Investor presentation Q4 2022 & preliminary annual accounts 2022

10/02/2023

Geir Håøy, President & CEO Gyrid Skalleberg Ingerø, EVP & Group CFO

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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 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

Protechting people and planet

Strong performance in 2022

Uniquely positioned in the new reality

16% revenue growth, entering 2023 with NOK 63bn in order backlog

NOK 4.4bn growth, corresponding to 16 % from 21
- 97 % organic
Record high EBITDA of NOK 4.6bn with 14.5% margin
- NOK 516m increase from 2021
NOK 45.15bn order intake and 1.42 book/bill leads to order backlog of NOK 63.3bn at year-end
ROACE of 33.9%

Business update Kongsberg Maritime

Highlights Order intake by segment

1.16 book/bill in Q4 2022
Offshore wind and Seaborne & PAX most significant contributors to new build order intake in Q4 2022
~NOK 3bn after market order intake, 25 % up from Q4 21
- Solid progress both on spares as well as upgrades

Market perspectives

Drive for more sustainable shipping
- IMO/EU regulations
Positive sentiment in offshore
Stretched yard capacity
Expected slowdown in world economic growth

Business update Kongsberg Defence & Aerospace

• Close to NOK 9bn order intake on Naval Strike Missiles (NSM)

Highlights

High activity and solid progress on NASAMSdeliveries
Slight increase in remote weapon stations deliveries, but still some delays
- Awarded USD 1.5bn CROWS V framework agreement

Market perspectives

Increased focus and spending on defence and security
Strong demand for air defence and anti-ship technologies
Protectionism and focus on national suppliers

Business update Kongsberg Digital

Highlights

Recurring revenues continue to increase
- New assets and users on Kognitwin
- New vessels operating with Vessel Insight
- Existing customers transferred from traditional to SaaS-contracts
Increased pace on connecting vessels to Vessel Insight
Major contract in Maritime Simulation with navy customer

Market perspectives

Energy transition
Drive for more efficient and sustainable operations
Various degree of market maturity

Vessel Insight and Kognitwin

Financial status

16% revenue growth and 14.8% EBITDA margin

(NOKbn) Order backlog (BNOK) (NOKbn) (NOKbn, %) 27.4 8.1 Q4 22 31.8 Q4 21 Q1 22 Q2 22 Q3 22 9.4 +16% Rolling 12m revenue Rolling 12m EBITDA

• All three business areas delivered increased order intake compared to Q4 2021

Missiles main contributor to growth with close to NOK 9bn orders
Revenue from after market in maritime, air defence projects and missiles were main contributors for growth in the quarter

Improved nominal EBITDA in both Maritime and Defence
EBITDA in Digital impacted by ramp-up and high investments

Working capital development

NWC decreased with NOK 1bn for the group in q4, mainly driven by large payments from customers in KDA
During 2022 NWC increased due to
- Delayed deliveries on remote weapon stations

Cashflow development 1.10 – 31.12

Solid balance sheet with Investment Grade approach

Proposed dividends of NOK 12/share

Last day including: 11 May 2023
Ex. dividend date: 12 May 2023
Record date: 15 May 2023
Payment date: 30 (NOK 3.6) and 31 (NOK 8.4) May 2023 ("on or about")

KONGSBERG MARITIME

Solid development in Kongsberg Maritime

All-time high order intake and back log in KM

More than NOK 3bn from newbuilding and close to NOK 3bn from after market
Diversified order intake from a broad number of segments, offshore wind stands out with approx. NOK 650m