Kongsberg Group plans to spin off its maritime division and list it on the Oslo Stock Exchange. The move aims to create two independent companies focused on global growth. The IPO is targeted for April 2026.
Two independent companies are to be aligned to exploit global growth opportunities in their respective markets, Kongsberg has now announced. The Board of Directors proposes to spin off Kongsberg Maritime and list it on Euronext Oslo, while the Defense & Aerospace and Discovery segments will be merged into one company. The project is to be approved at an extraordinary general meeting so that the spin-off could take place in January and the IPO in April 2026 – at least that is the plan of the Norwegians.
According to the announcement, the Norwegian government has expressed its support for the Board of Directors’ proposal via the Ministry of Trade, Industry and Fisheries. The state ownership structure is not to change as a result of the spin-off. Kongsberg is of great importance to the national industry – especially in the military sector. The company is active in the shipping industry with navigation solutions, among other things, but also cooperates closely with German shipyards for naval projects.
“Safety and sustainability are at the top of the international agenda. Kongsberg is benefiting from these megatrends, which have contributed to strong growth over the last ten years. It is expected that these trends will continue to offer substantial growth opportunities,” the statement explains. Specialized business areas are best suited to optimally position themselves for these substantial opportunities.
“This will further strengthen our competitiveness and help us to create value in a world where safety and sustainability will play a dominant role in the coming decades. It will give the individual companies better market opportunities and implementation capabilities. Both companies will continue to have significant national strategic importance with headquarters in Norway,” says Eivind Reiten, Chairman of the Board of Kongsberg Gruppen.
According to the Norwegians, they have tripled their turnover since 2016 and employed 15,000 people at the end of the third quarter of 2025. The order backlog is described as “historically high”. The number of employees, turnover and results are distributed relatively evenly between the two companies. Both have now reached a size and financial strength that allows them to operate independently. “The divisions operate in different, changing international markets. This places different demands on the business models,” said Geir Håøy, President and CEO of Kongsberg Gruppen ASA.
The last few years have been characterized by increasing geopolitical tensions and trade wars. “This affects the two business areas differently and underlines the importance of optimal positioning for each. The synergies between the companies have diminished over time. The companies will continue to work together where this offers commercial benefits,” the announcement said.
Initial public offering
The planned spin-off of Kongsberg Maritime will be structured as a demerger in connection with a separate stock exchange listing. The shares of Kongsberg Maritime’s new parent company (“MAR”) will be issued directly to Kongsberg’s shareholders at the time of the spin-off, without raising new capital or selling existing shares. Following the listing, MAR’s shareholder structure will be the same as Kongsberg’s, with each shareholder receiving one (1) MAR share for each share held.
The new maritime business will be led by Lisa Edvardsen Haugan, President of Kongsberg Maritime. Mette Toft Bjørgen, currently Chief Financial Officer (CFO), will assume the position of CFO in the new maritime business. Eirik Lie, President of Kongsberg Defense & Aerospace, will become the new President and CEO of Kongsberg. The search for a new CFO has already begun.
