25
Management's review
Financial statements
NKT A/S
Interim report H1 2025
Definitions
The Group operates with the following
performance measures.
4. Organic growth – Revenue
growth (standard metal price) as a
percentage of prior-year adjusted
revenue (standard metal price).
Organic growth is a measure of
growth, excluding the impact
of exchange rate adjustments,
acquisitions, and divestments.
9. Capital employed – Equity plus
15. Equity value per outstanding
share – Equity attributable to
equity holders of NKT A/S per
outstanding share at 30 June.
Dilution effect of outstanding
share programmes is excluded.
Statements made about the future
in this report reflect the Group
The NKT A/S interim report H1
2025 was published on 14 August
2025 and released through Nasdaq
Copenhagen.
net interest-bearing debt.
Management’s current expecta-
tions with regard to future events
and financial results. Statements
about the future are by their nature
subject to uncertainty. The results
achieved may therefore differ from
the expectations. Among other
things expectations may differ due
to economic and
financial market
developments, legislative and regu-
latory changes in NKT A/S markets,
development in product demand,
competitive conditions, and energy
and raw material prices. See the
annual report for 2024 for a more
detailed description of risk factors.
Performance measures defined by
IFRS Accounting Standards:
10. Working capital – Current assets
and non-current derivate financial
instruments minus current liabili-
ties, non-current contract liabilities
and derivate financial intruments
(excluding interest-bearing items
and provisions).
The report is also available at
investors.nkt.com.
1. Earnings, EUR per outstanding
share (EPS) – Earnings attrib-
utable to equity holders of NKT
A/S relative to average number of
outstanding shares.
16. Free cash flow – Cash flow from
operating and investing activities.
NKT A/S
5. One-off items – Consist of
non-recurring income and cost
related to acquisitions, divest-
ments, integration, restructuring,
severance, and other one-time
items.
Vibeholms Allé 20
DK-2605 Brøndby
Denmark
17. Free cash flow excluding acqui-
sition of subsidiaries – Cash
flow from operating and investing
activities excluding cash flow
used for acquisitions of subsidar-
ies.
11. Gearing – Net interest-bearing
2. Diluted earnings, EUR per out-
standing share (EPS) – Earnings
attributable to equity holders
debt as a percentage of equity.
Company reg. no. 62 72 52 14
12. Net interest-bearing debt rel-
ative to operational EBITDA –
Calculated as net interest-bearing
debt relative to LTM (last twelve
months) of operational EBITDA for
continuing operations.
Photos: NKT copyrights.
All rights reserved.
of NKT A/S relative to average
number of outstanding shares,
including the dilution effect of out-
standing share programmes.
6. Operational earnings before
interest, tax, depreciation,
and amortisation (Operational
EBITDA) – Earnings before inter-
est, tax, depreciation, and amorti-
sation (EBITDA) excluding one-off
items.
18. Order backlog – Value of the
uncompleted work of contracts
within the Solutions business
line. Contracts are included when
they are signed and all significant
conditions which may impact the
value of the contracts have been
agreed.
Investor Relations contact
Jacob Johansen
Tel: +45 2169 3591
NKT A/S disclaims any liability to
update or adjust statements about
the future or the possible reasons
for differences between actual and
anticipated results except where
required by legislation or other
regulations.
Furthermore, the Group presents the
following performance measures not
defined according to IFRS Accounting
Standards (non-GAAP measures) in
the interim report:
13. Solvency ratio (equity as a per-
centage of total assets) – Equity
including hybrid capital as a per-
centage of total assets.
Martin Juul Bentsen
Tel.: +45 2226 3831
7. Operational earnings before
interest and tax (Operational
EBIT) – Earnings before interest
and tax (EBIT) excluding one-off
items.
ir@nkt.com
3. Revenue at standard metal
prices – Revenue at standard
metal prices for copper and
aluminium is set at EUR/tonne
1,550 and EUR/tonne 1,350
respectively.
14. Return on capital employed
(RoCE) – Operational EBIT last
twelve months for continuing
operations as a percentage of
average of the last five quarters of
capital employed for continuing
operations.
8. Net interest-bearing debt –
Cash and interest-bearing receiv-
ables less interest-bearing debt.
Hybrid capital is not included in
net interest-bearing debt.
