Norwegian defense contractor Kongsberg Gruppen unveiled aggressive growth plans on Tuesday, targeting revenue of 100 billion kroner by 2029 and 150 billion kroner by 2033. The company currently generates about 33 billion kroner annually, equivalent to roughly $3.47 billion. These targets represent a fourfold increase over the next eight years.

The announcement came alongside news that Kongsberg completed its acquisition of U.S. missile manufacturer Zone 5 Technologies after securing regulatory approvals. This deal expands Kongsberg's footprint in the American defense market while adding missile capabilities to its existing portfolio of air defense systems and anti-drone solutions.

Management cited rising global military expenditures and lessons from current conflicts as primary growth drivers. The defense sector's expansion, fueled by geopolitical tensions, creates opportunities for companies with Kongsberg's technology focus in underwater operations and space-based systems.

Kongsberg aims to lift operating margins above 16%, up from 15.1% currently. The strategy reflects confidence that defense spending will remain elevated through the decade, allowing the company to capture significant market share in both traditional and emerging military technology segments.