Nkt A/s · OMXCOP:NKT
Nkt A/s — Q4 2025 Earnings Presentation
22 slides from Nkt A/s's earnings presentation, Feb 25, 2026
Slide 1: Annual Report 2025 Webcast Presentation
February 2026 Annual Report 2025 Webcast Presentation
Slide 2: Today's presenting team
Today’s presenting team Claes Westerlind Line Andrea Fandrup President & CEO CFO NKT A/S | Annual Report 2025 | Webcast | February 2026 | 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 2025
Key messages 2025 Solid finish to the year – NKT to embark on journey towards 2030 Organic growth* of 6% and Capacity expansion Continued commercial Charging Forward record-high EBITDA of projects progressed as progress leading to a strategy launched to EUR 390m in 2025, planned in 2025 sustained so
Slide 5: Agenda
Agenda 06 Business highlights 14 Financial highlights 20 Questions & Answers NKT A/S | Annual Report 2025 | Webcast | February 2026 | 5
Slide 6: Financial performance in Q4 2025
Financial performance in Q4 2025 Organic revenue* growth of -8%, driven by project ramp-down in Solutions, as expected Key developments in Q4 2025 Key financial highlights (EURm) Revenue* ▪ Solutions saw negative organic revenue* growth of -13% and -8% 6% operational EBITDA of EUR 61m, driven by pro
Slide 7: Solutions – Q4 2025
Solutions – Q4 2025 NKT Solutions Applications Serv. & Acc. High activity level and overall satisfactory execution Q4 2025 financial highlights Customer 409m -13% 61m offerings ▪ High-voltage AC/DC off-/onshore power cable solutions Revenue*, EUR Organic growth Oper. EBITDA, EUR ▪ Organic revenue* g
Slide 8: High-voltage market and order backlog
High-voltage market and order backlog NKT Solutions Applications Serv. & Acc. Continued high level of market activity in Q4 2025. Further addition to High-voltage order backlog (EURbn) the high-voltage order backlog in January 2026 >2.5 >3.5 >3.5 ▪ NKT estimates that the value of projects awarded in
Slide 9: Applications – Q4 2025
Applications – Q4 2025 NKT Solutions Applications Serv. & Acc. Organic growth* driven by power distribution grid segment Q4 2025 financial highlights Customer 197m 9% 18m offerings ▪ Medium-voltage power cables for distribution grid ▪ Low-voltage power cables and building wires ▪ Telecom and other s
Slide 10: Service & Accessories – Q4 2025
Service & Accessories – Q4 2025 NKT Solutions Applications Serv. & Acc. Growth in revenue and earnings driven by both business areas Q4 2025 financial highlights Customer 79m 31% 10m offerings ▪ High- and medium-voltage accessories ▪ Power cable services Revenue*, EUR Organic growth Oper. EBITDA, EU
Slide 11: Update on major capacity investment projects
Update on major capacity investment projects Karlskrona Esposende NKT Eleonora NKT A/S | Annual Report 2025 | Webcast | February 2026 | 11
Slide 12: NKT's handprint: Our positive impact
NKT’s handprint: Our positive impact NKT is a key enabler of the energy transition and general electrification of society. NKT’s ambition is clear and twofold: Firstly, to maximise the contribution to the decarbonisation of society by facilitating clean electricity in grid infrastructure - NKT's han
Slide 13: Agenda
Agenda 06 Business highlights 14 Financial highlights 20 Questions & Answers NKT A/S | Annual Report 2025 | Webcast | February 2026 | 13
Slide 14: Income statement: Negative revenue driven by Solutions, as expected
Income statement: Negative revenue driven by Solutions, as expected Key developments in Q4 2025 Income statement highlights ▪ Negative organic growth* driven by lower activity level including subcontracted revenue in Solutions, as expected. ▪ Operational EBITDA decreased by EUR 5m compared to Q4 202
Slide 15: 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 Q4 2025 ▪ Cash flow from operating activities of EUR 573m, up from EUR 368m in Q4 2024. ▪ Financial items net and other effect were EUR -39m in total in Q4 2025 driven by tax pa
Slide 16: Balance sheet: Increased working capital and capital employed
Balance sheet: Increased working capital and capital employed Balance sheet highlights Key developments in Q4 2025 31 Dec 30 Sep EURm 2025 2024 2025 2024 ▪ Working capital increased from EUR -1,093m at end-Q3 2025 to Working capital -1,534 -1,432 -1,093 -1,069 EUR -1,534m, mainly due to phasing of m
Slide 17: Financial outlook for 2026
Financial outlook for 2026 The financial outlook is based on several assumptions including: ▪ Satisfactory execution of high-voltage investments and projects to deliver on expected profitability margins ▪ Satisfactory operational execution across business lines Operational ▪ Stable market conditions
Slide 18: 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% * Standard metal prices NKT A/S | Annual Report 2025 | Webcast | February 2026 | 1
Slide 19: Key messages 2025
Key messages 2025 Solid finish to the year – NKT to embark on journey towards 2030 Organic growth* of 6% and Capacity expansion Continued commercial Charging Forward record-high EBITDA of projects progressed as progress leading to a strategy launched to EUR 390m in 2025, planned in 2025 sustained so
Slide 20: Save the date: Investor Day 2026
Investor Day 2026 Save the date NKT Investor Day 29 September 2026, in Karlskrona, Sweden. NKT will present the next steps of the Charging Forward strategy as well as additional insights to the new business line structure effective 1 January 2026. The day will also include a visit to the production
Slide 21: Questions & Answers
Questions & Answers
Slide 22: Financial calendar 2026
Financial calendar 2026 2026 Event 25 March Annual General Meeting For full list of 13 May Interim Report, Q1 2026 Investor Relations events, please visit 14 August Interim Report, H1 2026 investors.nkt.com 29 September Investor Day, Karlskrona 19 November Interim Report, Q1-Q3 2026 NKT A/S | Annual