Kongsberg Gruppen-US approves initial JSM sale to Belgium-05/19/2026

Research evidence excerpt

Kongsberg Gruppen-US approves initial JSM sale to Belgium-05/19/2026

Kongsberg Gruppen

NEWSFLASH | 19 MAY 2026

US approves initial JSM sale to Belgium

The US has approved a USD 236m JSM sale to Belgium. We believe this is an initial contract covering the 12 F-35As already

delivered to Belgium (We estimate NOK 2.2bn for the 12 jets). Belgium will ultimately receive 45 jets in total, which we expect

to bring total JSM orders to ~NOK 8-10bn in the mid-term. We observe a clear trend: as F-35 deliveries to European nations

pick up, JSM orders follow. Significantly more should be on the way, we believe.

Link to news: JSM_Belgium

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 2,009 368,247

Norway 52 0 52 0 0 52 9,532

Finland 0 64 64 0 0 64 11,731

Australia 63 37 100 0 0 100 18,330

Japan 36 111 105 42 0 105 19,246

Germany 0 35 35 0 0 35 6,415

Romania 0 48 48 0 0 48 8,798

UK 29 109 0 138 0 0 0

Denmark 10 17 27 0 0 27 4,949

Existing clients/JSM partners 743 2,276 2,167 600 273 2,440 447,248

Canada 0 88 88 0 0 88 16,130

Czech Republic 0 24 24 0 0 24 4,399

Greece 0 40 40 0 0 40 7,332

Italy 25 65 60 30 0 60 10,998

Netherlands 35 18 52 0 0 52 9,532

Poland 6 26 32 0 0 32 5,866

Switzerland 0 36 36 0 0 36 6,599

Singapore 0 12 0 12 0 0 0

South Korea 40 25 65 0 0 65 11,914

UAE 0 50 50 0 0 50 9,165

Israel 39 36 75 0 0 75 13,747

Belgium 12 33 45 0 0 45 8,248

Sum potential clients 178 669 666 180 0 666 103,930

Total 870 2,748 2,723 642 273 2,996 551,179

Source:ParetoSecuritiesEquityResearch

Fabian Jørgensen

+47 22 87 88 43, fabian.jorgensen@paretosec.com

Marcus Gavelli

+47 24 02 81 12, marcus.gavelli@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc.