Kongsberg Automotive New (KGAUF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Kongsberg Automotive's Q2 2025 earnings call. My name is Therese Skudal, Communication and Marketing Director, and I will be the moderator for today's session. Thank you all for joining us. Before we begin, please take a note that today's call will be recorded and the recording will be made available on our website. The agenda will start with a presentation from our CEO Trond Fiskum and CFO Erik Maggelsen that join us in June, followed by a Q&A session. If you have questions during the presentation, please submit them by using the Q&A feature in the webcast tool. We encourage you to raise the question in English. Now, I'm pleased to introduce our CEO, Trond Fiskum. Trond, please go ahead. Thank you, Therese. Good morning, all. I will take you through the executive summary and market update before we go into the financial update. We want to start this earnings call with where we ended in the previous earnings call in May. We informed back then that the financial performance was not satisfactory and that meaningful changes were required. K is a clear turnaround case. Turnarounds are not made from one quarter to another, but we have taken many significant important steps since May. In this slide, you can see some of the highlights. We have launched an additional cost reduction program that will have 15 million euro in annual impact when fully implemented. This comes on top of previous programs earlier announced. We have renewed the executive leadership team and reinforced a performance-oriented culture in KA. We've decided to close our office in Zurich. We have decided to consolidate our Swedish plant footprint from two plants to one plant by moving our Lungsar plant into the existing Mølsjö plant. We have decided to make a strategic acquisit...