27/04/2023 Investor presentation Q1 2023

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

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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 forward-looking 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

Another strong quarter

Highlights first quarter 2023

Strong growth and order intake
- Growth and book/bill >1 in all business areas
- Solid 2023 visibility
Increasing potential and number of prospects for future missile contracts
Strong positioning in transforming industries
NOK 66.9bn order backlog

Business update Kongsberg Maritime

Diversified and solid newbuild order intake
Continued strong pace in the aftermarket, especially related to spares and sustainability upgrades

Business update Kongsberg Defence & Aerospace

NOK 3.8bn order intake and book/bill 1.09
Growth driven by solid missiles- and NASAMS-progress
Continues to sign missile orders two new contracts, totalling NOK 2.4bn

Strong missile opportunities

Several countries have announced plans or intentions to purchase Naval Strike Missile
US President's FY24 Budget proposal
- Includes both Naval Strike Missile and Joint Strike Missile
- Naval Strike Missile opportunity potential > NOK 10bn

NOK 1bn order intake and 1.14 book/bill
- Hugin Superior to European defence customer
Solid exposure towards energy, fisheries, research, security and surveillance

Business update Kongsberg Discovery

Order intake (NOK bn) Order backlog (NOK bn) Order backlog distribution

Business update Kongsberg Digital

20 dynamic digital twins in operation

Continued roll-out of digital twins and onboarding of new users on existing

Signed multi-year agreement with

Chevron for Kognitwin

solutions

Financial status

Mette Toft Bjørgen, EVP & Group CFO

Revenue

(NOK bn)

Q1 22 Q2 22 Q1 23 3.52 Q3 22 Q4 22 2.47 +43%

EBIT and EBIT-margin

(NOK bn, %)

(85.8%)

(0.13)

0.54

Net working capital

1) NOK 1.7bn and NOK 1.3bn in NWC for Kongsberg Maritime and Kongsberg Discovery respectively 2) 9.9% and 42.2% for Kongsberg Maritime and Kongsberg Discovery respectively

Cash flow development 1.1 - 31.3

Associated companies

NOK 4.5bn in order backlog end of Q1 23

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

EUR1.75bn in order backlog

Outlook

Current backlog secures growth in 2023
Increasing number of prospects
Building capacity for the future

Positive sentiment in "high value" segments
High activity in aftermarket
Current backlog secures growth in 2023

Continued increase in recurring revenues
Scaling for growth both organic and inorganic

Strong positions and solid demand from areas such as fishery, marine research operations, energy, security and surveillance
Positioned for growth in 2023

Solid balance sheet and NOK 66.9bn in order backlog, whereof more than NOK 21bn is for delivery in remaining 2023

AI Terminal

Kongsberg Gruppen

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