From Yahoo Finance: 2025-05-08 01:20:00

Norway’s Kongsberg reports a 63% increase in quarterly order intake to 20.74 billion Norwegian crowns, driven by demand for missiles and air defense systems. The company’s profits soar in the first quarter, with shares rising 6% in early trading. CEO Geir Håøy credits larger defense spending in Europe for the positive results.

European countries are increasing defense budgets amid concerns about U.S. commitment to European security under President Trump. Kongsberg, a major player in the defense and aerospace industry, is benefiting from this trend. The company’s exports to the U.S. are largely defense products for the armed forces, subject to duty-free imports under DFARS regulations.

Kongsberg’s defense and aerospace division, accounting for 40% of its revenue, saw its order intake more than double in 2024. The unit’s success is attributed to the growing demand for missile and air defense systems. Operating earnings before depreciation and amortization (EBITDA) grew 81% in the first quarter, driven by sales growth in the maritime division.

Read more: Kongsberg’s orders and profit soar on defence systems demand