Kongsberg Automotive

Earnings Release • Sep 23, 2021

Kongsberg Automotive revises FY 2021 targets

Kongsberg Automotive revises FY 2021 targets

Kongsberg Automotive FY 2021 financial guidance revised to account for further

semiconductor shortages and related developments in the automotive market.

Zurich, September 24, 2021: In light of recent developments in the automotive

sector, Kongsberg Automotive's board of directors has approved new guidance for

the company. The company expects a reduction in revenue, and consequently in

adjusted EBIT, compared to the guidance given at the Q2 results presentation.

The new guidance for the full year 2021 is as follows:

· Revenues of EUR 1 100m (versus previous guidance of EUR 1 130m)

· Adjusted EBIT of EUR 50m (versus previous guidance of EUR 60m)

The revised targets reflect the company's expectation that the shortages of

semiconductors, together with higher prices for raw materials, will continue to

cause reductions in output for OEMs, and that this will persist through the

fourth quarter.

"We initiated a performance improvement program earlier this year to offset

higher costs and the impact of lower capacity utilization following the

Semiconductor crisis", says Joerg Buchheim, President & CEO of Kongsberg

Automotive, "however, recent OEM production stoppages will have a greater impact

on revenue than previously expected."

The cost reduction and performance improvement activities are part of the multi

-level Shift Gear program, intended to position Kongsberg Automotive as well as

possible for the future. The program was started shortly after the appointment

of Joerg Buchheim as CEO in May 2021 and is initially focused on performance

improvement. Other focus areas include portfolio optimization and

sustainability.

The company will hold a conference call where management will answer questions

about the revised guidance, at 0800 hrs on September 24[th]. Conference call

registration is available below, and a link to the recording will subsequently

be made available at www.kongsbergautomotive.com/investor-relations/.

Kongsberg Automotive will publish its report for the third quarter of 2021 on

October 29, 2021.

Media contact                                                Investors/analyst

contact

Therese Sjoborg Skurdal                              Jakob Bronebakk

therese.skurdal@ka-group.com                      jakob.bronebakk@ka-group.com

+47 982 14 059                                             +47 906 39

637

Conference call details:

To listen to the Q&A session, please join the

webcast (https://channel.royalcast.com/landingpage/hegnarmedia/20210924_1/). If

you would like to ask questions, you will need to join the conference call.

Please see details below.

To join the conference call, please use the below "Click to Join" link shortly

before the start time. You will be asked to enter your phone number and

registration details. The Event Conferencing system will call you on the phone

number you provide and place you into the event. Please note that the "Click to

Join" link becomes active 15 minutes prior to the scheduled start time.

As an alternative, use the dial-in numbers below for the conference call:

NO: +47-21-956342

CH: +41-22-5017540

DE: +49-30-21789327

DK: +45 78768490

SE: +46-4-0682-0620

UK: +44-203-7696819

US: +1 646-787-0157

PIN Code for all countries: 353172

Legal notices

The information in this announcement is considered inside information pursuant

to the EU Market Abuse Regulation and is subject to the disclosure requirements

pursuant section 5-12 of the Norwegian Securities Trading Act. This announcement

was published by Kongsberg Automotive's investor relations contact as set out

above.

Forward-looking statements

This announcement contains forward-looking statements. Forward-looking

statements are statements that are not historical facts and may be identified by

words such as "believe", "expect", "anticipate", "strategy", "intends",

"estimate", "will", "may", "should" and similar expressions. The forward-looking

statements in this announcement are based upon various assumptions, which in

turn may be based on further assumptions. Although Kongsberg Automotive believes

that these assumptions were reasonable when made, these assumptions are

inherently subject to significant known and unknown risks, uncertainties,

contingencies, and other important factors that are difficult or impossible to

predict and are beyond its control. Various factors could cause Kongsberg

Automotive's actual results to differ materially from those projected in a

forward-looking statement. No assurances can be given that the assumptions

underlying the forward-looking statements prove to have been correct. Kongsberg

Automotive disclaims any obligation to update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise

About Kongsberg Automotive ASA

Kongsberg Automotive provides world-class products to the global vehicle

industry. Our products enhance the driving experience, making it safer, more

comfortable, and sustainable. With approximately 11,000 employees in 19

countries, Kongsberg Automotive is truly a global supplier. The company has more

than 27 production facilities worldwide. The product portfolio includes seat

comfort systems, driver and motion control systems, fluid assemblies, and

industrial driver interface products developed for global vehicle manufacturers.

Find more information at www.kongsbergautomotive.com.