We connect a greener world
Interim Report
Q1 2026
Interim Report of NKT A/S for the period 1 January – 31 March 2026
NKT A/S | Amerika Plads 29, DK-2100 Copenhagen | Company Reg. No.: 62725214 | nkt.com
Financial statementsManagement's review
15 Condensed income statement
15 Condensed statement of
comprehensive income
16 Condensed balance sheet
17 Condensed cash flow statement
18 Condensed statement of changes
in equity
20 Notes
23 Definitions
24 Group Management’s statement
01
3 Key messages Q1 2026
4 Financial outlook 2026
5 Financial highlights and ratios
6 Financial review
8 Sustainability
9 Business line – Transmission
11 Business line – Grid Solutions &
Accessories
12 Business line – Distribution
13 Shareholder information
02
Contents
“ With the award of two major projects with a
combined value exceeding EUR 4.2 billion, we
achieved the highest quarterly order intake
in the history of NKT in Q1 2026. The orders
highlight NKT’s market‑leading position in the
high‑voltage market and provide extended
visibility for the coming years. At the same time,
we maintained disciplined execution of the order
backlog and ongoing investment programmes,
delivering record‑high Q1 operational EBITDA
of EUR 97 million. As part of the Charging
Forward strategy, our new business line
structure became operational on 1 January
2026 to further enhance NKT’s value creation for
both customers and shareholders as a leading
pure‑play power cable solutions provider.”
Claes Westerlind
President & CEO
NKT A/S
NKT A/S Interim Report Q1 2026
2
Key messages Q1 2026
With more than EUR 4.2 billion in new firm orders secured, Q1 2026 marked a record-high quarterly order intake for NKT,
taking the Transmission order backlog to EUR 13.5bn. The activity level remained high, and with satisfactory operational
project execution, the operational EBITDA amounted to EUR 97 million. The financial outlook for 2026 is maintained.
On 1 January 2026, the updated
business line structure was intro-
duced as part of the new com-
pany strategy, Charging Forward,
became operational. While focusing
Q1 2025Q1 2026
630m610m
Revenue
(standard metal prices)
EUR
610m
Down from EUR 630m in Q1 2025, as
expected driven by a specific project
ramp-down in Transmission during
Q1 2026
Q1 2025Q1 2026
81m97m
Operational EBITDA
EUR
97m
Up from EUR 81m in Q1 2025
with higher margin in all three
business lines
NKT
EURm Q1 2026 Q1 2025
Revenue 864 837
Revenue at standard metal prices 610 630
Organic growth -4% 11%
Operational EBITDA** 97 81
Operational EBITDA margin*, ** 16.0% 12.9%
EBIT 63 51
Net result 61 57
Free cash flow -92 -308
Working capital -1,524 -1,18 4
RoCE*** 22% 32%
* Standard metal prices.
** Alternative performance measures.
*** Refer to Definitions.
on optimising new structures and
processes, the diligent execution
was maintained to ensure suc-
cessful delivery on the high-voltage
backlog and continued satisfactory
execution of the capacity expansion
projects. The achievements in the
first quarter set a solid foundation
for the future. The financial results
for Q1 2026 are reported in the new
structure.
During the quarter, NKT secured
two major order awards. In January,
NKT signed final contracts related
to the previous booking commit-
ments with SSEN Transmission,
the transmission system operator
in the north of Scotland. The two
high-voltage direct current (HVDC)
projects, Western Isles and Spittal
to Peterhead, have a combined
value of approximately EUR 2bn.
Later in March, NKT signed a firm
contract for the HVDC power cable
system for Eastern Green Link 3
with a joint venture between the UK
NKT A/S Interim Report Q1 2026
3
Management's review
Financial statements
grid owners National Grid Electricity
Transmission and SSEN Transmis-
sion. This order is the largest single
project award ever received by
NKT, with a value of more than EUR
2.2bn.
Both awards were added to the
Transmission order backlog during
the quarter, and by end-Q1 2026, it
amounted to EUR 13.5bn.
In Q1 2026, the high activity level
was maintained across all three
business lines. As expected,
organic growth for the quarter was
negative at -4%, due to a specific
project ramp-down in Transmission,
including a lower level of subcon-
tracted volume. Operational EBITDA
improved to EUR 97 million, which is
the highest level for a first quarter in
the company’s history.
Free cash flow amounted to EUR
-92m in Q1 2026, mainly driven by
the ongoing investments, a slight
negative contribution from changes
in working capital, and income
taxes paid. At end-Q1 2026, NKT
maintained a robust balance sheet,
with net interest-bearing debt of
EUR -842m.
Q1 2025Q1 2026
11%
‑4%
Organic growth
‑4%
Reflecting organic growth of -8% in
Transmission, 2% in Grid Solutions &
Accessories and 3% in Distribution
Q4 2025*
* Reported high-voltage backlog
Q1 2026
10.2bn13.5bn
Transmission
order backlog
EUR
13.5bn
Two firm order awards with a value of
more than EUR 4.2bn in Scotland and
the UK were added to the backlog
during Q1 2026
Financial outlook 2026
The financial outlook remains unchanged from
Company Announcement No. 3 of 25 February 2026.
Revenue (at standard metal prices) is expected to be approximately EUR 2.63-2.78bn,
and operational EBITDA is expected to be approximately EUR 360-410m.
The financial outlook for 2026 is based on several assumptions, including:
■
Satisfactory execution of high-voltage
investments and projects to deliver on
expected profitability margin
■
Satisfactory operational execution across
business lines
■
Stable market conditions across
business lines
■
Normalised offshore power cable repair
work activity
■
No worsening of supply chains, including
extended consequences of the conflict
in the Middle East, resulting in material
cost increases or lack of access to the
required labour, materials, and services
■
Stable development in global economy,
foreign currency, and metal prices
Operational EBITDA, EUR
~360‑410m
Revenue (standard metal prices), EUR
~2.63‑2.78bn
The stringent execution of the
investment projects to expand
capacity was maintained in the
quarter. The additional Distribution
medium-voltage capacity in Den-
mark is ramping up during the first
half of the year. All other projects
progressed according to plan,
including the new high-voltage fac-
tory in Karlskrona, which continues
to be expected to become opera-
tional in 2027.
The financial outlook for 2026 is
maintained. Revenue (at standard
metal prices) is expected to be
approximately EUR 2.63-2.78bn and
operational EBITDA is expected to
be approximately EUR 360-410m.
NKT A/S Interim Report Q1 2026
4
Management's review
Financial statements
Financial highlights and ratios
Q1
2026
Q1
2025
Year
2025
Financial ratios and employees
Operational EBITDA margin, (standard metal prices)* 16.0% 12.9% 14.3%
Gearing (NIBD as % of Group equity)
11
-38% -48% -44%
NIBD relative to operational EBITDA
12
-2.1x -2.7x -2.5x
Solvency ratio (equity as % of total assets)
13
39% 40% 39%
Return on capital employed (RoCE)
14
22% 32% 24%
Number of DKK 20 shares ('000) 53,720 53,720 53,720
Diluted EPS
2
1.1 1.0 4.9
Equity value, EUR per outstanding share
15
38 34 38
Market price, DKK per share 832 468 799
Average number of employees 6,554 5,904 6,154
1–17
Refer to Definitions.
* Alternative performance measures.
EURm
Q1
2026
Q1
2025
Year
2025
Income statement
Revenue 864 837 3,565
Revenue at standard metal prices
3
610 630 2,722
Operational EBITDA
*
97 81 390
EBITDA 97 81 390
Depreciation, amortisation, and impariment -34 -30 -133
EBIT 63 51 257
Financial items, net 15 25 37
Earnings before tax (EBT) 78 76 294
Net result 61 57 275
Cash flow
Cash flow from operating activities 54 -141 499
Cash flow from investing activities -146 -167 -743
hereof investments in Property, plant, and equipment -138 -158 -695
Free cash flow
16
-92 -308 -244
Balance sheet
Share capital 144 144 144
Group equity 2,193 1,986 2,193
Total assets 5,572 4,930 5,595
Net interest-bearing debt (NIBD)
8
-842 -953 -963
Capital employed
9
1,351 1,033 1,230
Working capital
10
-1,524 -1,18 4 -1,534
NKT A/S Interim Report Q1 2026
5
Management's review
Financial statements
Financial review
While activity remained at a high level, NKT delivered negative organic growth
of -4% due to the ramp-down of the Champlain Hudson Power Express in
Transmission. This development was in line with expectations. Operational
EBITDA amounted to EUR 97m – the highest level for a first quarter in the
company’s history, driven by all three business lines. The execution of the
capacity investment programmes progressed in line with plan and resulted in
a continued high level of capital expenditures. As a consequence, free cash
flow was negative, EUR -92m.
Slight revenue decline,
as expected
Revenue in Q1 2026 amounted to
EUR 864m compared to EUR 837m
in Q1 2025 (revenue measured at
standard metal prices declined to
EUR 610m in Q1 2026 from EUR
630m in Q1 2025, corresponding to
a negative organic growth of -4%).
The negative development was
driven by the Transmission business
line, due to the ramp-down of the
Champlain Hudson Power Express
project in the U.S. This included a
lower level of subcontracted work
compared to the relatively high level
in Q1 2025. All three business lines
experienced a high activity level, and
both Grid Solutions & Accessories
and Distribution reported positive
organic growth. For Grid Solutions
& Accessories, the positive develop-
ment was driven by the Accessories
business, while Distribution benefited
from continued robust demand in
the medium-voltage segment.
Operational EBITDA of EUR 97m
Operational EBITDA increased to
EUR 97m in Q1 2026 compared to
EUR 81m in Q1 2025. From a busi-
ness line perspective, the increase
was driven by the Distribution and
Grid Solutions & Accessories busi-
ness lines, while operational EBITDA
in Transmission was lower. The
operational EBITDA margin, based
on revenue at standard metal prices,
was 16.0% in Q1 2026, representing
an increase of 3.1 percentage points
compared to 12.9% in Q1 2025.
All three business lines contrib-
uted to the higher operational
EBITDA margin, mainly driven by
satisfactory operational execution
and a slightly improved project mix
in execution compared to the same
period last year.
In Q1 2026, EBIT was EUR 63m,
representing an improvement com-
pared to EUR 51m reported in Q1
2025. The higher operational EBITDA
was only partly offset by an increase
in depreciations and amortisations
Operational EBITDA
EURm
Operational EBITDA. Operational EBITDA margin %, LTM, standard metal prices.
Q1
Q2 Q3
2024
Q4 Q1
Q2 Q3
2025
Q4
2026
75
86 93
90 81
Q1
85 97
13.8%
105 119
14.3%
15.0%
* Standard metal prices.
Revenue development
and organic growth
EURm
Q1 2025 revenue* 630
Currency effect 5
Organic growth -25
Q1 2026 revenue* 610
Organic growth, % -4%
due to the higher asset base from
previous investments. Moreover,
NKT continued the gradual cost
ramp-up to support the ongoing
investments in production capacity.
During March, the geopolitical con-
flict in the Middle East escalated with
the closure of the Strait of Hormuz.
This led to increasing energy prices
and disruptions to certain supply
chains. No material adverse finan-
cial impact for NKT was seen in Q1
2026. Depending on the duration
and evolution of the conflict, a cost
increase is expected in the coming
quarters. NKT has long-standing
relations with both suppliers and
customers and is working to mini-
mise negative impact.
Financial items and net result
Net financial items in Q1 2026
amounted to EUR 15m, compared
to EUR 25m in Q1 2025 mainly
driven by non-cash exchange rate
fluctuations related to SEK devel-
opment.
Earnings before tax amounted to
EUR 78m in Q1 2026, compared
to EUR 76m in Q1 2025. Tax
amounted to EUR -17m in Q1 2026,
resulting in an effective tax rate of
NKT A/S Interim Report Q1 2026
6
Management's review
Financial statements
22%. The net result was EUR 61m
in Q1 2026, against EUR 57m in Q1
2025.
Negative free cash flow
affected by investments
Cash flow from operating activities
was EUR 54m in Q1 2026, com-
pared to EUR -141m in Q1 2025
mainly driven by the improvement
in operational EBITDA and a lower
outflow from changes in working
capital. At end-Q1 2026, working
capital amounted to EUR -1,524m,
compared to EUR -1,534m at the
end of 2025.
Cash flow from investing activities
amounted to EUR -146m in Q1
2026, compared to EUR -167m in
the same period last year. Invest-
ments were maintained at a high
level driven by Transmission and
Distribution, where the investment
programmes progress as planned.
For the period 2025-2028, NKT
continues to expect to invest in total
EUR ~2bn.
As a result of the investment level,
free cash flow was EUR -92m com-
pared to EUR -308m in Q1 2025.
Continued attractive RoCE level
RoCE was 22% and thereby
remained at an attractive level at end-
Q1 2026, but slightly below the level
at the end of 2025. The decrease
was mainly driven by a higher level of
capital employed due to the ongoing
investments. From end-2025 to end-
Q1 2026, capital employed increased
from EUR 1,230m to EUR 1,351m as
a result of the ongoing investments.
RoCE will continue to vary depending
on the project mix in production, the
timing of payments from customers,
and a higher capital base from ongo-
ing investments.
Liquidity, debt leverage,
equity, and guarantees
The negative free cash flow led to a
reduction in the net cash position.
Net interest-bearing debt amounted
to EUR -842m at end-Q1 2026
compared to EUR -963m at the
end of 2025. Net interest-bearing
debt relative to operational EBITDA
amounted to -2.1x at end-Q1 2026
compared to -2.5x at end-2025.
At the end of Q1 2026, NKT had
total available liquidity reserves of
EUR 1,531m. NKT’s favourable cash
position will gradually be deployed
as announced investments continue
to progress through varying stages
of execution. NKT targets a position
of financial strength as progress on
its growth journey continues.
Group equity amounted to EUR
2,193m. This includes the green
hybrid security, which was success-
fully refinanced during the quarter.
The company’s solvency ratio was
39%, unchanged compared to end-
2025.
Total working capital. Working capital ratio, LTM, %.
Net interest-bearing debt. Net interest-bearing debt/operational EBITDA, LTM, x.
Working capital
EURm
Net interest-bearing debt
EURm
-667
-1,152 -1,069
-1,432 -1,18 4 -1,534 -1,524
-30.9%
-1,132 -1,093
-32.8%
-36.0%
Q1
Q2 Q3
2024
Q4 Q1
Q2 Q3
2025
Q4
2026
Q1
-642 -1,277 -1,13 6
-1,280
-953
-963
-842
-3.7x
-757 -640
-2.5x
-2.1x
Q1
Q2 Q3
2024
Q4 Q1
Q2 Q3
2025
Q4
2026
Q1
NKT A/S Interim Report Q1 2026
7
Management's review
Financial statements
Management's review
Financial statements
In the first quarter of 2026, NKT was ranked 13th on
Corporate Knights’ 2026 Global 100 Most Sustainable
Corporations list.
In Q1 NKT was also ranked 6th on Corporate Knights’
Europe 50 Most Sustainable Corporations list. The recog-
nitions position NKT among the global leaders in corpo-
rate sustainability.
Corporate Knights’ assessment is based on Sustaina-
ble Economy Intelligence metrics, with a strong focus
on investments and revenue contributing to sustainable
products and services. This methodology reinforces the
importance of generating measurable value through solu-
tions that accelerate the green transition.
NKT’s handprint is the positive climate impact created by
delivering the cable systems that allow countries to add clean
energy, reinforce networks, and share power across borders.
Since 2019, NKT has completed cable projects that are
projected to contribute 27 TWh of clean energy in 2030,
equivalent to meeting the annual energy needs of approx-
imately 7.7 million households. That equates to more than
twice the number of households in Denmark.
NKT among
most sustainable
companies
Sustainability
In the first quarter of 2026, NKT strengthened its commitment to its sustainability strategy,
which is an integral part of the new company strategy Charging Forward, by continuing to
improve its product handprint and reduce its overall footprint across the value chain.
Environment
In the first quarter of 2026, NKT and
Uniper signed a long-term Power
Purchase Agreement for electricity
supplied from Uniper’s photovoltaic
facility in Wilhelmshaven, Germany.
The renewable energy will support
NKT’s production sites in Cologne
and in Nordenham. The agreement
forms part of NKT’s ongoing stra-
tegic efforts to advance decarboni-
sation across its value chain and its
own operations.
By replacing fossil-fuelled cars and
forklifts, phasing out natural gas, and
installing heat pumps powered by
renewable electricity, NKT’s power
cable accessories site in Norden-
ham has become the company’s
first zero-carbon factory. This mile-
stone represents an important step
towards achieving zero-emission
operations across the organisation.
A new Eco Stage Gate model has
been introduced in the quarter to
ensure that long-term environmental
impact is considered from the earli-
est stages of product development.
By applying clear criteria across
decarbonisation, circularity, material
health, and health and safety the
Eco Stage Gate increases trans-
parency and consistency across
research and development projects.
Social
In Q1 2026, NKT signed contracts
for two HVDC transmission links in
Scotland with SSEN Transmission.
In addition, the company entered
into an agreement to deliver the
HVDC power cable system for East-
ern Green Link 3 with a joint venture
between National Grid Electricity
Transmission and SSEN Transmis-
sion.
These projects will support the cre-
ation of local employment oppor-
tunities, enhance capabilities, and
foster stronger partnerships with
suppliers across the UK.
In Q1 2026, 51 leaders commenced
their development journeys in the
company’s leadership programmes,
and 13 graduates from Sweden,
Denmark, the Netherlands, Ger-
many, Poland, and Czech Republic
celebrated the graduation of their
18-month graduate programme
2024-2026.
In Q1, NKT successfully launched
the Site Safety Maturity Roadmap
at its facilities in Portugal. Together
with the ongoing initiatives in
Sweden, these actions aim to
strengthen the overall safety matu-
rity level and provide renewed
momentum to key safety initiatives
designed to reduce workplace acci-
dents.
Training sessions on psychological
safety and belonging have con-
tinued, with multiple participants
taking part in Sweden and Denmark
during Q1 2026. Further sessions
are planned across additional coun-
tries.
Governance
In Q1, NKT rolled out the updated
and consolidated Personal Data
Protection Policy, merging the for-
mer instruction and policy into a
single, streamlined document.
In the first quarter, NKT also pub-
lished the Key Principles Governing
Personal Data Processing, providing
clearer guidance to the organisation
on data protection expectations.
Management's review
Financial statements
NKT A/S
Interim Report Q1 2026
8
Business line – Transmission
NKT’s cable-laying vessel, NKT
Victoria, was well-utilised during
the quarter and as a result revenue
generated from installation activities
was at a satisfactory level.
Improved margin while
operational EBITDA declined
Operational EBITDA amounted
to EUR 50m in Q1 2026 down
from EUR 52m in Q1 2025. This
corresponded to an operational
EBITDA margin of 15.1% compared
to 14.4% in the same quarter last
year, based on revenue at standard
metal prices. The improved margin
was driven by satisfactory project
execution during the quarter com-
bined with good utilisation of NKT's
cable-laying vessel. On a quarterly
basis, profitability will continue to
vary depending on the mix and
phasing of the projects in execution.
NKT remains focused on manag-
ing the risk associated with the
large high-voltage project portfolio,
including managing recent disrup-
tions to global supply chains.
Continued high activity level,
but lower revenue due to
specific project ramp-down
Revenue for the Transmission busi-
ness line amounted to EUR 382m in
Q1 2026 down from EUR 405m in
Q1 2025 (at standard metal prices,
the Transmission business line
revenue was EUR 331m in Q1 2026
down from EUR 360m in Q1 2025,
corresponding to organic growth
of -8%).
The revenue decline was driven by
the ramp-down of the Champlain
Hudson Power Express project
and included a lower level of sub-
contracted work compared to a
relatively high level in Q1 2025. The
quarter was characterised by a high
activity level across several projects
and execution was satisfactory for
the project portfolio. NKT continued
to progress and execute on several
projects through varying stages of
execution in Q1 2026. These pro-
jects included Biscay Gulf, Hornsea
3, SuedLink, SuedOstLink, and
Champlain Hudson Power Express.
Commercial successes
leading to record-high
Transmission order backlog
The commercial activity level was
high during Q1 2026, and NKT
made two significant commercial
announcements that contributed to
the highest order backlog level ever
reported by NKT.
Firstly, in January 2026, NKT signed
two HVDC 525 kV transmission
links in Scotland, Western Isles
and Spittal to Peterhead, under an
existing framework agreement with
SSEN Transmission. For NKT, the
two turnkey projects will comprise
design, production, and installation
of both on- and offshore cable sys-
tems. The projects are now included
in NKT’s high-voltage order backlog
with a combined value of approxi-
mately EUR 2bn. The contract value
represents an increase from the ini-
tial estimate communicated in 2023,
driven by higher raw material costs
and the inclusion of the full project
scope, including cable installation
confirmed during the initial phase.
The Western Isles and Spittal to
Peterhead offshore HVDC trans-
mission links are crucial projects
that form part of the ‘Pathway to
2030’ investment programme being
delivered by SSEN Transmission,
a major upgrade to the electricity
transmission network across the
north of Scotland.
Secondly, in March 2026 NKT
was awarded the firm order for the
high-voltage direct current 525 kV
interconnector, Eastern Green Link
3, by the joint venture between
SSEN Transmission and National
Grid Electricity Transmission. With
a value of more than EUR 2.2bn,
the Eastern Green Link 3 order is
the largest contract for a single
cable project in NKT’s history,
and it has now been added to the
Transmission order backlog. The
project comprises a turnkey scope
to design, manufacture, and install a
525 kV HVDC power cable system
with a route length of around 680
km, including both onshore and
offshore cable sections. The trans-
Business line
Transmission
Highlights
■
Two large order awards resulted in record-
high order backlog
■
Improved profitability driven by high activity
levels and satisfactory execution of high-
voltage projects
■
Investments in additional high-voltage
capacity and installation assets continued to
progress according to plan
331m
Revenue
*
, EUR
(Q1 2025: EUR 360m)
‑8%
Organic growth
(Q1 2025: 17%)
50m
Operational EBITDA, EUR
(Q1 2025: EUR 52m)
* Standard metal prices.
NKT A/S Interim Report Q1 2026
9
Management's review
Financial statements
mission link is a key component in
the UK’s investments to upgrade
the electricity transmission network
and create a resilient and efficient
grid that delivers clean and reliable
energy throughout the country.
At the end of Q1 2026, the Trans-
mission order backlog was EUR
13.5bn (EUR 12.0bn at standard
metal prices), compared to a
high-voltage order backlog, includ-
ing HVAC onshore, of EUR 10.2bn
(EUR 8.9bn at standard metal
prices) at end-2025. The increase in
the backlog was driven by awards
of the Western Isles and Spittal
to Peterhead projects in Scotland
and Eastern Green Link 3 in the
Recent notable high-voltage project awards for NKT
Project name
Customer name and
type Announced Size (EURm) Type
Spittal to Peterhead and Western
Isles
SSEN Transmission, TSO January 2026 ~2,000 Interconnector (in
backlog)
Eastern Green Link (EGL3) SSEN Transmission and
National Grid Electricity
Transmission, TSOs
March 2026 >2,200 Interconnector (in
backlog)
Note: Project sizes are shown in market prices.
UK. The Scottish projects were a
confirmation of previous booking
commitments. The backlog does
not include five projects awarded
under a framework agreement with
TenneT. These awards have an esti-
mated value exceeding EUR 2.5bn.
From a customer type perspective,
at the end of Q1 2026 the backlog
consisted of more than 95% Euro-
pean Transmission System Oper-
ators, and the balance with other
types of customers. From an appli-
cations perspective, the backlog
consisted of around 70% intercon-
nectors and around 30% offshore
wind projects.
Continued high market activity
Market activity was at a high level
during the first quarter of 2026,
with a number of significant awards
in the market. NKT estimates that
around EUR 7bn of projects were
awarded in its addressable high-volt-
age power cables market during
the period. The continued strong
demand for high-voltage produc-
tion and installation capacity was
mainly for high-voltage direct current
technology, where NKT is well-posi-
tioned as a market leader. With the
recent commercial successes and
the record-high order backlog, NKT
will continue to focus on securing
selected projects that will enable an
optimal mix between production and
Business line
Transmission
installation to maximise earnings.
Moreover, NKT continuously moni-
tors geopolitical developments and
the potential impact on future elec-
trical generation infrastructure. NKT
continues to anticipate its average
addressable Transmission market to
exceed EUR 10bn per year between
2024 and 2030.
High-voltage capacity
investments progressed
as planned
NKT continued the execution of the
high-voltage investments to expand
production and installation capacity
during Q1 2026, and the projects
progressed as planned during the
quarter. At the site in Karlskrona,
Sweden, the intense execution
continued across several parallel
workstreams. The installation of
machinery progressed in both the
new extrusion tower and the sur-
rounding buildings, with selected
commissioning tests ongoing. For
NKT’s second cable-laying vessel,
NKT Eleonora, construction also
progressed as planned. During the
quarter, the hull was prepared for
the launch into water in April 2026.
The new production capacity in
Karlskrona and the new cable-laying
vessel are, unchanged, expected to
become operational in 2027.
Moreover, in Cologne, Germany, the
investments in additional capacity
and capabilities at the high-volt-
age factory likewise progressed
as planned during the first quarter
of 2026. Installation of production
machinery and test equipment is
ongoing and the production capacity
is expected to become operational
i n 20 27.
In addition to the investments in
production and installation capacity,
NKT is also investing in installation
tool capabilities. Beyond the acqui-
sition of a cable-laying barge, which
is expected to become operational
in 2027 following conversion work,
the development of a new subsea
trencher is progressing with com-
missioning ongoing.
NKT A/S Interim Report Q1 2026
10
Management's review
Financial statements
Business line – Grid Solutions & Accessories
High activity levels in both Grid
Solutions and Accessories
For the newly formed business
line Grid Solutions & Accessories,
revenue amounted to EUR 118m
in Q1 2026, down from EUR 122m
in Q1 2025 (revenue measured at
standard metal prices increased to
EUR 113m up from EUR 109m in
Q1 2025, corresponding to organic
growth of 2%). The organic growth
was driven by solid growth in the
Accessories business through
satisfactory order execution and
high activity levels in both high- and
medium-voltage accessory seg-
ments. Moreover, the activity level
remained high in Q1 2026 for Grid
Solutions which included execution
of offshore repair jobs.
The Grid Solutions business line
became operational from 1 January
2026. Structures and processes are
being implemented and enhanced,
setting a solid foundation for future
development.
Business line
Grid Solutions & Accessories
Increased operational
EBITDA and margin
Grid Solutions & Accessories
achieved operational EBITDA of
EUR 19m in Q1 2026 compared
to EUR 18m in Q1 2025. The
minor improvement was driven
by increased revenue and prof-
itability in Accessories, while the
development in Grid Solutions was
supported by offshore repair jobs.
The operational EBITDA margin,
based on revenue at standard metal
prices, increased to 16.8% in Q1
2026 from 16.5% in Q1 2025.
Satisfactory execution
in Grid Solutions
The Grid Solutions segment main-
tained a high activity level in Q1
2026, driven by a variety of activities
including maintenance projects,
installation works, offshore repair
projects, and delivery of high-volt-
age alternating current onshore
cable solutions. These activities
included the repair of the power
grid in Berlin following a large-scale
power outage in January. The fast
execution of Grid Solutions con-
tributed to re-establish electricity
supply for tens of thousands of
households within a few days. The
high activity level and satisfactory
execution supported the improved
profitability in the quarter.
Increased revenue and
profitability in Accessories
Revenue in Accessories increased
in Q1 2026, driven by higher rev-
enue from both high- and medi-
um-voltage accessories, supported
by ramp-up in additional produc-
tion capacity for medium-voltage
accessories. Operational EBITDA
increased in Q1 2026 compared to
the same quarter last year, driven
by higher revenue and satisfactory
execution.
Highlights
■
Organic growth and higher revenue* driven
by Accessories
■
High activity levels in both Grid Solutions
and Accessories
■
Satisfactory execution contributing to
increased operational EBITDA
113m
Revenue
*
, EUR
(Q1 2025: EUR 109m)
2%
Organic growth
(Q1 2025: 16%)
19m
Operational EBITDA, EUR
(Q1 2025: EUR 18m)
* Standard metal prices.
NKT A/S Interim Report Q1 2026
11
Management's review
Financial statements
Business line – Distribution
Organic growth and continued
high revenue level
In Q1 2026, revenue in Distribution
increased to EUR 416m, up from
EUR 358m in Q1 2025 (Distribution
revenue measured at standard metal
prices increased to EUR 212m in Q1
2026 compared to EUR 203m in Q1
2025, corresponding to an organic
growth of 3%). The positive develop-
ment was driven by continued robust
demand in the power distribution
grid segment, with both volumes
and revenue increasing compared
to Q1 2025. While revenue for the
construction-exposed segment
increased in Q1 2026 compared to
Q1 2025 due to higher metal prices,
revenue at standard metal prices
for the segment was in line with the
same period last year.
Improved operational EBITDA
and margin
The increased revenue contributed
to an operational EBITDA of EUR
22m in Q1 2026 compared to EUR
18m in Q1 2025. This was driven
by the increased revenue from the
Business line
Distribution
robust demand in the power distri-
bution grid segment, and supple-
mented by increased profitability in
the construction-exposed segment.
The operational EBITDA margin,
based on revenue at standard metal
prices, increased to 10.5% in Q1
2026 compared to 8.9% in Q1 2025.
The improvement was driven by the
higher revenue* in the power distri-
bution grid segment and comple-
mented by operational efficiencies.
Power distribution grid
market remained robust
In Q1 2026, the Distribution busi-
ness line experienced varied devel-
opments across the market seg-
ments. Demand for medium-voltage
cables remained robust, resulting in
increased volumes and revenue in
the quarter for the power distribution
grid segment. This demand is driven
by the general electrification of soci-
ety, including the build-out of data
centres, leading to grid enhance-
ments. In the construction-exposed
segment, the overall demand was
stable compared to Q1 2025, with
some variations between local mar-
kets and segments. In March 2026,
NKT secured a long-term framework
agreement with the Dutch distri-
bution system operator, Alliander,
running from mid-2026 to mid-2034.
The agreement covers medium-volt-
age power cables, underlining the
continued demand for NKT’s medi-
um-voltage solutions.
Investment in additional
production capacity on track
During Q1 2026, the investments in
additional medium-voltage capacity
across the sites in Denmark and
Portugal progressed as planned. In
Denmark, the construction of the
additional medium-voltage capacity
is now in the final stages and the
additional capacity will continue to
ramp up during the first half of 2026
as planned.
The capacity expansions in Portugal
also progressed as planned during
Q1 2026, and the additional capac-
ity is still expected to become oper-
ational at the end of 2026.
* Standard metal prices.
Highlights
■
Improved operational EBITDA and double-
digit margin
■
Continued robust demand in the power
distribution grid segment
■
Investments in additional medium-voltage
capacity progressed as planned
212m
Revenue
*
, EUR
(Q1 2025: EUR 203m)
3%
Organic growth
(Q1 2025: 11%)
22m
Operational EBITDA, EUR
(Q1 2025: EUR 18m)
NKT A/S Interim Report Q1 2026
12
Management's review
Financial statements
Mar
2025
May
2025
Apr
2025
Jun
2025
Jul
2025
Aug
2025
Sep
2025
Oct
2025
Nov
2025
Dec
2025
Jan
2026
Feb
2026
Mar
2026
NKT A/S, DKK
Power cable peers (Prysmian and Nexans) (rebased)OMX C25 (rebased), DKK
200
300
400
500
600
700
800
900
1,000
Shareholder information
NKT A/S shares
The average daily turnover in NKT
A/S shares on all trading markets
was EUR 56m in Q1 2026, up
from EUR 35m in Q1 2025. The
average daily trading volume was
around 520,000 shares in Q1 2026,
unchanged compared to Q1 2025.
Nasdaq Copenhagen was the main
trading market for the company’s
shares with 30% of the total traded
volume in Q1 2026.
At end-Q1 2026, the NKT A/S share
price was DKK 831.50, compared
to DKK 798.50 at end-2025. This
equalled a share price return of 4%.
The corresponding dividend-ad-
justed share price returns in the
same period for the company’s
largest European competitors,
Prysmian and Nexans, were 14%
and -9% respectively. The Danish
OMXC25 Index, adjusted for divi-
NKT A/S share price development last 12 months
dends, declined by 6% in the first
three months of 2026.
At end-Q1 2026, one NKT A/S
investor had reported shareholdings
of between 5.00–9.99%:
■
BlackRock, Inc. (US)
Financial
calendar 2026
14 August Interim Report, H1 2026
29 September NKT Investor Day 2026, Karlskrona
19 November Interim Report, Q1-Q3 2026
NKT A/S shares
– basic data
ID code: DK0010287663
Listing: Nasdaq Copenhagen,
part of the OMX C25 Index
Share capital: DKK 1,074m
(approximately EUR 144m)
Number of
shares: 53.7 million
Nominal value: DKK 20
Share classes: 1
The total share capital consists of
53,720,045 shares, each with a
nominal value of DKK 20, corre-
sponding to a total nominal share
capital of DKK 1,074,400,900
(approximately EUR 144m).
More shareholder information is
available at investors.nkt.com
NKT A/S Interim Report Q1 2026
13
Management's review
Financial statements
15 Condensed income statement
15 Condensed statement of comprehensive income
16 Condensed balance sheet
17 Condensed cash flow statement
18 Condensed statement of changes in equity
20 Notes
23 Definitions
Consolidated
financial statements
NKT A/S Interim rRport Q1 2026
14
Management's review
Financial statements
Condensed income statement Condensed statement of comprehensive income
EURm
Q1
2026
Q1
2025
Year
2025
Revenue 864 837
Costs of raw materials, consumables, and goods for resale -562 -573
-2,383
Staff costs -125 -109
-482
Other costs -82 -78
-319
Other operating income 2 4
Earnings before interest, tax, depreciation, and amortisation (EBITDA) 97 81
Depreciation and impairment of property, plant, and equipment -28 -24
-106
Amortisation and impairment of intangible assets -6 -6
-27
Earnings before interest and tax (EBIT) 63 51
Financial items, net 15 25
Earnings before tax (EBT) 78 76
Tax -17 -19
-19
Net result 61 57
To be distributed as follows:
Equity holders of NKT A/S 58 54
Hybrid capital holders of NKT A/S 3 3
Net result 61 57
Basic earnings, EUR, per share (EPS) 1.1 1.0
Diluted earnings, EUR, per share (EPS-D) 1.1 1.0
EURm
Q1
2026
Q1
2025
Year
2025
Net result 61 57 275
Other comprehensive income
Items that may be reclassified to the income statement:
Currency translation adjustments regarding foreign entities -12 48 49
Value adjustment of hedging instruments -73 54 170
Tax on Other comprehensive income -3 -14 -44
Items that will not be reclassified to the income statement:
Actuarial gains/losses on defined benefit pension plans, net of tax 0 0 3
Total Other comprehensive income ‑88 88 178
Comprehensive income ‑27 145 453
To be distributed as follows:
Equity holders of NKT A/S -30 142 442
Hybrid capital holders of NKT A/S 3 3 11
Comprehensive income ‑27 145 453
NKT A/S Interim Report Q1 2026
15
Management's review
Financial statements
Condensed balance sheet
EURm
31 Mar
2026
31 Mar
2025
31 Dec
2025
Assets
Goodwill 424 427
Other intangible assets 270 250
Property, plant, and equipment 2,269 1,664
Derivative financial instruments 31 52
Investments in associated companies 9 9
Other investments and receivables 2 5
Deferred tax 54 22
Total non‑current assets 3,059 2,429
Inventories 483 436
Trade receivables 359 315
Other receivables 178 171
Derivative financial instruments 110 107
Contract assets 193 256
Income tax receivable 59 22
Cash and cash equivalents 1,131 1,194
Total current assets 2,513 2,501
Total assets 5,572 4,930
EURm
31 Mar
2026
31 Mar
2025
31 Dec
2025
Equity and liabilities
Equity attributable to equity holders of NKT A/S 2,043 1,828 2,038
Hybrid capital 150 158 155
Total equity 2,193 1,986 2,193
Deferred tax 44 51 54
Pension liabilities 36 42 36
Provisions 37 34 40
Borrowings 124 132 125
Lease liabilities 116 92 104
Contract liabilities 1,012 877 1,057
Derivative financial instruments 30 18 11
Total non‑current liabilities 1,399 1,246 1,427
Borrowings 33 8 7
Lease liabilities 16 9 15
Trade payables 599 541 554
Other liabilities 280 237 276
Derivative financial instruments 50 68 57
Contract liabilities 913 738 948
Income tax payable 53 64 82
Provisions 36 33 36
Total current liabilities 1,980 1,698 1,975
Total liabilities 3,379 2,944 3,402
Total equity and liabilities 5,572 4,930 5,595
NKT A/S Interim Report Q1 2026
16
Management's review
Financial statements
Condensed cash flow statement
EURm
Q1
2026
Q1
2025
Year
2025
Earnings before interest, tax, depreciation, and amortisation (EBITDA) 97 81 390
Non-cash operating items:
Change in provisions, gain and loss on sale of assets, etc. -1 4 -2
Changes in working capital -17 -234 160
Cash flow from operations before financial items, etc. 79 ‑149 548
Financial items paid/received, net 20 20 19
Income tax paid/received, net -45 -12 -68
Cash flow from operating activities 54 ‑141 499
Investments in property, plant, and equipment -138 -158 -695
Investments in intangible assets -8 -9 -48
Cash flow from investing activities ‑146 ‑167 ‑743
Free cash flow ‑92 ‑308 ‑244
Changes in loans -2 -10 -15
Repayment of lease liabilities -4 -5 -12
Purchase of treasury shares 0 0 -20
Coupon payments on hybrid capital -7 0 -11
Proceeds from issue of new hybrid capital 149 0 0
Repurchase of previous hybrid capital -130 0 0
Cash flow from financing activities 6 ‑15 ‑58
EURm
Q1
2026
Q1
2025
Year
2025
Net cash flow ‑86 ‑323 ‑302
Cash and cash equivalents at the beginning of the period 1,214 1,518 1,518
Currency adjustments 3 -1 -2
Net cash flow -86 -323 -302
Cash and cash equivalents at the end of the period 1,131 1,194 1,214
The above cannot be derived directly from the income statement and the balance sheet.
NKT A/S Interim Report Q1 2026
17
Management's review
Financial statements
Condensed statement of changes in equity
EURm
Share
capital
Treasury
shares
Foreign
exchange
reserve
Hedging
reserve
Retained
earnings Total
Hybrid
capital
Total
equity
Equity, 1 January 2026 144 ‑20 ‑30 106 1,838 2,038 155 2,193
Other comprehensive income:
Currency translation adjustments regarding foreign entities -12 -12 -12
Value adjustment of hedging instruments:
Value adjustment -61 -61 -61
Transferred to revenue -12 -12 -12
Tax on Other comprehensive income -3 -3 -3
Total Other comprehensive income 0 0 ‑12 ‑76 0 ‑88 0 ‑88
Net result 58 58 3 61
Comprehensive income 0 0 ‑12 ‑76 58 ‑30 3 ‑27
Deferred hedge gains and losses transferred to inventories, net of tax 37 37 37
Transactions with owners:
Share-based payment 1 1 1
Transfer of performance shares 3 -3 0 0
Proceeds from issue of new hybrid capital -1 -1 150 149
Repurchase of previous hybrid capital -2 -2 -128 -130
Reclassification to borrowings of hybrid capital 0 -23 -23
Coupon payments, hybrid capital 0 -7 -7
Total transactions with owners 0 3 0 0 ‑5 ‑2 ‑8 ‑10
Equity, 31 March 2026 144 ‑17 ‑42 67 1,891 2,043 150 2,193
NKT A/S Interim Report Q1 2026
18
Management's review
Financial statements
Condensed statement of changes in equity
EURm
Share
capital
Treasury
shares
Foreign
exchange
reserve
Hedging
reserve
Retained
earnings Total
Hybrid
capital
Total
equity
Equity, 1 January 2025 144 ‑3 ‑79 65 1,571 1,698 155 1,853
Other comprehensive income:
Currency translation adjustments regarding foreign entities 48 48 48
Value adjustment of hedging instruments:
Value adjustment 48 48 48
Transferred to revenue 6 6 6
Tax on Other comprehensive income -14 -14 -14
Total Other comprehensive income 0 0 48 40 0 88 0 88
Net result 54 54 3 57
Comprehensive income 0 0 48 40 54 142 3 145
Deferred hedge gains and losses transferred to inventories, net of tax -13 -13 -13
Transactions with owners:
Transfer of performance shares 3 -3 0 0
Share-based payment 1 1 1
Total transactions with owners 0 3 0 0 ‑2 1 0 1
Equity, 31 March 2025 144 0 ‑31 92 1,623 1,828 158 1,986
NKT A/S Interim Report Q1 2026
19
Management's review
Financial statements
Notes
1 Material accounting policy information
Accounting policies and new
standards and interpretations
This condensed consolidated interim
financial report for the period 1 Janu-
ary 2026 – 31 March 2026 is prepared
in accordance with IAS 34 ‘Interim
Financial Reporting’, which has been
approved by the EU and Danish
disclosure requirements for interim
reports for listed companies.
As of 1 January 2026, NKT adopted
all relevant new or revised IFRS
®
Accounting Standards and IFRIC
®
Interpretations with effective date
1January 2026 or earlier. The new
or revised standards and interpreta-
tions did not affect recognition and
measurement or result in any material
changes to disclosures. Apart from
this, the accounting policies applied
are unchanged from those applied in
the Annual report 2025.
The Group has not prematurely
adopted any standards, interpreta-
tions, or amendments issued but not
yet effective.
The Interim Report includes financial
performance measures that are not
defined according to IFRS
Account-
ing Standards. These measures are
considered to provide valuable infor-
mation to stakeholders and manage-
ment. Since other companies might
calculate these differently from NKT,
they may not be comparable to the
measures applied by other compa-
nies. These financial measures should
therefore not be considered a replace-
ment for performance measures as
defined under IFRS
Accounting Stand-
ards, but rather as supplementary
information. Alternative performance
measures are defined in Definitions.
Significant estimates and
judgements
Significant accounting estimates and
judgements are described in Note 1.3
in the Annual report 2025.
2 Net interest-bearing debt and working capital
EURm
Q1
2026
Q1
2025
Year
2025
Net interest‑bearing debt
Borrowings 157 140 132
Leasing liabilities 132 101 119
Cash and cash equivalents -1,131 -1,194 -1,214
Net interest‑bearing debt ‑842 ‑953 ‑963
Working capital
Assets:
Inventories 483 436 439
Trade receivables 359 315 349
Other receivables 178 171 198
Derivative financial instruments 141 159 160
Contract assets 193 256 249
Income tax receivable 59 22 56
Liabilities:
Trade payables -599 -541 -554
Other liabilities -280 -237 -276
Derivative financial instruments -80 -86 -68
Contract liabilities -1,925 -1,615 -2,005
Income tax payable -53 -64 -82
Working capital ‑1,524 ‑1,184 ‑1,534
Guarantees
By end-Q1 2026, the value of guarantees issued by financial institutions on behalf of NKT Group companies was EUR 2,893m
compared to EUR 2,701m by end-2025.
NKT A/S Interim Report Q1 2026
20
Management's review
Financial statements
Notes
3 Segment reporting
EURm Transmission
Grid Solutions
& Accessories Distribution
Non
allocated
Intersegment
transactions Total NKT
Q1 2026
Income statement
External revenue 364 95 405 0 0 864
Intersegment revenue 18 23 11 0 -52 0
Revenue 382 118 416 0 ‑52 864
Costs and other income, net (excluding one-off items) -332 -99 -394 6 52 -767
Operational EBITDA
1)
50 19 22 6 0 97
Depreciation, amortisation, and impairment -22 -3 -9 0 0 -34
Operational EBIT
1)
28 16 13 6 0 63
Working capital
1)
‑1,597 41 102 ‑70 0 ‑1,524
Reconciliation between Revenue and Revenue at
standard metal prices
Revenue 382 118 416 0 -52 864
Adjustment of market prices to standard metal prices -51 -5 -204 0 6 -254
Revenue at standard metal prices
1)
331 113 212 0 -46 610
Reconciliation to net result
Operational EBITDA 97
One-off items
1)
0
EBITDA 97
Depreciation, amortisation, and impairment -34
EBIT 63
Financial items, net 15
EBT 78
Tax -17
Net result 61
1)
Refer to Definitions.
NKT A/S Interim Report Q1 2026
21
Management's review
Financial statements
Notes
3 Segment reporting – continued
EURm Transmission
Grid Solutions
& Accessories Distribution
Non
allocated
Intersegment
transactions Total NKT
Q1 2025
Income statement
External revenue 383 103 351 0 0 837
Intersegment revenue 22 19 7 0 -48 0
Revenue 405 122 358 0 ‑48 837
Costs and other income, net (excluding one-off items) -353 -104 -340 -7 48 -756
Operational EBITDA
1)
52 18 18 ‑7 0 81
Depreciation, amortisation, and impairment -20 -2 -8 0 0 -30
Operational EBIT
1)
32 16 10 ‑7 0 51
Working capital
1)
‑1,306 77 102 ‑57 0 ‑1,184
Reconciliation between Revenue and Revenue at
standard metal prices
Revenue 405 122 358 0 -48 837
Adjustment of market prices to standard metal prices -45 -13 -155 0 6 -207
Revenue at standard metal prices
1)
360 109 203 0 -42 630
Reconciliation to net result
Operational EBITDA 81
One-off items
1)
0
EBITDA 81
Depreciation, amortisation, and impairment -30
EBIT 51
Financial items, net 25
EBT 76
Tax -19
Net result 57
1)
Refer to Definitions.
4 Contingent liabilities
As announced 28 August 2025, the
NKT A/S (NKT) Czech subsidiary,
NKT s.r.o. has received a “Request
Before the Issuing of a Decision”
(Request) from the Antimonopoly
Office of the Slovak Republic, relat-
ing to an ongoing investigation into
alleged anti-competitive practices
in the Slovak cable market. In the
Request, the Antimonopoly Office
alleges that certain previous practices
among several cable manufacturers,
constitute infringements of Slovak and
EU competition rules. The investiga-
tion involves a local cable association
and 11 cable manufacturers, including
NKT s.r.o. In its Request, the Antimo-
nopoly Office has proposed fines for
the parties involved, including NKT
s.r.o., in relation to the activities under
investigation in Slovakia. In February
2026, NKT received a first-instance
decision from the Antimonopoly
Office. This follows the Request and
reflects the progression of the ongoing
administrative proceedings.
NKT is appealing the decision to the
Council of the Antimonopoly Office.
Following the appeal, the Council will
issue a final administrative decision.
NKT expects a final decision from
the Antimonopoly Office during 2027.
If the Council upholds the decision
of the Antimonopoly Office, NKT is
prepared to appeal to the Slovak
courts. In a related case, NKT s.r.o.
is currently under investigation by the
Office for the Protection of Competi-
tion in the Czech Republic along with
five other cable manufacturers and is
currently awaiting the outcome of the
investigation. Additionally, along with
other cable manufacturers, NKT’s two
German entities also remain under
investigation by the German Federal
Cartel Office in Germany and are cur-
rently awaiting the outcome.
NKT regards these matters with the
utmost seriousness, and the company
remains committed to full coopera-
tion with authorities and to upholding
responsible and ethical business
standards.
NKT A/S Interim Report Q1 2026
22
Management's review
Financial statements
Definitions
The Group operates with the following
performance measures, key figures,
and financial ratios.
Performance measures defined by
IFRS Accounting Standards:
1. Earnings, EUR per outstanding
share (EPS) – Earnings attrib-
utable to equity holders of NKT
A/S relative to average number of
outstanding shares.
2. Diluted earnings, EUR per out‑
standing share (EPS) – Earnings
attributable to equity holders of
NKT A/S relative to average num-
ber of outstanding shares, includ-
ing the dilutive effect of share
based payment programmes.
Furthermore, the Group presents the
following performance measures, key
figures, and financial ratios not defined
according to IFRS Accounting Stand-
ards (non-GAAP measures) in the
interim report:
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.
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.
5. One‑off items – Consist of
non-recurring income and cost
related to acquisitions, divest-
ments, integration, restructuring,
severance, and other one-time
items.
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.
7. Operational earnings before
interest and tax (Operational
EBIT) – Earnings before interest
and tax (EBIT) excluding one-off
items.
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.
9. Capital employed – Equity plus
net interest-bearing debt.
10. Working capital – Current assets
and non-current derivative finan-
cial instruments minus current
liabilities, non-current contract
liabilities and derivative financial
instruments (excluding inter-
est-bearing items and provisions).
11. Gearing – Net interest-bearing
debt as a percentage of equity.
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.
13. Solvency ratio (equity as a per‑
centage of total assets) – Equity
including hybrid capital as a per-
centage of total assets.
14. Return on capital employed
(RoCE) – Operational EBIT last
twelve months as a percentage of
average of the last five quarters of
capital employed.
15. Equity value, EUR per out‑
standing share – Equity attrib-
utable to equity holders of NKT
A/S per outstanding share at the
balance sheet date. The dilution
effect of share programmes is
excluded.
16. Free cash flow – Cash flow from
operating and investing activities.
17. Order backlog – Value of the
uncompleted work of contracts
within the Transmission business
line. Contracts are included when
they are signed and all significant
conditions which may impact the
value of the contracts have been
agreed.
Statements made about the future
in this report reflect the Group
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 NKTA/S markets,
development in product demand,
competitive conditions, and energy
and raw material prices. See the
latest Annual Report 2025 for a
more detailed description of risk
factors.
NKTA/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.
The NKTA/S Interim Report Q1
2026 was published on 13 May
2026 and released through Nasdaq
Copenhagen.
The report is also available at
investors.nkt.com.
NKTA/S
Amerika Plads 29
DK-2100 Copenhagen
Denmark
Company Reg. no. 62725214
Photos: NKT copyrights.
All rights reserved.
Investor Relations contact
Jacob Johansen
Tel: +45 2169 3591
Frederik Bilberg
Tel.: +45 3137 1029
ir@nkt.com
NKT A/S Interim Report Q1 2026
23
Management's review
Financial statements
Executive Management
Board of Directors
* Employee-elected member.
Group Management’s statement
NKT A/S Interim Report Q1 2026
24
Management's review
Financial statements
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Europacable Industry Charter.
A commitment towards
superior quality.
Science Based Targets initiative.
A commitment to become a net
zero emissions company.
United Nations Global Compact.
A pledge to implement universal
sustainability principles.
NKT is signatory to:
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