Kongsberg stock secures NOK 11.5 billion defense contracts

Published on 09/30/2026 at 12:51 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Two NASAMS-related orders cover Belgium and the Netherlands, with the larger valued at NOK 10.00 billion. Kongsberg targets NOK 100.00 billion in 2029 revenue.

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 secured two air-defense contracts worth NOK 11.50 billion, with the larger order covering 10 NASAMS systems for Belgium. The contracts announced on September 29, 2026, put missile and air-defense capacity at the center of the investment case.

NASAMS order drives the catalyst

According to Investing.com on September 30, 2026, Kongsberg announced a NOK 10.00 billion contract for 10 NASAMS systems purchased for Belgium through the Netherlands. A second NOK 1.50 billion order will expand the Netherlands' CITADEL program with NOMADS and additional NASAMS systems.

The Belgian contract represents 86.96 percent of the combined order value, making it the dominant near-term piece of the announcement. The split also shows that the opportunity extends beyond a single customer, with two national procurement programs involved.

Backlog supports expansion plans

Investing.com reported on September 10, 2026, that Deutsche Bank began coverage with a Buy rating and a NOK 360.00 price target. The report cited a record NOK 158.00 billion backlog and Kongsberg's revenue ambitions of NOK 100.00 billion in 2029 and NOK 150.00 billion in 2033.

The new contracts therefore add to a disclosed expansion path rather than standing alone. Kongsberg's defense portfolio includes air-defense systems, missiles, command systems and remote weapon stations, while its Discovery business supplies subsea and autonomous technologies.

Q2 figures mark the next checkpoint

Kongsberg's Q2 2026 report showed revenue of NOK 9.89 billion and operating profit of NOK 1.59 billion, according to Affarsvärlden. Q2 revenue was higher than the NOK 8.94 billion reported for Q1 2026, while operating profit rose from NOK 1.49 billion to NOK 1.59 billion.

The Q2 comparison gives investors a concrete operating reference for the contract news. The next financial calendar date listed by Kongsberg is October 29, 2026, for the next quarterly presentation, according to the company's KONGSBERG investor-relations page.

Kongsberg stock tracks order visibility

The contract value, backlog and revenue targets make order visibility the key stock variable after the September 29 announcement. Kongsberg is listed on the Oslo Stock Exchange, and its defense exposure gives the new NASAMS awards direct relevance for future capacity utilization.