Kongsberg Gruppen achieved all-time high revenues and profits in 2024, capping a multi-year growth streak. The company’s success in 2024 reinforced its importance: it continues to deliver both economic value – profits, jobs, tax revenues – and strategic value – equipping Norway and allies with cutting-edge systems, such as anti-ship cruise missiles.
Operating revenue of Kongsberg Gruppen for 2024 reached NOK 48.9 billion (4.25 billion EUR), a 20% jump from NOK 40.6 billion (3.39 billion EUR) in 2023. This continues a robust upward trajectory – up from ~NOK 31.8 billion (2.65 billion EUR) in 2022 and around NOK 27.4 billion (2.29 billion EUR) in 2021– reflecting ~75% growth over three years. Operating profit (EBIT) rose to NOK 6.5 billion (542.69 million EUR) in 2024 (EBIT margin 13.3%) from NOK 4.6 billion (384.05 million ) in 2023, indicating improved profitability. Order intake hit an unprecedented NOK 87.8 billion (7.33 billion EUR, book-to-bill ratio 1.8) in 2024, swelling Kongsberg’s order backlog to NOK 128 billion (10.69 billion EUR) by year-end, 44% higher than a year prior.
Defence and aerospace orders surged 44% to NOK 54.4 billion (4.54 billion EUR), buoyed by Kongsberg’s largest-ever missile contract from the U.S. Navy and new air defence system sales to European allies. This backlog (of which ~NOK 101 billion – 8.43 billion EUR – is in the defence sector) provides multi-year revenue visibility. The company’s compound annual growth over 2019–2024 exceeds 20 percent, marking Kongsberg as one of Norway’s fastest-growing industrial firms outside the oil & gas sector. These strong results underscore Kongsberg’s adaptability and the high demand for its technologies in a volatile security environment.
Technological Innovations in 2024
Kongsberg’s diverse high-tech portfolio drove its success, with defence solutions and green maritime technologies as standout areas. Its advanced weapon systems – including the Naval Strike Missile (NSM) anti-ship cruise missile and the NASAMS air defence system – saw robust demand from NATO allies in 2024. For example, the U.S. Navy placed a record order for NSM missiles, reflecting confidence in Kongsberg’s technology.
Kongsberg Defence & Aerospace also continued development of the Joint Strike Missile (JSM) for the F-35 fighter, and its remote weapon stations and artillery systems remained in high demand globally. On the maritime side, Kongsberg Maritime delivered cutting-edge systems for new ship builds and retrofits, focusing on automation and emissions reduction. In 2024, the company introduced new digital solutions for greener shipping, positioning itself as a leader in maritime decarbonization. Meanwhile, Kongsberg Discovery (the sensors and robotics division) expanded its portfolio with the acquisition of Naxys Technologies, enhancing capabilities in underwater monitoring and subsea sensors. This innovation is crucial for applications from fisheries and offshore energy to surveillance of critical undersea infrastructure. Kongsberg’s ability to “push the boundaries” of technology in both defence and civilian domains – from missiles and weapon stations to autonomous maritime systems – has cemented its reputation as a high-tech powerhouse.
Business Segment Evolution
Kongsberg’s business spans four segments – Defence & Aerospace, Maritime, Digital, and Discovery – all of which grew in 2024. Kongsberg Defence & Aerospace (KDA) has seen continuous growth in recent years, and 2024 was no exception. KDA’s revenues reached ~NOK 15.9 billion in 2023 (up ~29% YoY) and continued climbing in 2024, driven by strong deliveries of missiles, air defence systems, and fire control solutions. The division holds leading market positions in several defence niches and, with an influx of new orders, is “positioned for continued solid growth in 2025”. Kongsberg is investing in expanded production capacity for missiles, with all missile manufacturing set to move to new, larger facilities during 2025. In fact, the company announced plans to construct new missile factories in the United States and Australia by 2025 to support growing demand – reflecting the globalization of its production footprint.
Kongsberg Maritime – traditionally the largest segment – delivered record-high activity in 2024, supplying a wide range of vessel types from merchant ships to advanced naval vessels. It benefited from a rebound in shipbuilding and the industry’s push for digitalization and greener tech. In early 2025, Kongsberg decided to merge its “Maritime Digital” solutions into this segment, streamlining Kongsberg Digital to focus on energy and industrial markets.
Kongsberg Digital, now refocused on digitalizing energy and process industries, continued to grow as well (its revenues surpassed NOK 1.4 billion – 116.89 million EUR – in 2023).
Kongsberg Discovery, formed after acquiring parts of Rolls-Royce’s marine business, is leveraging its deep domain knowledge in acoustics and robotics. With strong demand for oceanographic and defence sonar systems, Discovery’s sales grew in 2024 (to ~NOK 4 billion – 333.96 million EUR – in 2023), and it augmented its offerings via acquisitions like Naxys. Overall, Kongsberg’s balanced portfolio across defence, maritime, and digital sectors has evolved such that each business area is contributing to growth, creating a resilient multi-sector revenue base.
Future Outlook and Strategic Direction 2025->
Armed with a record backlog, Kongsberg enters 2025 with strong momentum and an expansionist strategy. The company observes that global trends in defence and energy are tailwinds for its businesses. To capitalize, Kongsberg is investing in capacity expansion both in Norway and abroad. This includes new manufacturing facilities – such as the missile plants in the U.S. and Australia – to localize production closer to key customers. Kongsberg’s leadership has “never experienced a more solid and long-term demand” for its solutions than now, and the company aims to fulfill this demand by ramping up output in 2025–26.
Strategically, Kongsberg is positioning for Norway’s upcoming defence modernization programs – for example, it is preparing to supply systems for Norway’s future naval frigates and other platforms. In the civilian domain, it aspires to lead the green maritime revolution, developing autonomous and emissions-reducing technologies for shipping. The outlook for 2025 is positive: with allies continuing to rearm, “NATO countries and Norway’s allies will continue to invest in and strengthen their defence capabilities,” which implies sustained high demand for Kongsberg’s core products – missiles, air defences, and weapon stations.
Kongsberg’s focus is on the execution of its backlog – delivering on existing orders – while continuing to innovate, especially in digitalization and autonomy, to stay ahead of competitors. The company’s strategic direction aligns closely with NATO priorities, and it is set to remain a key defence supplier in the alliance’s supply chain going forward.
Export Markets and Geographical Expansion
International markets account for the bulk of Kongsberg’s business, and 2024 saw further expansion of its global reach. Historically, ~80% of Kongsberg’s revenues have come from outside Norway, and in 2024, the trend persisted as major contracts were signed with the U.S., EU, and other allies. The United States is emerging as a crucial market – not only did Kongsberg secure a huge U.S. Navy missile order in 2024, but it is also co-producing the NASAMS air defence system with Raytheon for deployment in numerous NATO countries. To cement its U.S. presence, Kongsberg is establishing manufacturing locally, e.g. the planned missile factory in the United States.
Within Europe, Kongsberg had significant wins such as the Netherlands purchasing NASAMS air-defence batteries and Lithuania buying Kongsberg’s air defence systems. The company is also active in Asia-Pacific: the planned Australian missile plant signals a push into the Indo-Pacific defence market. Kongsberg Maritime, meanwhile, has customers in over 70 countries and has delivered many of its 2024 innovations to Asian shipyards and global shipping fleets. This broad export focus is reinforced by Norway’s NATO-aligned defence diplomacy, which often opens doors for Kongsberg in partner nations.
Kongsberg Gruppen now employs over 14,600 people in more than 40 countries, underlining its status as a globally present company. The war in Ukraine and increased NATO cooperation have further integrated Kongsberg’s products into allied forces (e.g., NASAMS units and missiles have been donated to Ukraine and neighbouring states). As a result, the company’s geographic expansion is both market-driven (seeking new customers worldwide) and footprint-driven (setting up operations abroad to fulfill orders and offset supply chain risks). This export-centric approach has elevated Kongsberg into a leading Nordic exporter of defence and maritime technology.
Impact of the War in Ukraine
Russia’s invasion of Ukraine in 2022 acted as a catalyst for Kongsberg’s recent growth. The conflict dramatically heightened European security concerns, leading many countries to urgently bolster their defences – often with systems that Kongsberg specializes in. For instance, demand spiked for air defence and anti-ship missiles to deter Russian aggression. Kongsberg’s NASAMS surface-to-air missile batteries were sent to Ukraine (via donations by the U.S. and Norway), proving their effectiveness in combat and prompting additional orders from NATO members (such as the Netherlands and Lithuania) to strengthen their own air defence. Similarly, Kongsberg’s Naval Strike Missile gained prominence as coastal defences became a priority; Poland – bordering Ukraine – ordered additional NSM to enhance its deterrence.
The war also influenced Norway’s domestic defence posture – the Norwegian Armed Forces accelerated procurement programs involving Kongsberg’s systems, knowing that a strong national defence industry is vital for readiness. In a broader sense, the Ukraine war has created a sustained upswing in defence spending across Europe, the continent’s defence expenditure jumped to a record 326 billion EUR in 2024, and Kongsberg is capturing a significant share of this upswing. The company’s CEO noted that current geopolitical tensions make it difficult to predict the future, but “a strong continued need for defence capabilities” is evident and likely to persist. This climate has validated Kongsberg’s strategic focus on defence and security solutions. In summary, the conflict in Ukraine has boosted Kongsberg’s order books, elevated its profile as a provider of battle-proven systems, and led to closer integration with NATO supply efforts – solidifying its relevance in a fast-changing security landscape.
Role in Norway’s Economy and Defence
Kongsberg Gruppen is a linchpin of Norway’s high-tech economy and a pillar of its defence industrial base. Founded as a state arsenal over 200 years ago, the company today is partly state-owned, 50.001% by the Norwegian government, and is seen as a strategic asset for national security. Economically, Kongsberg is one of Norway’s largest manufacturing exporters outside the energy sector. Its 2024 revenues (~NOK 49 billion – 4.09 billion EUR) are equivalent to roughly 1% of Norway’s mainland GDP, and its extensive supply chain supports thousands of jobs domestically. The company’s presence in 39+ countries and 14,000+ employees spreads Norwegian innovation globally, but Kongsberg also concentrates high-value research, engineering, and production in Norway – particularly in the Kongsberg Technology Park and other hubs. This contributes significantly to regional economies and skill development. In defence terms, Kongsberg provides Norway with indigenous capability in critical areas – missile technology, naval systems, command-and-control, etc. – reducing reliance on foreign suppliers. It also co-owns, with Finland’s Patria, the ammunition firm Nammo, further integrating Nordic defence production.
The Norwegian government’s Long Term Defence Plan in 2024 emphasized strengthening domestic industry and included investments that benefit Kongsberg’s future programs. Thus, Kongsberg not only drives exports and innovation, but also ensures that Norway remains at the forefront of defence technology – effectively making it an economic and strategic powerhouse for Norway.
Read More:
- Kongsberg: Financial results Q4 2024: Growth in operating revenues and profitability
- Kongsberg: Annual Report 2024: Protecting what matters
- Kongsberg: Leading Nordic Defence Partnership
- Wikipedia: Kongsberg Gruppen
- Defense News: Saab, Kongsberg again post record years on European defense splurge
- BSSC: Kongsberg on a wave of profits. Crowns from business at sea, on land and in the air
