Zurich, November 7, 2023: Kongsberg Automotive ASA (“Kongsberg Automotive”) has published its results for the third quarter of 2023. The results show underlying solid revenue growth at constant currency, and the strongest third quarter adjusted EBIT in the last three years.

Comment from the interim President & CEO Linda Nyquist-Evenrud:

“I’m pleased to announce the strongest underlying revenue and adjusted EBIT development since COVID. We have experienced significant growth within our Commercial Vehicle segment in all key markets. Declining sales in the Chinese Passenger Car markets were offset by increasing sales in the Americas. Our positive adjusted EBIT is partially impacted by one-time effects but marks a big step in the right direction.

Even though we delivered strong results, our cash balance is yet again reduced. This is mainly related to a normalization of accounts payable, which was built up in previous quarters. We are not satisfied with the liquidity development and have implemented several measures with the aim of reversing the negative trend. Office closing, streamlining of organization, and unfortunately also downsizing of the organization are some of the recent measures implemented."  

In Q1, KA’s former Board of Directors and former CEO/management decided to initiate a strategic review of KA with the aim of unlocking the full potential of the company. There have been several constructive dialogues with KA’s advisors and market participants in recent months, and the process has given valuable insights into different areas of improvement, both operationally and financially.

In Q3 2023, KA’s new Board of Directors and management have decided to conclude the structural considerations related to the strategic review.

Details of the strategic review are available in the Q3 earnings call presentation.


Financial position:


Overall, the targets are based on internal modelling, the latest automotive industry production forecasts, and are highly dependent on the market developing as predicted.

Earnings presentation – conference call

The company will hold an earnings conference call at 09:00 CET on November 7, 2023. Conference call registration is available at the company’s webpage or the following link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20231107_4

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.

Head of Investor Relations:
Mads Langaard
+47 905 81 264

All the financial information regarding 2022 in this press release refers to the continuing operations of the company, as the divestments of Interior Comfort Systems and Light Duty Cables businesses completed last year were accounted for separately in the 2022 financial statements as discontinued operations.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Investor Relations at Kongsberg Automotive ASA, and the contact person(s) mentioned above on 7 November 2023 at 07:00 CET.    

About Kongsberg Automotive ASA
Kongsberg Automotive provides cutting-edge technology to the global vehicle industry. We drive the global transition to sustainable mobility by putting engineering, sustainability, and innovation into practice. Our product portfolio includes driver and motion control systems, fluid assemblies, and industrial driver interface products. Find more information at: kongsbergautomotive.com