Kongsberg Gruppen

Investor Presentation • Apr 30, 2021

INVESTOR PRESENTATION

Q1 2021

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 2021

• Order intake: BNOK 7.64
• Book/bill: 1.20
• EBITDA: BNOK 0.88 (13.9%)
• Increased cross-sales from KM/CM portfolio
• Norway and Germany signed cooperation agreement for new submarines

Important contracts signed

Wind Turbine Installation Vessel (WTIV) to Dominion Energy

New agreement with Lockheed Martin for deliveries to the F-35 program

Refit package to reduce emission to MS Gann

Innovative low-emission Live Fish Carrier (LFC) Vessel to Sølvtrans

Upgrade of Norway's NASAMS Air Defence system

Four autonomous vessels to the Institute of Marine Research

Business update 1st quarter

• Green upgrades and products launches
• Collaborative solutions for more efficient and greener drilling operation
• Efficiency improvements

Kongsberg Maritime Kongsberg Defence & Aerospace Kongsberg Digital

• "Call-off" on OTH framework agreement
• KAMS awarded F-16 contract to maintain and make "ready for sale"

• Ramp-up capacity to meet growth in backlog

• Continued ramp-up to deliver on new opportunities and existing commitments

• Signed fleet contract with Dorian LPG for delivery of Vessel Insight
• Continued roll-out of KOGNITWIN® both under Shell agreement, and pilots for other customers

Financial status

Gyrid Skalleberg Ingerø, EVP & Group CFO

Increased order intake and improved EBITDA

• Book/bill of 1.20 compared to book/bill of 1.02 in Q1 '20
• Backlog increased with 11% from Q1 '20

• Increased order intake driven by KDA

• Increased revenues in KDA (~21%), and decreased revenues KM (~16%)

• Revenue growth in all KDA divisions

• KM and KDA contribute to improved EBITDA

• Cost discipline and solid operations drive increased EBITDA margins
• Lower cost level partly explained by "COVID-19 effects"

Cashflow 1st quarter 2021

• Positive cashflow from operations
• Share buy back includes both shares purchased under the buyback program and employee share program
• Currency effects result in negative translation effects of MNOK 75

Solid credit rating confirming financial policy

* Adjusted to reflect that KONGSBERG holds MNOK 505 out of the BNOK 1 aggregate amount for KOG08.

• Assigned "A-" credit rating with "stable outlook" by Nordic Credit Rating in April
• Rating supports financial policy of having a solid balance sheet
• Half of MNOK 1 000 June '21 debt maturity refinanced in February
• Repurchased MNOK 505 of KOG08
• Issued new MNOK 500 bond (KOG14)
• Prospectus to be issued

KONGSBERG MARITIME

Book/bill of 1.07 for KM in 1st quarter

Book-to-bill Order intake (BNOK)

Cost reductions and improved margins offset reductions in revenues

KONGSBERG DEFENCE & AEROSPACE

KDA backlog supports growth

Revenue growth and solid EBITDA in KDA

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.

Kongsberg Digital

• Recurring revenues increased with 22% in Q1 2021 compared to Q1 2020
• ~BNOK 1 in order backlog, 11% increase compared to Q1 2020
• High investments and roll-out of new applications and solutions

KDI's current state makes it natural to assess both future partner models and other models in order to fully realise the potential KONGSBERG sees in KDI. Going forward this could also include a stock exchange listing

OUTLOOK

Current backlog secures growth in 2021

Efficient operations, project mix and increased scale found confidence to EBITDA target

New-building market expected to remain challenging, however some positive signals in the market

KONGSBERG

MARITIME

Healthy order backlog coverage and stable lifecycle business

Continued roll-out of KOGNITWIN® and Vessel Insight

Focus on growth both organic through SaaS revenues and inorganic

Solid balance sheet and BNOK 36.9 in order backlog, whereof BNOK 17.9 for delivery in 2021

KDA growth to support continued growth for KONGSBERG, some growth in KDI, KM expected at or around 2020-revenues

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.