Kongsberg Maritime (AO) | Buy | Kongsberg Maritime CMD 2026

Research evidence excerpt

Kongsberg Maritime (AO) | Buy | Kongsberg Maritime CMD 2026

Kongsberg Maritime Buy | Target Price: NOK74.00

Company description Management

Kongsberg Maritime is a global maritime technology provider delivering

integrated systems, equipment and digital solutions across the vessel lifecycle.

The company serves >30,000 vessels with exposure to both newbuilds and

Key shareholders

aftermarket, enabling efficiency, safety and decarbonisation. Operations span Free float 50.00%

propulsion, control systems and digital solutions across offshore, merchant,

naval and passenger segments.

Investment case Valuation methodology

Structural growth driven by decarbonisation, digitalisation and We value KMAR using a DCF framework. Key assumptions

regulation is increasing technology content per vessel and include mid-term revenue growth above market and stabilised

driving retrofit demand. With exposure to both newbuilds and a EBITDA margins around c. 15%.

large installed base (30k+ vessels), KMAR is positioned to Our DCF yields a fair equity value of NOK 74 per share. We cross-

capture a long-duration investment cycle across both capex and check this against peer multiples, where KMAR still trades at a

aftermarket. discount to the closest peers.

Strong backlog provides near-term revenue visibility despite Risks to our rating

softer order intake. Combined with a balanced mix of ~50% Weaker macro conditions could reduce shipbuilding activity and

aftermarket exposure, this supports resilient earnings and cash aftermarket demand, lowering order intake visibility and putting

flow generation through the cycle. pressure on earnings expectations.

Market positioning supported by integrated systems offering Delayed decarbonisation investments could slow retrofit