After demerger: Kongsberg Maritime revenue steady but margins are under pressure

Kongsberg Maritime reported stable revenue in its first quarterly results as a standalone company. 

However, weaker profitability points to a business more exposed to shifts in project mix and market conditions.

The company reported revenue of NOK 6.6 billion in the first quarter of 2026, broadly flat compared with the same period last year.

The figures suggest solid underlying demand, while also highlighting a more cyclical earnings profile than was visible within Kongsberg Gruppen’s defence-led structure.

EBITDA was NOK 893 million, corresponding to a margin of 13.4 percent, down from the previous year. The decline was driven by a shift away from higher-margin aftermarket activity towards newbuild deliveries, alongside costs related to the demerger.

The change in business mix was clear across the quarter. Newbuild deliveries accounted for 53 percent of revenue, up from 45 percent a year earlier, while aftermarket activity weakened amid geopolitical disruption affecting customer behaviour.

Short-term uncertainty

Order intake reached NOK 7.5 billion, down year on year, but remained above revenue, with a book-to-bill ratio of 1.13 supporting a backlog of NOK 27.9 billion.

CEO Lisa Edvardsen Haugan pointed to continued demand driven by fleet renewal, energy efficiency requirements and digitalisation, but warned of increasing short-term uncertainty.

- Our newbuilding operations remained solid in the first quarter, though it seems to have slowed down in certain segments in March due to heightened insecurity caused by geopolitical tensions, she writes in the report.

While newbuild deliveries are supported by long lead times and a strong backlog, aftermarket revenue remains more sensitive to disruption, with delays seen in service and upgrade activity during the quarter.

Looking ahead, the company expects continued growth in newbuild deliveries in 2026, supported by an order book largely tied to long-term projects. At the same time, geopolitical uncertainty is expected to weigh on shorter-cycle aftermarket activity, the company reports.