Norwegian defense contractor Kongsberg Gruppen said Tuesday it aims to more than quadruple its annual revenue to 100 billion Norwegian kroner by 2029, capitalizing on rising global military budgets and a broadening portfolio of missiles, air defense systems, and emerging-defense technologies. The company also announced it has closed its acquisition of U.S. missile manufacturer Zone 5 Technologies, securing a 90% stake in the California-based firm.
Presenting new financial targets at an investor day, Kongsberg said it is aiming to increase revenue from 33 billion Norwegian kroner ($3.47 billion) in 2025 to 100 billion kroner in 2029 and 150 billion kroner in 2033. It targets an operating margin of over 16%, compared with 15.1% in 2025.
Kongsberg manufactures a wide range of defense products, including missiles, air defense systems, and anti-drone solutions, and also produces technology for emerging defense markets such as underwater operations and space. The company attributed its ambitious outlook to geopolitical uncertainty, lessons from ongoing conflicts, and rapid technological development, which it said are driving growth in defense markets and pointing to strong demand and higher volumes for defense solutions.
“We are well placed to capture expected growth and outpace overall defense industry growth,” Chief Executive Eirik Lie said in a statement.
In a separate release, Kongsberg said it has closed the acquisition of Zone 5 Technologies after receiving regulatory approval. California-based Zone 5 designs and manufactures mass-producible munitions, including the “Rusty Dagger” long-range strike missile and the “White Spike” air defense missile. Financial terms of the deal were not disclosed.