Kongsberg stock weighs 31 percent Q2 growth against a NOK 158 billion backlog

Published on 10/05/2026 at 14:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue reached NOK 10.4 billion and EBIT margin was 16.1 percent on July 13. Eleven analysts rate Kongsberg Outperform with an average target of NOK 395.45.

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 Gruppen ASA stock (ISIN NO0013536151) was trading at NOK 307.10 on Oslo Bors on October 5, 2026 at 2:02 p.m. CEST, while its latest quarterly figures showed revenue growth of 31 percent. The Q2 2026 presentation published by Yahoo Finance on July 13, 2026, gave investors a stronger operating backdrop than the daily move alone suggests.

Q2 revenue crossed NOK 10 billion

Revenue reached NOK 10.4 billion in Q2 2026, up 31 percent from the same period in 2025, according to Yahoo Finance. EBIT rose to NOK 1.7 billion from NOK 1.1 billion, a 49 percent increase, while the EBIT margin expanded to 16.1 percent from 14.2 percent.

The operating improvement was spread across the business. Defense Systems revenue increased 53 percent to NOK 5.1 billion, while Missiles and Aerostructures revenue rose 19 percent to NOK 2.9 billion in the quarter, the transcript reported.

Backlog gives growth a long runway

Quarterly order intake totaled NOK 17.1 billion and lifted the order backlog to NOK 158 billion. Kongsberg also reported NOK 10.9 billion of Joint Strike Missile orders in Q2, including repeat orders from Germany and the United States and a contract with Canada.

Management said NOK 21 billion of the backlog was scheduled for delivery during the remaining two quarters of 2026, with NOK 44 billion allocated to 2027. The mix matters because the backlog converts defense demand into planned production rather than relying only on new awards.

Kongsberg also expects 2026 revenue to exceed the 2025 level, while the company is building capacity in the United States and Australia. The Q2 transcript identified supply-chain execution as a key operational challenge as production scales.

Analysts see value above the market price

MarketScreener reported on September 10, 2026, that Deutsche Bank began coverage with a Buy rating and a NOK 360 price target. The same MarketScreener company page lists an Outperform consensus from 11 analysts and an average target of NOK 395.45.

The consensus target is a market view, not a company forecast. For Kongsberg, the central trade-off is visible in the numbers: a NOK 158 billion backlog supports expansion, while the Q2 cash flow statement showed NOK 1.6 billion of operating cash outflow as investment and working capital absorbed cash.

Kongsberg stock stays below its yearly high

Kongsberg stock was trading at NOK 307.10 on Oslo Bors on October 5, 2026 at 2:02 p.m. CEST, down 0.29 percent from the prior close. The session range was NOK 305.40 to NOK 308.30, and the 52-week range was NOK 228.50 to NOK 427.