Kongsberg Gruppen

Investor Presentation • May 10, 2022

Investor presentation Q1 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 first quarter 2022

• Solid order intake in maritime
• Revenue growth in all business areas
• Particularly in maritime aftermarket
• Solid operational performance
• Logistics and component shortage affect all business areas
• Complies with sanctioning against Russia

Order intake	Revenue	EBITDA
NOK 7.5bn	NOK 7.0bn	NOK 0.8bn

Important contracts awarded in first quarter

rescue service in Norway

Innovative propulsion technology for two new CSOVs to be built by Vard

Maintenance service to the search & Air-to-air pylons for the F-35 program

Propulsion and control system for new zero emission Scandlines ferry

Several Vessel Insight contracts Innovative electrical and control technologies to Yinson for FPSO project

Business update Kongsberg Maritime

• Solid and diversified order intake in all divisions including aftermarket
• Tug orders drove order intake in Seaborn & Pax and Naval
• Challenging situation with regards to components shortage, logistics and raw materials
• Launched additional member of HUGIN family, HUGIN Edge

Comments Order intake new sales by shipping segment Q1 2022

Business update Kongsberg Defence & Aerospace

• KAMS fully operational ready for repair and overhaul of F135 engines
• MoU signed with Navantia for support and modernization of Norway's F-310 frigates
• Australia approves purchase of Naval Strike Missiles for their destroyers and frigates
• New satellite capacity for maritime surveillance launch together with Norwegian Defence Research Establishment (FFI)
• Component shortage delays RWS deliveries

Business update Kongsberg Digital

• New strategic partnerships related to offshore wind signed in the quarter
• Continued roll-out of digital twins and onboarding of new users on existing solutions
• Large fleet contracts for Vessel Insight signed with major vessel owners and operators
• Strategic contract for digital twins signed with an additional oil major in April

Comments Vessel Insight and Kognitwin

Financial status

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. © 2018 KONGSBERG – All rights reserved.

Financial highlights

• Double-digit revenue growth
• Strong maritime order intake
• All-time-high maritime aftermarket
• 10 digital twins in operation
• ROACE 32.6%
• Dividend ex. date 12 May

Strong backlog of ~NOK 50bn and double-digit revenue growth of 11% YoY

28.1

7.0

• Book/bill of 1.06
• Backlog increased 35% compared to Q1 '21
• All-time-high order intake in maritime

• Revenue growth in all business areas

• Aftermarket in KM driver for growth

• Rolling 12m revenue increased with 11%

• EBITDA affected by;

• NOK 113m in extraordinary employee appreciation*
• NOK 69m accrued loss related to sanctions against Russia*

EBIT & investments

KONGSBERG MARITIME

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. © 2018 KONGSBERG – All rights reserved.

Strong order intake and increased backlog in KM

• Increased order intake in all product divisions and aftermarket

• Aftermarket up ~54% since Q3 2020

• Increase in "long backlog" due to increased lead times and project mix

• Limited share of aftermarket orders in backlog

High activity in aftermarket driver for revenue increase in KM

• Aftermarket revenue increased with ~35% compared to Q1 2021

• Strong growth despite logistical challenges and components shortages

• EBITDA impacted by;

• NOK 69m related to sanction against Russia
• NOK 70m in extraordinary employee appreciation

KONGSBERG DEFENCE & AEROSPACE

KDA backlog supports growth

Continued revenue growth in KDA

• Revenue increased 5 % compared to Q1 2021

• Rolling 12 month revenue increased 14% compared to Q1 2021

• EBITDA impacted by;

• NOK 37m in extraordinary employee appreciation

KONGSBERG DIGITAL

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.

15% growth in revenue and 33% growth in recurring revenue in Q1

• Revenue growth in all divisions
• Recurring revenue increased 33% from Q1 2021 to Q1 2022
• Energy major signed up four additional assets in April
• Strong demand for Vessel Insight with several new fleet contracts signed in the quarter

Current backlog secures growth in 2022

Fluctuations in revenue expected due to components shortage Current project mix supports solid margins

Positive sentiment in new-building, high activity in aftermarket expected to continue

KONGSBERG

Outlook

MARITIME

Commodity prices and components shortage increase lead time and might impact customer demand

Continued roll-out of KOGNITWIN® and Vessel Insight to existing and new customers

KONGSBERG

DIGITAL

Scaling for growth both organic and inorganic

Solid balance sheet and BNOK 49.9 in order backlog, whereof BNOK 17.3 for delivery in Q2-Q4 2022

Capital Markets Day 2022

2 June at Grand Hotel, Oslo

INVESTOR PRESENTATION

Q&A

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.