Kongsberg Maritime Asa · OSL:KMAR
Kongsberg Maritime Asa — Debt Investor Presentation (August 2026)
45 slides from Kongsberg Maritime Asa's debt investor presentation, August 2026
Slide 1: Investor Presentation
A global technology partner delivering integrated maritime solutions across the vessel lifecycle Investor Presentation August 2026
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) This presentation is part of the offering material solely for information purposes in relation to a contemplated senior unsec ured bond issue (the "Bonds" and the "Bond Issue") by Kongsberg Maritime ASA (the "Company" and together with its consolidated subsidiaries, the "Group"). Su
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) This presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or pu rchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes
Slide 4: Summary of Risk Factors (1/2)
Summary of Risk Factors (1/2) An investment in the Bond Issue involves a high degree of risk. The risks summarized below are not the only ones facing the G roup. An investment in the Bonds is suitable only for investors who understand the risks and who can afford a loss of all or part of their inves
Slide 5: Summary of Risk Factors (2/2)
Summary of Risk Factors (2/2) • The Group's products and services utilise patented or otherwise protected intellectual property, creating a potential risk of infringement of third -party rights and related litigation. Risks related to financial matters • Following the separation from Kongsberg Grupp
Slide 6: Summary of Key Terms
Summary of Key Terms Issuer Kongsberg Maritime ASA Credit rating BBB+ (stable) by Nordic Credit Rating Issue size NOK[•]m Use of proceeds General corporate purposes including investments and acquisitions Tenor(s) 3 - 7 years Status Senior Unsecured Bond(s) Issue price 100% Coupon 3mNibor + [•]%, qua
Slide 7: Today's presenters
Today’s presenters Lisa Edvardsen Haugan Jan Erik Hoff President & CEO Acting Chief Financial Officer ≈20 years of experience ≈20 years of experience 7 7
Slide 8: Executive summary
Executive summary MNOK 30 337 MNOK 27 179 MNOK 3 911 NIBD / EBITDA -0,2 Order Intake LTM Q2 2026 Revenues LTM Q2 2026 EBITDA LTM Q2 2026 EBITDA incl. IFRS 16 LTM Q2 2026 This is Kongsberg Maritime Market overview Company financials • Global technology supplier • Benefits from long-term global trends
Slide 9: Agenda
01 Kongsberg Maritime 02 Market overview 03 Agenda Company financials 04 Appendix 05 Risk factors 9
Slide 10: 200 years development of maritime technology
200 years development of maritime technology Over 200 years Innovative Global Technology of determination breakthroughs player frontrunner 10
Slide 11: A global technology partner delivering maritime solutions
A global technology partner delivering maritime solutions A global network providing unique competitive advantage Americas EMEA APAC Europe, Middle East, Africa 14% 52% 34% • Core competence, technology and product centres • Increasing geopolitical importance • Shipowners and yards expanding Asia-Pa
Slide 12: Robust competitive edges
Robust competitive edges Competitive products Lifecycle partner Global presence Providing products in combination with system Supporting our clients through the vessel Local execution in all key regions – close to integration – ensuring reliability and lifecycle – from newbuild process all the way t
Slide 13: Following the vessel through its lifecycle
Following the vessel through its lifecycle Design and construction phase Operational phase Lifetime Newbuild market Aftermarket extension 1-2 years 1-3 years 20+ years 10+ years Concept / Yard delivery Recurring aftermarket Typically 1-2 times pre-contract value cycle pending vessel / equipment Ship
Slide 14: Enabling efficient maritime operations through advanced technology – from bridge to propeller
Enabling efficient maritime operations through advanced technology – from bridge to propeller Energy & Control Propulsion & Handling Supporting vessel owners and operators through the vessel lifecycle – enabling safe, efficient and future-ready maritime operations 14
Slide 15: An enabler of the energy transition
An enabler of the energy transition Energy transition Energy efficiency technologies and alternative energy solutions Digitalisation Emissions management including operational optimisation and cost reduction Integration Integrated systems for enhanced safety and operational efficiency Decarbonisatio
Slide 16: Diversified exposure across all major vessel segments
Diversified exposure across all major vessel segments Naval & Offshore Gas Carriers Cargo Tug Passenger Other Government Energy Sharp focus on Focus on cost, Entering a Demand for new Emerging electric era, Growth market Mixed – including Market energy efficiency energy and defence-driven tonnage, u
Slide 17: Business model proven resilient against cyclicality through diversified lifecycle exposure
Business model proven resilient against cyclicality through diversified lifecycle exposure Diversified exposure Solid and growing order backlog, Stable repair and across segments majority towards newbuild refurbishment market A broad exposure towards all shipping Order backlog provides revenue Equip
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Slide 19: Agenda
01 Kongsberg Maritime 02 Market overview 03 Agenda Company financials 04 Appendix 05 Risk factors 19
Slide 20: Favourable macro conditions across KM's core end-markets
Favourable macro conditions across KM's core end-markets Merchant Offshore energy Naval GDP growth and world trade Demand for energy, security and energy mix Global defence spending 20
Slide 21: Outpacing the commercial shipping and offshore market
Newbuild Outpacing the commercial shipping and offshore market Growth driven by increasing system scope per vessel, not vessel count alone 2.5x Kongsberg Maritime newbuild order intake Agile and innovative approach in a diversified market Continuous innovation and rapid deployment of new solutions a
Slide 22: Large installed base supports aftermarket growth
Aftermarket Large installed base supports aftermarket growth Ageing fleet and lifecycle upgrades underpin long-term demand Orderbook/Fleet No. % Orderbook/Fleet Gt.% Average age 23 More than 50,000 vessels require upgrading over the next 5 years1 to comply with regulations, with Kongsberg Maritime a
Slide 23: Agenda
01 Kongsberg Maritime 02 Market overview 03 Agenda Company financials 04 Appendix 05 Risk factors 23
Slide 24: Substantial revenue growth in newbuild and aftermarket
Substantial revenue growth in newbuild and aftermarket EBITDA % Aftermarket Newbuild Aftermarket Newbuild 21% 15% CAGR 28 CAGR 27 15 14% 12 10% 2021 2022 2023 2024 2025 LTM Q2 2026 2021 2022 2023 2024 2025 Q2 2026 24 *Financials 2025 exclude the gain (BNOK 1.2) from the sale of the commercial steeri
Slide 25: Revenues evenly split between business areas
Revenues evenly split between business areas • Delivers: Automation, electrical systems, bridge and remote control, • Delivers: Thrusters, waterjets, propellers and handling systems and integrated solutions • Structural strengths: Deep hydrodynamic competence, the • Structural strengths: Broad vesse
Slide 26: Disciplined R&D spend and robust working capital
Disciplined R&D spend and robust working capital R&D of LTM revenue (%) R&D (Opex & Capex) NWC of LTM revenue (%) NWC 14,6% 13,9% 7,3% 12,9% 13,0% 13,0% 7,2% 7,0% 12,4% 6,6% 6,6% 6,2% 9,8% 9,5% 9,4% 8,0% 7,9% 7,2% 5,8% 5,1% 2021 2022 2023 2024 2025 LTM Q2 2026 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’
Slide 27: Solid financial capacity and conservative financial policy
Solid financial capacity and conservative financial policy • Current NCR rating BBB+ NOK NOK Capital markets • Retain investment grade rating 1 billion 3 billion financing Credit policy • Maximum NIBD / EBITDA of 2.0 Overdraft facility Revolving credit facility NOK 50 billion * • Aggregate interest
Slide 28: BBB+ Investment Grade rating from Nordic Credit Rating
BBB+ Investment Grade rating from Nordic Credit Rating NCR-adj. net debt/EBITDA «Our 'BBB+' long-term issuer credit rating on 0.7x 0.5x Norway-based Kongsberg Maritime ASA is supported by the company's leading role in providing integrated technological solutions -0.1x -0.3x for increased energy effi
Slide 29: Executive summary
Executive summary MNOK 30 337 MNOK 27 179 MNOK 3 911 NIBD / EBITDA -0,2 Order Intake LTM Q2 2026 Revenues LTM Q2 2026 EBITDA LTM Q2 2026 EBITDA incl. IFRS 16 LTM Q2 2026 This is Kongsberg Maritime Market overview Company financials • Global technology supplier • Benefits from long-term global trends
Slide 30: Agenda
01 Kongsberg Maritime 02 Market overview 03 Agenda Group financials 04 Appendix 05 Risk factors 30
Slide 31: Energy & Control
Energy & Control Navigation & Manoeuvring Automation Electrical Power Systems Ship Design Dynamic positioning, navigation, Automation, sensing and control of vessel Electrical power systems and energy Enables full-vessel design and system manoeuvring and vessel control, onboard systems and processes
Slide 32: Energy & Control – Key financials
Key financials NOK billion Energy & Control Revenue Driving maritime automation and energy transition 13.0 13.3 12.1 • Expanding market driven by increased vessel complexity and efficiency requirements 10.1 • Delivering end-to-end energy management for maritime performance • World-leader in automati
Slide 33: Propulsion & Handling
Propulsion & Handling Thrusters Propellers Waterjets Handling Hydrodynamics, permanent magnet Shock qualification, system integration, Hydrodynamics, medium-size jets, large-jet Active heave compensation, system technology, azimuth thrusters, PODs, hydrodynamics, controllable pitch S4-L, small-jet r
Slide 34: Propulsion & Handling – Key financials
Key financials NOK billion Propulsion & Handling Revenue Defining the future of propulsion and handling 13.7 13.4 13.4 11.2 • Installed base of over 6,000+ propellers and 16,500+ thrusters • Broadest propulsion portfolio in the market, including thrusters, propellers and waterjets • High equipment a
Slide 35: Income Statement
Income Statement NOKm Q2 26 Q2 25 H1 26 H1 25 FY 25 Revenues 6,651 6,337 13,299 13,042 26,922 Gain from distribution of business -/- 157 -/- 1,205 1,205 Total income 6,651 6,494 13,299 14,247 28,127 Operating expenses -5,821 -5,466 -11,576 -11,097 -22,789 EBITDA 830 1,028 1,723 3,150 5,338 Depreciat
Slide 36: Balance Sheet
Balance Sheet Assets (NOKm) 30.06.2026 31.03.2026 31.12.2025 Property, plant and equipment 1,679 1,647 1,720 Leasing assets 1,705 1,648 1,757 Intangible assets 2,638 2,631 2,625 Shares in joint arrangements and associated companies 25 21 21 Other non-current assets 247 296 292 Total non-current asse
Slide 37: Cash Flow Statement
Cash Flow Statement NOKm Q2 26 Q2 25 H1 26 H1 25 FY 25 Earnings after tax 517 686 1,059 2,440 3,780 Depreciation/impairment of property, plant and equipment 47 47 96 92 201 Depreciation, leasing assets 67 64 136 128 306 Amortisation/impairment of intangible assets 38 46 77 88 171 Share of net income
Slide 38: Management team with solid experience from Kongsberg Gruppen & Kongsberg Maritime
Management team with solid experience from Kongsberg Gruppen & Kongsberg Maritime Lisa Edvardsen Haugan Mette Toft Bjørgen (on leave) Jan Erik Hoff Bjørn Jalving Chief Executive Officer Chief Financial Officer Acting Chief Financial Officer Chief Technology Officer Haugan has worked within the Kongs
Slide 39: Maritime Industry Focused Board of Directors
Maritime Industry Focused Board of Directors Per Arthur Sørlie Margareth Øvrum Ivar Hansson Myklebust Kristin Holth Chair of the Board Vice Chair of the Board Member of the Board Member of the Board Per Arthur Sørlie has over 40 years of experience, Margareth Øvrum has a long international Ivar Hans
Slide 40: Agenda
01 Kongsberg Maritime 02 Market overview 03 Agenda Financials 04 Appendix 05 Risk factors 40
Slide 41: Risk factors (1/5)
Risk factors (1/5) Risks related to the Group's business • The Group's future business performance depends on its contract portfolio as the Group's revenue is derived from contractual arrangements and its business divisions use various contractual formats. Across its business divisions, the Group de
Slide 42: Risk factors (2/5)
Risk factors (2/5) • The Group operates in highly competitive markets, and failure to compete effectively may result in loss of market share and r educed profitability. Although the Group believes it holds strong market positions in several of its key product areas, increased competition in th e mar
Slide 43: Risk factors (3/5)
Risk factors (3/5) Risks related to financial matters • The availability and conditions of bank guarantee credit facilities may limit the Group's growth. Following the separation fr om Kongsberg Gruppen ASA, the Group's ability to obtain performance guarantees on commercially acceptable terms is imp
Slide 44: Risk factors (4/5)
Risk factors (4/5) Risks related to the Bond Issue • During the lifetime of the Bonds, the Company will be required to make payments on the Bonds. The Company is dependent upon t he ability of its subsidiaries to generate cash flow from operations and to make distributions to the Company. If the Com
Slide 45: Risk factors (5/5)
Risk factors (5/5) • The Bonds are subject to credit risk relating to the Group's ability to meet its payment obligations, which in turn is largel y dependent upon the performance of the Group's operations and its financial position. Generally, creditors under indebtedness and trade creditors of the
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