Kongsberg Gruppen

Quarterly Report • Oct 30, 2025

KONGSBERG

We continue to see strong demand for our products, resulting in increased operating revenues and solid profitability in the third quarter. Order intake is strong from both defence and civilian customers, highlighting that our solutions are highly relevant in a rapidly changing world.

There is strong demand for energy-efficient solutions from the general vessel market, and the demand from the naval market is increasing. Although shipyards have seen a decline in new vessel orders compared to last year, more advanced vessels are being ordered. The order time for new vessels is historically long. This, combined with the fact that we have a significant order backlog with a good outlook, makes us resilient to short-term market fluctuations. The maritime industry is at the beginning of a comprehensive transition to more energy-efficient solutions and renewable energy sources, and Kongsberg Maritime will be a leading player in this transition.

Drones and counter-drone defence have attracted increased attention over the past year. We deliver systems related to this, both from Kongsberg Defence & Aerospace and Kongsberg Discovery. In August 2023, KONGSBERG signed a contract for the delivery of CORTEX Typhon counter-drone systems. The first system was delivered and became operational within a year of signing the contract, and the contract has since been extended. Over the past year, we have also launched our own drone radar. Developed by Kongsberg Discovery to detect small, commercially available drones, the system quickly gained strong interest from both civilian and defence customers.

In recent years, there has been an increase in geopolitical tensions and trade wars. This affects the business areas differently and highlights the importance of enabling our business areas to position themselves as effectively as possible. Kongsberg Maritime holds a leading technology position and offers products and integrated solutions for a wide range of segments, from offshore vessels to the merchant fleet and the navy. Kongsberg Defence & Aerospace and Kongsberg Discovery address critical needs in defence, security, and surveillance, delivering solutions for both civilian and military applications. The Board believes that focused and specialized businesses are best suited to seize future opportunities. As a result, the Board of KONGSBERG will propose to demerge Kongsberg Maritime and list it as an independent maritime technology company on the Oslo Stock Exchange. Kongsberg Defence & Aerospace and Kongsberg Discovery will continue as a single technology- and defence-focused KONGSBERG.

As separate entities, the companies will be better positioned to navigate and execute within their respective markets. This enhanced focus will strengthen their competitiveness in creating long-term value in a world increasingly shaped by security and sustainability.

Page 2 3rd quarter 2025

Key financial figures Q3

• MNOK 13,302 in revenues, 12 per cent growth from Q3 2024
• MNOK 2,022 EBIT in the quarter, up from MNOK 1,868 in Q3 2024
• EBIT margin in the quarter of 15.2 per cent

Market and order intake

• Weapon stations, integrated vessel solutions in the newbuilding market and Hugin AUV contracts were important drivers for order intake in the quarter
• Strong order intake and book/bill above 1 in all business areas
• The order backlog continues to grow and is now MNOK 142,251

	1.7	30.9	1.1 3	1.1 31.12
MNOK	2025 2024		2025	2024	2024
Revenues	13,302	11,924	41,823	34,963	48,872
EBITDA 1)	2,454	2,246	8,073	5,881	8,028
EBITDA (%)	18.5	18.8	19.3	16.8	16.4
EBIT 1)	2,022	1,868	6,833	4,778	6,507
EBIT (%)	15.2	15.7	16.3	13.7	13.3
Earnings before tax	2,153	1,771	7,123	4,691	6,584
Earnings after tax	1,704	1,369	5,603	3,671	5,144
EPS (NOK)	1.93	1.54	6.36	4.18	5.82
Order Intake	16,889	12,951	55,811	42,975	87,809

	30.9	30.6	31.12
MNOK	2025	2025	2024
ROACE (%) 1)	74.8	68.5	46.8
Order backlog 1)	142,251	138,795	127,893
Net interest-bearing debt 1)	(10,383)	(9,072)	(9,604)
No. of employees	15,529	14,994	14,629

1) See definitions page 28

Page 3 3rd guarter 2025

Results and order intake

Revenues in 3rd quarter were MNOK 13,302 compared to MNOK 11,924 in the same quarter last year, an increase of 12 per cent. The growth was driven by a 38 per cent increase in operating revenues in Kongsberg Defence & Aerospace, where there was a good increase in deliveries related to both missiles and air defence. Kongsberg Maritime's comparable figures are affected by changes in the business area's portfolio—see the description in the chapter on Kongsberg Maritime. Adjusted for these effects, revenues increased by 2 percent, driven by growth in deliveries to new vessels and a slight decline in the aftermarket compared to the same quarter last year. Kongsberg Discovery delivered operating revenues on par with the corresponding quarter last year. Accumulated operating revenues in Q3 2025 were MNOK 41,823, up 20 per cent from MNOK 34,963 in the same period last year.

EBIT in Q3 was MNOK 2,022, corresponding to an EBIT margin of 15.2 per cent compared to MNOK 1,868 (15.7 per cent) in the same quarter last year. Accumulated EBIT per Q3 2025 was MNOK 6,833, corresponding to an EBIT margin of 16.3 per cent, an increase from MNOK 4,778 in the same period in 2024. Accumulated EBIT included an accounting gain of NOK 1,206 million related to the sale of the steering gear and rudder business. The accumulated EBIT margin adjusted for this gain was 13.9 percent, compared to 13.7 percent in the same period last year.

Order intake in Q3 was MNOK 16,889, compared to MNOK 12,951 in the same quarter last year. This resulted in a book/bill for the quarter of 1.27. Order intake can fluctuate significantly between quarters. There was a good order intake in all business areas in the quarter related to remotely operated turrets, deliveries to new vessels and new Hugin orders.

The order backlog at the end of Q3 2025 was MNOK 142,251, an increase of MNOK 3,456 in the quarter, and an increase of MNOK 45,386 since Q3 2024. All business areas increased their order backlog during the quarter.

Cash flow

The Group had MNOK 15,765 in cash and cash equivalents at the end of 3rd quarter compared to MNOK 14,385 at the end of H1 2025, an increase of MNOK 1,380 in the quarter. Cash flow from operating activities in the quarter was MNOK 2,152.

The Group's cash flow from investment activities was MNOK -563. The main drivers behind this were investments in increased capacity and product development.

Cash flow from financing activities was MNOK -208 in the quarter, mainly related to instalments and interest on leasing obligations, and interest rates on bond loans.

So far this year, KONGSBERG has had a net increase in cash and cash equivalents of MNOK 1,471. The positive effect on cash flow is mainly due to payments for the sale of the steering gear and rudder business and net cash flow from operating activities. The largest negative cash flows were related to dividend payments, acquisitions of businesses, investments in increased capacity and product development.

Balance sheet

	30.9	30.6	31.12
MNOK	2025	2025	2024
Equity	20,732	18,995	19,269
Equity ratio (%)	27.0	26.3	27.8
Total assets	76,647	72,354	69,414
Working capital 1)	(5,873)	(5,726)	(7,241)
Gross interest-bearing debt	5,381	5,313	4,689
Cash and cash equivalents	15,765	14,385	14,293
Net interest bearing debt 1)	(10,383)	(9,072)	(9,604)
Net interest bearing debt/EBITDA 1)	(1.0)	(0.9)	(1.2)

¹⁾ See definitions page 28

At the end of the quarter, KONGSBERG had interest-bearing bond debt of total MNOK 2,500. See Note 7 for further information. The Group has a syndicated and committed loan facility of MNOK 2,500, as well as an overdraft facility of MNOK 1,500.

Net interest-bearing debt at the end of Q3 was MNOK -10,383 compared to MNOK -9,072 at the end of H1 2025. The reduction in net interest-bearing debt was driven by the increase in cash equivalents.

KONGSBERG has a long-term issuer rating of A- with a «positive outlook» awarded by the credit rating agency Nordic Credit Rating. The standalone credit assessment is BBB+. The rating was last updated on 11 April 2025 and can be found on www.nordiccreditrating.com.

Other activities / other matters

Kongsberg Digital's maritime portfolio was transferred to Kongsberg Maritime in Q1 2025. At the same time, Kongsberg Digital is focusing on digital twins, energy simulation and well operations. As part of KONGSBERG's portfolio assessment, an evaluation of our ownership position in Kongsberg Digital has been initiated. This could lead to a future transaction. We have engaged J.P. Morgan as financial advisor in the assessment. Future communication about the process in Kongsberg Digital will follow as needed.

In Q3 2024, KONGSBERG signed an agreement to sell the steering gear and rudder business to a fund managed by the Nordic private equity company Norvestor. The steering gear and rudder business was part of the Propulsion & Handling division in Kongsberg Maritime. In 2024 this business had revenues of approximately MNOK 950. The transaction was carried out on 3 March 2025. The accounting gain of the sale of the steering gear and rudder business has been reported under other operations. This had an effect in the first half of the year of a total of MNOK 1,206 on both revenues and EBIT, divided between MNOK 1,048 in Q1 and MNOK 158 in Q2 2025.

Page 4 3rd quarter 2025

Key figures 1.7. - 30.9 1.1. - 30.9 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 Revenues 6,392 6,487 19,521 17,870 24,766 EBITDA 1,140 1,240 3,079 2,989 3,886 EBITDA (%) 17.8 19.1 15.8 16.7 15.7 EBIT 987 1,112 2.622 2.594 3,354 EBIT (%) 15.4 17.1 13.4 14.5 13.5 Order Intake 7,918 6,953 24,224 19,241 28,386

	30.9	30.6	31.12
MNOK	2025	2025	2024
Order backlog	27,601	26,201	22,800
No. of employees	8,015	7,725	7,255

Page 5 3rd quarter 2025

Results

Revenues were MNOK 6,392 in Q3, an decrease of 1 per cent compared to the same quarter last year. Accumulated as of Q3 2025, operating revenues were MNOK 19,521, corresponding to a growth of 9 per cent compared to the same period in 2024.

Deliveries to the aftermarket accounted for about 52 percent of operating revenues in Q3, and 53 per cent year-to-date .

EBIT was MNOK 987 in 3rd quarter, corresponding to an EBIT margin of 15.4 per cent compared to MNOK 1,112 (17.1 per cent) in the same quarter last year. Accumulated EBIT in Q3 2025 was MNOK 2,622, corresponding to an EBIT margin of 13.4 per cent, an increase from MNOK 2,594 (14.5 per cent) margin in the same period in 2024. Profitability between quarters may vary based on volume and project mix in the business area.

Two changes have been made to the business area's portfolio in 2025 that will affect operating revenues and results. This is related to the sale of the steering gear and rudder business, and the fact that Kongsberg Digital's maritime portfolio was included in Kongsberg Maritime from the turn of the year. In addition, Q3 2024 was impacted by reduced risk in some major individual projects that had a positive effect of MNOK 100 in isolation for the quarter. Adjusted for these effects, Kongsberg Maritime has a growth of about 2 per cent in the quarter. The growth was driven by increased delivery volumes to new vessels in several different vessel segments, as a result of the solid and diversified order intake in recent years.

Adjusted for the same factors that impacted operating revenues, the EBIT margin in Q3 2025 is at the same level as the underlying EBIT margin in Q3 2024.

Market and orders

Order intake in the quarter was MNOK 7,918, corresponding to a book/bill of 1.24, up from MNOK 6,953 in Q3 2024. Accumulated order intake in Q3 2025 was MNOK 24,224, corresponding to a book/bill of 1.24.

There was a strong order intake in the quarter, especially from the newbuilding market, where the growth was 51 percent compared to Q3 2024. Kongsberg Maritime is well positioned through advanced technology deliveries to various vessel segments. In particular, sales of solutions to vessels in the offshore and naval segments were important contributors to the increased order intake in the quarter. Cumulatively as of Q3, the offshore segment accounts for 29 percent and the naval segment for 10 percent of the business area's order intake from newbuildings.

The average age of the world fleet has increased significantly over the past ten years, while requirements for reduced emissions and energy efficiency have increased. Close cooperation with shipyards, vessel owners and operators over several decades has given the business area unique domain knowledge. Maritime expertise and significant investments in innovative technology provide a competitive advantage in both existing and new markets. The focus is on products and solutions that provide a high degree of operational efficiency and meet cybersecurity requirements. This provides a good basis for significant demand for Kongsberg Maritime's solutions in both the short and long term.

The shipyards' order intake for the delivery of new vessels has decreased compared with last year. Kongsberg Maritime has a highly diversified exposure to newbuildings and supplies most vessel segments. The scope of deliveries to individual segments varies, and the business area's order intake so far in 2025 confirms that the vessels ordered from shipyards largely fall into segments where Kongsberg Maritime has a solid market share. The current yard capacity is stretched and there is little spare capacity for the start-up of new construction projects in the next few years. This means that vessels ordered today will have a delivery time that extends well into the future. The outlook for the business area's activity level is therefore also good going forward.

At the end of Q3 2025, Kongsberg Maritime had an order backlog of MNOK 27,601.

Other factors

Kongsberg Digital's maritime portfolio was transferred to Kongsberg Maritime in Q1 2025. In 2024, this part of Kongsberg Digital's operations had operating revenues of approximately NOK 600 million. About 500 employees have been transferred from Kongsberg Digital to Kongsberg Maritime as a result of the transaction.

In Q3 2024, KONGSBERG signed an agreement to sell its steering gear and rudder business to a fund managed by the Nordic private equity firm Norvestor. The steering gear and rudder business was part of Kongsberg Maritime's Propulsion & Handling division. In 2024, this business had a revenues of approximately NOK 950 million and about 150 employees. The transaction was completed on 3 March 2025.

Page 6 3rd quarter 2025

Key figures 1.7. - 30.9 1.1. - 30.9 1.1. - 31.12 MNOK 2025 2024 2025 2024 2024 Revenues 5,885 4,255 17,383 13,596 19,123 EBITDA 1,059 856 3,117 2,559 3,545 EBITDA (%) 18.0 20.1 17.9 18.8 18.5 EBIT 871 689 2,594 2,093 2,903 EBIT (%) 14.8 16.2 14.9 15.4 15.2 Share of net income associated companies 130 32 256 165 445 Order Intake 7,315 4,749 27,529 20,197 54,382

Order backlog per division

Page 7 3rd quarter 2025

Results

Revenues were MNOK 5,885 in Q3, up 38 per cent from the same quarter last year. A large part of the growth in the quarter was driven by increased activity in missile projects and air defence deliveries. Accumulated operating revenues so far in 2025 was MNOK 17,383, up 28 per cent compared to 2024.

EBIT was MNOK 871 in Q3, corresponding to an EBIT margin of 14.8 per cent compared to MNOK 689 (16.2 per cent) in the same quarter last year. The EBIT margin in this business area can fluctuate depending on the specific projects being executed. Accumulated for Q3, EBIT was MNOK 2,594 compared to MNOK 2,093 in the same period in 2024.

The share of net income from associated companies was MNOK 130 in the quarter compared with MNOK 32 in the corresponding quarter 2024. The growth was driven by improvements in Patria's results due to increased vehicle deliveries. Patria's figures for Q3 include June, July and August. See also note 5.

Market and orders

Order intake was MNOK 7,315 in 3rd quarter corresponding to a book/bill of 1.24. Accumulated order intake in 03 2025 was MNOK 27,529 compared to MNOK 20,197 in Q3 2024. At the end of the quarter, the business area had an order backlog of MNOK 110,708, an increase of MNOK 1 466 during the quarter and an increase of MNOK 38,745 from Q3 2024.

In August, Kongsberg Defence & Aerospace signed a contract with the United States Marine Corps for full-scale production of unmanned 30 mm turrets for the Amphibious Combat Vehicle 30mm (ACV-30) program. The contract is a framework agreement with a value of up to USD 330 million. The order in August was for USD 118 million. The ACV-30 is one of four variants in the next generation of amphibious vehicles, developed and manufactured by BAE Systems. The ACV-30 variant is equipped with KONGSBERG's stabilised, unmanned MCT-30 turret, which provides the necessary capabilities and protection. The turret is platform-independent and can be integrated with armour protection and various effectors.

There was a good order intake related to air defence and antidrone capabilities in the quarter. The order intake has come in the form of several individual contracts with relatively short delivery times.

Growth and significant investments

Kongsberg Defence & Aerospace develops and supplies equipment and technology to the Norwegian Armed Forces and Norway's allies. NATO countries are investing in and strengthening their own defence capability. There is great demand for Kongsberg Defence & Aerospace's core products such as air defence, missiles and weapon stations. The order backlog for missiles and air defence systems is now about NOK 88 billion. This has driven growth and led to significant capacity expansions. In 2024, the new missile factory in Kongsberg opened. The capacity expansions continue and in 2025 we have started construction of a new missile factory in Australia. Construction of a new missile factory in the United States will start later this year.

In Norway, there is a high level of activity in connection with fleet renewal in the Navy with new frigates and standardised vessels. Both of these procurements offer great opportunities for KONGSBERG.

KONGSBERG is engaged in multiple projects aimed at developing solutions to address current and future needs. The new supersonic missile 3SM is a development project in collaboration with the German industry to introduce a new longrange missile that expands the current missile portfolio and complements the NSM and JSM. In the field of air defence, efforts are being made to expand NASAMS to address a broader spectrum of ranges and threats, known as Full Spectrum Air Defence. Achieving a good balance between short-term opportunities and long-term strategic plans is crucial for sustained success over time.

Page 8 3rd quarter 2025

Key Figures

	1.7 30.9		1.1 30.9		1.1 31.12
MNOK	2025	2024	2025	2024	2024
Revenues	1,105	1,122	3,687	3,186	4,427
EBITDA	254	194	803	502	759
EBITDA (%)	23.0	17.3	21.8	15.7	17.1
EBIT	210	167	680	424	653
EBIT (%)	19.0	14.9	18.4	13.3	14.7
Order Intake	1,682	1,229	4,112	3,226	4,526

	30.9	30.6	31.12
MNOK	2025	2025	2024
Order backlog	3,468	2,919	3,069
No. of employees	1,345	1,279	1,191

52% 8% 25% Ocean Technologies Marine Life Technologies Uncrewed Platforms Seatex

Order backlog per division

Page 9 3rd quarter 2025

Results

Revenues were MNOK 1,105 in Q3, a decrease of (2) per cent compared to the same quarter last year. Accumulated operating revenues for Q3 was MNOK 3,687, an increase of 16 per cent from the same period in 2024.

EBIT was MNOK 210 in 3rd quarter, corresponding to an EBIT margin of 19.0 per cent compared to MNOK 167 (14.9 per cent) in the same quarter last year. The margin change from Q3 last year is mainly due to a more favourable project mix and good project execution. Accumulated for Q3, EBIT was MNOK 680 (18.4 per cent) compared to MNOK 424 (13.3 per cent) in the same period in 2024.

Market and orders

Order intake in 3rd quarter was MNOK 1,682, corresponding to a book-to-bill of 1.52, compared to MNOK 1,229 in Q3 2024. Order intake for Kongsberg Discovery will vary between quarters due to larger individual orders. In Q3, order intake was mainly driven by contracts for several new Hugin vessels, as well as sales of standard products.

Sustainable management of marine resources and safety are important drivers for Kongsberg Discovery. The business area is exposed to these drivers in major market segments such as offshore energy generation, commercial fishing, seabed mapping, security and critical infrastructure monitoring. The demand for solutions for a better understanding of the ocean space is increasing. This applies to commercial actors, public administration and defence customers.

Sensor technology enables monitoring and mapping of areas that are often difficult to access, such as deep sea areas, the seabed and the water column. Demand for technology to protect against various underwater threats, including submarines and mines, are growing. There is considerable international attention related to the need to protect and monitor critical infrastructure, both above and below sea level. Our broad product portfolio is well suited to meet these challenges.

At the end of Q3 2025, Kongsberg Discovery had an order backlog of MNOK 3,468.

Other factors

In June 2025, KONGSBERG announced the acquisition of Sonatech, an American company with 50 years of experience in underwater acoustics. Sonatech has a strong and solid relationship with the U.S. Navy. Combined with the business area's technology portfolio and expertise, the transaction will increasingly make our systems and products available to the U.S. Navy. Sonatech had MUSD 32.8 in operating revenues in 2024. The acquisition will be completed during 2025, subject to necessary approvals from the US authorities.

The acquisition of Sonatech was the second acquisition the business area signed in 2025. In the first quarter, Kongsberg Discovery acquired the technology company Naxys Technologies, which is a leading player in passive hydroacoustics, primarily aimed at environmental monitoring. Naxys Technologies had operating revenues of MNOK 124 in 2024.

Page 10 3rd quarter 2025

KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes

Outlook

Over the past years, KONGSBERG has had a positive development, demonstrated good adaptability, delivered significant growth and strong results.

At the end of Q3 2025, the Group had an order backlog of NOK 142 billion, of which NOK 14 billion will be delivered during Q4 2025. This corresponds to NOK 3 billion higher order coverage for Q4 2025 compared to Q4 2024. Order intake from the aftermarket is to a lesser extent included in the order backlog. Framework agreements are only included in the order backlog when orders under the agreement are received.

KONGSBERG is exposed to market trends that provide significant growth potential going forward. To ensure capacity to deliver the existing order backlog and to meet future demand, investments are being made both in and outside Norway. In recent years, we have both started and completed new facilities. As communicated at the company's Capital Markets Day in 2024, we are in a period of increased investments that will persist until 2027-2028.

Kongsberg Maritime supplies newbuild and aftermarket customers in a wide range of vessel segments, from traditional merchant fleets to more advanced vessels performing complex marine operations. A generally ageing vessel fleet and stricter requirements related to emissions create a need for fleet renewal, which underpins longterm demand for the business area's solutions. However, the renewal of the maritime fleet will take time, as the capacity of the shipyards limits the number of new vessels being built. Technology is the key to succeeding in creating a more environmentally friendly maritime fleet, and Kongsberg Maritime's ambition is to be a leader in this development. The business area is well positioned in a market with an increasing need for efficient and emission-reducing technology.

Kongsberg Defence & Aerospace has grown continuously in recent years and has an order backlog of NOK 111 billion, of which 72 percent is with European customers, at the end of Q3 2025. By 2025, all missile production will be relocated to new facilities. The mix of projects being delivered is a key driver of profitability, which may fluctuate between quarters. The business area holds leading market positions in several defence segments.

Kongsberg Discovery has an extensive portfolio of advanced technology combined with deep domain knowledge and software. This is important in areas such as fisheries, marine research, marine operations, ocean-based energy production, defence and monitoring of critical infrastructure. The business area has solid market positions and there is great demand for technology from all these segments.

Security and sustainability are high on the international agenda. KONGSBERG is exposed to these megatrends, which has contributed to strong growth over the past 10 years. We believe this will continue to offer significant growth opportunities going forward. To position KONGSBERG for these opportunities, the Board believes that focused and specialized businesses will be best suited. Accordingly, it is proposed to demerge Kongsberg Maritime from the current Kongsberg Gruppen and list it as a separate maritime technology company on the Oslo Stock Exchange. Furthermore, it is proposed that Kongsberg Defence & Aerospace and Kongsberg Discovery will continue as a technology- and defence-focused KONGSBERG. Both companies will continue to have significant national strategic importance with headquarters in Norway.

The two proposed companies operate in different international markets that are undergoing change. This places different demands on their business models. Kongsberg Maritime holds a leading technology position and offers products and integrated solutions for a wide range of segments, from offshore vessels to the merchant fleet and the navy. The consolidated technology- and defencecompany KONGSBERG addresses critical needs in defence, security, and surveillance, with deliveries for both civilian and military applications.

The proposed stock exchange listing of Kongsberg Maritime will provide both of the future companies with enhanced competitiveness in creating value in a world where security and sustainability will dominate in the coming decades. Separately, the companies will have better opportunities to navigate and execute within their respective markets

Kongsberg, 29. October 2025

The Board of Directors Kongsberg Gruppen ASA

Page 11 3rd quarter 2025

Numbers & Notes

Page 12 3rd quarter 2025

Key figures by quarter

KONGSBERG		2025					2024					2023
MNOK	2025	Q3	Q2	Q1	2024	Q4	Q3	Q2	Q1	2023	Q4	Q3	Q2	Q1
Revenues	41,823	13,302	13,899	14,622	48,872	13,909	11,924	11,589	11,450	40,617	11,936	9,978	9,614	9,090
EBITDA	8,073	2,454	2,328	3,292	8,028	2,147	2,246	1,815	1,820	6,037	1,672	1,626	1,381	1,357
EBITDA (%)	19.3	18.5	16.7	22.5	16.4	15.4	18.8	15.7	15.9	14.9	14.0	16.3	14.4	14.9
EBIT	6,833	2,022	1,918	2,892	6,507	1,730	1,868	1,448	1,463	4,600	1,273	1,270	1,038	1,019
EBIT (%)	16.3	15.2	13.8	19.8	13.3	12.4	15.7	12.5	12.8	11.3	10.7	12.7	10.8	11.2
Share of net income associated companies	248	124	111	14	441	276	32	97	37	358	177	148	21	12
Order intake	55,811	16,889	18,184	20,739	87,809	44,834	12,951	17,278	12,746	65,401	31,461	11,339	10,512	12,089
Order backlog	142,251	142,251	138,795	133,975	127,893	127,893	96,865	95,561	90,204	88,550	88,550	69,233	68,130	66,927

KONGSBERG MARITIME¹		2025					2024					2023
MNOK	2025	Q3	Q2	Q1	2024	Q4	Q3	Q2	Q1	2023	Q4	Q3	Q2	Q1
Revenues	19,521	6,392	6,386	6,743	24,766	6,896	6,487	5,980	5,402	20,180	5,589	4,990	4,978	4,624
EBITDA	3,079	1,140	870	1,069	3,886	897	1,240	861	888	2,601	671	762	529	640
EBITDA (%)	15.8	17.8	13.6	15.9	15.7	13.0	19.1	14.4	16.4	12.9	12.0	15.3	10.6	13.8
EBIT	2,622	987	716	919	3,354	760	1,112	729	753	2,053	538	615	392	508
EBIT (%)	13.4	15.4	11.2	13.6	13.5	11.0	17.1	12.2	13.9	10.2	9.6	12.3	7.9	11.0
Order intake	24,224	7,918	7,519	8,787	28,386	9,145	6,953	6,131	6,157	22,408	4,798	5,534	5,077	6,999
Order backlog	27,601	27,601	26,201	24,680	22,800	22,800	20,536	19,733	20,053	19,097	19,097	19,942	19,553	19,135

¹⁾ Kongsberg Digital's maritime operations have been transferred to Kongsberg Maritime and the sale of Kongsberg Maritime's steering gear and rudder business was completed in Q1. The comparable figures are not revised.

KONGSBERG DEFENCE & AEROSPACE		2025					2024					2023
MNOK	2025	Q3	Q2	Q1	2024	Q4	Q3	Q2	Q1	2023	Q4	Q3	Q2	Q1
Revenues	17,383	5,885	6,122	5,375	19,123	5,527	4,255	4,425	4,917	15,949	5,017	3,940	3,468	3,523
EBITDA1)	3,117	1,059	1,045	1,012	3,545	986	856	856	846	3,005	900	752	664	689
EBITDA (%)	17.9	18.0	17.1	18.8	18.5	17.8	20.1	19.4	17.2	18.8	17.9	19.1	19.1	19.6
EBIT1)	2,594	871	875	848	2,903	811	689	703	700	2,397	748	594	514	541
EBIT (%)	14.9	14.8	14.3	15.8	15.2	14.7	16.2	15.9	14.2	15.0	14.9	15.1	14.8	15.4
Share of net income associated companies	256	130	113	12	445	280	32	96	37	406	191	147	56	12
Order intake	27,529	7,315	9,841	10,374	54,382	34,185	4,749	10,257	5,190	37,771	24,839	4,646	4,438	3,849
Order backlog	110,708	110,708	109,242	105,440	100,626	100,626	71,963	71,506	65,667	65,377	65,377	45,667	44,938	43,964

1) EBITDA and EBIT for 2023 are restated due to Kongsberg IT being reported as a part of other from 2024.

Page 13 3rd quarter 2025

KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes

Key figures by quarter continued

KONGSBERG DISCOVERY		2025					2024					2023
MNOK	2025	Q3	Q2	Q1	2024	Q4	Q3	Q2	Q1	2023	Q4	Q3	Q2	Q1
Revenues	3,687	1,105	1,226	1,357	4,427	1,241	1,122	1,012	1,052	3,913	1,145	924	934	911
EBITDA	803	254	270	280	759	257	194	169	139	646	174	160	168	144
EBITDA (%)	21.8	23.0	22.0	20.6	17.1	20.7	17.3	16.7	13.2	16.5	15.2	17.3	18.0	15.8
EBIT	680	210	230	240	653	228	167	143	114	556	150	149	141	117
EBIT (%)	18.4	19.0	18.8	17.7	14.7	18.4	14.9	14.2	10.9	14.2	13.1	16.1	15.1	12.8
Order intake	4,112	1,682	966	1,464	4,526	1,300	1,229	839	1,157	4,305	1,326	1,103	835	1,041
Order backlog	3,468	3,468	2,919	3,194	3,069	3,069	3,002	2,925	3,110	2,948	2,948	2,732	2,641	2,708

Due to eliminations and that Kongsberg Digital, Property, Kongsberg IT and Corporate functions are not included, the sum of Business Areas does not add up to Group.

Page 14 3rd quarter 2025

Condensed income statement

		1.7 30.9		1.1 30.9		1.1 31.12
MNOK	Note	2025	2024	2025	2024	2024
Operating revenues		13,302	11,924	40,617	34,963	48,872
Gain from sale of business		—	—	1,206	—	—
Revenues	4	13,302	11,924	41,823	34,963	48,872
Operating expenses	8	(10,847)	(9,678)	(33,749)	(29,082)	(40,844)
EBITDA	4	2,454	2,246	8,073	5,881	8,028
Depreciation		(173)	(146)	(492)	(411)	(577)
Depreciation, leasing assets	6	(134)	(123)	(374)	(360)	(485)
Amortisation		(126)	(109)	(374)	(327)	(436)
Impairment of intangible assets		—	—	—	(6)	(23)
EBIT	4	2,022	1,868	6,833	4,778	6,507
Share of net income from joint arrangements and associated companies	5	124	32	248	166	441
Interest on leasing liabilites	6	(47)	(39)	(140)	(110)	(148)
Net financial items		54	(89)	182	(142)	(216)
Earnings before tax (EBT)		2,153	1,771	7,123	4,691	6,584
Income tax expenses	12	(450)	(402)	(1,521)	(1,020)	(1,441)
Earnings after tax (EAT)		1,704	1,369	5,603	3,671	5,144
Attributable to:
Equity holders of the parent		1,697	1,359	5,597	3,672	5,126
Non-controlling interest		6	11	6	(1)	18
Earnings per share (EPS) / EPS diluted in NOK
Earnings per share	9	1.93	1.54	6.36	4.18	5.82
Earnings per share, diluted	9	1.93	1.54	6.36	4.18	5.82

Condensed statement of comprehensive income

			1.7 - 30.9	1.1 - 30.9		1.1 - 31.12
MNOK	Note	2025	2024	2025	2024	2024
Earnings after tax		1,704	1,369	5,603	3,671	5,144
Specification of other comprehensive income for the period:
Items to be reclassified to profit or loss in subsequent periods:
Change in fair value, cashflow hedges
• Cash flow hedges and cross-currency swaps	7	11	(56)	(5)	(223)	(239)
Tax effect cash flow hedges		(2)	12	1	49	53
Translation differences currency		21	192	(232)	328	373
Total items to be reclassified to profit or loss in subsequent periods		29	148	(236)	154	187
Items not to be reclassified to profit or loss in subsequent periods:
Actuarial gains/losses pensions		—	—	—	—	(47)
Tax effect on actuarial gain/loss on pension		—	—	—	—	10
Total items not be reclassified to profit or loss		—	—	—	—	(37)
Comprehensive income		1,733	1,517	5,366	3,825	5,294

Page 15 3rd quarter 2025

Condensed statement of financial position

		30.9	30.6	31.12
MNOK	Note	2025	2025	2024
Assets Property, plant and equipment		7,805	7,311	6,804
Leasing assets	6	2,552	2,509	1,959
Intangible assets	8	6,362	6,368	5,957
Share in joint arrangments and associated companies	5	4,710	4,584	4,634
Other non-current assets		962	949	887
Total non-current assets		22,391	21,720	20,240
Inventories		8,083	7,299	7,274
Trade receivables		10,947	9,029	10,662
Customer contracts, asset	7	15,916	15,691	13,435
Derivatives	7	2,149	2,319	2,356
Other short-term receivables		1,397	1,912	1,154
Cash and cash equivalents		15,765	14,385	14,293
Total current assets		54,256	50,634	49,174
Total assets		76,647	72,354	69,414

		30.9	30.6	31.12
MNOK	Note	2025	2025	2024
Equity, liabilities and provisions
Issued capital		5,928	5,928	5,928
Retained earnings		12,998	11,320	11,377
Other reserves		1,141	1,111	1,372
Non-controlling interests		665	635	593
Total equity		20,732	18,995	19,269
Long-term interest-bearing loans	7	1,000	1,000	2,500
Long-term leasing liabilities	6	2,269	2,248	1,762
Other non-current liabilities and provisions	3	2,236	2,236	2,187
Total non-current liabilities and provisions		5,506	5,484	6,449
Customer contracts, liabilities	7	34,133	30,606	29,158
Derviatives	7	1,918	2,038	4,100
Short-term interest-bearing loans	7	1,600	1,575	—
Short-term leasing liabilites	6	512	490	427
Dividend not paid		2,111	2,111	—
Other current liabilites and provisions	3	10,136	11,057	10,012
Total equity, liabilitiess and provisions		50,410	47,876	43,696
Total equity, liabilities and provisions		76,647	72,355	69,414
Equity ratio (%)		27.0	26.3	27.8
Net-interest-bearing debt		(10,383)	(9,072)	(9,604)

Page 16 3rd quarter 2025

KONGSBERG | Kongsberg Maritime | Kongsberg Defence & Aerospace | Kongsberg Discovery | Outlook | Numbers & Notes

Condensed statement of changes in equity

	30.9	30.6	31.12
MNOK Note	2025	2025	2024
Equity opening balance	19,269	19,269	16,465
Total comprehensive income	5,366	3,633	5,294
Dividends	(3,870)	(3,870)	(2,463)
Transactions with tresury shares related to employee share programme	9	5	(3)
Purchase/sale, in non-controlling interest	(43)	(43)	(23)
Equity closing balance	20,732	18,994	19,269

Page 17 3rd quarter 2025

Condensed cash flow statement

		1.7 - 30.9	1.1 - 30.9		1.1 - 31.12
MNOK Note	2025	2024	2025	2024	2024
Earnings after tax Depreciation/impairment of property, plant and	1,704	1,369	5,603	3,671	5,144
equipment	172	147	492	411	577
Depreciation, leasing assets	134	123	374	360	485
Amortisation/impairment of intangible assets	126	109	374	332	459
Share of net income from joint ventures and 5 associated companies	(124)	(32)	(248)	(166)	(441)
Net finance items	(7)	128	(42)	252	364
Income taxes	450	402	1,521	1,020	1,441
Gain on sale of business	—	—	(1,206)	—	—
Change in net current assets and other operatings related items	(303)	(573)	(2,457)	(1,167)	5,716
Net cash flow from operating activites	2,152	1,673	4,411	4,714	13,744
Dividend from joint arrangments and associated 5 companies	50	25	246	184	184
Purchase/disposal of property, plant and equipment	(672)	(300)	(1,576)	(1,211)	(1,668)
Investment in subsidiaries and associated companies 9	(7)	—	(486)	(84)	(84)
Investment in financial assets	—	(75)	(125)	—	—
Interest received	190	96	551	234	322
Sale of business and investment in subsidiaries 9	—	53	1,365	53	53
Capitalised internal development and other intangible assets	(125)	(127)	(380)	(322)	(459)
Settlement of cross-currency swaps	—		—	(109)	(109)
Net cash flow from investing activites	(563)	(329)	(405)	(1,256)	(1,762)

			1.7 - 30.9	1.1 - 30.9		1.1 - 31.12
MNOK	Note	2025	2024	2025	2024	2024
Net change interest-bearing loans		25	—	100	(500)	(500)
Payment of principal portion of lease liabilities	6	(134)	(122)	(371)	(356)	(480)
Interest paid		(52)	(52)	(125)	(155)	(171)
Interest paid on leasing liabilities	6	(47)	(39)	(140)	(110)	(148)
Net payment related to employee share programme		—	—	(90)	(100)	(100)
Dividends paid to equity holders of the parent		—	(45)	(1,759)	(1,232)	(2,463)
of which dividends from treasury shares		—	—	—	—	—
Net cash flow from financing activities		(208)	(257)	(2,385)	(2,453)	(3,862)
Effect of changes in exchange rates on cash and cash equivalents		—	102	(150)	146	198
Net change in cash and cash equivalents		1,380	1,189	1,471	1,151	8,318
Cash and cash equivalents at the beginning of the period		14,385	5,938	14,293	5,975	5,975
Cash and cash equivalents at the end of the period 1)		15,765	7,126	15,765	7,126	14,293

¹⁾ MNOK 8.105 of the cash and cash equivalents at the end of the period is placed in liquidity fund.

Page 18 3rd quarter 2025

1 General information and principles

General information

The consolidated financial statement for 3rd quarter (interim financial statement) covers Kongsberg Gruppen ASA, its subsidiaries and shares in joint arrangements and associated companies that are included according to the equity method.

Principles

Interim financial statements are compiled in accordance with IAS 34 (interim reporting), stock exchange regulations and the additional requirements of the Securities Trading Act. Interim financial statements do not include the same amount of information as the full financial statements and should be read in the context of the consolidated financial statements for 2024. The consolidated financial statements for 2024 were prepared in compliance with the Norwegian Accounting Act and international standards for financial reporting (IFRS) established by the EU.

The consolidated financial statements for 2024 are available on www.kongsberg.com.

The interim financial statement has not been audited.

2 New standards as of 1. January 2025

The accounting principles used in the quarterly report are the same principles as those applied to the consolidated financial statements for 2024.

Changes in accounting standards with effect from 1.1.25 have not had a material effect on the consolidated financial statements.

3 Estimates

Preparing the interim financial statement involves assessments, estimates and assumptions that affect the use of accounting principles and posted amounts for assets and obligations, revenues and expenses. Actual results may deviate from these estimates. The key considerations in connection with the application of the Group's accounting principles and the major sources of uncertainty remain the same as when the 2024 consolidated financial statements was compiled. The first half year of 2025 has been characterised by great political unrest and uncertainty and KONGSBERG may be affected if this continues. At the end of the quarter his has not had any effect on the financial figures.

Page 19 3rd quarter 2025

4 Segment information

			Revenues			EBITDA				EBIT
	1.7 - 30.9		1.1 - 30.9		1.1 - 31.12		1.7 - 30.9	1.1 - 30.9		1.1 - 31.12	1.7 - 30.9		1.1 - 30.9		1.1 - 31.12
MNOK	2025	2024	2025	2024	2024	2025	2024	2025	2024	2024	2025	2024	2025	2024	2024
Kongsberg Maritime1	6,392	6,487	19,521	17,870	24,766	1,140	1,240	3,079	2,989	3,886	987	1,112	2,622	2,594	3,354
Kongsberg Defence & Aerospace	5,885	4,255	17,383	13,596	19,123	1,059	856	3,117	2,559	3,545	871	689	2,594	2,093	2,903
Kongsberg Discovery	1,105	1,122	3,687	3,186	4,427	254	194	803	502	759	210	167	680	424	653
Other2	(81)	60	1,231	311	556	2	(44)	1,075	(168)	(162)	(46)	(101)	937	(334)	(402)
Group	13,302	11,924	41,823	34,963	48,872	2,454	2,246	8,073	5,881	8,028	2,022	1,868	6,833	4,778	6,507

¹⁾ Kongsberg Digital's maritime operations have been transferred to Kongsberg Maritime and the sale of Kongsberg Maritime's steering gear and rudder business was completed in Q1. The comparable figures are not revised.

Revenues YTD by division:

MNOK	2025	2024
Divisions
Global Customer Support	10,370	9,997
Integration & Energy	681	_
Propulsion & Handling	3,423	3,797
Automation & Control	5,555	5,153
Other/elimination	(508)	(1,078)
Kongsberg Maritime 1	19,521	17,870

2) Other activities consist of Kongsberg Digital, Kongsberg IT, property, corporate functions and eliminations.

MNOK	2025	2024	MNOK	2025	2024	MNOK	2025	2024
Divisions			Divisions			Divisions
Global Customer Support	10,370	9,997	Defence Systems	9,237	7,740	Ocean Technologies	1,710	1,571
Integration & Energy	681	—	Missile & Space	6,542	4,449	Marine Life Technologies	492	476
Propulsion & Handling	3,423	3,797	Aerostructure & MRO	2,615	2,367	Uncrewed Platforms	807	683
Automation & Control	5,555	5,153	Other/eliminations	(1,011)	(960)	Seatex	743	552
Other/elimination	(508)	(1,078)	Kongsberg Defence & Aerospace	17,383	13,596	Other/eliminations	(64)	(97)

MNOK	2025	2024	MNOK	2025	2024	MNOK	2025	2024
Divisions			Divisions			Divisions
Global Customer Support	10,370	9,997	Defence Systems	9,237	7,740	Ocean Technologies	1,710	1,571
Integration & Energy	681	—	Missile & Space	6,542	4,449	Marine Life Technologies	492	476
Propulsion & Handling	3,423	3,797	Aerostructure & MRO	2,615	2,367	Uncrewed Platforms	807	683
Automation & Control	5,555	5,153	Other/eliminations	(1,011)	(960)	Seatex	743	552
Other/elimination	(508)	(1,078)	Kongsberg Defence & Aerospace	17,383	13,596	Other/eliminations	(64)	(97)
Kongsberg Maritime¹	19,521	17,870				Kongsberg Discovery	3,687	3,186
						Other/elimination	1,231	311
1) The divisional structure is changed from 3rd quarter. The comparable figures are adjusted acoordingly.						Total revenues	41,823	34,963

¹⁾ The divisional structure is changed from 3rd quarter. The comparable figures are adjusted acoordingly.

The table shows the anticipated date on which remaining performance obligations as of 30. September 2025 are recognised as income:

		2025			2024
		Date of revenue recognition			Date of revenue recognition
	Order backlog			2026 and later	Order backlog			2025 and later
MNOK	30.9.25	2025	2026		30.9.24	2024	2025
Kongsberg Martime	27,601	6,045	13,362	8,193	20,536	5,018	9,572	5,946
Kongsberg Defence & Aerospace	110,708	6,772	24,726	79,211	71,963	5,024	16,540	50,399
Kongsberg Discovery	3,468	1,428	1,574	466	3,002	1,099	1,458	445
Other/elimination	474	39	278	156	1,364	559	294	511
Total	142,251	14,284	39,940	88,026	96,865	11,700	27,864	57,301

Page 20 3rd quarter 2025

5 Shares in joint arrangements and associated companies

Specification of movement in the balance sheet line Shares in joint arrangements and associated companies 1. January -30. September 2025

MNOK		Ownership Carrying amount 1.1	Additions/ disposals	Dividend received	Share of net income 1)	Other items and comprehensive income	Carrying amount 30.9	Share of net income 1.7 30.9
Patria Oyi	49.9 %	3,546		(196)	119	67	3,536	76
Kongsberg Satelite Services	50 %	981	—	(50)	127	—	1,058	50
Other shares		107	7		2	—	116	(2)
Total		4,634	7	(246)	248	67	4,710	124

¹⁾ The share of net income is included after tax and amortisation of excess value.

Shares of net result from Patria:

		1.7 30.9 1.1 30.9			1.1 31.12
MNOK	2025	2024	2025	2024	2024
KONGSBERG's share (49,9%) 1)	79	(9)	126	85	242
Amortisation of excess values after tax	(3)	(3)	(7)	(7)	(4)
Share of net income recognised in KDA for the period	76	(12)	119	79	238

^{1) )} Share of Patria's net income after tax adjusted for non-controlling interests and net income from KAMS. Share of net income from Patria is recognised as follows during the quarters: Q1: jan-Feb, Q2: Mar-May, Q3: Jun-Aug and Q4: Sep-Des.

Share of net income and dividend from associated companies per business area:

	Share of net income				Dividend
	1.7 30.9		1.1 30.9		1.1 31.12	1.7 30.9		1.1 30.9		1.1 31.12
MNOK	2025	2024	2025	2024	2024	2025	2024	2025	2024	2024
Kongsberg Maritime	—	—	—	(1)	(5)	—	—	—	—	—
Kongsberg Defence & Aerospace	130	32	256	165	445	50	25	246	184	184
Other	(6)	—	(8)	1	1	—		—	—	—
Group	124	32	248	166	441	50	25	246	184	184

Page 21 3rd quarter 2025

6 Leasing

KONGSBERG has leases that are primarily related to land and buildings, as well as leases for machinery, vehicles and equipment.

IFRS 16-effects on condensed statement of financial position:

MNOK

Opening balance 1 January 25	1,959
Addition	617
Disposal	—
Depreciation Q1	(118)
Translation diffrences	(29)
Opening balance 1 April 25	2,429
Addition	207
Disposal	—
Depreciation Q2	(123)
Translation differences	(4)
Opening balance 1 July 25	2,509
Addition	176
Disposal	—
Depreciation Q3	(134)
Translation differences	1
Closing balance 30.9.25	2,552

Leasing assets and leasing liabilities recognised in the financial position:

MNOK	30.9.25	30.6.25	31.12.24
Leasing assets	2,552	2,509	1,959
Long-term leasing liabilities	2,269	2,248	1,762
Short-term leasing liabilites	512	490	427

IFRS 16 effects on condensed income statement in the period:

	1.7 30.9		1.1 30.9	1.1 31.12
MNOK	2025	2024	2025	2024	2024
Retured rental cost earlier included in EBITDA	181	160	511	466	628
Profit/Loss on disposed leases	—	—	—	3	3
Increased EBITDA in the period	181	160	511	469	631
Depreciation on leases	(134)	(123)	(374)	(360)	(485)
Increased EBIT in the period	47	37	136	109	146
Interest cost on leasing liabilities for the period	(47)	(39)	(140)	(110)	(148)
Reduced EBT in the period	—	(2)	(4)	(1)	(2)

Page 22 3rd quarter 2025

7 Financial instruments

Loans and credit facilities

The group has three bond loans amounting to a total of MNOK 2,500 , of which MNOK 1,500 is due within one year. Kongsberg Aviaton Maintenance Service AS (KAMS) is jointly owned with Patria Oyi. The company received financing from its owners in the 2nd quarter of 2025 and thus have a shortterm loan from Patria of MNOK 100 in addition to an internal loan from KONGSBERG. This is in accordance with the shareholder agreement to finance investments in KAMS. In addition, the group has a syndicated credit facility of MNOK 2,500 and an overdraft credit facility of MNOK 1,500. Neither were utilized at the end of the quarter.

Interest-bearing loans:

			30.9.2025	31.12.2024
		Nominal interest
MNOK	Due date	rate	Value 1)	Value 1)
Long-term loans:
Bond issue KOG09 - fixed interest rate	2.6.26	3.20 %	—	1,000
Bond issue KOG14 - floating interest rate	26.2.26	5.15 %	—	500
Bond issue KOG15 - fixed interest rate 2)	31.5.30	4.85 %	1,000	1,000
Total long-term loans			1,000	2,500
Short-term loans:
Bond issue KOG09 - fixed interest rate	2.6.26	3.20 %	1,000	—
Bond issue KOG14 - floating interest rate	26.2.26	5.15 %	500	—
Other short-term loans			100	—
Total short-term loans			1,600	—
Total interest-bearing loans			2,600	2,500
Syndicated credit facility (unutilised credit limit)	22.3.29		2,500	2,500
Overdraft facility (max credit limit)			1,500	1,500

¹⁾ Value is equal to nominal amount.

Page 23 3rd quarter 2025

²⁾Bond issue KOG 15 was entered into at a fixed rate of 4.85% p.a. KONGSBERG also entered into a floating rate swap agreement with 3M NIBOR + 1.36% p.a.

Forward exchange contracts

Fair value of balances classified as cash flow hedges, as shown in the condensed statement of comprehensive income, decreased by MNOK 5 before tax during the period 1. January -30. September 2025. The fair value of unrealized forward exchange contracts increased by MNOK 196 during the period. The total change in net fair value of fair value hedges represented an increase of MNOK 1,753 from the end of last year. The end-ofquarter spot rates were USD/NOK 9.98, EUR/NOK 11.71 and GBP/NOK 13.42.

	Due in 2025		Due in 2026 or later		Total
MNOK	Value in NOK on agreed rates	Fair value at 30.9.25	Value in NOK on agreed rates	Fair value at 30.9.25	Value in NOK on agreed rates	Change in fair value from 31.12.24	Fair value at 30.9.25
USD	(391)	(8)	943	(29)	552	216	(37)
EUR	(70)	(1)	(415)	(6)	(485)	(10)	(6)
Other	(23)	(2)	(271)	(7)	(295)	(10)	(8)
Sum	(483)	(11)	256	(41)	(227)	196	(52)
Roll-over of currency futures		(4)		(27)		(209)	(31)
Total	(483)	(14)	256	(68)	(227)	(13)	(82)

Forward exchange contracts cash flow hedges, assets	101
Forward exchange contracts cash flow hedges, liabilities	152
Net forward exchange contracts cash flow hedges	(52)

Fair value is referring to the net present value of the variance between the forward rate as of 30. September 2025 and the forward rate at the time of entering the forward exchange contract. The change in the fair value of cash flow hedges recognised in the statement of comprehensive income is MNOK -5, while the table above show a change in fair value of MNOK -13. The difference between these two amounts of MNOK 8 was ascribable to a change in fair value of cross-currency swaps.

Forward exchange contracts classified as fair value hedges : The net value of fair value hedges which are mainly

	Due in 2025		Due in 2026 or later		Total
MNOK	Value in NOK on agreed rates	Fair value at 30.9.25	Value in NOK on agreed rates	Fair value at 30.9.25	Value in NOK on agreed rates	Change in fair value from 31.12.24	Fair value at 30.9.25
USD	1,357	49	15,050	484	16,407	1,563	534
EUR	1,326	(26)	11,448	(90)	12,773	188	(116)
GBP	460	(53)	(1,773)	(13)	(1,313)	(56)	(67)
Others	210	15	(295)	(41)	(86)	58	(26)
Total	3,353	(15)	24,429	340	27,782	1,753	325

Forward exchange contracts fair value hedges, assets	2,030
Forward exchange contracts fair value hedges, liabilities	1,705
Net forward exchange contracts fair value hedges	325

recognized as derivates in the statement of financial position, offset against customer contracts, assets by MNOK 430 (decrease) and customer contracts, liabilities by MNOK -103 (decrease).

Page 24 3rd quarter 2025

Specification of derivatives:

	30.9	30.6	31.12
MNOK	2025	2025	2024
Forward exchange contracts, cash flow hedges (a)	101	70	822
Forward exchange contracts, fair value hedges (b)	2,049	2,249	1,534
Cross-currency swaps	—	—	—
Total derivatives, current assets	2,149	2,319	2,356
Forward exchange contracts, cash flow hedges ( c)	152	191	1,069
Forward exchange contracts, fair value hedges (d)	1,705	1,760	2,962
Cross-currency swaps	61	86	68
Total derivatives, current liabilities	1,918	2,038	4,100
Net forward exchange contracts, cash flow hedges (a) - ( c)	(52)	(122)	(247)
Net forward exchange contracts, fair value hedges (b) - (d)	344	489	(1,428)
Total net forward exchange contracts	292	367	(1,675)

8 Product developments

Product maintenance cost and development recognised int he income statement during the period:

	1.7 30.9		1.1 30.9		1.1 31.12
MNOK	2025	2024	2025	2024	2024
Product maintenance	167	135	460	432	596
Development cost	370	365	1,444	1,229	1,780
Total	537	500	1,904	1,661	2,376

In the consolidated statement of financial position at the end of the 3rd quarter the largest capitalised projects were related to the development of the digital platform Kognifai and associated applications, missile technology, medium-calibre weapon station (MCT and RWS), communication solutions and remote towers for airports.

Capitalised development recognised during the period:

	1.7 30.9		1.1 30.9		1.1 31.12
MNOK	2025	2024	2025	2024	2024
Capitalised development	106	98	280	262	369

Page 25 3rd quarter 2025

9 Share split

Share capital trends

	Date	Number of shares	Nominal NOK		Corr. Factor Share capital MNOK
Status	31.12.2024	175,921,849	1.25		219.9
Share split	3.6.2025	879,609,245	0.25	01:05	219.9

At the Annual General Meeting on 7 May 2025, the Annual General Meeting of Kongsberg Gruppen ASA resolved on a share split with a split ratio: One (1) share becomes five (5) shares. Effective date 3 June 2025.

As a result of the share split, earnings per share will be changed retrospectively by dividing by five:

		2025		2024			2023
NOK	Q2	Q3	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Earnings per share before the split	IA	IA	12.94	8.27	7.72	6.79	6.36	6.55	5.93	4.38	4.21
Earnings per share after the split	1.85	1.93	2.59	1.65	1.54	1.36	1.27	1.31	1.19	0.88	0.84

Page 26 3rd quarter 2025

10 Related parties

According to the shareholder agreement regarding financing of investments in Kongsberg Aviation Maintenance Services, the owners, Patria Oyi and KONGSBERG, have granted loans to the company. Patria Oyi's share of the financing is MNOK 100. The Board is not aware of any changes or transactions in the 3rd quarter associated with related parties that in any significant way have an impact on the Group's financial position and profit for the period.

11 Important risk and uncertainty factors

KONGSBERG's risk management is described in the 2024 annual report.

2025 has been characterised by great political uncertainties. KONGSBERG has a large international presence and is affected by global changes. Our global footprint and value creation close to the customer reduce the risk associated with this, but we may be affected by continued political unrest and uncertainty. KONGSBERG works closely with authorities and uses global expertise across all business areas to ensure that we are well prepared for and able to adapt to the constant changes.

The income tax expense per 3rd quarter was calculated to be 21.4 per cent of earnings before tax. The income tax expense was mainly affected by income from associates recognized after tax, permanent differences and withholding tax.

Page 27 3rd quarter 2025

Alternative performance measures and definitions

KONGSBERG uses terms in the consolidated financial statements that are not anchored in the IFRS accounting standards. Our definitions and explanations of these terms follow below.

KONGSBERG considers EBITDA and EBIT to be normal accounting terms, but they are not included in the IFRS accounting standards. EBITDA is the abbreviation of "Earnings Before Interest, Taxes, Depreciation and Amortisation". KONGSBERG uses EBITDA in the income statement as a summation line for other accounting lines. These accounting lines are defined in our accounting principles, which are part of the 2024 financial statements. The same applies to EBIT.

Ordrer intake is the value of signed customer contracts where KONGSBERG has a delivery commitments to the customer.

Ordrer backlog is remaining revenues on signed customer contracts with delivery commitments to the customer.

Net interest-bearing debt is the net amount of the accounting lines "Cash and cash equivalents" and "Short- and long-term interestbearing liabilities".

Return on Average Capital Employed (ROACE) is defined as the 12-month rolling EBIT including share of net income from joint arrangements and associated companies, divided by the 12 month mean of recognised equity and net interest-bearing debt.

Net interest-bearing debt/EBITDA is defined as net interestbearing debt divided by 12-month rolling EBITDA.

Working capital is defined as current assets (except cash and cash equivalents) minus non-interest-bearing liabilities (except taxes payable). Financial instruments classified as cash flow hedges are not included in working capital.

Working capital is calculated as follows:

	30.9	30.6	31.12
MNOK	2025	2025	2024
Current assets	54,256	50,634	49,174
Current liabilities and provisions	(50,410)	(47,876)	(43,696)
Adjusted for:
Cash and cash equivalents	(15,765)	(14,385)	(14,293)
Unpaid dividend	2,111	2,111	—
Short-term interest-bearing loans	1,600	1,575	—
Short-term leasing liabilities	512	490	427
Net tax payable	1,698	1,588	1,009
Financial instruments classified as cash flow hedges	125	138	138
Working capital	(5,873)	(5,726)	(7,241)

Book/bill is order intake dividend by revenues.

Restructuring costs consist of salaries and social security tax upon termination of employment (such as severance and gratuity) in connection with workforce reductions. In addition to this are rent and other related costs and any one-off payments in the event of the premature termination of tenancy agreements for premises that are not in use.

Recurring revenues consist of revenues from Software as a Service, Software Leases and Software Maintenance & User Support.

Page 28 3rd quarter 2025

Quarterly report 3rd quarter 2025 kongsberg.com

Disclaimer: In the event of any discrepancy between the Norwegian and the English version of KONGSBERG's quarterly report, the Norwegian version is the authoritative one.