Annual Report 2024: Protecting what matters

KONGSBERG delivered a solid increase in both operating revenues and profitability, achieving an order intake of nearly NOK 90 billion in 2024. This positions the Group to enter 2025 with an order backlog of NOK 128 billion, which is 44 per cent higher than it was one year ago.

“2024 has been another strong year for KONGSBERG. We have set new records for order intake, revenue, and operating profit. At the same time, it has been a year marked by significant global challenges. I have never in my career, experienced a more solid and long-term demand for KONGSBERG’s technological solutions than what we see today,” says Geir Håøy, CEO and President of KONGSBERG.

KONGSBERG is exposed to market trends that offer significant growth potential going forward. To ensure the capacity to deliver the existing order backlog and meet future demand, investments are being made to increase capacity both within and outside of Norway.

Our four business areas

Kongsberg Maritime delivered unique new builds, have high activity towards the sailing fleet, and they are entering 2025 with a record-high order reserve. The business area delivers to newbuilds and the aftermarket across a wide range of vessel segments, from traditional merchant fleets to more advanced vessels performing complex marine operations. Technology is key to succeeding in creating a more environmentally friendly maritime fleet, and Kongsberg Maritime aims to be a leader in this development.

In January 2025, KONGSBERG announced that Kongsberg Digital’s maritime business will be transferred to Kongsberg Maritime. Going forward, Kongsberg Digital will prioritize the further development of digital workspaces for the energy and process industries. After this change, Kongsberg Digital will be referred to as part of other operations.

Kongsberg Defence & Aerospace has grown continuously in recent years. During 2025, all missile production will be transferred to new facilities. The composition of projects in delivery is an important driver for profitability, which may vary between quarters. The business area has leading market positions in several defence segments and is positioned for good order intake and continued solid growth in 2025.

Kongsberg Discovery has an extensive portfolio of advanced technology combined with deep domain knowledge and software. This is important in fisheries, marine research, marine operations, offshore energy production, and monitoring of critical infrastructure. There is high demand for technology in all these segments. In 2025, the technology portfolio has been further expanded through the acquisition of Naxys Technologies. The business area’s solid positions provide a basis for continued growth in 2025.

“In 2024, our advanced defence systems have contributed to strengthening national security in several countries. Our innovative maritime technology continued to play a crucial role in the transition to zero emissions in the ocean and energy industries. This reflects a simple truth: what we do matters,” says Håøy.

Sustainability goals and strategy

KONGSBERG‘s strategic ambition is to be a group of leading technology companies, delivering advanced technology solutions to solve critical challenges for our customers that enhance and support the security and safety of people in our society and contribute to a more sustainable future.

The sustainability reporting for 2024 marks the transition from voluntary reporting following the GRI standard to the more comprehensive and mandatory ESRS standard. This transition contributes to improve reporting quality and increase transparency on sustainability. With standardised reporting, sustainability data becomes more precise and comparable across companies.

“Sustainable change and operational excellence” and “A thriving workplace” are two of the focus areas of our strategy that relate to our impact on environment, employees and societies. Sustainable change and operational excellence are core philosophies that underpin all our activities and processes. We aim to move the company in a sustainable direction and focus on improvements and solutions that create lasting value for our customers and society.

The world is facing key challenges related to climate and security, and the geopolitical situation is constantly changing. KONGSBERG is well-positioned to address many of these challenges. This, in addition to a strong order backlog and a solid financial position, provides a good foundation for continued growth in 2025.