Kongsberg stock fell 1.12 percent as defense orders expanded

Published on 10/04/2026 at 23:46 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Kongsberg stock is backed by Q2 revenue of NOK 10.4 billion, up 31 percent year over year. The NOK 158 billion backlog frames the next results.

Fotorealistische Verteidigungsanlage mit Radarturm bei Dämmerung, norwegische Küstenlandschaft — Kongsberg Gruppen ASA NO0003043309 zeigt eine norwegische Verteidigungsanlage mit Radaranlage bei Dämmerung, Illustration mit AI erstellt.

Kongsberg stock (ISIN NO0013536151) was last at NOK 308 on the Oslo Stock Exchange on October 2, 2026, down 1.12 percent from the prior close. The move came as the defense group built on a Q2 order backlog of NOK 158 billion and a new Belgian NASAMS contract worth NOK 10 billion.

Air defense order adds scale

On September 29, 2026, KONGSBERG said it had signed a NOK 10 billion contract to deliver NASAMS air defense systems to Belgium. The Netherlands is procuring the systems on Belgium's behalf, with the Belgian Air Force as the end user.

A separate Dutch expansion of the CITADEL air defense program added a contract worth NOK 1.5 billion on October 1, 2026, according to Unmanned Airspace. Together, the awards show how Kongsberg's air defense systems are gaining orders in its home region.

Q2 figures show operating leverage

Kongsberg's Q2 2026 revenue increased 31 percent year over year to NOK 10.4 billion, while EBIT reached NOK 1.7 billion, according to Yahoo Finance. The EBIT margin was 16.1 percent, up from 14.2 percent in Q2 2025, a 1.9 percentage point improvement.

Order intake reached NOK 17.1 billion in Q2 2026, excluding the USD 400 million NASAMS contract for Kuwait, and the backlog rose to NOK 158 billion. The backlog included NOK 21 billion scheduled for delivery during the rest of 2026, giving the revenue outlook a concrete near-term base.

The same Q2 presentation said the Missiles and Aerostructures division increased revenue 19 percent to NOK 2.9 billion, while Defence Systems grew 53 percent to NOK 5.1 billion. Management also identified supply-chain execution as a key operational challenge as new missile facilities in the United States and Australia move toward production.

Consensus stays above the market

MarketScreener reported an Outperform consensus from 11 analysts, with an average target of NOK 395.45 and a last close of NOK 321.40 on September 23, 2026. Deutsche Bank initiated coverage with a Buy rating and a NOK 360 target on September 10, 2026.

Against the October 2 price of NOK 308, the average consensus target of NOK 395.45 stands 28.39 percent above the market price. That gap reflects the importance of execution: the order book is large, but capacity expansion and delivery timing will determine how quickly it converts into revenue.

Stock remains below yearly high

Kongsberg stock was last at NOK 308 on October 2, 2026, at 4:26 p.m. CEST. The price was 27.87 percent below the 52-week high of NOK 427 and above the 52-week low of NOK 228.50, while market capitalization stood at NOK 270.9 billion.