Norway's Kongsberg Q1 orders more than double on strong weapons demand (updated)
06/05/2026 06:38
Adds share move in paragraph 2, CEO quotes in paragraphs 7-9 By Marta Frackowiak May 6 (Reuters) - Norwegian defence firm Kongsberg Gruppen KOG.OL said on Wednesday that its first-quarter orders more than doubled, led by demand for weapon stations and counter-drone systems, and forecast stronger revenue growth for 2026. Shares of the company were up around 6% as of 0838 GMT. Kongsberg, which completed the spin-off of its maritime business in April, said orders soared 112% to 26.54 billion Norwegian crowns ($2.88 billion) in the quarter ended March 31. Its largest contract during the period was a 16 billion crown deal to supply counter-unmanned aerial systems to Poland. The company also said it expects 2026 revenue growth to exceed last year's levels, after reporting revenue of 32.75 billion crowns in 2025. CEO Eirik Lie said Kongsberg was well positioned for further growth, citing strong demand across its portfolio amid higher defence spending and NATO preparedness, alongside rising interest in counter-drone systems due to ongoing conflicts in Ukraine and the Middle East. "In a global environment characterised by conflict and rising geopolitical tensions, Kongsberg's role as a critical supplier to the security of allied nations has never been more important," Lie said in a statement. Lie told Reuters that Poland was among the first countries moving towards deploying anti-drone defence systems in Europe, adding that this could encourage other nations along NATO's eastern flank to adopt similar capabilities. Lie said Kongsberg was focused on maintaining a resilient supply chain through diversified sourcing across regions and did not currently see the volatility in energy markets materially affecting its business, while continuing to monitor potential risks. On costs, he said most of the company's order backlog was fixed-price, limiting the immediate impact of inflation, and that Kongsberg would factor higher costs into future contracts while seeking efficiency gains through higher production volumes to help offset cost pressures and remain competitive. ($1 = 9.2072 Norwegian crowns) (Reporting by Marta Frąckowiak in Gdańsk; editing by Sonia Cheema) ((marta.frackowiak@thomsonreuters.com))