Kongsberg Gruppen-Second JSM order from Germany worth NOK 3.5bn-05/18/2026

Research evidence excerpt

Kongsberg Gruppen-Second JSM order from Germany worth NOK 3.5bn-05/18/2026

Kongsberg Gruppen

NEWSFLASH | 18 MAY 2026

Second JSM order from Germany worth NOK 3.5bn

KOG has received a NOK 3.5bn JSM order from Germany that brings total German JSM orders to NOK 10bn, following NOK

6.5bn of orders placed in 2025. This exceeds our original German TAM assumption of NOK 6.4bn, based on six missiles per

aircraft, and may therefore indicate upside to our penetration-weighted JSM TAM estimate of ~NOK 400bn (75%) across the

broader F-35A/C fleet. Roughly two-thirds of this fleet is expected to come from the US, where KOG is currently constructing

a new missile production facility for NSM and JSM. We see an increasing likelihood that the company secures a long-term

JSM agreement with the US in 2026 or 2027 to support utilization of the new plant. With the US currently allocating around

USD 400m annually for JSM procurement in its defence budgets, we estimate that a potential five-year contract could be

worth approximately NOK 20-30bn.

JSM F35 TAM (NOKm)

Country Current inventory On order F-35A F-35B F-35C F-35 A+C TAM

US 553 1,855 1,736 420 273 2,009 369,615

Norway 52 0 52 0 0 52 9,567

Finland 0 64 64 0 0 64 11,775

Australia 63 37 100 0 0 100 18,398

Japan 36 111 105 42 0 105 19,318

Germany 0 35 35 0 0 35 6,439

Romania 0 48 48 0 0 48 8,831

UK 29 109 0 138 0 0 0

Denmark 10 17 27 0 0 27 4,967

Existing clients/JSM partners 743 2,276 2,167 600 273 2,440 448,910

Canada 0 88 88 0 0 88 16,190

Czech Republic 0 24 24 0 0 24 4,416

Greece 0 40 40 0 0 40 7,359

Italy 25 65 60 30 0 60 11,039

Netherlands 35 18 52 0 0 52 9,567

Poland 6 26 32 0 0 32 5,887

Switzerland 0 36 36 0 0 36 6,623

Singapore 0 12 0 12 0 0 0

South Korea 40 25 65 0 0 65 11,959

UAE 0 50 50 0 0 50 9,199