Investor presentation Q3 2022

Geir Håøy, President & CEO Gyrid Skalleberg Ingerø, 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.

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Highlights third quarter 2022

Record high EBITDA
Continued strong maritime order intake
Increased market activities
Management changes in KM and KDI
Established Kongsberg Renewables Technologies
Successful closing of NanoAvionics acquisition

Business update Kongsberg Maritime

1.20 book/bill in Q3
LNG-carrier and Naval segment most significant contributors to new build order intake in Q3
All-time high after market order intake
Significant orders for hybrid solutions
Yard capacity increases lead times
Lisa Edvardsen Haugan announced as new KM President

Highlights Order intake new sales by shipping segment YTD 2022

Fishery and Special Purpose Vessels

Business update Kongsberg Defence & Aerospace

Highlights

High interest and demand for Naval Strike Missiles (NSM)
Call-off from the US Navy Over-The-Horizon program
NSM selected by Spain for their existing and future frigates
High activity and solid progress on NASAMS-deliveries
Continued delays on remote weapon stations deliveries
Collaboration agreement with European Space Agency for feasibility study on satellite infrastructure for ocean surveillance
Ramping up capacity to prepare for future growth

Business update Kongsberg Digital

Launched digital twin for maritime with Höegh Autoliners as first customer
Signed agreement with Gaslog LNG to connect entire fleet to Vessel Insight
Two additional digital twins in operation in Q3
Kognitwin users increased by 1 300 during Q3
POC with large chemical company
Shane McArdle announced as new KDI President

Highlights Vessel Insight and Kognitwin

Kongsberg Renewables Technologies

Supporting growth and coordinated actions within renewables for KONGSBERG

Kongsberg Renewables Technologies

Kongsberg Renewables Technologies (KRT) will strengthen the presence and visibility in the renewables market for KONGSBERG
Primary focus on offshore wind industry and associated opportunities and engagements
Utilize and monetize on existing domain knowledge in KONGSBERG
Egil Haugsdal will take on the role as President in KRT from 1 November

Financial status

25% revenue growth and NOK54bn in backlog

25% increased revenues compared to Q3 21
Record high EBITDA of NOK1.36bn with 17.6% margin
Backlog of NOK 54bn
ROACE of 32.8%

Double digit revenue growth and strong margins

Q3 21 Q1 22 Q3 22 26.5 30.5 Q4 21 Q2 22 6.2 7.7 Rolling 12m revenue EBITDA % YTD; 26.0bn YTD; 22.4bn YTD; 3.2bn
Backlog up ~21% from Q3 21
Book/bill of 0.97 despite no significant orders
Double digit revenue growth in all business areas
LTM revenues above 2022 target
YTD 22 revenues up 16% compared to YTD 21

• Year to date EBITDA margin of 14.3%

Working capital development KM

Working capital development KDA

Net Working Capital development Highlights

NWC % of LTM revenue NWC Kongsberg Defence & Aerospace

Increased inventory to meet future growth within Missile division
Component shortages in Land division continue to hamper deliveries
High progress in several projects, without any new significant "pre-payments" from customers

Cashflow development 1.7 – 30.9

KONGSBERG MARITIME

Strong order intake and book/bill 1.20 in KM

Q3 22 order intake up 16% compared to Q3 21
YTD order intake up 38% compare to last year
Q3 22 backlog up 41% compared to Q3 21
Backlog "two years →" increase due to increased lead times and project mix

26% revenue growth in KM

Record high aftermarket revenues
Rolling 12-months revenues up 16%
Q3 2022 EBITDA 42% higher compared to Q3 21
Growth, solid operations, seasonal effects and currency supports solid EBITDA

KONGSBERG DEFENCE & AEROSPACE

Order backlog supports continued growth in KDA

24% growth in revenue in KDA

Q3 22 revenue increased 24% compared to Q3 21
High progress on significant contracts contributes to revenue growth

• High margin due to favourable project mix

Acquisition of NanoAvionics closed

Proforma revenue from combined company and KSAT¹ Highlights

NanoAvionics acquisition closed 6 September
Acquired 77% of the company at an enterprise value of EUR 65 million
NanoAvionics delivers positive results, with YTD EBITDA ~NOK12m

KONGSBERG DIGITAL

Growth in all areas in KDI

Q3 22 recurring revenue increased with 34% from Q3 21
Share of recurring revenue ~47% in Q3 22
~30% increase in number of users on Kognitwin compared to previous quarter

Outlook

Current backlog secures growth in 2022 Some fluctuations in revenue expected due to components situation High market activity with solid missile

order intake expected next 18 months

KONGSBERG MARITIME

Positive sentiment in "high value" segments

High activity in aftermarket

Yard capacity and macro-outlook could impact growth

KONGSBERG DIGITAL

Continued increase in recurring revenues from next-gen solutions¹

Scaling for growth both organic and inorganic

Solid balance sheet and NOK 54.1bn in order backlog, whereof NOK 8.4bn for delivery in Q4 2022