Kongsberg raises revenue target to NOK 150 billion by 2033

Kongsberg has raised its long-term revenue ambition to 150 billion NOK by 2033, up from the 120 billion Norwegian kroner target it set two years ago, as rising defence spending across Europe and NATO continues to drive demand for military equipment.

The Norwegian defence group also introduced an interim revenue target of 100 billion Norwegian kroner by 2029 and said it expects to maintain an EBIT margin above 16 percent.

- We are ready to launch the ambitions for the new and focused Kongsberg, said CEO Eirik Lie during the company's capital markets day that Defence Nordic attends.

- The world has changed a lot since our last capital markets day (two years ago), and so has Kongsberg, he continued with reference to this year's demerger of Kongsberg Maritime.

He also announced that the defence procurement market could grow from 485 billion US dollars in 2025 to 700 billion US dollars by 2030, reflecting continued increases in military spending among NATO members and allied nations.

The company entered 2026 with an order backlog of 152 billion NOK and proportionate revenues of 34.7 billion NOK, highlighting both strong demand and the importance of increasing production capacity to deliver existing contracts.

Capacity expansion

A central theme of the presentation was manufacturing capacity.

Kongsberg is expanding missile production in Norway while establishing new manufacturing facilities in the United States and Australia to support growing demand for its missile portfolio.

- We are one of the few companies position to grow in the US as well as in Europe, said Eirik Lie.

The company said demand continues to be driven by the Naval Strike Missile, which has been selected by 15 nations, and the Joint Strike Missile, which is integrated on the F-35 and has been selected by five customers.

The world has changed a lot since our last capital markets day, and so has Kongsberg

Eirik Lie, CEO at Kongsberg

Beyond missiles, Kongsberg identified air defence as a key growth area. Counter-drone systems also remain a priority, with programmes in the United States, Poland and Ukraine reflecting growing demand for protection against unmanned aerial threats.

Kongsberg highlighted several additional growth areas, including underwater autonomy, advanced sensors, satellite infrastructure and space-based services.

 The company sees opportunities to adapt commercial technologies for defence applications, particularly in areas where governments are seeking to accelerate capability development.