When people think of Oslo Børs, they think of oil, seafood and banks. But the exchange also has a significant group of defence and technology companies. Several are world leaders in their niches and earn most of their revenue abroad. For a Norwegian investor, they can offer exposure to drivers other than the oil price and the Norwegian economy.
Defence
What drives defence stocks
Since Russia’s full-scale invasion of Ukraine in 2022, European countries have raised defence budgets sharply. At the 2025 NATO summit, member states agreed on a target of spending 5 per cent of GDP on defence and security by 2035, including 3.5 per cent on core defence. For the defence industry, this means higher demand for many years ahead.
Defence companies sell mainly to governments through long contracts. Earnings are therefore often more predictable than in many other industries, but depend on political decisions and on the companies’ ability to scale up production in line with orders.
Kongsberg Gruppen
Kongsberg Gruppen is Norway’s largest defence company, and the state owns half of the shares. It supplies air defence systems, missiles, weapon stations and space technology, among other things. Kongsberg’s maritime business has been separated into Kongsberg Maritime, which is also listed on Oslo Børs.
Live prices from the latest close. Signals are model-based, not recommendations.
Technology
The technology companies on Oslo Børs are very different. Some develop products sold globally, others provide IT services to Nordic customers.
| Company | What they do | What drives earnings |
|---|---|---|
| Nordic Semiconductor | Wireless chips, including for Bluetooth | Demand for connected products and the electronics inventory cycle |
| Kitron | Contract electronics manufacturing | Orders from industry, medical technology and defence |
| Tomra | Reverse vending machines and sorting technology | New deposit systems and recycling requirements |
| Atea | IT infrastructure and services in the Nordics | Public and private IT investment |
| Bouvet | IT consulting | Demand for digitalisation and consulting capacity |
| Pexip | Video meeting software | Subscription growth and secure solutions for the public sector |
Nordic Semiconductor ASANOD173.50 NOK−1.5%SELL
Kitron ASAKIT105.00 NOK+1.1%HOLD
Tomra Systems ASATOM90.10 NOK−0.2%HOLD
Atea ASAATEA163.00 NOK−0.6%SELL
Bouvet ASABOUV47.35 NOK−0.4%SELL
Pexip Holding ASAPEXIP77.80 NOK+1.2%BUYLive prices from the latest close. Signals are model-based, not recommendations.
How to assess defence and technology stocks
Order book and order intake
For defence and industrial companies, the order book is one of the most important figures. It shows how much work the company has ahead. A growing order book gives good visibility of future revenue, but the company also has to deliver.
Growth and margins
Technology companies are often judged on revenue growth and margins. High growth with weak margins may indicate heavy investment, or tough competition.
Valuation and interest rates
Many growth companies are valued highly relative to today’s earnings because the market expects strong growth. Such shares are especially sensitive to interest rate changes and to disappointments. A quarter with weaker growth than expected can cause large price falls.
Currency
Many of the companies earn revenue in dollars and euros. A weak krone raises revenue in kroner, while a strong krone has the opposite effect.
Ethics and responsible investing
Many investors have their own guidelines for investing in the defence industry. Some funds and investors exclude producers of certain weapon types. It is a personal choice, and it can be wise to check what the companies produce before investing.
Next steps
- See the Oslo Børs price list
- Read about key figures such as P/E and EV/EBITDA
- Check the sector mix in your portfolio