Zurich, May 9, 2023: Kongsberg Automotive ASA (“Kongsberg Automotive”) has published its results for the first quarter 2023. The results show a continuous positive top line trend, while a challenging development in China and unfavorable foreign exchange rate developments are impacting the adjusted EBIT and net income negatively.

Adjusted EBIT declined in the Powertrain & Chassis segment on the back of lower sales towards passenger cars in China. In Specialty Products, a less favorable product mix and higher material costs not yet fully passed on to customers led to a lower margin.

All the financial information in this press release refers to the continuing operations of the company, as the divestments of ICS and LDC completed last year were accounted for separately in the 2022 financial statements as discontinued operations.

Comment from the President & CEO Joerg Buchheim:

I’m glad to see that we are continuously increasing our revenues, but we have to keep up and improve our margins. The shortfall of certain product sales within the passenger car market in China and the effects of prolonged COVID are impacting us in Q1. However, we stay confident that we will make those up in the coming quarters. We are determined to deliver on our full-year guidance and expect that our “move west” strategy in China, combined with lower global overhead costs and ongoing operational measures, will to some extent, make up for the shortfall.


Financial position:


Earnings presentation – conference call

The company will hold an earnings conference call at 08:00 CET on May 9, 2023. Conference call registration is available at the company’s webpage or the following link:

The earnings release and presentation will be published on www.newsweb.no and on KA's website www.kongsbergautomotive.com. The recording of the presentation will be made available on the company`s website shortly after the presentation.

Investor and media relations:
Mads Langaard
+47 905 81 264