KONGSBERG increased its operating revenues by 11 per cent compared to Q1 2021,
and experienced growth in all business areas. The EBITDA was affected by a total
of NOK 182 million related to two factors, including NOK 113 million linked to
an extraordinary appreciation paid to all employees. After adjusting for these,
the EBITDA margin was on a level with that for the first quarter last year. 

1st quarter: 
o	The order intake was NOK 7,5bn compared to NOK 7,6bn for Q1 2021
o	The operating revenues were NOK 7,0bn compared to NOK 6,4bn in Q1 2021
o	The EBITDA was NOK 829m compared to NOK 883m in Q1 2021
o	The EBITDA margin was 11.8% compared to 13.9% in Q1 2021

"KONGSBERG maintained last year's good progress in the first quarter of 2022,
with increased operating revenues and growth in all business areas compared to
last year. The first quarter EBITDA margin was affected by two extraordinary
factors. As a result of the strain caused by, and particularly good efforts made
during, the pandemic, the board decided to give all employees an extraordinary
bonus in Q1 to show the Group's appreciation. This resulted in a cost of NOK 113
million. In connection with the ongoing invasion of Ukraine, Kongsberg Maritime
booked provisions of NOK 69 million during the quarter linked to customer
relationships affected by the sanctions against Russia. After adjusting for
these two extraordinary factors, KONGSBERG has delivered good growth in its
EBITDA compared with Q1 2021," says Geir Håøy, the president and CEO of
KONGSBERG.

The order backlog continued to grow
Kongsberg Maritime (KM) had an order intake of almost NOK 6 billion, which is 46
per cent higher than in Q1 2021. The increase came particularly from the
newbuild market, but the aftersales market also continues to improve. The order
intake of Kongsberg Defence & Aerospace (KDA) was NOK 1.3 billion for the
quarter. The defence market is characterised by relatively few but large
contracts, with deliveries that normally take place over several years.
Considerable fluctuations in the order intake between quarters and years are
therefore to be regarded as normal. Kongsberg Digital (KDI) continued to sign
new customers for its digital solutions during the quarter, and the number of
both customers and installations in operation increased.

In total, the Group's order backlog increased to NOK 49.9 billion.

Challenging raw material, logistics and component situation
The world is currently experiencing higher raw material prices, logistics
challenges and component shortages. This also has direct and indirect effects on
KONGSBERG.

"Due to the logistics challenges and component shortages that the world is
facing, we are experiencing longer lead times and difficulty in getting hold of
some components. This has for instance led to delays in deliveries of remote
weapon systems, which have had a negative effect on the quarter's operating
revenues. The higher raw material prices affect the costs of manufacturing
propellers, for example. We're monitoring the situation closely and continually
implementing measures. Among other things, we are considering the redesign and
use of alternative suppliers. The higher raw material prices may also affect the
demand for new vessels. The challenging raw material, logistics and component
situation will result in fluctuations in revenues in the coming quarters," says
Håøy.

Good ability to adapt
Over the past few years, KONGSBERG has developed positively and shown a good
ability to adapt to significant and rapid changes. The unpredictability linked
to the COVID-19 pandemic meant that the company had to think differently, and
therefore implemented a number of changes. There is still uncertainty linked to
the pandemic, and in April 2022 there was a considerable lockdown in parts of
China where KONGSBERG has operations.

"This shows that we still have to plan for effects of the pandemic, and this
will continue to affect our work methods and require vigilance going forward. As
a consequence of Russia's invasion of Ukraine KONGSBERG has closed down its
operations in Russia and complies with the prevailing sanctions," says Håøy.

Expects continued growth
"NOK 17.3 billion of our order backlog of almost NOK 50 billion is for delivery
in 2022. This equals an order coverage that is NOK 2.7 billion higher than it
was at the end of Q1 2021. In total, we expect continued growth in our operating
revenues and are on schedule to achieve our ambitions for 2022," concludes Håøy.

Webcast of the presentation is streamed at www.kongsberg.com kl. 0815, Tuesday
10 May.

For more information, please contact: 
Jan Erik Hoff, Group Vice President Investor Relations, (+47) 99 11 19 16

Ronny Lie, Chief Communication Officer, (+47) 91 61 07 98

This information is subject of the disclosure requirements acc. to section 5-12
of the Securities Trading Act.

KONGSBERG (OSE-ticker: KOG) is a leading global technology corporation
delivering mission-critical systems and solutions with extreme performance for
customers that operate under extremely challenging conditions. We work with
nations, businesses and research environments to push the boundaries of
technology development in industries such as space, offshore and energy,
merchant marine, defence and aerospace, and more. KONGSBERG has about 11,000
employees located in more than 40 countries, creating a total revenue of NOK
27.4bn in 2021.

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