VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Sunday, December 28, 2025
Kongsberg Gruppen ASA
KOG · Euronext Oslo Bors
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Kongsberg Gruppen ASA is a Norwegian defence and technology group with business areas Kongsberg Maritime, Kongsberg Defence & Aerospace, Kongsberg Discovery, and Kongsberg Digital. Defence & Aerospace is supported by government procurement relationships, long qualification cycles for integrated systems, and a large multi-year order backlog. Maritime benefits from a large installed base and global service network, with a majority of revenue coming from aftermarket activities. Discovery and Digital operate in more competitive markets, relying on specialised know-how and customer-specific integration (Discovery) and workflow/data platform embedding plus partners (Digital).
Primary segment
Kongsberg Maritime
Market structure
Oligopoly
Market share
30%-35% (reported)
HHI: —
Coverage
4 segments · 7 tags
Updated 2025-12-28
Segments
Kongsberg Maritime
Maritime technology & integrated ship systems (propulsion, automation, bridge, energy efficiency, service)
Revenue
49.5%
Structure
Oligopoly
Pricing
moderate
Share
30%-35% (reported)
Peers
Kongsberg Defence & Aerospace
Defence systems (air defence, missiles, remote weapon stations, C2) and aerospace MRO/aerostructures
Revenue
38.2%
Structure
Oligopoly
Pricing
moderate
Share
80% (reported)
Peers
Kongsberg Discovery
Ocean technology (sonar/sensors, subsea positioning, uncrewed platforms) for civilian and defence applications
Revenue
8.8%
Structure
Competitive
Pricing
moderate
Share
—
Peers
Kongsberg Digital
Industrial software (digital twins, simulation, asset performance) and maritime data/SaaS connectivity
Revenue
3.5%
Structure
Competitive
Pricing
weak
Share
—
Peers
Moat Claims
Kongsberg Maritime
Maritime technology & integrated ship systems (propulsion, automation, bridge, energy efficiency, service)
Installed Base Consumables
Demand
Installed Base Consumables
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Aftermarket is ~60% of segment revenue; installed base drives spares, service, upgrades and training.
Erosion risks
- Standardisation/commoditisation of ship systems
- More third-party and in-house maintenance
- Shipbuilding downcycles reduce new install base growth
Leading indicators
- Aftermarket share of segment revenue
- Service contract attach/renewal rates
- Installed base growth (vessels equipped/connected)
Counterarguments
- Shipowners can multi-source equipment and services
- Newbuild tenders can be price competitive
Service Field Network
Supply
Service Field Network
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
A large global service footprint improves uptime and supports lifecycle revenue capture.
Erosion risks
- Higher service cost base and talent retention challenges
- Remote diagnostics reduces differentiation of physical presence
Leading indicators
- Service response time / uptime metrics
- Service revenue growth vs installed base
- Customer satisfaction/NPS for service
Counterarguments
- Remote/centralised support could make global footprint less differentiating
- Competitors can invest to build similar service coverage
Compliance Advantage
Legal
Compliance Advantage
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Proactive compliance positioning on cybersecurity requirements for new vessels can reduce adoption friction.
Erosion risks
- Competitors reach parity quickly (compliance becomes table stakes)
- Standards evolve requiring redesign and re-certification
Leading indicators
- Expansion of class/IMO cyber requirements
- Product certification coverage across portfolio
Counterarguments
- Compliance is necessary but rarely sufficient for differentiation
Kongsberg Defence & Aerospace
Defence systems (air defence, missiles, remote weapon stations, C2) and aerospace MRO/aerostructures
Government Contracting Relationships
Legal
Government Contracting Relationships
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Embedded in multi-nation defence programs; relationships and track record matter in procurement and export approval processes.
Erosion risks
- Defence budget and political cycle risk
- Export licence/geopolitical restrictions
- Localisation/reshoring requirements reduce addressable market
Leading indicators
- Book-to-bill and backlog growth in Defence & Aerospace
- New user-nation wins and program renewals
- Gross margin stability on large programs
Counterarguments
- Governments can re-bid and switch suppliers
- Large primes may bundle offerings and win on price
Design In Qualification
Demand
Design In Qualification
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Platform integration/certification cycles are long; once designed-in, switching requires re-qualification and customer acceptance testing.
Erosion risks
- Alternative systems integrated on the same platforms
- Changing platform OEM standards or interoperability requirements
Leading indicators
- Number of active platform integrations and certifications
- New nation selections for missiles/air defence systems
Counterarguments
- Platform OEMs can open integration to more suppliers over time
Long Term Contracts
Demand
Long Term Contracts
Strength: 4/5 · Durability: durable · Confidence: 5/5 · 1 evidence
Large multi-year backlog provides revenue visibility and keeps production lines utilised.
Erosion risks
- Backlog conversion and schedule delay risk
- Cost overruns on development programmes
- Supply chain constraints for critical components
Leading indicators
- Backlog coverage in years and backlog mix (2027+ share)
- On-time delivery and programme milestone performance
Counterarguments
- Backlog can be concentrated in a few large contracts and is inherently lumpy
Kongsberg Discovery
Ocean technology (sonar/sensors, subsea positioning, uncrewed platforms) for civilian and defence applications
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Specialised subsea sensing/autonomy requires deep engineering know-how and sustained R&D.
Erosion risks
- Rapid technology change and new entrants in sensors/autonomy
- Defense export control constraints on high-end tech
Leading indicators
- R&D intensity and new product cadence
- Order intake growth in uncrewed/sensing product lines
Counterarguments
- Ocean-tech markets are fragmented with strong niche competitors
Design In Qualification
Demand
Design In Qualification
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
High share of customised deliveries implies qualification and integration work that makes supplier switching harder.
Erosion risks
- Commoditisation of certain sensor components
- Customers standardise on open architectures to reduce lock-in
Leading indicators
- Share of revenue recognised over time (custom projects)
- Gross margin stability across project mix
Counterarguments
- Customers may prefer best-of-breed components and mix vendors
Kongsberg Digital
Industrial software (digital twins, simulation, asset performance) and maritime data/SaaS connectivity
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Workflow automation and integrating multi-source industrial data increases switching costs once embedded in operations.
Erosion risks
- Competition from large industrial suites and hyperscalers
- Open data standards reduce platform switching costs
Leading indicators
- Net retention / renewal rates (if disclosed)
- Growth in connected assets/vessels and contracted customers
Counterarguments
- Industrial software markets are crowded; switching can be funded if ROI is clear
Ecosystem Complements
Network
Ecosystem Complements
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Partner ecosystem can increase adoption and implementation capacity, improving go-to-market reach.
Erosion risks
- Partners also work with competitors (low exclusivity)
- Services-heavy deployments reduce product defensibility
Leading indicators
- Number/quality of strategic partnerships
- Expansion into new industry verticals
Counterarguments
- Partner networks are replicable and may not translate into durable moat
Evidence
Almost 60 per cent of Kongsberg Maritime's revenues in 2024 are within the aftermarket.
Supports an installed-base aftermarket flywheel (recurring service/spares).
Global Customer Support supports our customers through a worldwide network of more than a thousand service engineers.
Direct evidence of a scaled field service network.
Classified its products ... IACS' new Unified Requirements (UR) for cybersecurity: UR E26 and UR E27.
Shows alignment with new vessel cyber requirements, which can be an advantage in regulated procurement.
We equip a third of the world's fleet.
Used as a proxy for installed-base share in the global fleet.
Delivered more than 23,000 systems to 29 nations. The largest program is the ... CROWS program.
Shows broad government customer base and participation in major defence programs.
Showing 5 of 12 sources.
Risks & Indicators
Erosion risks
- Standardisation/commoditisation of ship systems
- More third-party and in-house maintenance
- Shipbuilding downcycles reduce new install base growth
- Higher service cost base and talent retention challenges
- Remote diagnostics reduces differentiation of physical presence
- Competitors reach parity quickly (compliance becomes table stakes)
Leading indicators
- Aftermarket share of segment revenue
- Service contract attach/renewal rates
- Installed base growth (vessels equipped/connected)
- Service response time / uptime metrics
- Service revenue growth vs installed base
- Customer satisfaction/NPS for service
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.