Kongsberg falls after proposed maritime biz spin off, weaker Q3
30/10/2025 10:27
Adds analyst comments, milestone, updates share move
** Shares in Kongsberg Gruppen KOG.OL slump 15% after the Norwegian aerospace and defence company proposed spinning off its maritime business in IPO and posted "slightly weaker" Q3
** It said it aimed to demerge and list the Maritime unit on Oslo Bourse, a unit which made up 51% of group's total operating revenue in 2024
** A fair Sum Of The Parts (SOTP) of Kongsberg Maritime is likely closer to NOK 270 per share, meaning that the transaction is dilutive, Pareto Securities analyst Marcus Gavelli said
** "We find the Q3 report on the weaker side, with the share price reaction subject to investors digesting the spin-off news," Arctic Securities analyst Lukas Daul said in a note
** Daul noted the Q3 revenue of NOK 13.3 billion was 8% a miss to consensus, adjusted EBIT of NOK 2.02 billion a 4% miss, while order intake "still strong"
** The group reported higher Q3 order intake of NOK 16,889 million ($1.68 billion), up 30% year-on-year, due to an increase in missles and air defence deliveries
** The stock is at the bottom of STOXX 600 index .STOXX, on track for worst day since May 2022
($1 = 10.0431 Norwegian crowns)
(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))