Norway: Norwegian defence and technology company Kongsberg Gruppen reported a 53% year-on-year increase in second-quarter order intake, with new contracts rising to 17.07 billion Norwegian crowns ($1.75 billion) from 11.19 billion crowns in the same period last year.
What drove the increase in orders?
The strong growth was primarily driven by multiple defence contracts, led by demand for the Joint Strike Missile (JSM). The company also reported increasing interest in its capabilities related to undersea security and space technologies.
Why is demand for Kongsberg’s products increasing?
Kongsberg said demand has risen sharply as European governments expand defence budgets, replenish weapons stockpiles, and invest in air-defence systems, missiles, weapon stations, and counter-drone technologies following lessons from the war in Ukraine.
What did the company’s leadership say?
Chief Executive Officer Eirik Lie said the company’s growing order backlog and favourable market conditions position Kongsberg to achieve its long-term growth ambitions, including plans to triple revenue by 2029 and more than quadruple it by 2033.
What is Kongsberg’s recent business outlook?
The company, which spun off its maritime business in April, previously reported that first-quarter orders had more than doubled due to robust demand for defence systems. Kongsberg expects continued growth as European military spending remains elevated.