Kongsberg Gruppen U/Ads

incoming CEO of Kongsberg from April this year, as well as incoming Chief Financial Officer Martin Lindgren. We will start by giving you a short summary of the presentation that I guess many of you have already seen from this morning before we open for Q&A. You will find a Q&A button on your screen, so please type in your questions there and I will read them out for all the viewers. So with that, Eirik.

Thank you, and good to have a meeting with you all. I will give a short overview of some of the elements we discussed earlier today, if you haven't seen it. So I just want to highlight that as Kongsberg in the future. I would like to start with that Kongsberg has a strong home base and they're growing very much internationally. So about 80% of what we are doing today is outside of Norway. And you can see on this slide that we have organized ourselves with three strong divisions. The first one on the left side is defense systems, where you can see nations is part of that, the air defense system. And underneath that, that's the remote weapon stations. So that is part of that division. And then missiles and air detectors. with the JSM Joint Strike Missile and the Naval Strike Missile as the strike missile we are selling to approximately 15 nations at the moment. And also we are producing parts and composite titanium parts for F-35. And then we have the third division, Discovery, mainly producing Hugen, the autonomous underwater vehicle, and other sensors and robotics, especially operating in the commercial and also defense markets, while the two first divisions are operating in the defense markets. I will also highlight that Discovery also includes the space business. In addition to these three divisions, our business model is constructed so that we establish joint ventures, partnerships, and co-ownerships. That is a really important part of our strategy. So that brings us closer to key partners and providing access to a broader customer base. On the right-hand side, you will see our financials and that they are strong. These numbers, they include the 50-50 JVs as well. So in 2025, we have 33 billion Norwegian kroner in revenue, approximately 5 billion in EBIT, and the order backlog is 138 billion. I just also want to highlight for those knowing us in details, we don't include PATRA, but we have an ownership of 49.9 in these numbers. Next. So this is some of the historic numbers for Kongsberg, which tells quite a lot of the growth path we are on. And we expect this growth to continue. But if you look at the left side here, when it comes to revenue and EBIT margin, I would say that we have a solid margin level throughout the growth period. At the same time, you can see that the growth started back in 2018, before the war in Ukraine. So we experienced a demand for our system already at that time, and we were able to do investments based on that. So we actually were ready when the war broke out in Ukraine. And if you also, we have tripled our revenues in a decade. And on the right side, you can see that this is the order backlog. And compared to, if you look at the global defense procurement and compare it to our order intake, we outpaced the, outgrew the global defense procurement by three. So we are increasing more rapidly compared to that. This is a kind of Quick look at our portfolio, ranging from underwater, from undersea to space. And you see in the middle there, you can see NASEMs, you see NSM missile, and you see remote systems. Those are the main global one position we have taken. And I also like to highlight that when going forward, we see that the new frontiers in the battlefield are the deep sea and space. And we are very much focused on these segments as well as growing areas for us. And if you look at, I would say, the new Kongsberg, where we combine Kongsberg Defense and Aerospace and Kongsberg Discovery, this is a good match since discovery has very much deep knowledge and systems and solutions for underwater systems and now also including the space so to add those two elements together fits very much into the defense portfolio and makes us more focused on the defense market But we also like to highlight that technology is very much important for us going forward. If you take the next one. Kongsberg has always been a high-tech supplier with what I would say is the best and most advanced solutions. and we see that technology and speed of innovations are really important elements also for the defense sector that this innovation and the speed of innovation is taking place in the in the civilian techno in the civilian part of what we are doing and also worldwide so those are really important elements you see on the on the left side there what we call rapid innovation. I would say that we during the Ukraine war, there was a lack of counter-U.S. systems. We were able to deliver what we call a Typhoon counter-drone solution to Ukraine within three months after the idea was created to deliver it, only three months. And now we do the same for unmanned surface vessels. So these are examples of how we can do rapid innovation and field it quite quickly. We also experienced in Ukraine the need for high-volume production of cost-effective missiles and interceptors. So we did an acquisition of Zone 5, a US company, that gives us access to a fast-growing developer and producer of cost-effective missiles that can be produced and manufactured at high volumes. And this will complement our, both the strike missile portfolio and also the air defense missile portfolio with, I would say, high volume, but to lower cost solutions. On the right hand side, you see a typical dual use technology. This is the Hugen autonomous underwater vehicle, developed and produced by Discovery. which has a civilian use, but now will have also a applications usage towards the defense side. If you want the next one. And also, our products, as we have today, we need further development in these areas. So, for instance, for the food spectrum air defense, which is important for us, we see that we have to plug in long-range capabilities to watch anti-TBM systems. At the same time, also counter U.S. anti-drone solutions. And with the strike missile portfolio, we continue our development. We have one high-end solution that we are currently developing together with Germany and Norway, which is a supersonic strike missile, 3SM. And also this acquiring of zone 5 for high-volume manufacturing is a very important part of that strike missile portfolio. And also, underwater capabilities, which I said was one of the new important areas going forward, where we have autonomous underwater vehicles. And also, this area is also important for our critical infrastructure solutions. And on the right side, with the space capabilities, we call this space for depends, typically during use area. And Kogsberg covers the whole value chain, everything from taking down data to being a producer of small satellites and also to have the data. And that was a very short brief on some of the highlights earlier today, and probably answer questions.

Yes, we have quite a few questions from the viewers. I'll start with a few questions from . Around the contract you announced with Poland on counter UAS recently. The first one is regarding today's comment from the Kongsberg CFO during the presentation. When the CFO guided for KDA growth for 2026 in line with 2025, meaning around 32%, had she then taken into account the effect of the Polish order last week?