 138,795 22,209 34,355 82,199 95,561 18,759 23,593 53,209 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 20 2nd quarter / 1st half 2025
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5 Shares in joint arrangements and associated companies Specification of movement in the balance sheet line Shares in joint arrangements and associated companies 1. January - 30. June 2025 MNOK Ownership Carrying amount 1.1 Additions/ disposals Dividend received Share of net income 1) Other items and comprehensive income Carrying amount 30.6 Share of net income 1.4. - 30.6 Patria Oyi 49.9 % 3,546 (196) 43 21 3,414 69 Kongsberg Satelite Services 50 % 981 — — 78 — 1,059 45 Other shares 107 — 4 — 111 (3) Total 4,634 — (196) 125 21 4,584 111 1) The share of net income is included after tax and amortisation of excess value. Shares of net result from Patria: 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 KONGSBERG's share (49,9%) 1) 72 62 47 52 242 Amortisation of excess values after tax (3) (3) (4) (4) (4) Share of net income recognised in KDA for the period 69 59 43 47 238 1) ) Share of Patria's net income after tax adjusted for non-controlling interests and net income from KAMS. Share of net income from Patria is recognised as follows during the quarters: Q1: jan-Feb, Q2: Mar-May, Q3: Jun-Aug and Q4: Sep-Des. Share of net income and dividend from associated companies per business area: Share of net income Dividend 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 2025 2024 2025 2024 2024 Kongsberg Maritime — — — — (5) — — — — — Kongsberg Defence & Aerospace 113 96 126 133 445 196 159 196 159 184 Other (2) 1 (1) — 1 — — — — Group 111 97 125 134 441 196 159 196 159 184 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 21 2nd quarter / 1st half 2025
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6 Leasing KONGSBERG has leases that are primarily related to land and buildings, as well as leases for machinery, vehicles and equipment. IFRS 16-effects on condensed statement of financial position: MNOK Opening balance 1 January 25 1,959 Addition 617 Disposal — Depreciation Q1 (118) Translation diffrences (29) Opening balance 1 April 25 2,429 Addition 207 Disposal — Depreciation Q2 (123) Translation differences (4) Closing balance 30.6.25 2,509 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 22 2nd quarter / 1st half 2025 Leasing assets and leasing liabilities recognised in the financial position: MNOK 30.6.25 31.3.25 31.12.24 Leasing assets 2,509 2,429 1,959 Long-term leasing liabilities 2,248 2,194 1,762 Short-term leasing liabilites 490 464 427 IFRS 16 effects on condensed income statement in the period: 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 Retured rental cost earlier included in EBITDA 168 154 330 306 628 Profit/Loss on disposed leases — — — 2 3 Increased EBITDA in the period 168 154 330 308 631 Depreciation on leases (123) (118) (241) (237) (485) Increased EBIT in the period 45 36 89 71 146 Interest cost on leasing liabilities for the period (46) (35) (93) (71) (148) Reduced EBT in the period (1) 1 (4) — (2)
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7 Financial instruments Loans and credit facilities The group has three bond loans amounting to a total of MNOK 2,500 , of which MNOK 1,500 is due within one year. Kongsberg Aviaton Maintenance Service AS (KAMS) is jointly owned with Patria Oyi. The company received financing from its owners in the 2nd quarter and thus have a short-term loan from Patria of MNOK 75 in addition to an internal loan from KONGSBERG. This is in accordance with the shareholder agreement to finance investments in KAMS. In addition, the group has a syndicated credit facility of MNOK 2,500 and an overdraft credit facility of MNOK 1,500. Neither were utilized at the end of the quarter. Interest-bearing loans: KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 23 2nd quarter / 1st half 2025 30.6.2025 31.12.2024 MNOK Due date Nominal interest rate Value 1) Value 1) Long-term loans: Bond issue KOG09 - fixed interest rate 2.6.26 3.20 % — 1,000 Bond issue KOG14 - floating interest rate 26.2.26 5.50 % — 500 Bond issue KOG15 - fixed interest rate 2) 31.5.30 4.85 % 1,000 1,000 Total long-term loans 1,000 2,500 Short-term loans: Bond issue KOG09 - fixed interest rate 2.6.26 3.20 % 1,000 — Bond issue KOG14 - floating interest rate 26.2.26 5.50 % 500 — Other short-term loans 75 — Total short-term loans 1,575 — Total interest-bearing loans 2,575 2,500 Syndicated credit facility (unutilised credit limit) 22.3.29 2,500 2,500 Overdraft facility (max credit limit) 1,500 1,500 1) Value is equal to nominal amount. 2) Bond issue KOG 15 was entered into at a fixed rate of 4.85% p.a. KONGSBERG also entered into a floating rate swap agreement with 3M NIBOR + 1.36% p.a.
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Forward exchange contracts Fair value of balances classified as cash flow hedges, as shown in the condensed statement of comprehensive income, decreased by MNOK 16 before tax during the period 1. January - 30. June 2025. The fair value of unrealized forward exchange contracts increased by MNOK 126 during the period. The total change in net fair value of fair value hedges represented an increase of MNOK 1,900 from the end of last year. The end-of- quarter spot rates were USD/NOK 10.07, EUR/NOK 11.66 and GBP/NOK 13.62. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 24 2nd quarter / 1st half 2025 Fair value is referring to the net present value of the variance between the forward rate as of 30. June 2025 and the forward rate at the time of entering the forward exchange contract. The change in the fair value of cash flow hedges recognised in the statement of comprehensive income is MNOK -16, while the table above show a change in fair value of MNOK 2. The difference between these two amounts of MNOK -18 was ascribable to a change in fair value of cross- currency swaps. Due in 2025 Due in 2026 or later Total MNOK Value in NOK on agreed rates Fair value at 30.6.25 Value in NOK on agreed rates Fair value at 30.6.25 Value in NOK on agreed rates Change in fair value from 31.12.24 Fair value at 30.6.25 USD (1,223) (87) 1,824 (30) 601 136 (116) EUR (60) 1 (90) (2) (150) (4) (1) Other (77) (1) (90) (3) (167) (6) (4) Sum (1,359) (87) 1,643 (34) 284 126 (122) Roll-over of currency futures 6 47 (124) 54 Total (1,359) (81) 1,643 13 284 2 (68) Forward exchange contracts cash flow hedges, assets 70 Forward exchange contracts cash flow hedges, liabilities 191 Net forward exchange contracts cash flow hedges (122) Forward exchange contracts classified as fair value hedges : The net value of fair value hedges which are mainly recognized as derivates in the statement of financial position, offset against customer contracts, assets by MNOK 583 (decrease) and customer contracts, liabilities by MNOK -103 (decrease). Due in 2025 Due in 2026 or later Total MNOK Value in NOK on agreed rates Fair value at 30.6.25 Value in NOK on agreed rates Fair value at 30.6.25 Value in NOK on agreed rates Change in fair value from 31.12.24 Fair value at 30.6.25 USD 3,765 242 9,817 436 13,583 1,707 678 EUR 4,525 (15) 6,634 (100) 11,159 190 (115) GBP 449 (60) (1,498) 8 (1,049) (41) (52) Others 302 8 (293) (47) 9 44 (39) Total 9,041 175 14,661 297 23,702 1,900 472 Forward exchange contracts fair value hedges, assets 2,232 Forward exchange contracts fair value hedges, liabilities 1,760 Net forward exchange contracts fair value hedges 472
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Specification of derivatives: 30.6 31.3 31.12 MNOK 2025 2025 2024 Forward exchange contracts, cash flow hedges (a) 70 206 822 Forward exchange contracts, fair value hedges (b) 2,249 1,835 1,534 Cross-currency swaps — 9 — Total derivatives, current assets 2,319 2,050 2,356 Forward exchange contracts, cash flow hedges ( c) 191 502 1,069 Forward exchange contracts, fair value hedges (d) 1,760 1,718 2,962 Cross-currency swaps 86 — 68 Total derivatives, current liabilities 2,038 2,221 4,100 Net forward exchange contracts, cash flow hedges (a) - ( c) (122) (297) (247) Net forward exchange contracts, fair value hedges (b) - (d) 489 117 (1,428) Total net forward exchange contracts 367 (180) (1,675) 8 Product developments Product maintenance cost and development recognised int he income statement during the period: In the consolidated statement of financial position at the end of the 2nd quarter the largest capitalised projects were related to the development of the digital platform Kognifai and associated applications, missile technology, medium-calibre weapon station (MCT and RWS), communication solutions and remote towers for airports. 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 Product maintenance 144 145 293 297 596 Development cost 563 439 1,074 864 1,780 Total 707 584 1,367 1,161 2,376 Capitalised development recognised during the period: 1.4. - 30.6 1.1. - 30.6 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 Capitalised development 75 79 174 163 369 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 25 2nd quarter / 1st half 2025
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9 Share split Share capital trends Date Number of shares Nominal NOK Corr. Factor Share capital MNOK Status 31.12.2024 175,921,849 1.25 219.9 Share split 3.6.2025 879,609,245 0.25 01:05 219.9 At the Annual General Meeting on 7 May 2025, the Annual General Meeting of Kongsberg Gruppen ASA resolved on a share split with a split ratio: One (1) share becomes five (5) shares. Effective date 3 June 2025. As a result of the share split, earnings per share will be changed retrospectively by dividing by five: 2025 2024 2023 NOK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Earnings per share before the split 12.94 8.27 7.72 6.79 6.36 6.55 5.93 4.38 4.21 Earnings per share after the split 2.59 1.65 1.54 1.36 1.27 1.31 1.19 0.88 0.84 KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 26 2nd quarter / 1st half 2025
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10 Related parties According to the shareholder agreement regarding financing of investments in Kongsberg Aviation Maintenance Services, the owners, Patria Oyi and KONGSBERG, have granted loans to the company. Patria Oyi’s share of the financing is MNOK 75. The Board is not aware of any changes or transactions in the 2nd quarter associated with related parties that in any significant way have an impact on the Group’s financial position and profit for the period. 11 Important risk and uncertainty factors KONGSBERG’s risk management is decribed in the 2024 annual report. No new risk and uncertainty factors emerged during this quarter. The first half-year of 2025 has been characterised by great political uncertainties. KONGSBERG has a large international presence and is affected by global changes. Our global footprint and value creation close to the customer reduce the risk associated with this, but we may be affected by continued political unrest and uncertainty. KONGSBERG works closely with authorities and uses global expertise across all business areas to ensure that we are well prepared for and able to adapt to the constant changes. 13 Transactions The income tax expense per 2nd quarter was calculated to be 21.5 per cent of earnings before tax. The income tax expense was mainly affected by income from associates recognized after tax, permanent differences and withholding tax. 12 Tax Sonatech Kongsberg Discovery signed 17 June an agreement to aquire the America company Sonatech. Sonatech is an experienced player in the field of underwater acoustics and the acquisition support Kongsberg Discovery’s growth ambitions and will enable increased access to the American markets. The acquisition is expected to close later in 2025, subject to necessary governmental approvals. Sonatech is a leading undersea acoustics engineering and manufacturing firm supporting U.S. Navy projects in the defence sector. The company is situated in Santa Barbara, California and employs more than 110 employees. In 2024, the company’s revenue was MUSD 32,78. New joint venture - defence communications On 27. June it was announced that Kongsberg Defence & Aerospace and Thales have agreed to combine two of their businesses in a joint venture. It is KONGSBERG’s tactical communications unit and Thales’ crypto and secure communications unit in Norway that will be combined to meet the growing connectivity needs of defence forces in Norway, NATO countries and other nations. The new company will be owned 50/50 by Thales and Kongsberg Defence & Aerospace and employ around 350 people in Oslo, Trondheim and Asker, Norway. The two businesses had combined revenues of about NOK 1.5 billion in 2024. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 27 2nd quarter / 1st half 2025
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Alternative performance measures and definitions KONGSBERG uses terms in the consolidated financial statements that are not anchored in the IFRS accounting standards. Our definitions and explanations of these terms follow below. KONGSBERG considers EBITDA and EBIT to be normal accounting terms, but they are not included in the IFRS accounting standards. EBITDA is the abbreviation of “Earnings Before Interest, Taxes, Depreciation and Amortisation”. KONGSBERG uses EBITDA in the income statement as a summation line for other accounting lines. These accounting lines are defined in our accounting principles, which are part of the 2024 financial statements. The same applies to EBIT. Ordrer intake is the value of signed customer contracts where KONGSBERG has a delivery commitments to the customer. Ordrer backlog is remaining revenues on signed customer contracts with delivery commitments to the customer. Net interest-bearing debt is the net amount of the accounting lines “Cash and cash equivalents” and “Short- and long-term interestbearing liabilities”. Return on Average Capital Employed (ROACE) is defined as the 12-month rolling EBIT including share of net income from joint arrangements and associated companies, divided by the 12- month mean of recognised equity and net interest-bearing debt. Net interest-bearing debt/EBITDA is defined as net interest- bearing debt divided by 12-month rolling EBITDA. Working capital is defined as current assets (except cash and cash equivalents) minus non-interest-bearing liabilities (except taxes payable). Financial instruments classified as cash flow hedges are not included in working capital. Working capital is calculated as follows: 30.6 31.3 31.12 MNOK 2025 2025 2024 Current assets 50,634 50,200 49,174 Current liabilities and provisions (47,876) (43,815) (43,696) Adjusted for: Cash and cash equivalents (14,385) (16,460) (14,293) Unpaid dividend 2,111 — — Short-term interest-bearing loans 1,575 500 — Short-term leasing liabilities 490 464 427 Net tax payable 1,588 1,384 1,009 Financial instruments classified as cash flow hedges 138 76 138 Working capital (5,726) (7,652) (7,241) Book/bill is order intake dividend by revenues. Restructuring costs consist of salaries and social security tax upon termination of employment (such as severance and gratuity) in connection with workforce reductions. In addition to this are rent and other related costs and any one-off payments in the event of the premature termination of tenancy agreements for premises that are not in use. Recurring revenues consist of revenues from Software as a Service, Software Leases and Software Maintenance & User Support. KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 28 2nd quarter / 1st half 2025
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Statement from the Board of Directors and CEO We hereby confirm that, to the best of our conviction, the H1 accounts for 1 January to 30 June 2025, have been prepared in compliance with IAS 34 - Interim Reporting, and that the information disclosed in the H1 accounts gives an accurate picture of the Group’s assets, liabilities, financial position and performance as a whole, and gives an accurate picture of the information mentioned in § 5-6, fourth subsection, of Norway’s Securities Trading Act. Kongsberg, 8 July 2025 Eivind Reiten Per A. Sørlie Merete Hverven Morten Henriksen Kristin Færøvik Rune Fanøy Kjersti Rød Vegard Ryen Skullerud Geir Håøy Chairman Deputy Chair Director Director Director Director Director Director President & CEO KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 29 2nd quarter / 1st half 2025
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KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes Page 30 2nd quarter / 1st half 2025 Quarterly report 2nd quarter / 1st half 2025 kongsberg.com Disclaimer: In the event of any discrepancy between the Norwegian and the English version of KONGSBERG’s quarterly report, the Norwegian version is the authoritative one.