Norway’s Kongsberg Sets $10bn Revenue Target for 2029

Why It Matters

The ambitious targets signal Kongsberg’s confidence in escalating global defence spending and its ability to capture market share, making it a focal point for investors seeking exposure to the expanding defence sector.

Key Takeaways

• Targeting NOK 100 bn ($10 bn) revenue by 2029.
• Order backlog reached NOK 152 bn, double year‑over‑year.
• Expanding into unmanned naval, underwater, and space defence markets.
• Plans to spin off Kongsberg Maritime as separate listed entity.
• Aiming for >16% EBIT margin and NOK 150 bn revenue by 2033.

Pulse Analysis

Kongsberg Gruppen’s 2029 revenue ambition arrives as NATO allies and non‑aligned nations alike boost defence budgets to counter evolving threats. The company’s core strengths—air‑defence systems, strike missiles and remote weapon stations—align with the surge in demand for counter‑drone and anti‑missile capabilities. By leveraging a robust order backlog that now exceeds NOK 150 bn, Kongsberg can fund capacity expansions, secure supply‑chain resilience, and meet the scaling requirements of large‑scale procurement programs across Europe and the United States.

Beyond traditional land and air platforms, Kongsberg is positioning itself at the frontier of unmanned maritime and underwater operations, as well as space‑based defence applications. These dual‑use technologies tap into civilian markets while satisfying military contracts, creating cross‑sector revenue streams that can cushion cyclical defence spending. The company’s roadmap to broaden its missile portfolio and introduce autonomous naval fleets reflects a strategic pivot toward high‑growth, technology‑intensive segments that are still under‑penetrated by legacy defence firms.

For investors, the announced spin‑off of Kongsberg Maritime adds a layer of clarity to the group’s valuation, potentially unlocking hidden value in a pure‑play maritime business. Coupled with a target operating margin above 16% and a long‑term revenue horizon of NOK 150 bn by 2033, the outlook suggests strong cash‑flow generation and dividend upside. Market participants should monitor contract award pipelines, especially in Europe’s emerging C‑UAS (counter‑unmanned‑aerial‑system) market, as they will be key catalysts for the company’s growth trajectory.