NKT A/S

Latest Results (29.04.2026):

NKT A/S — Q4 2025: NKT reported Q4 revenue of EUR 643m and operational EBITDA of EUR 85m (13.2% margin), finishing full-year 2025 with revenue of EUR 2,722m and operational EBITDA of EUR 390m. The quarter reflected an expected organic revenue decline driven by ramp‑down on the Champlain/Hudson project, while the company continued to progress capacity expansions and kept a strong high‑voltage backlog that supports medium‑term visibility.

Q4 / full‑year financials

Q4 2025 revenue EUR 643m (organic -6% per company), operational EBITDA EUR 85m (13.2% margin). FY2025 revenue EUR 2,722m and operational EBITDA EUR 390m (upper end of guidance). Net result Q4 EUR 97m; FY net result EUR 275m. Full‑year tax costs EUR 9m (effective rate ~6%).

Business‑line performance — Solutions (high‑voltage)

Solutions revenue in Q4: EUR 409m (down from EUR 469m Y/Y) as Champlain/Hudson execution ramped down. Operational EBITDA for Solutions was EUR 61m (margin ~15.2%). Execution of the broader high‑voltage backlog remained active and margins improved slightly despite lower Q4 revenue.

Business‑line performance — Applications (medium‑voltage / distribution)

Applications Q4 revenue EUR 197m, organic growth ~9%; operational EBITDA EUR 18m (margin ~9.1%). Growth was driven by Power Distribution Grid demand and new capacity that came online in 2025; Portugal (SolidAl) integration complete and expected synergies of EUR 7m in 2026.

Business‑line performance — Service & Accessories

Service & Accessories Q4 revenue EUR 79m (+31% organic), operational EBITDA EUR 10m (margin ~12.5%). Growth supported by onshore repairs, installation/maintenance activity and strong demand for HV/MV accessories.

Backlog and market

High‑voltage order backlog EUR 10.2bn at end‑2025 (≈95% with European TSOs; >55% interconnectors, ≈40% offshore wind). Company converted ~EUR 2bn of SSEN booking commitments to firm orders in Jan‑2026 and expects further conversions (e.g., EGL3 preferred supplier).

Cash flow, working capital and balance sheet

Q4 free cash flow EUR 341m driven by positive working‑capital swings; FY free cash flow negative EUR 244m (investment heavy year). Investments FY2025 EUR 743m; Q4 capex EUR 232m. Net cash ~EUR 1.2bn at year‑end. Net working capital position negative EUR 1.5bn at year‑end (improved from Q3).

Investments & depreciation

Confirmed accumulated CapEx ~EUR 2bn for 2025–2028. Major projects progressing on plan: Karlskrona (machinery & harbour), Cologne expansion, second cable‑lay vessel NKT Eleonora (sections joined) and MV capacity in Assens (Denmark) to ramp in H1 2026; Portugal capacity late‑2026. Depreciation expected to rise to ~EUR 150m in 2026 and approach ~EUR 200m when all new capacity is online (~2028).

2026 outlook

Guidance (2026, standard metal prices): revenue EUR 2.63–2.78bn; operational EBITDA EUR 360–410m. Company expects slightly lower Solutions revenue (mid‑single‑digit organic decline versus 2025), Applications to benefit from new MV capacity (up to ~10% growth contribution for that business line), and Services positive but dependent on offshore repair activity. Temporary margin dilution from ramp‑up / elevated cost base expected to be ~2 percentage points in 2026.

Strategy and medium‑term ambitions

Charging Forward strategy launched Nov‑2025. 2030 ambitions: >7% organic CAGR (2024–2030), operational EBITDA >EUR 900m and ROCE ≥22%. ROCE was 24% at year‑end (down from 27% in Q3) and will fluctuate as investments ramp.

Sustainability / handprint

NKT highlighted the role of its cables in the energy transition: Champlain Hudson Power Express alone will supply up to ~20% of NYC’s electricity when operational. Products installed 2019–2025 are projected to enable ~27 TWh of clean energy in 2030 using the company’s disclosed methodology.