Kongsberg Gruppen — NATO Defence Cycle

Kongsberg Gruppen is Norway's leading defence and aerospace technology company — producing the Naval Strike Missile (NSM), Joint Strike Missile (JSM), NASAMS air defence systems, Protector remote weapon stations and advanced maritime systems. Listed on Oslo Børs, Kongsberg is the most operationally leveraged European defence stock to the NATO rearmament cycle that began in earnest following Russia's invasion of Ukraine in 2022 — and accelerated dramatically as geopolitical tensions across Europe and the Middle East intensified through 2025–2026.

Naval Strike Missile: The Crown Jewel

Kongsberg's NSM — the world's only fifth-generation surface-launched anti-ship missile — is the company's most strategically important product. The NSM has been selected by the US Navy, Poland, Germany, Romania and multiple other NATO members as their primary coastal defence and ship-launched anti-ship weapon. Each NSM contract is worth hundreds of millions of dollars and runs over multi-year delivery schedules, providing exceptional order backlog visibility. The JSM (Joint Strike Missile) — an air-launched derivative for F-35 aircraft — adds further demand from F-35 operators globally.

NASAMS: Air Defence in Global Demand

Kongsberg's NASAMS (Norwegian Advanced Surface-to-Air Missile System), developed jointly with Raytheon, has become one of the world's most demanded medium-range air defence systems following its high-profile use in Ukraine. NASAMS units have been ordered by Ukraine, the United States (White House defence), Qatar, Oman, Hungary and multiple NATO members. As European nations race to rebuild depleted air defence inventories, NASAMS order intake has accelerated dramatically — with production backlogs extending 3–4 years.

Protector: Global Remote Weapon Stations

Kongsberg's Protector remote weapon station — a remotely operated turret system for armoured vehicles — is the world's most widely deployed remote weapon station, used by the US Army, Marine Corps and dozens of allied militaries. As NATO members modernise their ground vehicle fleets, Protector integration into new and upgraded platforms creates a steady, recurring revenue stream that is relatively independent of near-term geopolitical cycles.

Defence Backlog: The Revenue Visibility Signal

Kongsberg's order backlog — which reached record levels above NOK 80 billion in 2024–2025 — provides exceptional forward revenue visibility. The backlog represents 3–4 years of future revenues, insulating Kongsberg from short-term defence budget fluctuations. For investors, monitoring backlog growth versus revenue delivery rate is the primary signal of whether Kongsberg's growth trajectory is accelerating or normalising. A growing backlog-to-revenue ratio signals continued strong demand.

Cycle Performance Summary