Kongsberg Gruppen: Kongsberg at Eurosatory

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Kongsberg Gruppen: Kongsberg at Eurosatory

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Kongsberg Gruppen

Kongsberg at Eurosatory

Maintain Rating: BUY | PO: 465.00 NOK | Price: 296.20 NOK

Key platforms underpin revenues tripling 2025-29 18 June 2026

We met with Kongsberg at Eurosatory yesterday. Following its recent capital markets Equity

day (see CMD feedback), the company reiterated its ambition to approximately triple

revenues between 2025 and 2029 to c. NOK 100bn, with a further increase to NOK Benjamin Heelan >> Research Analyst

150bn by 2033. Kongsberg demonstrated its three core growth drivers: air defence, Merrill Lynch (DIFC)

remote weapon stations, and missiles. We maintain our Buy rating, supported by the +44benjamin.heelan@bofa.com20 7996 5723

durability of this elevated growth outlook. David Holmes, CFA >>

Research Analyst

Zone 5: strategic positioning in affordable mass munitions MLI+44 (UK)20 7995 1077

Kongsberg’s missile portfolio is centered on the Joint Strike Missile (JSM) and Naval david.a.holmes@bofa.com

Strike Missile (NSM). In addition, the recent acquisition of Zone 5 Technologies adds Lorenzo Di Patrizi >>

capabilities in affordable mass munitions, an area of increasing strategic relevance in MLI (UK)

the current operating environment. +44 20 7995 7626

lorenzo.dipatrizi@bofa.com

Three pillars of growth for NASAMs

NASAMS, Kongsberg’s flagship medium-range air defence system developed in

partnership with Raytheon, is seeing strong customer traction. The company expects Stock Data

demand to be driven by 1) repeat orders from its existing base of 15 countries, 2) new Price 296.20 NOK

customer acquisitions, and 3) capability expansion, particularly the integration of longer- Price Objective 465.00 NOK

range interceptors over time.