Kongsberg to Demerge Maritime Business to Standalone Public Company

Norway’s Kongsberg announced strong financial results while telling the investment community that its divisions face divergent megatrends, which, while driving growth, are unique to the business units. As a result, the company said it would concentrate on its defense segments while demerging Kongsberg Maritime to become a standalone publicly traded company on the Oslo Stock Exchange.

The move follows others that have cited the expected investment in defense systems as well as the opportunities in maritime shipbuilding and systems. In Germany, German conglomerate Thyssenkrupp completed the spin-off of its marine shipbuilder TKMS, while Rheinmetall, a German defense technology company, recently acquired Naval Vessels Lurssen (NVL), a naval shipbuilder and repair operation.

Kongsberg cited the marked increase in geopolitical tensions and the trade wars while saying its growth in the most recent quarter was driven by Kongsberg Defense & Aerospace. It cited strong orders for its weapons stations while saying in maritime integrated vessel deliveries to the newbuild market and underwater contracts were key drivers. Maritime, however, had a one percent decline in revenues to more than $635 million, but with adjustments for one-offs in 2024, it said revenue was up two percent this quarter. Operating revenues were up nine percent in maritime.

“The units operate in different international markets that are undergoing change,” Geir Håøy, President and CEO of Kongsberg Gruppen ASA. “This places different demands on business models. Kongsberg Maritime holds a leading technology position and offers products and integrated solutions across a wide range of segments—from offshore vessels to the merchant fleet and naval segment.”

They noted that operating revenues have tripled since 2016 and today report the maritime business has a record high order backlog. They said the business is specialized and will be best suited with independent management to continue its growth. The proposal calls for giving one share of Kongsberg Maritime for each share holders currently have of Kongsberg. They expect to complete the demerger during the second quarter of 2026.

The standalone maritime business will be led by Lisa Edvardsen Haugan, who has been President of Kongsberg Maritime for the past three years. She has been with the group since 2007 and was previously EVP of Deck Machinery & Motion Control for three years, and before that finance roles at Kongsberg.

“I’m proud to see that Kongsberg Maritime’s journey has brought us to a point where we are ready to stand on our own feet and continue growing in the years ahead. Globally, the maritime industry is entering a new era of growth, and we are uniquely positioned to take part in the value creation to come,” said Haugan in a posting.

Mette Toft Bjørgen, currently Chief Financial Officer (CFO) in Kongsberg, will take the position as CFO in the new maritime business.