Kongsberg Reports Record Orders and Profit Growth
The defense firm saw revenue rise 50% following major international missile and air defense contract wins.
Updated on Oct. 29, 2026 in Corporate Finance
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Kongsberg recorded NOK 23.3 billion in new orders during the third quarter of 2026, pushing its total backlog to NOK 174.2 billion. The company achieved a 50% increase in revenue to NOK 11.3 billion and a 66% rise in operating profit to NOK 1.9 billion.
Why it matters
The surge in new orders is driven by sustained global demand for air defense systems, remote weapon stations, and advanced missiles. Kongsberg is actively expanding its manufacturing footprint to manage this historic backlog and reach its 2029 financial goals.
Kongsberg reported a 50% revenue increase to NOK 11.3 billion and a 66% rise in operating profit to NOK 1.9 billion for the third quarter. The company maintained a book-to-bill ratio of 2.06, reflecting the strength of its recent contract acquisitions.
The players
Kongsberg
This Norway-based technology group specializes in maritime, defense, and aerospace systems.
U.S. Air Force
This is the aerial warfare service branch of the United States Armed Forces.
U.S. Navy
This maritime service branch of the United States Armed Forces manages naval operations and procurement.
Zone 5 Technologies
This is a technology firm acquired by Kongsberg to enhance its autonomous capabilities.
The details
Recent major agreements include a NOK 10 billion contract for NASAMS air defense systems destined for Belgium, along with new orders for Joint Strike Missiles from the U.S. Air Force. To keep pace with these requirements, the company is increasing production capacity at facilities in Poland.
Timeline
2024: The Netherlands placed an order for NASAMS and NOMADS systems.
Q2 2026: Kongsberg acquired the firm Zone 5 Technologies.
July 2026: The U.S. Air Force placed an order for Joint Strike Missiles.
September 2026: Kongsberg signed a NOK 10 billion NASAMS contract with Belgium.
October 2026: Denmark announced plans to procure Joint Strike Missiles.
Market Landscape
Kongsberg's record growth highlights how defense contractors are scaling operations to meet the sustained rearmament cycle across Europe and North America. The surge in orders follows a broader industry pattern set by member states aligning with the NATO defense spending target of 2% of GDP.
While the firm manages its record backlog, clients should anticipate longer lead times for specific defense components due to current production constraints. The expansion in Poland is intended to eventually shorten these wait times as the company targets NOK 100 billion in revenue by 2029.
The takeaway
Kongsberg is prioritizing large-scale production capacity to convert its record order backlog into sustained revenue. Investors and stakeholders should watch for how the company balances this rapid growth with ongoing integration of recent acquisitions like Zone 5 Technologies.
Further reading
For more on industry-wide performance, visit the Corporate Finance section.
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