Zurich, May 8, 2024: Kongsberg Automotive ASA (KA) has published its results for the first quarter of 2024. The results show increased operating profitability on a slightly lower revenue. Free cash flow shows a significant improvement compared to Q1, 2023.

“We have put all our focus on regaining profitability and generating positive free cash flow, the first quarter therefore marks a significant step in the right direction.

Even though our industry has experienced a somewhat lower sequential activity, we are very pleased to see that several of our recently introduced measures are positively contributing to our operational and financial results, in combination with less unfavorable currency effects.

In the first quarter we are showing a significant improvement in free cash flow compared to Q1 last year. I am confident that the measures we have taken will lead to a positive free cash flow for the full year 2024.

New business wins in the quarter amounted to MEUR 450, which is an increase from MEUR 198 in the same quarter last year. I am glad to see increased interest in our wide range of products from our top-tier customers and I am especially pleased with the development and interest in our electric actuators. This leads us to upgrade our full year expectations for new business wins and book-to-bill ratio.

We have high ambitions to lower our cost base and we are fully on track to deliver on our promises. The results are already shown in Q1. In line with our cost optimization program, we continue to evaluate our current footprint, and are also relocating to countries and areas with lower costs.

Our significantly improved performance makes me confident that we are heading in the right direction: I expect that all operational measures we are taking will continue to improve the profitability of KA considerably in 2024 and onwards,” says KA’s President & CEO Linda Nyquist-Evenrud.

Summary of the first quarter 2024

KA reiterates the guidance to deliver revenues in the range of MEUR 830 to MEUR 880, and EBIT of MEUR 34 to MEUR 44, communicated in Q4 2023 earnings call. We are increasing our new business wins guidance to above MEUR 1,200 and a book-to-bill ratio above 1.2.

Subsequent activities

Overall, the expectations are based on existing framework agreements, current new product pipeline, the latest automotive industry production forecasts, and are highly dependent on the market development as predicted. For further risks, please see page 36-38 in the Annual Report 2023.

Earnings presentation – conference call

The company will hold an earnings conference call at 09:00 (CET) on May 8, 2024. 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.

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

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 May 8, 2024, 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