In 2023, Kongsberg achieved operating revenues of NOK 40.6 billion, marking a 28% increase from NOK 31.8 billion in 2022. The company's order intake for 2023 was NOK 65.4 billion, resulting in a record-high order backlog of NOK 88.6 billion by year-end. The EBIT margin improved to 11.3% from 10.4% in 2022.
As of the third quarter of 2024, Kongsberg continued its upward trajectory, with operating revenues reaching NOK 34.96 billion for the first nine months, a 22% increase compared to the same period in 2023. The order backlog further expanded to NOK 96.87 billion.
Kongsberg Maritime, a key division of Kongsberg Gruppen, plays a pivotal role in the offshore and merchant marine sectors. The division provides a comprehensive range of products and solutions, including integrated automation systems, propulsion and handling equipment, and control systems tailored for various vessel types.
In the third quarter of 2024, Kongsberg Maritime's operating revenues increased by 30% compared to the same quarter in the previous year, reaching NOK 6.49 billion. This growth was driven by significant activity in delivering to both the existing fleet and new vessels.
Kongsberg's maritime product portfolio encompasses:
Integrated Automation Systems: Advanced solutions for vessel monitoring and control.
Propulsion and Handling Equipment: Comprehensive systems for efficient vessel operation.
Control Systems: State-of-the-art technology for navigation and vessel management.
These products are designed to enhance operational efficiency, safety, and sustainability across the maritime industry.
In January 2025, Kongsberg announced plans to integrate Kongsberg Digital's maritime operations into Kongsberg Maritime. This strategic move aims to align the company's portfolio with evolving customer needs and technological advancements in the maritime industry. The transfer involves approximately 500 employees across 14 countries and business operations that generated revenues of around NOK 600 million (approximately $53 million) in 2023.
Kongsberg Digital has been instrumental in advancing digital solutions within the maritime sector, focusing on areas such as digital twins, energy simulations, and industrial work surface solutions. In 2023, Kongsberg Digital experienced over 50% growth in recurring revenues and secured $90 million in funding from Shell and Idékapital.
The consolidation of maritime operations is expected to optimize Kongsberg's approach to digitalization and decarbonization in the maritime industry. However, integrating diverse business units across multiple countries may present challenges, including aligning organizational cultures, streamlining operations, and ensuring seamless transitions for employees and customers.
The maritime industry is subject to stringent environmental regulations aimed at reducing emissions and enhancing energy efficiency. Kongsberg's products and systems are designed to help clients meet these regulatory requirements. Nonetheless, the company must navigate complex international regulations and standards, which can impact product development and implementation timelines.
