Kongsberg Automotive

Regulatory Filings • Oct 23, 2023

Kongsberg Automotive announces cost optimization measures

Kongsberg Automotive announces cost optimization measures

Zurich, October 23, 2023: Kongsberg Automotive (KA) announces measures to

optimize costs, right size the company, and enhance its competitiveness. This

includes global workforce adjustment, restructuring of its geographic footprint,

and other cost optimization measures.

KA's cost optimization measures are a part of Gear I of the Shift Gear program

and of the ongoing strategic review of the company, announced in March 2023.

As a part of this action, KA will reduce its workforce by an estimated 150-200

employees globally.

Additionally, effective January 1, 2024, KA will close its Dortmund, Germany

site and will continue to optimize its global footprint.

KA expects annualized savings of EUR 15-20 million during 2024 by these

measures.

The initiatives taken will not change the guidance given for the fiscal year

This is a necessary step to restore KA's profitability during challenging global

economic times.

By taking concerted measures such as right sizing the workforce, and

optimization of our geographic footprint, KA aims to significantly lower its

operational costs. This gives KA the possibility to refocus the organization and

continue to grow in areas where KA excels, while exploring new growth

opportunities.

"At KA, we are mindful of market conditions, and are making essential

adjustments to align the size and scope of our operations", says Linda Nyquist

-Evenrud, interim President & CEO of KA, adding, "By taking concrete actions to

strengthen our competitiveness, we can foster long-term viability and continue

to serve our customers satisfactorily."

"Due to these challenging but essential changes to the organizational structure,

teams will be impacted as the company will operate with a leaner workforce. The

Global Leadership Team recognizes the efforts of its employees and thanks them

for their contributions to KA," says Nyquist-Evenrud.

About Kongsberg Automotive ASA

Kongsberg Automotive provides cutting-edge technology to the global vehicle

industry. We drive the global transition to sustainable mobility by putting

engineering, sustainability, and innovation into practice. Our product portfolio

includes driver and motion control systems, fluid assemblies, and industrial

driver interface products. Find more information at:

kongsbergautomotive.com (http://www.kongsbergautomotive.com)

Media and Communications contact:

Therese Sjöborg Skurdal - Director Corporate Communications

therese.skurdal@ka-group.com  (therese.skurdal@ka-group.com )

+47 982 14 059

Investor Relation contact:

investor.relations@ka-group.com

Forward-looking statements

This announcement contains forward-looking statements. Forward-looking

statements are statements that are not historical facts and may be identified by

words such as "believe", "expect", "anticipate", "strategy", "intends",

"estimate", "will", "may", "should" and similar expressions. The forward-looking

statements in this announcement are based upon various assumptions, which in

turn may be based on further assumptions. Although Kongsberg Automotive believes

that these assumptions were reasonable when made, these assumptions are

inherently subject to significant known and unknown risks, uncertainties,

contingencies and other important factors that are difficult or impossible to

predict and are beyond its control. Various factors could cause Kongsberg

Automotive's actual results to differ materially from those projected in a

forward-looking statement. No assurances can be given that the assumptions

underlying the forward-looking statements prove to have been correct. Kongsberg

Automotive disclaims any obligation to update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise.