Ongoing adjustments of the cost base and exceptionally high business wins have
laid a foundation for future profitable growth.

Kongsberg, February 25, 2025:

Financial highlights Q4 2024

  · Revenues MEUR 185.2 (MEUR 211.0)
  · EBIT MEUR +1.1 (MEUR -20.4)
  · Net profit / loss MEUR -13.1 (MEUR -26.3)
  · Free cash flow MEUR +4.2 (MEUR +4.4)
  · Business Wins1 MEUR 295 (MEUR 413)

Financial highlights FY 2024

  · Revenues MEUR 788.2 (MEUR 884.9)
  · EBIT MEUR +18.7 (MEUR -19.7)
  · Net profit / loss MEUR -18.2 (MEUR -59.1)
  · Free cash flow MEUR -20.3 (MEUR -34.9)
  · Business Wins* MEUR 1.526 (MEUR 989)

Kongsberg Automotive (KA) has published its results for Q4 2024 with revenues of
MEUR 185.2, a decrease of -12% (adjusted for currency). EBIT came in at MEUR
1.1, an improvement from MEUR -20.4 in Q4 2023, which had been impacted by the
impairment of assets and restructuring costs. Successfully implemented cost
-reduction measures offset lost contribution from declining volumes and higher
warranty expenses for the quarter and the full year.

For the full year 2024, Kongsberg Automotive (KA) reported EBIT of MEUR 18.7
(EBIT margin of 2.4%), marking an improvement versus MEUR -19.7 (EBIT margin
-2.2%) for the full year 2023. Full year revenues declined by -10.7% (adjusted
for currency), to MEUR 788.2 due to weak market demand, which aggravated during
the second half of 2024. Return on capital employed was 5.8 % in 2024 compared
to -5.9% in 2023.

KA's top priorities in 2024 were cost reductions and operational efficiency
improvements. Various cost adjustment programs have successfully reduced our
cost base. By the end of the year, the company reduced the total number of
employees by -11% compared to year-end 2023. By the third quarter of 2025, when
the latest cost adjustment program will be fully implemented, the number of
positions in Manufacturing Overhead, Engineering, Sales and General
Administration will have been reduced by more than -13 %. Additional cost
initiatives to be launched in 2025 will make the company more agile, leaner and
strengthen competitiveness.

2024 has been a year of exceptionally high business wins. Renewals and new
incremental business awards amounted to MEUR 1,5261. This proves that KA's
product offerings are well-aligned with the customers' evolving needs, a future
built on four megatrends: electrification, autonomation, safety, and
sustainability.

Automotive demand forecasts remain flat for 2025. New US tariffs on Mexican,
Canadian, and Chinese goods will potentially lead to increased inflation, higher
vehicle prices and, by that, impact market demand negatively.

Given the present market uncertainty, KA expects revenues to be relatively
unchanged in the first half of this year versus the second half of 2024 with a
potential upside in the second half of the year. Based on the successful
implementation of various cost optimization and efficiency initiatives, KA
expects a positive development of EBIT margin for 2025. This excludes further
potential effects coming from increased geopolitical uncertainty.

In December 2024, KA held an extraordinary general meeting where three new
members of KA's Board of Directors were appointed. In January 2025, KA also
appointed Trond Fiskum as the new President & CEO to take office as soon as
possible and no later than July 1, 2025.

"Looking ahead, we foresee 2025 to be a challenging year for the automotive
industry with no market growth and continued geopolitical risks. We continue to
focus on reducing costs, improving efficiency, increasing profitability,
preserving cash, and at the same time winning business," says Christian
Johansson, KA's interim President & CEO and CFO, adding, "We are confident that
by successfully navigating the ongoing transformation we will further strengthen
KA's position and take additional steps towards our 2028 financial targets."

*Lifetime revenues

Earnings presentation - conference call
The company will hold an earnings conference call at 09:00 (CET) today, February
25, 2025. Conference call registration is available at the company's webpage or
the following link:?Kongsberg Automotive Q4 Earnings
release (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250225_7).
The earnings release and presentation will be published on?www.newsweb.no?and on
KA's website (http://www.kongsbergautomotive.com). The recording of the
presentation will be made available on the company`s website shortly after the
presentation.

Investor relations and media contacts:
investor.relations@ka-group.com
Therese Sjöborg Skurdal - Director Group Marketing &?Communications
therese.skurdal@ka-group.com
+47 982 14?059

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:?www.kongsbergautomotive.com

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 Therese S. Skurdal at Kongsberg Automotive ASA,
and the contact person(s) mentioned above on February 25, 2025, at 07:00 CET.