Investor presentation Q2 2022

Geir Håøy, President & CEO Gyrid Skalleberg Ingerø, 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 pa rt, must include this legend. © 2020 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 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

Highlights second quarter 2022

Continued solid order intake with book/bill of 1.45
- All-time high order intake in maritime
Revenue growth in all business areas
Joint venture agreement to develop offshore substation and hydrogen factory
Acquisition of smallsat manufacturer NanoAvionics to strengthen the space and satellite position

Business update Kongsberg Maritime

Solid- and diversified all-time high order intake
- Significant offshore wind contracts
- Several Hugin contracts
Continued strong aftermarket
- Upgrades to green and hybrid solutions
Decarbonisation development initiative with Berge Bulk fleet
Yard capacity increases lead times

Highlights Order intake new sales by shipping segment YTD 2022

Fishery and Special Purpose Vessels

Business update Kongsberg Defence & Aerospace

Highlights

Additional contract for composite parts to the F-35 Joint Strike Fighter Program secured
Naval Strike Missile to US Navy and Australia
KAMS conclude additional contract for batch of F-16 aircraft for overhaul and make ready for sale
Upgrade of combat system for the Royal Norwegian Navy's Skjold Class
Norway terminates its contract for the NH90 helicopters
Component shortage delays remote weapon stations deliveries

Acquisition of smallsat manufacturer NanoAvionics

Game changer for Norwegian space industry and KONGSBERG

Highlights

Leading smallsat mission integrator and bus manufacturer based in Lithuania
~150 employees across 4 countries contributed to more than 120 missions
Highly complementary technology and position in the space value chain
Complementary and strong market position
Enables new business opportunities

Business update Kongsberg Digital

Mediterranean Shipping Company to digitalize their fleet of ~500 vessels with Vessel Insight
Five additional digital twins in operation in Q2
Acquisition of software developer company Interconsult Bulgaria LTD (ICB)
Additional customer signed on to SiteCom's SaaS solution
Contract for range of maritime simulators to the Innovation Lab of Maritime Academy of Asia and the Pacific

Highlights Vessel Insight and Kognitwin

Financial status

Financial highlights

Q2 order intake +97% compared to last year
Backlog of ~NOK 54bn
Double digit revenue growth
ROACE 31.2%
Acquisition of ICB and NanoAvionics

Solid order intake and double digit revenue growth

26.1 Q2 21 6.8 Q3 21 Q4 21 28.9 Q1 22 Q2 22 7.6 Rolling 12m revenue EBITDA %

Book/bill of 1.45
Backlog increased 50% from Q2 '21
Q2'22 order intake up ~97% from Q2'21
Revenue growth in all business areas
Maritime after market drive revenue growth
Q2'22 revenue up ~12% compared to Q2'21

• Employee share program fully booked in Q2

Working capital development

Net Working Capital 2017 – Q2 2022 Highlights

Increased trade receivable due to high activity
Increase in net projects
Expect working capital to trend towards 10% by the end of the 2022

• Delays related to remote weapon stations increases net projects

Cashflow development 1.4 – 30.6

Secured several major contracts for HUGIN AUVs

Order intake and revenue Sensors & Robotics

KONGSBERG MARITIME

Strong order intake and NOK 17bn backlog in KM

Order intake in Q2'22 up 57% compared to Q2'21 Increase in "long backlog" due to increased lead times and project mix
- Limited share of aftermarket orders in backlog

14% revenue growth in KM

~14% and 11% growth in revenue in Q-Q and rolling 12 months respectively
Continued strong growth in aftermarket
Q2 22 EBITDA 12% higher than Q2 21
Revenue growth drives EBITDA

0.51

10.9%

KONGSBERG DEFENCE & AEROSPACE

Long backlog in KDA continues to increase

Revenue growth and solid EBITDA in KDA

Revenue increased 10 % in Q2'22 compared to Q2'21
Rolling 12 month revenue increased 12%

Solid EBITDA margin despite some delays
Continued favourable project mix in Q2

KONGSBERG DIGITAL

Growth in all areas in KDI

Recurring revenue increased with 35% from Q2 2021 to Q2 2022
Share of recurring revenue ~50%
Five new active assets on Kognitwin compared to last quarter
Solid increase in contracted vessels on Vessel Insight +600 Vessels
ICB acquisition

Outlook

Current backlog secures growth in 2022 Some fluctuations in revenue expected due to components situation Current project mix supports EBITDA margins above long-term target

KONGSBERG MARITIME

Positive sentiment in "high value" segments

High activity in aftermarket

Yard capacity, components and logistics could impact growth

Continued roll-out of KOGNITWIN® and Vessel Insight

Scaling for growth both organic and inorganic

Integration of ICB to secure capacity

Solid balance sheet and NOK 53.8bn in order backlog, whereof NOK 13.7bn for delivery in H2 2022