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Kongsberg Defence Revenue: How Norway Built a USD 2.4 Billion Weapons Business

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Kongsberg Defence and Aerospace generated approximately NOK 25 billion (~USD 2.4 billion) in revenue in 2023 — nearly double its 2020 figure. That trajectory reflects both the post-Ukraine surge in European defence spending and the company’s increasingly non-negotiable position in NATO’s weapons architecture.

Revenue Breakdown

YearDefence Revenue (NOK bn)Growth YoYEBIT Margin (est.)Source
2019~11—~10 %Kongsberg AR
2020~13~+18 %~11 %Kongsberg AR
2021~14~+8 %~11 %Kongsberg AR
2022~18~+29 %~12 %Kongsberg AR
2023~25~+39 %~13 %Kongsberg AR

Revenue by Product Area (Estimated)

Product AreaShare (est.)Trend
NSM / JSM missile family~35 %Accelerating (Poland, Australia, Japan orders)
NASAMS air defence~30 %Accelerating (Ukraine, Hungary, Lithuania)
Protector RWS family~20 %Stable (CROWS programme ongoing)
Other (CORTEX, services)~15 %Stable

Backlog and Order Book

YearOrder Backlog (NOK bn est.)Source
2021~40Kongsberg AR
2022~60Kongsberg AR
2023~80+Kongsberg AR

FAQ

How profitable is Kongsberg Defence?
EBIT margins of 10–13 % are strong for a defence manufacturer of this scale — comparable to mid-tier US prime contractors.

Sources

  1. Kongsberg Gruppen — Annual Reports 2019–2023
  2. Oslo Stock Exchange — Investor presentations

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