Kongsberg Gruppen-Company-compiled consensus out-07/08/2026

研报英文原文证据摘录

Kongsberg Gruppen-Company-compiled consensus out-07/08/2026

Kongsberg Gruppen

NEWSFLASH | 8 JUL 2026

Company-compiled consensus out

The KMAR spin-off and change of reporting language have caused signi cant consensus noise, and our investor dialogues

point to confusion over what market expectations truly are. KOG has now compiled a company consensus that partly

resolves this. It gathers both APM and IFRS estimates, but no analyst appears in both sets. We, for example, are reflected

only in the APM overview (7 observations), not in the IFRS consensus (4 observations), and consensus order intake and

segments are still missing. For Q2’26e we sit 2/5% ahead of APM/IFRS EBITDA, and for 2026-28e we are 2-7% and 7-19%

ahead, respectively. The larger IFRS deviation is, in our view, a positive signal. Analysts that have transitioned to the new

reporting language (arguably reflecting more detailed work) consistently carry higher estimates, pointing to an upward

revision cycle for the remaining/IFRS consensus.

KOGKOG ASAASA Q2'26eQ2'26e DeviationDeviation PASPAS ConsCons DeviationDeviation

NOKmNOKm PASPAS ConsCons PAS/consPAS/cons 2026e2026e 2027e2027e 2028e2028e 2026e2026e 2027e2027e 2028e2028e 2026e2026e 2027e2027e 2028e2028e

SalesSales 10,08510,085 10,09810,098 00 %% 43,54543,545 65,69065,690 84,30184,301 41,91541,915 61,25561,255 81,35681,356 44 %% 77 %% 44 %%

Salesgrowth 38% 51% 28% 33% 46% 33% 5.2p.p 4.7p.p -4.5p.p

EBITDAEBITDA 2,0802,080 1,9851,985 55 %% 8,9618,961 14,33414,334 19,09819,098 8,3598,359 12,04012,040 16,11416,114 77 %% 1919 %% 1919 %%

%margin 21% 20% 1p.p 21% 22% 23% 20% 20% 20% 0.6p.p 2.2p.p 2.8p.p

EBITEBIT 1,7161,716 1,7071,707 11 %% 7,4807,480 12,58612,586 17,16517,165 7,2397,239 10,88910,889 14,68714,687 33 %% 1616 %% 1717 %%