Nkt A/s · OMXCOP:NKT
Nkt A/s — Q3 2025 Earnings Presentation
27 slides from Nkt A/s's earnings presentation, Nov 19, 2025
Slide 1: Interim Report Q1-Q3 2025
November 2025 Interim Report Q1-Q3 2025 Webcast Presentation
Slide 2: Today's presenting team
Today’s presenting team Claes Westerlind Line Andrea Fandrup President & CEO CFO NKT A/S | Q3 2025 | Webcast | November 2025 | 2
Slide 3: Forward looking statements
Forward looking statements This presentation and related comments contain forward- looking statements. Such statements are subject to many uncertainties and risks, as various factors of which several are beyond NKT’s control, may cause that the actual development and results differ materially from t
Slide 4: Key messages Q3 2025
Key messages Q3 2025 Record high EBITDA, progress of investments, launch of strategy and 2030 financial ambitions Organic growth of 11% and Solid commercial Capacity expansion Charging Forward strategy company record-high progress resulting in two projects progressing launched to continue the growth
Slide 5: Agenda
Agenda 06 Strategic Update 11 Business highlights 19 Financial highlights 24 Questions & Answers NKT A/S | Q3 2025 | Webcast | November 2025 | 5
Slide 6: Launching the new Charging Forward strategy, building on the foundation to continue the growth
Launching the new Charging Forward strategy, building on the foundation to continue the growth through 2030 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 ReNew Charging Forward We fix Let’s grow Execute We restart Let’s innovate Excel We invest Let’s drive sustainability Evolve NKT A/S | Q3
Slide 7: Charging Forward Supported by three strategic pillars
Charging Forward Supported by three strategic pillars Execute Excel Evolve Deliver on high-voltage backlog and Be the reliable partner for customers, Drive continuous innovation and capacity expansions by effectively employees and society while unlocking develop the technology leaps for the managing
Slide 8: New medium-term financial ambitions for 2030
New medium-term financial ambitions for 2030 Organic revenue* CAGR Operational EBITDA RoCE% from 2024 EUR >900m >22% >7% 2028 ambitions: Organic revenue* CAGR from 2021: >14%, Operational EBITDA: EUR >700m, RoCE: >20% * Std. metal prices NKT A/S | Q3 2025 | Webcast | November 2025 | 8
Slide 9: Capex expectations 2025-2030
Capex expectations 2025-2030 2025-2028 Capex expectations of around EUR 2bn are confirmed EUR ~2.0bn Currently no major investments ~75% Growth planned beyond 2028 Repair & Maintenance capex expected ~25% Repair & Maintenance to be around 4% of Revenue* 2025-2028 Leverage ratio Solvency ratio Divide
Slide 10: Organisational change will enable the strategy and strengthen NKT's differentiated power cable offerings
Organisational change will enable the strategy and strengthen NKT’s differentiated power cable offerings Sharpen focus Grow with impact Increase efficiency and competitiveness ▪ Strong turnkey project capabilities for large, ▪ Deliver on significant high-voltage backlog and ▪ Dedicated centre of exc
Slide 11: NKT is adjusting the scopes and renaming the business lines
As an enabler of the Charging Forward strategy, NKT is adjusting the scopes and renaming the business lines …becomes…. Solutions Transmission HVAC* projects Service & Accessories Grid Solutions & Accessories HVAC projects Applications Distribution *Except very large and complex extra high-voltage AC
Slide 12: Agenda
Agenda 06 Strategic Update 11 Business highlights 19 Financial highlights 24 Questions & Answers NKT A/S | Q3 2025 | Webcast | November 2025 | 12
Slide 13: Financial performance in Q3 2025
Financial performance in Q3 2025 11% organic revenue* growth with high activity level across all three business lines Key developments in Q3 2025 Key financial highlights (EURm) Revenue* ▪ Solutions saw organic revenue* growth of 8% and higher EBITDA 11% 12% driven by high activity level across seve
Slide 14: Solutions – Q3 2025
Solutions – Q3 2025 NKT Solutions Applications Serv. & Acc. High activity level and overall satisfactory execution Q3 2025 financial highlights Customer 459m 8% 74m offerings ▪ High-voltage AC/DC off-/onshore power cable solutions Revenue*, EUR Organic growth Oper. EBITDA, EUR ▪ Organic growth* of 8
Slide 15: High-voltage market and order backlog
High-voltage market and order backlog NKT Solutions Applications Serv. & Acc. Continued high level of market activity in Q3 2025. High-voltage High-voltage order backlog (EURbn) order award contributes to order backlog >2.5 >3.5 >3.5 ▪ NKT estimates that the value of projects awarded in its addressa
Slide 16: NKT selected as preferred supplier in two interconnector projects
Commercial update: NKT selected as preferred supplier in two interconnector projects – confirming HVDC technology leadership Connection of Bornholm Energy Island (Denmark) Eastern Green Link 3 (UK), preferred bidder ▪ Total order value: ▪ Customer: National Grid and Approximately EUR 650m SSEN ▪ Cus
Slide 17: Applications – Q3 2025
Applications – Q3 2025 NKT Solutions Applications Serv. & Acc. Organic growth* driven by power distribution grid segment Q3 2025 financial highlights Customer 208m 12% 22m offerings ▪ Medium-voltage power cables for distribution grid ▪ Low-voltage power cables and building wires ▪ Telecom and other
Slide 18: Service & Accessories – Q3 2025
Service & Accessories – Q3 2025 NKT Solutions Applications Serv. & Acc. Growth in revenue and earnings driven by both business areas Q3 2025 financial highlights Customer 98m 61% 23m offerings ▪ High- and medium-voltage accessories ▪ Power cable services Revenue*, EUR Organic growth Oper. EBITDA, EU
Slide 19: Update on major capacity investment projects
Update on major capacity investment projects New high-voltage factory in Karlskrona New cable-laying vessel, NKT Eleonora Key activities: Key activities: ▪ Progressing as planned ▪ Progressed as planned with across multiple work streams several of the hull sections now being assembled and ▪ Machiner
Slide 20: Agenda
Agenda 06 Strategic Update 11 Business highlights 19 Financial highlights 24 Questions & Answers NKT A/S | Q3 2025 | Webcast | November 2025 | 20
Slide 21: Income statement: Revenue growth driven by all three business lines
Income statement: Revenue growth driven by all three business lines Income statement highlights Key developments in Q3 2025 Q3 Q1-Q3 EURm 2025 2024 2025 2024 ▪ 11% organic growth* with high activity level across all three Revenue 936 856 2,718 2,362 business lines. Revenue (Std. metal prices) 726 65
Slide 22: Cash flow: Negative cash flow driven by investments and working capital
Cash flow: Negative cash flow driven by investments and working capital Cash flow statement highlights Key developments in Q3 2025 Q3 Q1-Q3 EURm 2025 2024 2025 2024 ▪ Cash flow from operating activities of EUR 68m, up from Cash flow from operating activities 68 -19 -74 671 EUR -19m in Q3 2024.The po
Slide 23: Balance sheet: Increased working capital and capital employed
Balance sheet: Increased working capital and capital employed Balance sheet highlights Key developments in Q3 2025 30 Sep 30 Jun 31 Dec EURm 2025 2024 2025 2024 2024 ▪ Working capital increased from EUR -1,132m at end-Q2 2025 to Working capital -1,093 -1,069 -1,132 -1,152 -1,432 EUR -1,093m due to p
Slide 24: Financial outlook for 2025
Financial outlook for 2025 The financial outlook for 2025 is maintained, but NKT now expects to conclude the year in the upper end of the ranges The financial outlook is based on several assumptions including: ▪ Satisfactory execution of high-voltage investments and projects in backlog to deliver on
Slide 25: Key messages Q3 2025
Key messages Q3 2025 Record high EBITDA, progress of investments, launch of strategy and 2030 financial ambitions Organic growth of 11% and Solid commercial Capacity expansion Charging Forward strategy company record-high progress resulting in two projects progressing launched to continue the growth
Slide 26: Questions & Answers
Questions & Answers
Slide 27: Financial calendar 2026
Financial calendar 2026 2026 Event 25 February Annual Report 2025 For full list of 25 March Annual General Meeting Investor Relations events, please visit 13 May Interim Report, Q1 2026 investors.nkt.com 14 August Interim Report, H1 2026 19 November Interim Report, Q1-Q3 2026 NKT A/S | Q3 2025 | Web