Kongsberg Gruppen: Margin miss overshadows exceptional order intake

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Kongsberg Gruppen: Margin miss overshadows exceptional order intake

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Kongsberg Gruppen

Margin miss overshadows exceptional

order intake

Reiterate Rating: BUY | PO: 465.00 NOK | Price: 279.00 NOK

Shares fall 7% as margins disappoint 14 July 2026

Kongsberg's shares fell c7% following Q2 results, primarily driven by weaker-than- Equity

expected profitability. Group EBIT margins of 16.1% were c110bps below consensus,

resulting in EPS c6% below expectations. Order intake was strong at NOK17.1bn, up

Key Changes53% YoY and 24% ahead of cons., supported by NOK10bn+ of JSM orders. Revenue grew

31% YoY and was broadly in line with expectations. Our revenue forecasts increase as (NOK) Previous Current

we consolidate Zone 5, but FY’26 EPS goes down c2% due to lower Discovery/Missiles 2026E Rev (m) 43,394.1 43,453.8

EBIT, partly offset by Zone 5 and higher associates. We reiterate our Buy rating. 2027E Rev (m) 60,664.5 62,119.3

Kongsberg’s long-term growth remains underpinned by its exposure to Air Defence and 2028E Rev (m) 81,590.7 83,753.6

Missiles, a view supported by a record backlog. PO remains NOK465. 2026E EPS 7.26 7.15

2027E EPS 9.72 9.61

2028E EPS 13.16 13.12Margin disappointment is largely transitory

Discovery EBIT missed consensus by c9% despite revenues broadly meeting

expectations, as margins fell 230bps YoY to 15.3%. Management attributed c100bps of Benjamin Heelan >>

Research Analyst

the decline to the transition into new facilities, with the remainder reflecting Merrill Lynch (DIFC)

unfavourable mix. Defence Systems was the second-largest source of downside, with +44 20 7996 5723 benjamin.heelan@bofa.com

EBIT margins declining c200bps YoY to 17.7% due to product mix, including lower-

David Holmes, CFA >>

margin Ukraine donation programmes.