Kongsberg Automotive

Investor Presentation • Dec 16, 2025

CAPITAL MARKETS DAY

DECEMBER 16, 2025

FORWARD-LOOKING STATEMENTS AND NON-IFRS MEASURES

FORWARD-LOOKING STATEMENTS

This presentation contains certain "forward-looking statements". These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this presentation include statements addressing our future financial condition and operating results. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, business, economic, competitive and regulatory risks, such as conditions affecting demand for products, particularly in the automotive industries; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation. More detailed information about these and other factors is set forth in the 2024 Kongsberg Automotive Annual Report and the Kongsberg Automotive Quarterly Reports.

NON-IFRS MEASURES

Where we have used non-IFRS financial measures, reconciliations to the most comparable IFRS measure are provided, along with a disclosure on the usefulness of the non-IFRS measure, in this presentation.

AGENDA AND PRESENTERS

• > This is KA and our Strategic Goals
• > Business and strategy - how we will achieve our goals
• > Financials
• > In depth product session
• > Actuators
• > Couplings
• > Steer- by- Wire
• > Concluding remarks + Q&A
• > Tech Center Tour
• > Lunch (12:15-13:00)
• > End (13:00)

TROND FISKUM PRESIDENT & CEO

IVAR HAUG VP R&D ACTUATION

ERIK MAGELSSEN CHIEF FINANCIAL OFFICER

GUNNAR ERIKSSON DIRECTOR STEERING

THOMAS DANBOLT EVP FLOW CONTROL SYSTEMS

PETER JOHANSSON DIRECTOR

CAPITAL MARKETS DAY

DECEMBER 16, 2025

BUILDING ON A REMARKABLE LEGACY

The story of Kongsberg Automotive is about ordinary people who dared to think differently, take bold yet calculated risks, innovate, and work together to create an extraordinary company.

THIS IS KONGSBERG AUTOMOTIVE

WHO WE ARE

WE ARE A GLOBAL AUTOMOTIVE SUPPLIER SERVING ALL KEY VEHICLE SEGMENTS

EQUIPMENT

AGRICULTURE CONSTRUCTION COMMERCIAL VEHICLES PASSENGER CARS

AT A GLANCE - ABOUT KONGSBERG AUTOMOTIVE

22 PLANTS 17 COUNTRIES

730_M€

1987
WITH ORIGINS DATING BACK TO 1957

FOUNDED IN

4399

GLOBAL WORKFORCE (AS OF SEPT 30, 2025)

• HEADQUARTERED IN KONGSBERG, NORWAY

• LISTED ON THE OSLO STOCK EXCHANGE

2

BUSINESS AREAS:

• DRIVE CONTROL SYSTEMS

• FLOW CONTROL SYSTEMS

OUR PRODUCT RANGE - COMMERCIAL VEHICLES

STEERING STEER-BY-WIRE Steering Fluid Transfer System

1 0

(FUEL, OIL, VAPOR)

BREATHER LINES

HYDRAULIC BRAKE HOSE

AIR SUSPENSION LINES

THERMAL MANAGEMENT SYSTEMS

DRIVELINE Driveline

ELECTRIC ACTUATORS

HEAD RESTRAINT MECHANISMS

OUR PRODUCT RANGE - OFF-HIGHWAY VEHICLES

OUR MARKETS PER GEOGRAPHY

% O F K A R E V E N U E S P E R R E G I O N

KA's core market is in Europe and North America, representing 85% of total revenues

By customer segment, commercial vehicles represents 56% of revenues and passenger cars 31%

Commercial vehicles in Europe represents about 33% of total revenues

Aftermarket represents ~5% of KA revenues

OUR CUSTOMERS BY SEGMENTS

COMMERCIAL VEHICLES

OUR HISTORY AND LEGACY

KA HAS A RICH HISTORY AND HAS BEEN A LISTED COMPANY FOR +20 YEARS FROM A SMALL DIVISION IN THE 1950S TO A GLOBAL LEADER IN THE AUTOMOTIVE INDUSTRY

APPROACHES IN RECENT YEARS HAVE LED TO WEAK FINANCIAL PERFORMANCE

• > In recent years, KA has faced challenging market conditions combined with
• » Ineffective organizational structure
• » Insufficient execution
• » A lack of performance-driven culture
• » High overhead costs
• > These factors have led to weak financial performance, eroded value and been detrimental to our investors

EBIT in %

-2.2

2021 2022 2023 2024 2025 Q3 LTM

0.7

LEADERSHIP RENEWAL- NEW BOD AND EXECUTIVE LEADERSHIP TEAM

> NEW BOARD OF DIRECTORS

• » Olav Volldal Chair of the Board since December 2024. Previous experience as CEO of Kongsberg Automotive during 1987-2010
• » Bård Klungseth Deputy Chair of the Board since December 2024. Previous experience as COO and other leadership positions in Kongsberg Automotive during 1994-2011

> NEW EXECUTIVE LEADERSHIP TEAM

» Trond Fiskum – CEO since April 2025. Previous experience as EVP for one of the business areas, and other leadership positions in KA during 2005-2015

» Erik Magelssen – CFO since June 2025. Previous experience as CFO of Kongsberg Automotive during the period 1998-2006

» Thomas Danbolt – EVP Flow Control Systems since October 2025. Previous experience as Plant Manager at KA's Raufoss facility.

• > A team that brings deep industry knowledge, proven execution capability, strong determination and personal commitment to creating long-term shareholder value.
• > And importantly, that understands what it takes to make KA successful.

KA'S BUSINESS CONCEPT

A performance-oriented KA culture

KA will achieve internal cost efficiency through continuous improvements, operational excellence, make-buy strategies, and manufacturing in best cost countries

Value creation potential

KA will develop unique products and solutions that offers significant customer value

Market segments

KA will compete in growing market segments and be a recognized leader in each product area

ORGANIZATIONAL CHANGES TO ENHANCE BUSINESS PERFORMANCE

• > Organizational and leadership changes aimed at improving business performance
• > Various corporate functions eliminated - or scaled down and merged or included into business areas – where the responsibility belongs
• > Strengthening of the two business areas to include full business and P&L responsibility with all key functions integrated
• > Not only a reorganization, but a start of reestablishing a performance-oriented KA culture
• > Improved value creation for all key stakeholders

KA'S REVISED BUSINESS AREA AND BUSINESS UNIT STRUCTURE

• Aimed at strengthening and sharpening customer and product focus, improving resource allocation, accountability and ownership
• Each business unit will develop, own and implement their detailed strategies on how to deliver profitable growth
• Enable speed and agility needed for successful execution of strategies

	KA Group
Business Area	Flow Control Systems			Drive Control Systems
Business Unit	Fluid Transfer System	Couplings	Industrials	Driveline	Steering	Actuation	Vehicle Dynamics	Controls
Key products
Key customer segment

KA AT AN INFLECTION POINT TO AN IMPROVED TRAJECTORY

New leadership driving change

> A turnaround program is ongoing with a renewed management team and streamlined organizational structure

Focused on execution & performance

> Disciplined cost management and operational excellence to deliver stronger financial results

Investing in innovation & growth

> Strategic initiatives to strengthen core technologies and accelerate market opportunities

Becoming leaner, more agile, customer-centric

> Building a culture of speed, flexibility, and customer focus to create sustainable value

LONG-TERM STRATEGIC TARGET

LONG-TERM EBIT TARGET OF 6.5%

EBIT BRIDGE in %

From current* level to long-term target

• The assessment is based on the current* EBIT and revenue levels
• Improvements are based on identified initiatives in the revised strategic plan
• The EBIT bridge illustrates the estimated impact of each cost element; actual outcomes per element may vary
• Long-term EBIT target has been revised to 6.5%
• The target is based on the current* revenue level
• There is a potential for additional EBIT performance with higher revenues
• KA has ambition to grow. A specific revenue target is not defined due to market uncertainties

^* Current = Last 12 months (Q4 2024 - Q3 2025). EBIT: 0.7%. Revenues: 730 MEUR.

HOW TO ACHIEVE OUR LONG-TERM TARGETS

REBUILDING A HIGH-PERFORMANCE KA CULTURE

• Establish accountability and ownership at every level
• Empower and engage employees to bring out their best
• Ensure the right people in the right roles
• ✓ Foster multidisciplinary collaboration where ordinary people achieve extraordinary results
• ✓ Launch Graduate Program and Internal Leadership Development to build future leaders

DRIVE COST-EFFICIENCY AND OPERATIONAL IMPROVEMENTS

• ✓ Conclude cost reduction program: > €42M annual overhead savings
• Optimize plants and offices for efficiency
• ✓ Resolve warranty issues
• ✓ Drive relentless search for margin gains and continuous operational improvements
• ✓ Implement Al-driven process improvements for speed, quality, and cost reduction

ACCELERATE INNOVATION AND GROWTH

• ✓ Invest in unique technologies for growing market segments
• ✓ Align product roadmaps with customer priorities for profitable growth
• ✓ Collaborate with strategic global OEMs to co-develop future solutions
• ✓ Focus on key product lines:
• Powertrain Actuators for Commercial Vehicles
• Air Couplings
• Steer-by-Wire Systems

FINANCIALS

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OVERHEAD AND OTHER FIXED COSTS – IN % OF REVENUE

2-3 % points red. On LTM turnover MEUR 730: Increase in EBIT MEUR 15 -22

• This is targeted net reduction after projected inflation and salary increase of 2-5% annually
• Ambition to maintain overhead and fixed cost on target level on increasing turnover

How we will achieve these cost reductions:

• Conclude implementation of cost reduction programs already initiated, latest announced in May 2025 at MEUR 15 with full effect from Q3 2026.
• New organizational structure with clear accountability for each leader to reduce operating cost and increase EBIT
• Further streamlining of the organization
• Reductions in indirect purchase fixed costs, e.g., legal fees, audit fees, software
• Implement AI-driven process improvements for speed, quality, and improved productivity

"Fixed costs" is defined as costs for:

• Fixed Manufacturing, Engineering
• Sales and Marketing, Purchasing
• Information systems, technology
• Administration, Finance and HR

OPERATIONAL IMPROVEMENT – IN % OF REVENUE

0.5-1.0 % points reduction

On LTM turnover MEUR 730: Increase in EBIT of 4-7 MEUR

Net operational improvements

Illustrative bridge

How we will achieve these cost reductions:

• Operational improvements reflect the net effect after:
• Customer price reductions in longterm agreements
• Inflation on variable costs (e.g., energy)
• Blue-collar salary increases
• Many OEMs require price reductions to secure long-term agreements. KA stresses in negotiations that reductions are only possible with corresponding cost savings
• Raw material cost increases are generally compensated by customers through contractual clauses - will be maintained
• Operational improvements are mandatory in the automotive industry and remains a continuous process within KA
• KA's performance-oriented culture and new organizational structure with cross functional teams working across disciplines like purchase, sales, operations and R&D will ensure a strong focus and capability to identify and implement improvements

WARRANTY COST – IN % OF REVENUE

How we will achieve these cost reductions:

• New warranty management team established with prior KA expertise, with strong involvement from CEO
• Enhanced end-to-end execution of warranty handling and analysis
• Higher quality of analysis
• Stronger customer dialogue
• Faster issue resolution
• Proactive measures for robust contractual safeguards in new agreements
• Stricter compliance with existing policies and routines
• Conduct joint lessons learned with customers to address challenges behind warranty issues

STRUCTURAL COST IMPROVEMENTS – IN % OF REVENUE

1-1.5 % points red. On LTM turnover MEUR 730: Increase in EBIT MEUR 7-11

How we will achieve these cost reductions:

• KA has a global footprint with operations in 17 countries across 31 sites, including 22 plants
• Announced structural change in Sweden: closing Ljungsarp plant and transferring operations to Mullsjö to be completed by Q3 2026
• Announced closure of the Zürich office by March 2026
• Additional consolidation opportunities are currently under evaluation and will be announced in due course

ACTUATORS

HIGH PERFORMANCE ACTUATORS FOR COMMERCIAL VEHICLES

PNEUMATIC

1 to 2 e-Axles per vehicle 1 to 4 actuators per e-Axle

High performance actuators are essential for all types of truck powertrains

KA actuators are available in pneumatic or electric configurations to meet diverse application needs

Rising Performance Demands:

• > Precision: Accurate control for optimized efficiency and emissions
• > Durability: Built to withstand extreme operating conditions
• > Compact Design: Space-and weight saving solutions
• > Advanced Electronics & Software: Seamless integration with vehicle systems

Why it matters: As trucks evolve toward electrification and autonomy, actuator technology must deliver higher precision and reliability, smarter functionality, and longterm cost efficiency

KONGSBERG AUTOMOTIVE'S UNIQUE ACTUATOR OFFERING

Why KA delivers more WHY KA DELIVERS MORE

• > KA combines engineering excellence with agility and competitive costs
• > Our actuators offer quick response and precise operation with self-adjustment, ensuring superior performance under demanding conditions
• > Compact designs and smart integration (available with or without electronics and software) enable seamless fit into modern powertrain architectures
• > Leveraging proven building blocks, we design customized products that meet or exceed market expectations while offering modular product families tailored to diverse application
• > Customer-centric innovation: We go beyond standard functionality by adding features like spring assistance, shift forks, and locking mechanisms to optimize the total system solution for our customers

CURRENT AND FUTURE TECHNOLOGY LEADERSHIP: REDEFINING ACTUATOR PERFORMANCE

• > Quick response and precise operation, improving overall vehicle performance and contributing to better fuel efficiency
• > Durability built into every design, minimizing wear and tear and reducing downtime, which translates directly into higher uptime and profitability for end customers
• > Enhancing driving comfort, addressing one of the industry's biggest challenges which is the shortage of drivers

THE MARKET OPPORTUNITY – A NEW WAVE OF UPDATES

EU's CO2 reduction targets for heavy-duty trucks (reference year is 2019)

KA well positioned for actuator solutions on electric trucks

• > Electric trucks require compact, lightweight, and highly efficient actuators to fit within redesigned powertrains. KA's experience in precision engineering and modular design ensures seamless integration into EV platforms
• > By leveraging modular product families and flexible manufacturing, KA delivers cost-effective solutions that meet current needs while preparing for next-generation electric and autonomous trucks
• > KA can leverage strong existing relationships with leading truck OEMs

Slower electrification than anticipated creates opportunities

• > With electrification progressing at a slower pace, automated manual transmissions (AMT) remain critical for improving fuel efficiency and reducing CO₂ emissions in conventional powertrains
• > AMT adoption is increasing worldwide, with mature markets in Europe and North America continuing with higher volumes than previously anticipated
• > Technology refresh needed: Existing electronic components are becoming obsolete, creating demand for updated solutions that integrate modern electronics and software

TURNING CHALLENGES INTO BREAKTHROUGHS – WE'RE IN IT TO WIN IT!

KA combines engineering excellence with agility and customerfocused innovation, enabling us to deliver faster, smarter, and more flexible solutions that exceed expectations

• > Throughout our history, Kongsberg Automotive has consistently achieved what others considered impossible
• > We don't shy away from big challenges or competition with larger players; we approach them with respect, but never fear
• > Our strength lies in a unique combination of world-class engineering talent, flexibility and a customer-focused culture that is recognized and appreciated by our partners
• > What further sets us apart is passion, determination, and teamwork. Ordinary people at KA that achieve extraordinary things
• > We innovate relentlessly, not just during special moments, but all year round—transforming bold ideas into practical, high-performance solutions that redefine industry standards

COUPLINGS

RAUFOSS COUPLINGS - HISTORY

1896–1970

Foundations of expertise

> Brass cartridges for ammunition had been manufactured in Raufoss since the 1896, establishing a legacy of precision engineering, material expertise, and high-volume production

1970–1990

Start-up phase for Raufoss Couplings

• > The long-standing expertise in brass evolved into the production of traditional water couplings during the 1970s
• > In 1978, Raufoss engineers launched a development program for air brake couplings for trucks, an ambitious step that marked the beginning of a new era for Raufoss

1990–2000

High-volume serial production – becoming a European market leader

• > The commitment to innovation paid off.
• > Strategic contracts with Volvo Trucks and Iveco in the 1990s, along with several smaller customers, laid the foundation for high-volume serial production

Ammunition - brass Couplings - brass Couplings - composite

2008–today

1995–2008

Development and launch of world's first composite program for air brake couplings

• > Driven by a pioneering spirit, creativity and foresight, Raufoss engineers developed composite couplings and launched the ABC system in 2007–2008.
• > This period demonstrated the team's relentless drive to transform ideas into industrial success

2004: Raufoss United acquired by Kongsberg Automotive

Becoming a global market leader

• > The Raufoss ABC couplings propelled the company into global markets
• > Today, more than 155 million couplings are delivered annually to over 115 customers worldwide.
• > Manufacturing now spans Norway, France, Mexico, Brazil, China, and Korea
• > What started as a bold vision has become a global standard.

Product portfolio update

KA'S RAUFOSS® ABC SYSTEM FEATURES AND BENEFITS

KEY CHARACTERISTICS OF KA'S PUSH-IN TECHNOLOGY

ASSEMBLY SECURITY

INTEGRATED ASSEMBLY SIGNAL AND SAFETY FEATURE FOR EOL-TEST

DESIGN FLEXIBILITY AND MODULARITY

LEAKAGE-FREE

SAVES ENERGY AND TIME

SUSTAINABILITY

100% RECYCLABLE COMPOSITE MATERIALS

ASSEMBLY TIME REDUCTION

• > NO PREASSEMBLY OF TUBE
• > MORE EFFICIENT THAN FIXED BLOCKS

REDUCED TOTAL SYSTEM COST

• > REDUCED ASSEMBLY COST
• > REDUCED LOGISTIC COST
• > MAINTENANCE-FREE

OPTIMIZED WEIGHT

UP TO 6 KG SAVING COMPARED TO METAL SYSTEMS

EASE OF MAINTAINAINCE

• > EASY RELEASE
• > RE-USE OF TUBE AND COUPLING

HIGHLY AUTOMATED PRODUCTION – A KEY SUCCESS FACTOR 155.000.000 COUPLINGS PRODUCED EVERY YEAR

KA'S RAUFOSS® ABC SYSTEM – FUTURE GROWTH

GROW AIR BRAKE SYSTEM MARKET SHARES

• > KA is committed to expanding its market share in key regions through the proven performance of ABC couplings
• > Strategic Focus: North America and Asia remain our primary growth markets
• > Local Presence: The ABC Inch family for the U.S. market is already launched, supported by established local production facilities in Mexico and China to ensure responsiveness and cost efficiency

NEW PRODUCTS LAUNCHES

• > Building on the success of the ABC family, KA continues to introduce new solutions:
• > Twistlock Hose Module enhancing flexibility and ease of installation
• > Air Suspension Couplings designed for durability and performance
• > Future Pipeline: A series of breakthrough innovations is under development, reinforcing our leadership position

WHY KA WILL SUCCEED

• > Our strategy is anchored in a proven performance and continuous innovation:
• > ABC System track record: Trusted by leading customers worldwide, with adoption growing every year
• > Alignment with market trends: Sustainability, weight reduction, and lower total system costs are at the core of our solutions
• > Protected innovation: New IP-backed feature upgrades ensure differentiation and long-term competitiveness
• > Future-ready: Upcoming innovations will deliver even greater benefits, keeping KA ahead of the curve
• > Commitment to execution excellence: Strong and committed team that will drive growth and profitability

STEER-BY-WIRE

STEER-BY-WIRE

STEER-BY-WIRE

STEER-BY-WIRE: STEERING REIMAGINED

> Steer-by-Wire replaces mechanical linkages with electronic control, enabling:

• > Enhanced driving experience with a customizable and premium steering feeling
• > Improved safety using computer aided systems
• > Vehicle weight reduction and design freedom for OEM
• > Total system cost benefits
• > Integration with ADAS & autonomy

KONGSBERG AUTOMOTIVE'S UNIQUE STEER-BY-WIRE TECHNOLOGY

WHY KA'S DESIGN DELIVERS MORE SAFETY AND DURABILITY

• > Ground-up innovation not limited by conventional designs, built for maximum reliability and performance
• > Direct-drive technology eliminates belt failures, improves reliability
• > Optimized ball screw loading ensures extended life and consistent accuracy
• > Sealed shaft protection safeguards against dust and contaminants for harsh environments

• > Pure axial motion rack-and-pinion removed for a simpler, stronger, and more precise system

• > Fail-operational Steering Design: No single fault can result in steering loss

• Dual Independent Actuation Channels: Ensures continuous functionality even in case of component failure
• Full Redundancy: Sensors, controllers, and power supply are duplicated for maximum reliability
• > Aviation-grade reliability: Ultra-high availability with a target reliability of < 1 Failure In Time (FIT)
• Meaning fewer than one failure per one billion operating hours (= 114 thousand years)

Kongsberg Automotive's steer-by-wire uniqueness is protected by more than 30 patents

STEER-BY-WIRE TECHNOLOGY – THE MARKET OPPORTUNITY

STEER-BY-WIRE GLOBAL MARKET SIZE ESTIMATE* EURO

MARKET SEGMENTS

• > 1500-3500 kg
• > Premium passenger cars

Target segment Target segment Under assessment

• > 2500-5000 kg
• > Autonomous people movers

• > Above 5000 kg
• > Trucks rear axle and front axle
• > Agriculture, construction equipment

KA aims at achieving a meaningful share of the global steer-by-wire market by 2035, primarily in the premium cars and autonomous people mover segments

^* KA estimates. Volume forecast for Mid/Large/Premium passenger cars using Steer by Wire fail-operational (no mechanical linkage), L4/L5 shuttles (M2), and L4/L5 vehicles up to N2 (3.5–12 t).

KA HAS THE CAPABILITIES AND DETERMINATION TO SUCCEED

World-class engineering team with expertise and passion

• > Engineering team in Sweden with deep OEM experience from Volvo, Saab, NEVS, GM, Polestar, CEVT, and Zeekr
• > Passionate, determined, and committed to succeed

Customer demonstration vehicles ready

• > Available in China, Sweden, and today at Kongsberg Automotive's test lab
• > Accelerating customer decision making and time-to-market

Scalable configurations for growth

• > Passenger Cars(L3): Road Wheel Actuator(RWA) sample ready, Hand Wheel Actuator(HWA) developed with partner
• > Autonomous People Movers/Shuttles(L4/L5): RWA sample ready, Safety Driver Interface Unit (SDIU) sample ready
• > Positioned to capture both mainstream and emerging mobility markets

Global manufacturing capabilities

> KA can produce in best-cost country in Europa, Asia, and in the Americas

Q&A

CAPITAL MARKETS DAY

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TECH CENTER TOUR

KA PROJECT PROCESS FROM CONCEPT TO PRODUCTION

Concept development => Prototypes => Component testing => Product validation => Field testing => Production

TECHNICAL CENTER, TEST LABORATORY

• > Validation of our products to satisfy the requirements from our customers and market, creating similar conditions as in the vehicles in the field, but highly accelerated to save time. Load, temperatures, vibrations, dust and dirt, water, chemicals, drop tests, corrosion/salt spray, electronic testing etc.
• > Testing components and full product or system. Vehicle tests done by our customers
• > Developing our own test equipment to secure cost efficiency and short development cycles
• > Running tests 24/7, utilizing also AR glasses to support other KA locations globally
• > Most tests done in -house
• > Walk slowly through the testing area, seeing climate chambers and durability test rigs
• > Let's look at some products before a lab tour and seeing the Steer -by -Wire demo vehicle

K O N G S B E R G A U T O M O T I V E . C O M K O N G S B E R G A U T O M O T I V E . C O M