We connect a greener world
Interim Report
H1 2026
Interim Report of NKT A/S for the period 1 January – 30 June 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
25 Definitions
26 Group Management’s statement
01
03 Key messages H1 2026
04 Financial outlook 2026
05 Financial highlights and ratios
06 Financial review
08 Sustainability
09 Business line – Transmission
11 Business line – Grid Solutions &
Accessories
12 Business line – Distribution
13 Shareholder information
02
Contents
“ We maintained the solid financial and
operational execution in Q2 2026. During
the quarter, the Champlain Hudson
Power Express project in North America
reached commercial operation, a historic
milestone for NKT and the transition
to renewable energy in New York
City. At the same time, we advanced
on our strategic priorities under the
Charging Forward strategy, including
our investment projects to expand
capacity. Together, these initiatives will
further strengthen our position as a
leading pure-play power cable solutions
provider.”
Claes Westerlind
President & CEO
NKT A/S
NKT A/S Interim Report H1 2026
2
Key messages H1 2026
During the first half of the year, NKT maintained a high activity level and continued to execute on its strategy,
Charging Forward. The operational and financial performance in the second quarter was solid, and despite the
expected reduction in revenue, operational EBITDA was maintained. Based on the financial performance so far in
2026 and the expectations for the rest of the year, the financial outlook for 2026 is updated.
In H1 2026, NKT continued to exe-
cute on its strategic priorities while
reaching important operational mile-
stones. A major achievement in the
second quarter was the commercial
operation of the Champlain Hudson
Q2 2025Q2 2026
723m657m
Revenue
(standard metal prices)
EUR
657m
Down from EUR 723m in Q2
2025, driven by lower revenue in
Transmission
Q2 2025Q2 2026
105m104m
Operational EBITDA
EUR
104m
Stable compared to EUR 105m
in Q2 2025
EURm Q2 2026 Q2 2025 H1 2026 H1 2025
Revenue 947 945 1, 811 1,782
Revenue at standard metal prices 657 723 1,267 1,353
Organic growth -9% 13% -7% 12%
Operational EBITDA** 104 105 201 186
Operational EBITDA margin*, ** 15.7% 14.5% 15.8% 13.8%
EBIT 69 71 132 122
Net result 52 54 113 111
Free cash flow -249 -175 -341 -483
Working capital -1,241 -1,13 2 -1,241 -1,13 2
RoCE*** 20% 30% 20% 30%
* Standard metal prices.
** Alternative performance measures.
*** Refer to Definitions.
Power Express (CHPE) transmission
line between Quebec and New York
City. When awarded in 2022, CHPE
was the single largest project ever
awarded to NKT, and through suc-
cessful execution, NKT has engi-
neered, manufactured, and installed
the 400 kV HVDC power cable
system. The system will provide
power for approximately one million
households in New York City.
Installation of the 400 kV HVDC Champlain Hudson
Power Express project in the heart of New York City
NKT A/S Interim Report H1 2026
3
Management's review
Financial statements
Alongside the successful delivery
of customer projects, NKT main-
tained a high activity level across
its business lines and continued
to progress its capacity expansion
programme according to plan.
In line with the expectations,
organic growth in the quarter was
negative, as revenue on the CHPE
project in Transmission was lower.
This includes a lower level of sub-
contracted work compared to Q2
2025. Operational EBITDA was EUR
104m, similar to Q2 2025.
At the end of Q2 2026, NKT’s
Transmission order backlog was
EUR 13.0bn, as compared to EUR
13.5bn at the end of Q1 2026
reflecting the planned project exe-
cution.
Free cash flow amounted to EUR
-249m in Q2 2026, mainly driven
by a negative contribution from
changes in working capital and the
ongoing investments to expand
capacity. At the end of Q2 2026,
NKT maintained a robust balance
sheet, with net interest-bearing debt
of EUR -591m.
The disciplined and stringent exe-
cution of the investment projects to
Q2 2025Q2 2026
13%
-9%
Organic growth
-9%
Reflecting organic growth of -20% in
Transmission, 15% in Grid Solutions &
Accessories, and 1% in Distribution
Q1 2026Q2 2026
13.5bn13.0bn
Transmission
order backlog
EUR
13.0bn
A slight reduction compared
to Q1 2026.
Financial outlook 2026
The financial outlook was updated with Company Announcement No. 11 of 13 August 2026.
Revenue (at standard metal prices) is now expected to be approximately EUR 2.65-2.75bn
(previously approximately EUR 2.63-2.78bn), and operational EBITDA is expected to be
approximately EUR 400-430m (previously EUR 360-410m).
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
■
Stable market conditions across
business lines
■
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 currencies, and metal prices
Operational EBITDA, EUR
~400-430m
Revenue (standard metal prices), EUR
~2.65-2.75bn
expand capacity was maintained
in the quarter. The investment in
additional medium-voltage capac-
ity in Denmark was completed
towards the end of the quarter, and
had a marginally positive revenue
contribution. All other projects
progressed according to plan. This
includes the additional medium-volt-
age capacity in Portugal, which is
expected to become operational at
the end of 2026, as well as the new
high-voltage factory in Karlskrona,
the additional capacity in Cologne
and the second cable-laying vessel,
all of which are expected to become
operational in 2027.
The financial outlook for 2026 is
updated. Revenue (at standard
metal prices) is now expected to
be approximately EUR 2.65-2.75bn
(previously approximately EUR 2.63-
2.78bn) and operational EBITDA is
now expected to be approximately
EUR 400-430m (previously EUR
360-410m).
NKT A/S Interim Report H1 2026
4
Management's review
Financial statements
Financial highlights and ratios
Q2
2026
Q2
2025
H1
2026
H1
2025
Year
2025
Financial ratios and employees
Operational EBITDA margin,
(standard metal prices)* 15.7% 14.5% 15.8% 13.8% 14.3%
Gearing (NIBD as % of Group equity)
11
-26% -39% -26% -39% -44%
NIBD relative to operational EBITDA
12
-1.5x -2.0x -1.5x -2.0x -2.5x
Solvency ratio (equity as % of total assets)
13
41% 40% 41% 40% 39%
Return on capital employed (RoCE)
14
20% 30% 20% 30% 24%
Number of DKK 20 shares ('000) 53,720 53,720 53,720 53,720 53,720
Diluted EPS
2
0.93 0.95 2.02 1.96 4.92
Equity value, EUR per outstanding share
15
39 33 39 33 38
Market price, DKK per share 976 513 976 513 799
Average number of employees 6,749 6,097 6,652 6,000 6,154
1–17
Refer to Definitions.
* Alternative performance measures.
EURm
Q2
2026
Q2
2025
H1
2026
H1
2025
Year
2025
Income statement
Revenue 947 945 1, 811 1,782 3,565
Revenue at standard metal prices
3
657 723 1,267 1,353 2,722
Operational EBITDA
*
104 105 201 186 390
EBITDA 104 105 201 186 390
Depreciation, amortisation, and impairment -35 -34 -69 -64 -133
EBIT 69 71 132 122 257
Financial items, net -3 -1 12 24 37
Earnings before tax (EBT) 66 70 144 146 294
Net result 52 54 113 111 275
Cash flow
Cash flow from operating activities -145 -1 -91 -142 499
Cash flow from investing activities -104 -174 -250 -341 -743
hereof investments in Property, plant,
and equipment -91 -161 -229 -319 -695
Free cash flow
16
-249 -175 -341 -483 -244
Balance sheet
Share capital 144 144 144 144 144
Group equity 2,260 1,953 2,260 1,953 2,19 3
Total assets 5,501 4,938 5,501 4,938 5,595
Net interest-bearing debt (NIBD)
8
-591 -757 -591 -757 -963
Capital employed
9
1,669 1,196 1,669 1,19 6 1,230
Working capital
10
-1,241 -1,13 2 -1,241 -1,13 2 -1,534
NKT A/S Interim Report H1 2026
5
Management's review
Financial statements
Financial review
In Q2 2026, the activity level remained high across the NKT business.
As expected, organic growth was negative in the quarter, as the
installation of Champlain Hudson Power Express (CHPE) project in
Transmission reached commercial operation. The operational and
financial performance continued to be solid with operational EBITDA of
EUR 104m and the execution of the capacity investment programmes
progressed in line with plan. Free cash flow was negative, EUR -249m
due to the investments and outflow from changes in working capital.
Revenue development
affected by expected lower
Champlain revenue
Revenue in Q2 2026 amounted to
EUR 947m compared to EUR 945m
in Q2 2025 (revenue measured at
standard metal prices declined to
EUR 657m in Q2 2026 from EUR
723m in Q2 2025, corresponding to
a negative organic growth of -9%).
The expected negative development
was driven by the Transmission
business line, as the Champlain
Hudson Power Express project in
the US reached commercial opera-
tion. This resulted in lower activity on
the project, including subcontracted
work, compared to the relatively
high level in Q2 2025. In all three
business lines, a high activity level
was maintained and both Grid Solu-
tions & Accessories and Distribution
reported positive organic growth.
For Grid Solutions & Accessories,
the positive development was broad
based, while Distribution benefited
from continued robust demand in
the power distribution grid segment.
Revenue in the first half of 2026
amounted to EUR 1,811m, up from
EUR 1,782m in the first half of 2025
(revenue measured at standard
metal prices declined to EUR 1,267m
in H1 2026 from EUR 1,353m in H1
2025, corresponding to a negative
organic growth of -7%). The negative
organic growth was driven by the
Transmission business line.
Operational EBITDA
of EUR 104m
Operational EBITDA was stable at
EUR 104m in Q2 2026 compared to
EUR 105m in Q2 2025. Transmis-
sion and Grid Solutions & Accesso-
ries achieved improved operational
EBITDA, while it declined in Dis-
tribution. The operational EBITDA
margin, based on revenue at stand-
ard metal prices, was 15.7% in Q2
2026, representing an increase of
1.2 percentage points compared to
Q2 2025.
Transmission and Grid Solutions &
Accessories contributed with higher
Operational EBITDA
EURm
Operational EBITDA. Operational EBITDA margin %, LTM, standard metal prices.
Q1
Q2 Q3
2024
Q4 Q1
Q2 Q3
2025
Q4
75
86 93
90 81
Q1
85 97
13.8%
105 119
14.3%
2026
Q2
104
15.3 %
* Standard metal prices.
Revenue development
and organic growth
EURm
Q2 2025 revenue* 723
Currency effect 2
Organic growth -68
Q2 2026 revenue* 657
Organic growth, % -9%
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
Distribution, the margin declined
due to increased cost of materials
and costs related to the capacity
ramp-up in Denmark.
Operational EBITDA in the first half
of 2026 amounted to EUR 201m
compared to EUR 186m in the first
half of 2025.
In Q2 2026, EBIT was EUR 69m,
compared to EUR 71m in Q2 2025.
The decrease was mainly driven by an
increase in depreciations and amorti-
sations due to the higher asset base
from previous investments.
As a consequence of the situation
in the Middle East following the clo-
sure of the Strait of Hormuz, cost
increases on selected materials
were seen in Q2 2026. Through
the long-standing relations with
both suppliers and customers, NKT
worked on minimising financial impli-
cations, but a slight negative impact
affected profitability in Distribution in
the quarter.
NKT A/S Interim Report H1 2026
6
Management's review
Financial statements
Financial items and net result
Net financial items in Q2 2026
amounted to a cost of EUR -3m,
compared to a cost of EUR -1m
in Q2 2025. The development
was mainly driven by non-cash
exchange rate fluctuations.
Earnings before tax amounted to
EUR 66m in Q2 2026, compared to
EUR 70m in Q2 2025. Tax amounted
to EUR -14m in Q2 2026, resulting
in an effective tax rate of 21%. The
net result was EUR 52m in Q2 2026,
against EUR 54m in Q2 2025.
Negative free cash flow affected
by outflow from working
capital and investments
Cash flow from operating activities
was negative EUR -145m in Q2 2026,
compared to EUR -1m in Q2 2025, as
operational EBITDA was more than
offset by an outflow from changes in
working capital of EUR 225m. This
was a result of the phasing between
milestone payments and project
execution in Transmission but also
an increase in inventories and trade
receivables due to the increased
activity level. At end-Q2 2026, work-
ing capital amounted to EUR -1,241m,
compared to EUR -1,524m at the end
of Q1 2026.
Cash flow from investing activities
amounted to EUR -104m in Q2
2026, compared to EUR -174m
in the same period of last year,
driven by the capacity expansions
in Transmission and Distribution.
Although lower than last year and
the preceding quarter, investments
progressed as planned. The actual
spend in the quarter was affected
by timing of payments.
As a result of the outflow from
changes in working capital and
investment level, free cash flow was
negative EUR -249m compared to
EUR -175m in Q2 2025.
Continued attractive RoCE level
Return on Capital Employed (RoCE)
was 20% remaining at an attractive
level at end-Q2 2026, but slightly
below the level at the end of Q1
2026. The decrease was mainly
driven by a higher level of capital
employed due to the increase in
working capital and the ongoing
investments. Capital employed
increased to EUR 1,669m at end Q2
2026 compared EUR 1,351m at the
end of Q1 2026. RoCE will continue
to vary depending on the project mix
in production, the timing of customer
payments, and the higher capital
employed associated with the ongo-
ing investments.
Liquidity, debt leverage,
and equity
The negative free cash flow led to a
reduction in the net cash position.
Net interest-bearing debt amounted
to EUR -591m at end-Q2 2026 com-
pared to EUR -842m at the end of Q1
2026. Net interest-bearing debt rela-
tive to operational EBITDA amounted
to -1.5x at end-Q2 2026 compared to
-2.1x at the end of Q1 2026.
At the end of Q2 2026, NKT had
total available liquidity reserves of
EUR 1,250m. NKT’s favourable cash
position will gradually be depleted
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
2,260m. This includes the green
hybrid security, which was refi-
nanced during Q1 2026. The
company’s solvency ratio was 41%,
compared to 39% at the end of Q1
2026.
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 -1,184 -1,534 -1,524
-30.9%
-1,132 -1,093
-32.8%
Q1
Q2 Q3
2024
Q4 Q1
Q2 Q3
2025
Q4 Q1
-1,241
- 36.3%
2026
Q2
-642 -1,277 -1,136
-1,280
-953
-963
-842
-3.7x
-757 -640
-2.5x
Q1
Q2 Q3
2024
Q4 Q1
Q2 Q3
2025
Q4 Q1
-591
-1. 5x
2026
Q2
NKT A/S Interim Report H1 2026
7
Management's review
Financial statements
Management's review
Financial statements
Sustainability
NKT continues its commitment to its sustainability strategy through initiatives aimed at
enhancing its positive impact on the energy transition while further developing its safety
culture, people agenda, and governance practices.
Environment
In the second quarter, commercial
operations of the Champlain Hud-
son Power Express transmission
line in the US commenced. NKT
delivered the engineering, manu-
facturing, and installation of the 400
kV HVDC power cable system that
enables the transmission of renew-
able hydropower from Canada to
consumers in New York City.
The project is an example of NKT's
handprint, demonstrating how
power cable solutions enable the
integration of renewable energy
into power systems while supplying
enough Canadian hydropower to
meet up to 20% of New York City's
electricity demand, equivalent to
the annual electricity consumption
of approximately one million house-
holds.
In Q2 2026, NKT and Aurubis,
a leading German-based global
supplier of non-ferrous metals and
one of the world's largest copper
recyclers, entered into a multi-year
partnership for the supply of low
carbon copper wire rods to several
of NKT’s production sites across
Europe. The Copper Mark certifi-
cation of Aurubis' smelting and rod
production facilities was a key factor
in establishing the partnership, fur-
ther strengthening NKT's commit-
ment to responsible sourcing. This
followed the announcement in Q1
2026 of the landmark EUR 6 billion
copper supply agreement with Cop-
per Mark-certified KGHM.
For the first time, NKT took part in
London Climate Action Week, one
of the world's largest climate gath-
erings, participating in a range of
events. The discussions reinforced
the importance of electrification as a
key enabler of decarbonisation and
highlighted the need for collabora-
tion across industries, value chains,
and policymakers to accelerate the
energy transition.
Social
In Q2 2026, NKT launched the
STOP-THINK-ACT safety campaign
across its sites, building on the
principles of the SafeStart safety
concept implemented throughout
the organisation. The initiative is
designed to reinforce safe behav-
iours, strengthen safety awareness,
and support NKT's ongoing efforts
to further improve safety perfor-
mance across its operations.
NKT continued its efforts to
strengthen employee engagement
and foster an inclusive workplace
culture. A Culture & Inclusion ini-
tiative was conducted at NKT's
newest site in Portugal, including
leadership training on psychological
safety and belonging and work-
shops focused on NKT's Shared
Beliefs and Leadership Principles.
The initiative supported the integra-
tion of the site into NKT's culture
framework, strengthened leadership
capability, and reinforced behav-
iours that contribute to an inclusive,
safe, and high-performing work-
place.
Governance
NKT further strengthened its gov-
ernance framework through the
introduction of an annual compliance
statement for senior management.
The initiative reinforces leadership
accountability and supports a culture
of transparency and openness, where
potential compliance issues are pro-
actively identified and addressed.
In the second quarter, commercial operations
of the Champlain Hudson Power Express
transmission line in the US commenced.
NKT A/S Interim Report H1 2026
8
Management's review
Financial statements
Business line – Transmission
cable-laying vessel, NKT Victoria,
was well-utilised during the quarter.
Towards the end of Q2 2026, the
large-scale North American Champ-
lain Hudson Power Express project
inauguration was celebrated after
the project reached commercial
operation earlier in the quarter. The
project involved extensive manufac-
turing and large-scale onshore and
offshore installation works across
multiple environments, including
Lake Champlain and the Hudson
and Harlem rivers. The 400 kV
high-voltage direct current (HVDC)
transmission line of more than 600
km is now capable of transmitting
up to 1,250 megawatts of renew-
able hydropower from Canada to
New York City, making it a substan-
tial contribution to the city’s clean
energy transition.
For the first half of 2026, the Trans-
mission business line revenue
amounted to EUR 787m, down
from EUR 889m in the first half of
2025. For revenue measured at
High activity level, while
revenue decreased due to lower
planned Champlain revenue
Revenue for the Transmission busi-
ness line amounted to EUR 405m
in Q2 2026 down from EUR 484m
in Q2 2025. Revenue at standard
metal prices was EUR 334m in Q2
2026 down from EUR 419m in Q2
2025, corresponding to organic
growth of -20%.
The revenue decline was as antic-
ipated driven by lower revenue
on the Champlain Hudson Power
Express, including a lower level of
subcontracted work compared to
the relatively high level in Q2 2025.
The quarter was characterised by
a high activity level across several
projects, and execution was solid
for the project portfolio. NKT con-
tinued to progress and execute on
several projects through varying
stages of execution in Q2 2026.
These projects included Biscay
Gulf Interconnector, Hornsea 3,
IJmuiden Ver, Spittal to Peterhead,
SuedLink, and SuedOstLink. NKT’s
standard metal prices, the first half
of 2026 amounted to EUR 665m, a
decrease compared to EUR 779m
in the first half of 2025. Organic
growth in the first half of 2026 was
-15%. This was driven by similar
parameters as in Q2 2026.
Increased operational EBITDA
and improved profitability
Operational EBITDA amounted to
EUR 67m in Q2 2026, up from EUR
64m in Q2 2025. This corresponded
to a historically high operational
EBITDA margin of 20.2% for the
business line, up from 15.2% in the
same quarter last year, based on
revenue at standard metal prices.
The improved margin in Q2 2026
was driven by solid execution
across projects during the quarter
and a slightly improved project
mix compared to the same period
last year. In addition, there was a
satisfactory contribution from the
utilisation of NKT’s cable-laying
vessel. On a quarterly basis, profita-
bility will continue to vary depending
on the phasing of projects under
execution, as it was the case in
this quarter. NKT remains focused
on managing the risks associated
with the large high-voltage project
portfolio, including those related to
recent disruptions in global supply
chains.
Operational EBITDA for the first half
of 2026 amounted to EUR 117m,
up from EUR 116m in the first half
of 2025.
Continued high Transmission
order backlog
At the end of Q2 2026, the Trans-
mission order backlog was EUR
13.0bn (EUR 11.6bn at standard
metal prices), compared to a
Transmission order backlog of EUR
13.5bn (EUR 12.0bn at standard
metal prices) at the end of Q1 2026.
The reduction in the backlog was
driven by project execution dur-
ing Q2 2026. 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.
Business line
Transmission
Highlights
■
Continued high activity level and solid
execution of high-voltage projects
■
Investments in additional high-voltage
capacity and installation assets continue to
progress according to plan
■
The Champlain Hudson Power Express
reached commercial operation
334m
Revenue
*
, EUR
(Q2 2025: EUR 419m)
-20%
Organic growth
(Q2 2025: 15%)
67m
Operational EBITDA, EUR
(Q2 2025: EUR 64m)
* Standard metal prices.
NKT A/S Interim Report H1 2026
9
Management's review
Financial statements
From a customer type perspective,
at the end of Q2 2026 the backlog
consisted of more than 95% Euro-
pean Transmission System Opera-
tors, and the remaining 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
Transmission market activity
remained at a high level during
Q2 2026, with firm order awards
announced in the market. NKT
estimates that around EUR 10bn
of projects were awarded in its
addressable transmission power
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.
cable market during the first half of
2026. The continued strong demand
for high-voltage production and
installation capacity was mainly
related to high-voltage direct current
technology, where NKT is well-posi-
tioned as a market leader. With the
commercial successes announced
in Q1 2026, and the continued high
Transmission order backlog, NKT
continues to focus on securing
selected projects that will enable an
optimal mix between production and
installation to maximise earnings in
the coming years. Moreover, NKT
continuously monitors geopolitical
and political developments and their
potential impact on future electri-
cal generation infrastructure. NKT
continues to anticipate its average
addressable Transmission market to
exceed EUR 10bn per year between
2024 and 2030.
High-voltage capacity and
capability investments
continued as planned
NKT continued the execution of the
high-voltage investments to expand
production and installation capacity
during Q2 2026, and the projects
progressed as planned during the
quar ter.
At the site in Karlskrona, Sweden,
several parallel workstreams con-
tinued as installation and testing of
machinery in both the new extrusion
Business line
Transmission
tower and the surrounding build-
ings intensified. For NKT’s second
cable-laying vessel, NKT Eleonora,
construction also progressed as
planned. During the quarter, the
vessel reached the major milestone
of being launched into the water
ahead of its final outfitting to enable
its transportation and installation
capacity of 23,000 tonnes of off-
shore power cables. The new pro-
duction capacity in Karlskrona and
the new cable-laying vessel are both
still expected to become operational
i n 20 27.
Furthermore, the investments in
additional capacity and capabil-
ities at the high-voltage factory
in Cologne, Germany, likewise
progressed as planned during the
second quarter of 2026. Installation
and testing of production machinery
and test equipment continues and
the additional production capacity is
still expected to become operational
i n 20 27.
In addition to the investments in
production and installation capacity,
NKT is investing in further installation
capabilities. Beyond the acquisition
of the cable-laying barge NKT Isa-
bella, which is expected to become
operational in 2027 following con-
version work, the development of a
new subsea trencher continues to
progress according to plan. Both
investments represent a strength-
ening of NKT’s in-house installation
capabilities, supporting safe and reli-
able cable installation in challenging
conditions.
NKT A/S Interim Report H1 2026
10
Management's review
Financial statements
Business line – Grid Solutions & Accessories
High activity level and
15% organic growth
For the Grid Solutions & Acces-
sories business line, revenue
amounted to EUR 139m in Q2 2026
up from EUR 113m in Q2 2025. Rev-
enue measured at standard metal
prices increased to EUR 129m up
from EUR 112m in Q2 2025, corre-
sponding to organic growth of 15%
driven by solid growth in both the
Grid Solutions and the Accessories
segments. Grid Solutions activity
level remained high during Q2 2026
with positive impact from execution
of offshore repair projects and cable
operations. Moreover, Accessories
showed satisfactory order execution
and high activity levels for both the
high-voltage and medium-voltage
accessory segments.
For the first half of 2026, the Grid
Solutions & Accessories business
line revenue amounted to EUR
257m up from EUR 235m in the first
half of 2025. For revenue meas-
ured at standard metal prices, the
first half of 2026 amounted to EUR
Business line
Grid Solutions & Accessories
242m, an increase compared to
EUR 221m in the first half of 2025.
Organic growth in the first half of
2026 was 9%. This was driven by
growth in both the Grid Solutions
and the Accessories segments.
Increased operational
EBITDA and margin
Grid Solutions & Accessories
achieved an operational EBITDA of
EUR 20m in Q2 2026, an increase
of EUR 4m compared to EUR 16m
in Q2 2025. The increase was driven
by a high activity level and satis-
factory execution in Grid Solutions,
including positive contributions
from offshore repair projects. The
business line profitability was further
supported by increased revenue*
and profitability in the Accessories
business area. The operational
EBITDA margin* increased to 15.6%
in Q2 2026 from 15.0% in Q2 2025.
Operational EBITDA in the first half
of 2026 amounted to EUR 39m, up
from EUR 34m in the first half of
2025.
Increased revenue and
profitability in Grid Solutions
The Grid Solutions business main-
tained a high activity level in Q2
2026, driven by a variety of activities
including offshore repair projects,
maintenance projects, installation
work, and delivery of high-voltage
alternating current onshore cable
projects. The high activity level and
satisfactory execution resulted in
increased revenue* and operational
EBITDA in Q2 2026 compared to
the same quarter last year.
Increased revenue and
profitability in Accessories
Revenue in Accessories increased
in Q2 2026 driven by higher revenue
from both high- and medium-volt-
age accessories, supported by
continued ramp-up in additional
production capacity for medi-
um-voltage accessories. Opera-
tional EBITDA increased in Q2 2026
compared to the same quarter last
year driven by higher revenue and
satisfactory execution.
Furthermore, in Q2 2026 the power
cable accessories site in Nord-
enham, Germany, became NKT’s
first zero-carbon factory. While all
NKT production sites are powered
by renewable electricity, this mile-
stone marks an important step
towards achieving NKT’s target of
zero-emission operations across
all sites.
Moreover, during the quarter NKT
strengthened its presence in North
America with the launch of JCSI-35,
an IEEE-qualified, all-in-one medi-
um-voltage cold-shrink splice. The
launch marked an important step in
NKT’s regional expansion, building
on its established role as a supplier
to major infrastructure projects,
including the Champlain Hudson
Power Express.
Highlights
■
Double-digit organic growth
■
High activity levels including offshore repair
projects
■
Increased operational EBITDA in both Grid
Solutions and Accessories
129m
Revenue
*
, EUR
(Q2 2025: EUR 112m)
15%
Organic growth
(Q2 2025: 30%)
20m
Operational EBITDA, EUR
(Q2 2025: EUR 16m)
* Standard metal prices.
NKT A/S Interim Report H1 2026
11
Management's review
Financial statements
Business line – Distribution
Organic growth of 1%
In Q2 2026, revenue in Distribution
increased to EUR 461m, up from
EUR 392m in Q2 2025. For revenue
measured at standard metal prices,
Distribution demonstrated a record-
high revenue level of EUR 239m in
Q2 2026 compared to EUR 234m
in Q2 2025, corresponding to an
organic growth of 1%, mainly driven
by continued robust demand in the
power distribution grid segment.
Revenue growth in the quarter
was, however, limited by capacity
constraints. The additional medi-
um-voltage capacity in Denmark had
a marginal positive contribution in
the quarter. In the construction-ex-
posed segment, the development
varied between local markets and
segments leading to revenue* being
marginally down in Q2 2026 com-
pared to Q2 2025.
Revenue in the first half of 2026
amounted to EUR 877m, up from
EUR 750m in the first half of 2025.
Revenue measured at standard
Business line
Distribution
metal prices in the first half of 2026
amounted to EUR 451m, corre-
sponding to organic growth of 2%
compared to EUR 437m in the first
half of 2025. The organic growth for
the first half of 2026 was ,similar to
Q2, mainly driven by robust demand
in the power distribution grid seg-
ment.
Slightly lower operational
EBITDA and margin, as expected
While revenue* increased, the
operational EBITDA of EUR 27m in
Q2 2026 was lower than EUR 31m
in a historically strong Q2 2025 for
the business line. Despite robust
demand in the power distribution
grid segment and increased profit-
ability in the construction-exposed
segment, operational EBITDA
declined due to increased cost of
materials and costs related to the
ramp up of capacity in Denmark.
Consequently, the operational
EBITDA margin, based on revenue
at standard metal prices, decreased
to 11.0% in Q2 2026 compared
to 13.0% in Q2 2025. Operational
EBITDA in the first half of 2026 was
EUR 49m, unchanged compared to
H1 2025.
Continued robust power
distribution grid market
In Q2 2026, the development of
market segments in Distribution
varied between power distribution
grid and construction. Demand
for medium-voltage cables in the
power distribution grid segment
remained robust in the quarter. In
the construction-exposed segment,
the development varied between
local markets and segments leading
to revenue* being marginally down
in Q2 2026 compared to the same
quarter last year.
Investment in additional
production capacity
progressed as planned
During Q2 2026, the investments in
additional medium-voltage capacity
across the sites in Denmark and
Portugal progressed as planned.
* Standard metal prices.
Highlights
■
Continued robust demand in the power
distribution grid segment
■
Construction of additional medium-voltage
capacity in Denmark completed
■
Sustained double-digit margins
239m
Revenue
*
, EUR
(Q2 2025: EUR 234m)
1%
Organic growth
(Q2 2025: 11%)
27m
Operational EBITDA, EUR
(Q2 2025: EUR 31m)
In Denmark, the construction of the
additional medium-voltage capacity
was completed towards the end
of Q2 2026, with the expansion
including a new production hall,
new production and test facilities,
and enhancements to the overall
production flow. Ramp up of output
will continue into Q3.
The capacity expansion investments
in Portugal also progressed as
planned during Q2 2026, and the
additional capacity is still expected
to become operational at the end
of 2026.
NKT A/S Interim Report H1 2026
12
Management's review
Financial statements
NKT A/S, DKK Power cable peers (Prysmian and Nexans) (rebased)OMX C25 (rebased), DKK
200
400
600
800
1,000
1,200
1,400
Jun
2025
Jul
2025
Aug
2025
Sep
2025
Oct
2025
Nov
2025
Dec
2025
Jan
2026
Feb
2026
Mar
2026
April
2026
May
2026
Jun
2026
Shareholder information
NKT A/S shares
The average daily turnover in NKT
A/S shares on all trading markets
was EUR 70m in Q2 2026, more
than double the EUR 33m recorded
in Q2 2025. The average daily trad-
ing volume was around 530,000
shares in Q2 2026, compared to
around 485,000 in Q2 2025. Nas-
daq Copenhagen remained the
main trading market for the com-
pany’s shares with 30% of the total
traded volume in Q2 2026.
At end-Q2 2026, the NKT A/S share
price was DKK 976.00, compared to
DKK 798.50 at end-2025. This cor-
responded to a share price return
of 22%. The corresponding divi-
dend-adjusted share price returns in
the same period for the company’s
largest European competitors,
NKT A/S share price development last 12 months
Prysmian and Nexans, were 70%
and 18%, respectively. The Danish
OMXC25 Index, adjusted for divi-
dends, increased by 2% in the first
six months of 2026.
At end-Q2 2026, one NKT A/S
investor had reported shareholdings
of between 5.00–9.99%:
■
BlackRock, Inc. (US)
Financial
calendar 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 or
approximately EUR 144m.
More shareholder information is
available at investors.nkt.com
NKT A/S Interim Report H1 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
25 Definitions
Consolidated
financial statements
NKT A/S Interim Report H1 2026
14
Management's review
Financial statements
Condensed income statement Condensed statement of comprehensive income
EURm
Q2
2026
Q2
2025
H1
2026
H1
2025
Year
2025
Revenue 947 945 1,811 1,782
Costs of raw materials, consumables,
and goods for resale -620 -635 -1,182 -1,208
-2,383
Staff costs -134 -120 -259 -229
-482
Other costs -98 -87 -180 -165
-319
Other operating income 9 2 11 6
Earnings before interest, tax, depreciation,
and amortisation (EBITDA) 104 105 201 186
Depreciation and impairment of property,
plant, and equipment -28 -28 -56 -52
-106
Amortisation and impairment of intangible assets -7 -6 -13 -12
-27
Earnings before interest and tax (EBIT) 69 71 132 122
Financial items, net -3 -1 12 24
Earnings before tax (EBT) 66 70 144 146
Tax -14 -16 -31 -35
-19
Net result 52 54 113 111
To be distributed as follows:
Equity holders of NKT A/S 51 51 109 105
Hybrid capital holders of NKT A/S 1 3 4 6
Net result 52 54 113 111
Basic earnings, EUR, per share (EPS) 0.93 0.95 2.02 1.96
Diluted earnings, EUR, per share (EPS-D) 0.93 0.95 2.02 1.96
EURm
Q2
2026
Q2
2025
H1
2026
H1
2025
Year
2025
Net result 52 54 113 111 275
Other comprehensive income
Items that may be reclassified to the
income statement:
Currency translation adjustments regarding
foreign entities -16 -30 -28 18 49
Value adjustment of hedging instruments 104 -48 31 6 170
Tax on Other comprehensive income -14 13 -17 -1 -44
Items that will not be reclassified to the
income statement:
Actuarial gains/losses on defined benefit
pension plans, net of tax 0 0 0 0 3
Total Other comprehensive income 74 -65 -14 23 178
Comprehensive income 126 -11 99 134 453
To be distributed as follows:
Equity holders of NKT A/S 125 -14 95 128 442
Hybrid capital holders of NKT A/S 1 3 4 6 11
Comprehensive income 126 -11 99 134 453
NKT A/S Interim Report H1 2026
15
Management's review
Financial statements
Condensed balance sheet
EURm
30 Jun
2026
30 Jun
2025
31 Dec
2025
Assets
Goodwill 420 418
Other intangible assets 274 255
Property, plant, and equipment 2,313 1,768
Derivative financial instruments 53 33
Investments in associated companies 9 8
Other investments and receivables 2 2
Deferred tax 57 21
Total non-current assets 3,128 2,505
Inventories 517 434
Trade receivables 419 371
Other receivables 236 136
Derivative financial instruments 96 90
Contract assets 195 381
Income tax receivable 60 28
Cash and cash equivalents 850 993
Total current assets 2,373 2,433
Total assets 5,501 4,938
EURm
30 Jun
2026
30 Jun
2025
31 Dec
2025
Equity and liabilities
Equity attributable to equity holders of NKT A/S 2,109 1,792 2,038
Hybrid capital 151 161 155
Total equity 2,260 1,953 2,193
Deferred tax 55 40 54
Pension liabilities 36 42 36
Provisions 35 34 40
Borrowings 123 132 125
Lease liabilities 113 89 104
Contract liabilities 934 916 1,057
Derivative financial instruments 13 32 11
Total non-current liabilities 1,309 1,285 1,427
Borrowings 8 6 7
Lease liabilities 15 9 15
Trade payables 616 521 554
Other liabilities 234 272 276
Derivative financial instruments 36 29 57
Contract liabilities 929 763 948
Income tax payable 55 72 82
Provisions 39 28 36
Total current liabilities 1,932 1,700 1,975
Total liabilities 3,241 2,985 3,402
Total equity and liabilities 5,501 4,938 5,595
NKT A/S Interim Report H1 2026
16
Management's review
Financial statements
Condensed cash flow statement
EURm
Q2
2026
Q2
2025
H1
2026
H1
2025
Year
2025
Earnings before interest, tax, depreciation,
and amortisation (EBITDA) 104 105 201 186 390
Non-cash operating items:
Change in provisions, gain and loss on
sale of assets, etc. 0 -4 -1 0 -2
Changes in working capital -225 -82 -242 -316 160
Cash flow from operations before financial
items, etc. -121 19 -42 -130 548
Financial items paid/received, net -9 -8 11 12 19
Income tax paid/received, net -15 -12 -60 -24 -68
Cash flow from operating activities -145 -1 -91 -142 499
Investments in property, plant, and equipment -91 -161 -229 -319 -695
Investments in intangible assets -13 -13 -21 -22 -48
Cash flow from investing activities -104 -174 -250 -341 -743
Free cash flow -249 -175 -341 -483 -244
Changes in loans -3 -1 -5 -11 -15
Repayment of lease liabilities -4 -2 -8 -7 -12
Purchase of treasury shares 0 -20 0 -20 -20
Coupon payments on hybrid capital -1 0 -8 0 -11
Proceeds from issue of new hybrid capital 0 0 149 0 0
Repurchase of previous hybrid capital -22 0 -152 0 0
Cash flow from financing activities -30 -23 -24 -38 -58
EURm
Q2
2026
Q2
2025
H1
2026
H1
2025
Year
2025
Net cash flow -279 -198 -365 -521 -302
Cash and cash equivalents at the beginning
of the period 1,131 1,194 1,214 1,518 1,518
Currency adjustments -2 -3 1 -4 -2
Net cash flow -279 -198 -365 -521 -302
Cash and cash equivalents at the end
of the period 850 993 850 993 1,214
The above cannot be derived directly from the income statement and the balance sheet.
NKT A/S Interim Report H1 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 -28 -28 -28
Value adjustment of hedging instruments:
Value adjustment 42 42 42
Transferred to revenue -11 -11 -11
Tax on Other comprehensive income -17 -17 -17
Total Other comprehensive income 0 0 -28 14 0 -14 0 -14
Net result 109 109 4 113
Comprehensive income 0 0 -28 14 109 95 4 99
Deferred hedge gains and losses transferred to inventories, net of tax -23 -23 -23
Transactions with owners:
Share-based payment 2 2 2
Transfer of performance shares 4 -4 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 -22 -22
Coupon payments, hybrid capital 0 -8 -8
Total transactions with owners 0 4 0 0 -5 -1 -8 -9
Equity, 30 June 2026 144 -16 -58 97 1,942 2,109 151 2,260
NKT A/S Interim Report H1 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 18 18 18
Value adjustment of hedging instruments:
Value adjustment 13 13 13
Transferred to revenue -7 -7 -7
Tax on Other comprehensive income -1 -1 -1
Total Other comprehensive income 0 0 18 5 0 23 0 23
Net result 105 105 6 111
Comprehensive income 0 0 18 5 105 128 6 134
Deferred hedge gains and losses transferred to inventories, net of tax -16 -16 -16
Transactions with owners:
Purchase of treasury shares -20 -20 -20
Transfer of performance shares 3 -3 0 0
Share-based payment 2 2 2
Total transactions with owners in the first half of 2025 0 -17 0 0 -1 -18 0 -18
Equity, 30 June 2025 144 -20 -61 54 1,675 1,792 161 1,953
NKT A/S Interim Report H1 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 – 30 June 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
30 June
2026
30 June
2025
Year
2025
Net interest-bearing debt
Borrowings 131 138 132
Leasing liabilities 128 98 119
Cash and cash equivalents -850 -993 -1,214
Net interest-bearing debt -591 -757 -963
Working capital
Assets:
Inventories 517 434 439
Trade receivables 419 371 349
Other receivables 236 136 198
Derivative financial instruments 149 123 160
Contract assets 195 381 249
Income tax receivable 60 28 56
Liabilities:
Trade payables -616 -521 -554
Other liabilities -234 -272 -276
Derivative financial instruments -49 -61 -68
Contract liabilities -1,863 -1,679 -2,005
Income tax payable -55 -72 -82
Working capital -1,241 -1,132 -1,534
Guarantees
By end-Q2 2026, the value of guarantees issued by financial institutions on behalf of NKT Group companies was EUR 3,358m
compared to EUR 2,701m by end-2025.
NKT A/S Interim Report H1 2026
20
Management's review
Financial statements
Notes
3 Segment reporting
EURm Transmission
Grid Solutions
& Accessories Distribution
Non
allocated
Intersegment
transactions Total NKT
Q2 2026
Income statement
External revenue 385 112 450 0 0 947
Intersegment revenue 20 27 11 0 -58 0
Revenue 405 139 461 0 -58 947
Costs and other income, net (excluding one-off items) -338 -119 -434 -10 58 -843
Operational EBITDA
1)
67 20 27 -10 0 104
Depreciation, amortisation, and impairment -22 -4 -9 0 0 -35
Operational EBIT
1)
45 16 18 -10 0 69
Working capital
1)
-1,447 94 156 -44 0 -1,241
Reconciliation between Revenue and Revenue at
standard metal prices
Revenue 405 139 461 0 -58 947
Adjustment of market prices to standard metal prices -71 -10 -222 0 13 -290
Revenue at standard metal prices
1)
334 129 239 0 -45 657
Reconciliation to net result
Operational EBITDA 104
One-off items
1)
0
EBITDA 104
Depreciation, amortisation, and impairment -35
EBIT 69
Financial items, net -3
EBT 66
Tax -14
Net result 52
1)
Refer to Definitions.
NKT A/S Interim Report H1 2026
21
Management's review
Financial statements
Notes
3 Segment reporting – continued
EURm Transmission
Grid Solutions
& Accessories Distribution
Non
allocated
Intersegment
transactions Total NKT
Q2 2025
Income statement
External revenue 470 87 388 0 0 945
Intersegment revenue 14 26 4 0 -44 0
Revenue 484 113 392 0 -44 945
Costs and other income, net (excluding one-off items) -420 -97 -361 -6 44 -840
Operational EBITDA
1)
64 16 31 -6 0 105
Depreciation, amortisation, and impairment -24 -2 -8 0 0 -34
Operational EBIT
1)
40 14 23 -6 0 71
Working capital
1)
-1,247 51 103 -39 0 -1,132
Reconciliation between Revenue and Revenue at
standard metal prices
Revenue 484 113 392 0 -44 945
Adjustment of market prices to standard metal prices -65 -1 -158 0 2 -222
Revenue at standard metal prices
1)
419 112 234 0 -42 723
Reconciliation to net result
Operational EBITDA 105
One-off items
1)
0
EBITDA 105
Depreciation, amortisation, and impairment -34
EBIT 71
Financial items, net -1
EBT 70
Tax -16
Net result 54
1)
Refer to Definitions.
NKT A/S Interim Report H1 2026
22
Management's review
Financial statements
Notes
3 Segment reporting – continued
EURm Transmission
Grid Solutions
& Accessories Distribution
Non
allocated
Intersegment
transactions Total NKT
H1 2026
Income statement
External revenue 749 207 855 0 0 1,811
Intersegment revenue 38 50 22 0 -110 0
Revenue 787 257 877 0 -110 1,811
Costs and other income, net (excluding one-off items) -670 -218 -828 -4 110 -1,610
Operational EBITDA
1)
117 39 49 -4 0 201
Depreciation, amortisation, and impairment -44 -7 -18 0 0 -69
Operational EBIT
1)
73 32 31 -4 0 132
Working capital
1)
-1,447 94 156 -44 0 -1,241
Reconciliation between Revenue and Revenue at
standard metal prices
Revenue 787 257 877 0 -110 1,811
Adjustment of market prices to standard metal prices -122 -15 -426 0 19 -544
Revenue at standard metal prices
1)
665 242 451 0 -91 1,267
Reconciliation to net result
Operational EBITDA 201
One-off items
1)
0
EBITDA 201
Depreciation, amortisation, and impairment -69
EBIT 132
Financial items, net 12
EBT 144
Tax -31
Net result 113
1)
Refer to Definitions.
NKT A/S Interim Report H1 2026
23
Management's review
Financial statements
Notes
3 Segment reporting – continued
EURm Transmission
Grid Solutions
& Accessories Distribution
Non
allocated
Intersegment
transactions Total NKT
H1 2025
Income statement
External revenue 853 190 739 0 0 1,782
Intersegment revenue 36 45 11 0 -92 0
Revenue 889 235 750 0 -92 1,782
Costs and other income, net (excluding one-off items) -773 -201 -701 -13 92 -1,596
Operational EBITDA
1)
116 34 49 -13 0 186
Depreciation, amortisation, and impairment -44 -4 -16 0 0 -64
Operational EBIT
1)
72 30 33 -13 0 122
Working capital
1)
-1,247 51 103 -39 0 -1,132
Reconciliation between Revenue and Revenue at
standard metal prices
Revenue 889 235 750 0 -92 1,782
Adjustment of market prices to standard metal prices -110 -14 -313 0 8 -429
Revenue at standard metal prices
1)
779 221 437 0 -84 1,353
Reconciliation to net result
Operational EBITDA 186
One-off items
1)
0
EBITDA 186
Depreciation, amortisation, and impairment -64
EBIT 122
Financial items, net 24
EBT 146
Tax -35
Net result 111
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 H1 2026
24
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 H1
2026 was published on 13 August
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 H1 2026
25
Management's review
Financial statements
Executive Management
Board of Directors
* Employee-elected member.
Group Management’s statement
NKT A/S Interim Report H1 2026
26
Management's review
Financial statements
NKT
TM
is a trademark of NKT Group. ©2024 All rights reservedNKT
TM
is a trademark of NKT Group. ©2026 All rights reserved
Denmark
Company Reg. No. 62725214
Tel: +45 4348 2000
info@nkt.com
nkt.com
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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