Kongsberg Gruppen ASA, Oslo, Norway, has proposed the establishment of two focused and independent companies, each positioned to seize global growth opportunities within their respective markets. The company’s board of directors proposes to demerge and list Kongsberg Maritime on the Euronext Oslo Stock Exchange, while consolidating Kongsberg Defence & Aerospace and Kongsberg Discovery into a single entity.
Security and sustainability are high on the international agenda. Kongsberg is exposed to these megatrends, which have contributed to strong growth over the past decade, and these trends are expected to continue offering significant growth opportunities, company officials said in a statement announcing the changes.
To position Kongsberg for these opportunities, its board has assessed that focused and specialized businesses will be best suited. As a result, it is proposed that Kongsberg Maritime be listed as an independent maritime technology company. Furthermore, Kongsberg Defence & Aerospace and Kongsberg Discovery will be consolidated into a single technology-focused and defence-focused Kongsberg.
“This will further strengthen competitiveness in our efforts to create value in a world where security and sustainability are expected to dominate in the coming decades, Eivind Reiten, Kongsberg Grupen ASA’s chairman of the board, said in the statement. “Individually, the companies will gain better navigation opportunities and execution capabilities within their respective markets. Both companies will continue to have significant national strategic importance with headquarters in Norway.”
Kongsberg has tripled its operating revenues since 2016, and at the end of the third quarter of 2025, the Group had 15,000 employees and a historically high order backlog. The number of employees, revenue, and results are now relatively evenly distributed between the two companies. Both have reached a size and financial robustness that enables them to operate independently, according to the statement.
“The units operate in different international markets that are undergoing change. This places different demands on business models,” said Geir Håøy, president and CEO of Kongsberg Gruppen ASA. “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. The consolidated technology- and defence-company Kongsberg addresses critical needs in defence, security, and surveillance, delivering solutions for both civilian and defence applications.”
Both companies will leverage the high pace of innovation in their respective markets.
Recent years have been marked by increased geopolitical tensions and trade wars. This affects the two business areas differently and highlights the importance of enabling each to position itself optimally. The synergies between the businesses have been reduced over time. The companies will continue to collaborate where it provides commercial advantages.
The planned spin-off of Kongsberg Maritime will be structured as a demerger combined with a separate stock exchange listing. Shares in the new parent company for Kongsberg Maritime (“MAR”) will be issued directly to Kongsberg’s shareholders at the time of the demerger, without raising new capital or selling existing shares. Upon listing, the shareholder structure in MAR will mirror that of Kongsberg, with each shareholder receiving one (1) MAR share for each Kongsberg share held. The Norwegian state, through the Ministry of Trade, Industry and Fisheries, has expressed support for the board’s proposal. The state’s ownership will not change as a result of the demerger. The demerger is expected to be completed, and trading in MAR shares to begin in the second quarter of 2026.
The new maritime business will be led by Lisa Edvardsen Haugan, president of Kongsberg Maritime. Mette Toft Bjørgen, currently chief financial officer (CFO) of Kongsberg will take the position as CFO in the new maritime business. Eirik Lie, president of Kongsberg Defence & Aerospace, will become the new president and CEO of Kongsberg and a recruitment process will be initiated for the new CFO. The changes will be effective from the completion of the demerger. A new board of directors for MAR will be elected and effective from the time of listing.
The demerger and listing of MAR shares are planned according to the following indicative timeline: Publication of demerger plan: December 2025, Extraordinary General Meeting in Kongsberg to approve the demerger plan: January 2026, and listing and completion of the demerger: April 2026.
(NOTE: Defense is spelled defence as that is the way it is spelled in the company name.)
