Kongsberg Gruppen

Investor Presentation • Feb 9, 2024

Protechting people and planet

Geir Håøy, President & CEO Mette Toft Bjørgen, EVP & Group CFO

KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in part, must include this legend. © 2024 KONGSBERG – All rights reserved.

Disclaimer

This presentation contains certain forward-looking information and statements. Such forward-looking information and statements are based on the current, estimates and projections of the Company or assumptions based on information currently available to the Company. Such forwardlooking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give assurance to the correctness of such information and statements. These forward-looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as "targets", "believes", "expects", "aims", "assumes", "intends", "plans", "seeks", "will", "may", "anticipates", "would", "could", "continues", "estimate", "milestone" or other words of similar meaning and similar expressions or the negatives thereof.

By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected.

Any forward-looking information or statements in this presentation speak only as at the date of this presentation. Except as required by the Oslo Stock Exchange rules or applicable law, the Company does not intend, and expressly disclaims any obligation or undertaking, to publicly update, correct or revise any of the information included in this presentation, including forward-looking information and statements, whether to reflect changes in the Company's expectations with regard thereto or as a result of new information, future events, changes in conditions or circumstances or otherwise on which any statement in this presentation is based.

Given the aforementioned uncertainties, prospective investors are cautioned not to place undue reliance on any of these forward-looking statements

A global business agile to geopolitical changes

See Statement of Proprietary information

Quarterly highlights

• Continued growth across all business areas
  • Business area growth ranging from 21% to 54%
• Record order intake and major framework agreement
• Continued strong exposure towards current major trends
• Solid project execution
• Strong cash flow

Business update | Kongsberg Maritime

• NOK 4.8bn order intake and 0.86 book/bill
  • 2023: NOK 22.4bn order intake and 1.11 book/bill
• Diversified newbuild revenues, especially strong within LNG
• High aftermarket activity driven by upgrades and reactivation of vessels
• Regulations and increased fleet age drives demand

Order intake (NOK bn) Order backlog distribution

Business update | Kongsberg Defence & Aerospace

• NOK 24.8bn order intake and book/bill 4.95
  • 2023: NOK 37.8bn order intake and 2.37 book/bill
• Record-high NOK 65.4bn order backlog
• Global attention on security and defence

Major events in Q4

Several significant orders secured in the quarter, among others:

• NSM contract worth approximately NOK 3.6bn to the Spanish Navy
• Lithuania acquired additional NASAMS systems worth NOK 2.3bn
• Poland Coastal Defence NOK 16bn contract effective (signed in Q3)
• NOK 17bn framework agreement for operational support and MRO on Norwegian frigates

Order backlog distribution

Business update | Kongsberg Discovery

• NOK 1.3bn order intake and 1.16 book/bill
  • 2023: NOK 4.3bn order intake and 1.10 book/bill
• Solid contract wins throughout 2023
  • Multiple HUGIN-contracts in the quarter
• Increasing demand and favourable exposure to several underwater markets

Business update | Kongsberg Digital

• Continued roll-out of digital twins and onboarding of new users on existing solutions
• 40+ digital twins in operation
• Chevron-agreement extended from 2 to 5 years

Financial status

Mette Toft Bjørgen, EVP & Group CFO

KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in part, must include this legend. © 2024 KONGSBERG – All rights reserved.

2023 at a glance

(NOK bn)

See Statement of Proprietary information

Revenue

(NOK bn)

KONGSBERG

Kongsberg Maritime Kongsberg Defence & Aerospace

Recurring revenue

Kongsberg Discovery Kongsberg Digital

Q4 22 Q1 23 Q2 23 Q3 23

1) NOK 2.5bn and NOK 1.8bn in NWC for Kongsberg Maritime and Kongsberg Discovery respectively

2) 12.6% and 46.3% for Kongsberg Maritime and Kongsberg Discovery respectively

(29.2%)

Q4 23

(4.66)

Q4 23

18.1%

4.35

Cash flow development 1.10 - 31.12

(NOK bn)

Numbers in NOK bn

Proposed dividend of NOK 14/share

Proposed dividend FY2023 Details • First tranch - NOK 7.00

• • ⁻ Last day including 7 May 2024, ex. dividend date 8 May 2024
  • ⁻ Record date 10 May 2024, payment date 29 May 2024
• Second tranch NOK 7.00
  • ⁻ Last day including 8 October 2024, ex. dividend 9 October
  • ⁻ Record date 10 October 2024, payment date 23 October

Dividend history

Associated companies

*Share of net income from Patria is recognized as follows during the quarters: Q1: Jan-Feb, Q2: Mar-May, Q3: Jun-Aug and Q4: Sep-Des. Quarterly split of revenues and EBIT are presented with the corresponding periodization.

NOK 5.7bn in order backlog EUR 1.9bn in order backlog

Outlook

• Record-high backlog secures growth in 2024
• Ongoing marketing, tendering and negotiations related to multiple programs
• Building capacity for the future
• Strong demand for especially missiles and air defence

• Unique position towards an ongoing maritime transformation
• Continued high activity in aftermarket
• Current backlog and momentum secures growth

• Solid demand from areas such as fishery, marine research operations, energy, security and surveillance
• Continued growth expected based on solid backlog and strong positions in growing markets

• Continued increase in recurring revenues
• High sales activity and strong demand
• Continued investments in development and rollout

Solid balance sheet and NOK 88.6bn in order backlog, whereof NOK 30.8bn is for delivery in 2024

Protechting people and planet

KONGSBERG PROPRIETARY: This document contains KONGSBERG information which is proprietary and confidential. Any disclosure, copying, distribution or use is prohibited if not otherwise explicitly agreed with KONGSBERG in writing. Any authorised reproduction in whole or in part, must include this legend. © 2024 KONGSBERG – All rights reserved.