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Regulatory press release

KOA: Kongsberg Automotive's full-year results in line with guidance, despite strong headwinds from inflation, supply-chain challenges, and slower recovery from the COVID-related lockdowns in China.

Kongsberg Automotive
Zurich, March 14, 2023: Kongsberg Automotive ASA ("Kongsberg Automotive") has
published its results for the fourth quarter and full year 2022. The results are
in line with the most recent guidance and show resilience in the face of another
year with difficult market conditions. For the fourth quarter, revenues and EBIT
increased compared to the same quarter last year, despite challenges such as
higher costs due to rising global inflation, supply-chain issues, and a slower
recovery in China due to the prolonged effects of the lockdowns related to the
COVID pandemic. All the financial information in this press release refers to
the continuing operations of the company, as recent divestments are accounted
for separately as discontinued operations.

Comment from the CEO:

2022 marked another challenging year for our industry. I'm therefore both glad
and proud of our team that we managed to deliver on our full year revenue and
EBIT guidance. In particular with our Interior divestment in 2022, the
transition process towards the higher margin parts of our industry and business
remains at full speed.

This year, KA and the Board of Directors has decided to launch a strategic
review of the company in order to unlock the full value potential. I truly
believe that such a process will be in the best interest of our company,
employees, and shareholders.

Operations
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