KONGSBERG AUTOMOTIVE ASA

“In both of Kongsberg Automotive (KA)’s business areas, the automotive industry’s transition towards e-mobility drove product innovation.”

Annual report 2024A · The company itself

“The new Twistlock program  lines operating in the chassis areas > Next generation of couplings:  performance for air management systems         2025.”

Annual report 2024A · The company itself

“The company aims to capitalize on growth in the commercial vehicle market and the shift toward sustainable mobility solutions, while navigating ongoing geopolitical and global economic challenges.”

Annual report 2024A · The company itself

“Working closely with customers during the prod-       - tions that enhance vehicle performance, safety, driver  meet current and future vehicle legislations around the world. LONG-TERM CONTRACTS AND PARTNERSHIPS: Securing long-term agreements with automotive                              competitive market position.”

Annual report 2024A · The company itself

“vehicle market as well as industrial appli-     -          AUTOMOTIVE % OF KA REVENUES PER REGION ORGANIZATIONS MARKETS NON-AUTOMOTIVE ORIGINAL EQUIPMENT MANUFACTURERS (OEMs) AGRICULTURE TIER 1 CONSTRUCTION AFTERMARKET INDUSTRIAL AREAS -            emis- -  -  47% 37% 12% 4% Contents CHANNELS CUSTOMER RELATIONSHIPS                         important supplier and development partner.”

Annual report 2024A · The company itself

“Following the adoption of the new segment        restated for comparative purposes.              -               -    - lion (-14.6%) respectively, compared to last year.        - mercial vehicles market decline of -20.8%, sales in North           -  - ing agriculture and construction markets deteriorated                 - functions in a product manufactured from 2019 to 2022.”

Annual report 2024A · The company itself

“vehicle market as well as industrial appli-     -          AUTOMOTIVE % OF KA REVENUES PER REGION ORGANIZATIONS MARKETS NON-AUTOMOTIVE ORIGINAL EQUIPMENT MANUFACTURERS (OEMs) AGRICULTURE TIER 1 CONSTRUCTION AFTERMARKET INDUSTRIAL AREAS -            emis- -  -  47% 37% 12% 4% Contents CHANNELS CUSTOMER RELATIONSHIPS                         important supplier and development partner.”

Annual report 2024A · The company itself

“Following the adoption of the new segment        restated for comparative purposes.              -               -    - lion (-14.6%) respectively, compared to last year.        - mercial vehicles market decline of -20.8%, sales in North           -  - ing agriculture and construction markets deteriorated                 - functions in a product manufactured from 2019 to 2022.”

Annual report 2024A · The company itself

“vehicle market as well as industrial appli-     -          AUTOMOTIVE % OF KA REVENUES PER REGION ORGANIZATIONS MARKETS NON-AUTOMOTIVE ORIGINAL EQUIPMENT MANUFACTURERS (OEMs) AGRICULTURE TIER 1 CONSTRUCTION AFTERMARKET INDUSTRIAL AREAS -            emis- -  -  47% 37% 12% 4% Contents CHANNELS CUSTOMER RELATIONSHIPS                         important supplier and development partner.”

Annual report 2024A · The company itself

“Sudden changes in market con- -            countermeasures, ranging from commercial negotiations                      -  supply chains will continue into 2025, posing new chal-  PRODUCTION-RELATED RISKS Bottlenecks and delays can occur in manufacturing pro-        can relate to materials, utilities, manpower, or equip-           of a comprehensive and risk-avoiding production mate-              - ously reviewing its production footprint and supply chain set up to reduce lead time.”

Annual report 2024A · The company itself

“SUSTAINABILITY people and culture, celebrating a diverse, skilled workforce that thrives on teamwork and collaboration.”

Annual report 2024A · The company itself

“The adoption of product lifecycle management  reduced development lead times and improved coordina-   E-MOBILITY TRANSITION AND PRODUCT DEVELOPMENT > KA connector development: Completed the devel-  - mance in low-pressure drops, reduced weight, and  > Coolant lines for battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) applications:        fuel cell recharging systems.”

Annual report 2024A · The company itself

“as an important element of its stakeholder engagement. The outcome of this engagement and dialog has a direct       - ucts, avoidance of certain input materials, or reducing        - ment and the Board of Directors.”

Annual report 2024A · The company itself

“The new Twistlock program  lines operating in the chassis areas > Next generation of couplings:  performance for air management systems         2025. The adoption of product lifecycle management  reduced development lead times and improved coordina-   E-MOBILITY TRANSITION AND PRODUCT DEVELOPMENT > KA connector development: Completed the devel-  - mance in low-pressure drops, reduced weight, and  > Coolant lines for battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) applications:        fuel cell recharging systems.”

Annual report 2024A · The company itself

“vehicle market as well as industrial appli-     -          AUTOMOTIVE % OF KA REVENUES PER REGION ORGANIZATIONS MARKETS NON-AUTOMOTIVE ORIGINAL EQUIPMENT MANUFACTURERS (OEMs) AGRICULTURE TIER 1 CONSTRUCTION AFTERMARKET INDUSTRIAL AREAS -            emis- -  -  47% 37% 12% 4% Contents CHANNELS CUSTOMER RELATIONSHIPS                         important supplier and development partner.”

Annual report 2024A · The company itself

“The company has taken steps to strengthen its competitive position, and the business wins in 2024 reect its ability to maintain customer trust.”

Annual report 2024A · The company itself

“The slowdown in the second half was partly due to uncertainty over tariff policies and a slower-         production growth in 2023, recorded a slight decline of 0.5% in 2024.”

Annual report 2024A · The company itself

“A decline in orders during the third and fourth quar-             surrounding the potential negative impact of tariffs intro-  ANNUAL REPORT 2024 // MARKETS LIGHT VEHICLE PRODUCTION           -              in the last quarter of the year to 24.3 million units, signal-   17.1 million units in 2024.”

Annual report 2024A · The company itself

“The North                  in the second half, leading to an overall decline of 1.4%, - -                    Sources: S&P Global Mobility (formerly IHS Markit | Automotive) (January 2025) for light vehicle production; LMC Global Commercial Vehicle Forecast (January 2025) for truck production.”

Annual report 2024A · The company itself

“These risks include delays in time-to-market, deviations from product speci- -         OTHER RISKS Contents - nicians, and other product development staff, in addition -  RISKS ASSOCIATED WITH PURCHASING AND SUPPLY CHAINS Risks in the procurement process include the risk of supplier insolvencies, quality defects, new non-tariff trade         -        -                          -        company has no control.”

Annual report 2024A · The company itself

“While the global automotive market outlook for 2024 and 2025 has been revised downward, KA remains committed to delivering on its strategic priorities. -                on imported goods, with other countries responding with    vehicle prices, and market demand remains uncertain.         - ing year for the automotive and off-road markets, with no market growth anticipated and ongoing geopoliti-         - ther ahead, commercial vehicle production is projected to see growth picking up, with North America playing a key role in this development.”

Annual report 2024A · The company itself

“mitigate the impact of tariff-related cost increases, in line  -  of 2024, with potential for improvement later in the year.”

Annual report 2024A · The company itself

“million vehicles, primarily due to reduced production in            from weaker construction activity, persistently high (though easing) interest rates, and ongoing economic policy uncertainty.”

Annual report 2024A · The company itself

“The Chinese truck market lost momen-                    - lus package designed to inject liquidity into the industrial        - cle production.”

Annual report 2024A · The company itself

“The region faced persistent chal-         - tainty and a weaker demand for new vehicles.”

Annual report 2024A · The company itself

“While the global automotive market outlook for 2024 and 2025 has been revised downward, KA remains committed to delivering on its strategic priorities. -                on imported goods, with other countries responding with    vehicle prices, and market demand remains uncertain.         - ing year for the automotive and off-road markets, with no market growth anticipated and ongoing geopoliti-         - ther ahead, commercial vehicle production is projected to see growth picking up, with North America playing a key role in this development.”

Annual report 2024A · The company itself

“The company aims to capitalize on growth in the commercial vehicle market and the shift toward sustainable mobility solutions, while navigating ongoing geopolitical and global economic challenges.”

Annual report 2024A · The company itself

“chain, production facilities, and product destinations may          -        -                            geopolitical situations and developments and is in close contact with industry partners to remain responsive and implement adequate measures to mitigate potential risks.”

Annual report 2024A · The company itself

“million vehicles, primarily due to reduced production in            from weaker construction activity, persistently high (though easing) interest rates, and ongoing economic policy uncertainty.”

Annual report 2024A · The company itself

“Due to its capital structure and the nature of its operations, the group is exposed to the following nancial risks: market risk (including foreign exchange rate risk, raw material price risk, and interest rate risk), credit risk as well as liquidity and capital management risk.”

Annual report 2024A · The company itself

“Due to its capital structure and the nature of its operations, the group is exposed to the following nancial risks: market risk (including foreign exchange rate risk, raw material price risk, and interest rate risk), credit risk as well as liquidity and capital management risk.”

Annual report 2024A · The company itself

“Sudden changes in market con- -            countermeasures, ranging from commercial negotiations                      -  supply chains will continue into 2025, posing new chal-  PRODUCTION-RELATED RISKS Bottlenecks and delays can occur in manufacturing pro-        can relate to materials, utilities, manpower, or equip-           of a comprehensive and risk-avoiding production mate-              - ously reviewing its production footprint and supply chain set up to reduce lead time.”

Annual report 2024A · The company itself

“After a strong recovery in 2023 from the        most truck markets lost momentum in 2024.  occurred in the second half of the year, primarily due to                 -      -               of the year. -           - -                 in the second half.”

Annual report 2024A · The company itself

“Due to its capital structure and the nature of its operations, the group is exposed to the following nancial risks: market risk (including foreign exchange rate risk, raw material price risk, and interest rate risk), credit risk as well as liquidity and capital management risk.”

Annual report 2024A · The company itself

“RATING TO SCORE OF 60 TOP 14% OF COMPANIES IN KA’S INDUSTRY JOINED THE UNITED NATIONS GLOBAL COMPACT SHARE OF RENEWABLE RESOURCES IN TOTAL ENERGY CONSUMPTION ANNUAL REPORT 2024 // SUSTAINABILITY HIGHLIGHTS COMPARED TO 47% IN 2023 COMPARED TO 2023 APPROX. REDUCTION IN SCOPE 1 AND 2 COMBINED COe EMISSIONS PLANTS USING 100% RENEWABLE ELECTRICITY Contents BOARD OF DIRECTORS’ LETTER Contents Kongsberg Automotive (KA) is focused on strengthening its market position and driving protability through a leaner platform, innovation, and regaining positive cash ow from operations.”

Annual report 2024A · The company itself

“Sudden changes in market con- -            countermeasures, ranging from commercial negotiations                      -  supply chains will continue into 2025, posing new chal-  PRODUCTION-RELATED RISKS Bottlenecks and delays can occur in manufacturing pro-        can relate to materials, utilities, manpower, or equip-           of a comprehensive and risk-avoiding production mate-              - ously reviewing its production footprint and supply chain set up to reduce lead time.”

Annual report 2024A · The company itself

“Due to its capital structure and the nature of its operations, the group is exposed to the following nancial risks: market risk (including foreign exchange rate risk, raw material price risk, and interest rate risk), credit risk as well as liquidity and capital management risk.”

Annual report 2024A · The company itself

“Due to its capital structure and the nature of its operations, the group is exposed to the following nancial risks: market risk (including foreign exchange rate risk, raw material price risk, and interest rate risk), credit risk as well as liquidity and capital management risk.”

Annual report 2024A · The company itself