AI assistant
NKT Interim / Quarterly Report 2025
3374_ir_2025-05-09_d2b7a8d3-bcb4-43d6-b299-cba8a21eb4a5.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Interim report Q1 2025
We connect a greener world
Interim report of NKT A/S for the period 1 January – 31 March 2025 NKT A/S | Vibeholms Allé 20, DK-2605 Brøndby, Denmark | Company Reg. No.: 6272 5214 | nkt.com
Contents
Management's review Financial statements
01
- 03 Key messages Q1 2025
- 04 Key highlights Q1 2025
- 05 Financial highlights and ratios
- 06 Financial review
- 08 Sustainability
- 09 Business line Solutions
- 11 Business line Applications
- 12 Business line Service & Accessories
- 13 Shareholder information
02
- 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
"In Q1 2025, NKT continued the execution of highvoltage projects, and we delivered organic revenue growth of 11% and operational EBITDA of EUR 81m. We executed on our ongoing investments across production sites and announced the completion of the medium-voltage capacity expansions in Falun and Velke Mezirici. Additionally, in April we concluded Q1 negotiations and signed a supply agreement with Hydro, strengthening our European value chain and ensuring security of aluminium supply until 2033. These steps underscore our commitment to business excellence and our strategic focus on supporting the energy transition and enhancing value for both our customers and shareholders."
Claes Westerlind
President & CEO NKT A/S
Key messages Q1 2025
In Q1 2025, NKT delivered growth in both revenue* and operational EBITDA, while execution on ongoing capacity investments progressed as planned. The activity level remains high and execution was overall satisfactory across the three business lines. The financial outlook for 2025 is maintained.
During Q1 2025, the activity level was high and execution overall satisfactory across all three business lines. In Solutions, execution on high-voltage projects continued and a high activity level drove an increase in revenue and operational EBITDA. In Applications, increased revenue and operational EBTIDA was driven by increased medium-voltage capacity, robust demand in the power distribution grid segment, and the integration of SolidAl. Service & Accessories had
lower revenue driven by reduced offshore repair activity in the Service business, while earnings increased in both the Service and the Accessories businesses.
| NKT | ||||
|---|---|---|---|---|
| EURm | Q1 2025 | Q1 2024 | FY 2024 | |
| Revenue | 837 | 704 | 3,252 | |
| Revenue in std.metal prices** | 630 | 534 | 2,489 | |
| Organic growth** | 11% | 27% | 26% | |
| Operational EBITDA** | 81 | 75 | 344 | |
| Operational EBITDA margin*, ** | 12.9% | 14.1% | 13.8% | |
| EBIT | 51 | 53 | 240 | |
| Net result – continuing operations | 57 | 48 | 236 | |
| Free cash flow – continuing operations | -308 | -16 | 400 | |
| Working capital** – continuing operations | -1,184 | -667 | -1,432 | |
| RoCE*** – continuing operations | 32% | 22% | 35% |
* Std. metal prices.
** Alternative performance measures.
*** Refer to Definitions.
At end-Q1 2025, NKT's high-voltage order backlog was EUR 10.7bn up from EUR 10.6bn at year-end 2024. During the quarter, NKT supplemented its high-voltage order backlog with a number of relatively smaller orders, including variation orders to existing projects.
Free cash flow amounted to EUR -308m in Q1 2025 driven by the ongoing investments and a negative contribution from changes in working capital due to the phasing between milestone payments and project execution in Solutions. At end-Q1 2025, NKT maintained a robust balance sheet, with net interest-bearing debt of EUR -953m.
During the quarter, NKT continued to execute on the high-voltage investment programme, which progressed according to plan. Both the expanded production capacity at the existing site in Karlskrona, Sweden and the new cable-laying vessel, NKT Eleonora, are expected to be operational from 2027.
In Applications, announced medium-voltage capacity expansions in Sweden and the Czech Republic are now finalised, while additional capacity in Denmark is expected to come online in 2026.
The integration of SolidAl also progressed according to plan and NKT remains confident in realising the expected synergies of EUR 7m by
end-2026. As an example, procurement processes have now been aligned between SolidAl and NKT.
The financial outlook for 2025 is maintained. Revenue (in std. metal prices) is expected to be approximately EUR 2.37-2.52bn and operational EBITDA is expected to be approximately EUR 330-380m.
Key highlights Q1 2025
Revenue (std. metal prices) EUR
EUR 534m in Q1 2024
Up from EUR 534m in Q1 2024, mainly driven by high activity level in Solutions and growth in Applications.
Operational EBITDA EUR
Q1 2024 Q1 2024 Q1 2025 Q1 2025 EUR 75m in Q1 2024
Up from EUR 75m in Q1 2024 driven by all three business lines.
High-voltage order backlog EUR
27% 10.6bn 11% 10.7bn 10.7bn
Q1 2024 Q4 2024 Q1 2025 Q1 2025 EUR 10.6bn at end-2024
Compared to EUR 10.6bn at end-2024. Two capacity reservation agreements from SSEN Transmission and five projects under a framework agreement with TenneT are not included in the order backlog. They have an estimated value of more than EUR 3.5bn.
Financial outlook 2025
The financial outlook remains unchanged from Company Announcement No. 11 of 21 February 2025.
Revenues (in std. metal prices) is expected to be approximately EUR 2.37- 2.52bn and operational EBITDA is expected to be approx. EUR 330-380m.
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 for Applications and Service & Accessories.
- Normalised offshore power cable repair work activity.
- Stable supply chain with limited disruptions and access to the required labour, materials, and services.
- Stable development in the global economy, foreign currency, and metal prices.
Organic growth
27% in Q1 2024
Reflecting organic growth of 20% in Solutions, 11% in Applications and -6% in Service & Accessories.
5 NKT A/S Interim report Q1 2025 Management's review Financial statements
Financial highlights and ratios
| EURm | Q1 2025 |
Q1 2024 |
Year 2024 |
|---|---|---|---|
| Income statement | |||
| Revenue | 837 | 704 | 3,252 |
| Revenue in std. metal prices* 3 | 630 | 534 | 2,489 |
| Operational EBITDA* 6 | 81 | 75 | 344 |
| One-off items* 5 | 0 | 0 | -1 |
| EBITDA | 81 | 75 | 343 |
| Amortisation, depreciation and impairment | -30 | -22 | -103 |
| EBIT | 51 | 53 | 240 |
| Financial items, net | 25 | 8 | 34 |
| Earnings before tax (EBT) | 76 | 61 | 274 |
| Net result - continuing operations | 57 | 48 | 236 |
| Net result - discontinued operations | 0 | -3 | 101 |
| Net result | 57 | 45 | 337 |
| Cash flow | |||
| Cash flow from operating activities | -141 | 48 | 1,039 |
| Cash flow from investing activities | -167 | -64 | -639 |
| hereof investments in Property, plant and equipment | -158 | -58 | -463 |
| Free cash flow* 16 | -308 | -16 | 400 |
| Free cash flow excluding acquisition of subsidiaries* 17 | -308 | -16 | 544 |
| Balance sheet | |||
| Share capital | 144 | 144 | 144 |
| Group equity | 1,986 | 1,597 | 1,853 |
| Total assets | 4,930 | 3,707 | 4,859 |
| Net interest-bearing debt (NIBD)* 8 | -953 | -642 | -1,280 |
| Capital employed* 9 | 1,033 | 955 | 573 |
| Working capital* 10 | -1,184 | -667 | -1,432 |
| Q1 2025 |
Q1 2024 |
Year 2024 |
|
|---|---|---|---|
| Financial ratios and employees | |||
| Operational EBITDA margin, (std. metal prices)* | 12.9% | 14.1% | 13.8% |
| Gearing (NIBD as % of Group equity)* 11 | -48% | -40% | -69% |
| NIBD relative to operational EBITDA* 12 | -2.7x | -2.4x | -3.7x |
| Solvency ratio (equity as % of total assets)* 13 | 40% | 43% | 38% |
| Return on capital employed (RoCE)* 14 | 32% | 22% | 35% |
| Number of DKK 20 shares ('000)* | 53,720 | 53,720 | 53,720 |
| Diluted EPS, continuing operations2 | 1.0 | 0.8 | 4.2 |
| Equity value, EUR per outstanding share15 | 34 | 27 | 32 |
| Market price, DKK per share | 468 | 570 | 515 |
| Average number of employees, continuing operations | 5,904 | 4,978 | 5,409 |
1–17 Refer to Definitions.
* Alternative performance measures.
Financial review
Driven by a high activity level across all three business lines, NKT achieved organic revenue* growth of 11% in Q1 2025, while operational EBITDA increased to EUR 81m compared to EUR 75m in Q1 2024. Free cash flow was negative as expected, EUR -308m, driven by ongoing investments across business lines and negative timing effects from working capital. The higher capital expenditures are a reflection of the ongoing investments, which progressed in line with plans during the quarter.
Q1 Q2 Q3 2022 Q4 Q1 Q2 Q3 2023 Q4 Q1 Q2 Q3 2024 2025 38 41 35 40 57 58 77 63 75 Q4 Q1 90 81 10.7% 13.2% 86 93 13.8% 13.5% Operational EBITDA EURm
Operational EBITDA. Operational EBITDA margin %, LTM, std. metal prices.
Revenue growth driven by Solutions and Applications
Revenue* in Q1 2025 amounted to EUR 630m compared to EUR 534m in Q1 2024. Organic growth was 11%. In Solutions, the growth was driven by a high activity level and overall satisfactory project execution. In Applications, increased revenue was mainly due to the acquisition of SolidAl in June 2024, and organic growth driven by additional medium-voltage production capacity. In Service & Accessories, revenue was below the level of Q1 2024, which included a large scope of offshore repair work on a legacy service agreement.
Expressed in market prices, revenue in Q1 2025 was EUR 837m, compared to EUR 704m in Q1 2024.
Operational EBITDA increased in Q1 2025
Operational EBITDA increased to EUR 81m in Q1 2025 compared to EUR 75m in Q1 2024. The increase was driven by higher revenue. The operational EBITDA margin* was 12.9% in Q1 2025, representing a decrease of 1.2%-points compared to Q1 2024.
All three business lines contributed to the increased operational EBITDA, while the decline in operational EBITDA-margin was mainly due to natural fluctuations in the project business. The project mix in Q1 2025 was unfavourable compared to Q1 2024.
EBIT in Q1 2025 was EUR 51m, largely in line with Q1 2024. The higher operational EBITDA was offset by an increase in depreciations and amortisations due to the SolidAl acquisition and the higher asset base from previous investments.
Financial items and net result
Net financial items in Q1 2025 amounted to an income of EUR 25m up from EUR 8m in Q1 2024, mainly driven by non-cash exchange rate fluctuations related to SEK development.
Earnings before tax amounted to EUR 76m in Q1 2025, compared to EUR 61m in Q1 2024. Tax amounted to EUR -19m in the quarter, resulting in an effective tax rate of 25%.
The net result from continuing operations was 57m in Q1 2025, against EUR 48m in Q1 2024.
Free cash flow affected by investments and changes in working capital
Cash flow from operating activities was negative EUR -141m in Q1 2025, compared to EUR 48m in Q1 2024, as the positive development in operational EBITDA was more than offset by a negative contribution from changes in working capital. This was a result of the phasing between milestone payments and project execution in Solutions, and timing effects between Q4 2024 and Q1 2025. At end-Q1 2025, working capital amounted to EUR -1,184m,
Revenue development and organic growth
EURm
| Q1 2024 revenue* | 534 |
|---|---|
| Currency effect | 6 |
| Acquisitions | 31 |
| Organic growth | 59 |
| Q1 2025 revenue* | 630 |
| Organic growth, % | 11% |
* Std. metal prices.
an increase of EUR 248m from EUR -1,432m at the end of 2024.
Cash flow from investing activities amounted to EUR -167m in Q1 2025, compared to EUR -64m in the same period of 2024. The increase was driven by investments in Solutions and Applications, where the investments progressed as planned. As communicated in Q4 2024, NKT expects to invest in total EUR ~2bn across the years 2025-2028, and 2025 is expected to be the year with the highest investment level.
As a result of the investment level and the timing effects in working capital, free cash flow was EUR -308m compared to EUR -16m in Q1 2024.
RoCE below end-2024 level
RoCE was 32% at end-Q1 2025, slightly below the level of end-2024. The decrease was mainly driven by a higher level of capital employed due to the ongoing investments. From end-2024 to end-Q1 2025, capital employed increased from
EUR 573m to EUR 1,033m as a result of investments and increase in working capital. RoCE will continue to vary depending on the project mix in production, the timing of payments from customers, and a higher capital base from ongoing investments.
Liquidity, debt leverage, equity and guarantees
Negative free cash flow led to an increase in net interest-bearing debt from EUR -1,280m at end-2024 to EUR -953m at end-Q1 2025. Net interest-bearing debt relative to operational EBITDA amounted to -2.7x at end-Q1 2025 compared to -3.7x at end 2024.
At the end of Q1 2025, NKT had total available liquidity reserves of EUR 1,394m. 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, including the green hybrid security issued in September 2022, amounted to EUR 1,986m. The company's solvency ratio was 40%, compared to 38% at end-2024.
Total working capital. Working capital ratio, LTM, %.
Net interest-bearing debt
EURm
Net interest-bearing debt. Net interest-bearing debt/oper. EBITDA, LTM, x.
Sustainability
In the first quarter of 2025, NKT demonstrated its steadfast commitment to its sustainability strategy by continuously working on enhancing its product handprint and minimising its overall footprint within the value chain.
Environment
The biggest impact NKT has on climate change and decarbonisation is through the cable solutions NKT manufactures and installs for its customers, allowing the continued implementation of clean and secure global energy systems. Upgrading, expanding, and interconnecting global grids are essential for a climate-neutral society.
As an example, NKT completed the site acceptance test for the Attica-Crete power cable project in Greece during Q1 2025. The 1,000 MW Attica-Crete interconnector is crucial for decarbonising Crete. It will reduce carbon emissions through the replacement of the old oil-fired power units currently operating on the island of Crete.
During the quarter, NKT introduced two new policies addressing climate change and sustainable procurement. The policies set important standards for responsible business practices.
In April, NKT concluded Q1 negotiations and signed a landmark supply agreement with Hydro to secure a stable supply of low-carbon aluminium wire rod until 2033. The agreement plays a crucial role in NKT's decarbonisation efforts, enabling the company to deliver power cable solutions with a significantly reduced carbon footprint.
NKT is collaborating with suppliers and partners to increase the use of recycled materials and enhance the recyclability of its products.
One example is a recycling initiative, which started in Q1 2025 in Nordenham. NKT is working to recycle silicone waste from its German factory specialised in cable accessories. This collaboration will help the factory increase its recycling rate to 51%.
Social
In the first three months of 2025, NKT continued its efforts to create a more diverse and inclusive organisation and mitigate human rights risks in the supply chain.
NKT signed an international responsible business agreement with the Social and Economic Council of the Netherlands (SER), to promote International Responsible Business Conduct (IRBC). Joining the IRBC
Agreement underscores NKT's commitment to mitigate risks in the value chain related to human rights and the environment.
Governance
In Q1 2025, NKT launched a new Global Compliance Training and Awareness Programme, building on the 2024 Code of Conduct rollout to further strengthen NKT's compliance culture.
The programme follows a riskbased approach, ensuring training is tailored to employees' exposure to compliance risks. Covering key compliance areas such as anticorruption and ethics, this initiative enhances integrity, accountability, and awareness across NKT.
NKT's sustainability strategy
Sustainability is an integrated part of the corporate strategy ReNew BOOST and is one of the three main strategic pillars.
Climate action
Be a leader in driving the green transformation of the power cable industry by reducing corporate emissions, with the ambition of becoming a net-zero company by 2050.
Sustainable value
proposition and circularity Offer a sustainable value proposition through the lifecycle of products and solutions, and actively pursue zero waste through circularity.
Social
Be a fair, inclusive, attractive, and safe workplace empowering trust, personal growth, and engagement.
Responsible business conduct
Operate as a trusted partner and employer. Sustainability impact, risks, and opportunities are integrated into business processes and the overall business.
Business line
Solutions
Highlights
- Organic revenue growth driven by high activity level
- Overall satisfactory execution of high-voltage projects
- Investments in additional high-voltage capacity progressing according to plan
388m
Revenue* , EUR (Q1 2024: EUR 321m) 20% Organic growth (Q1 2024: 50%)
57m
Operational EBITDA, EUR (Q1 2024: EUR 52m)
Revenue growth with high installation activity and overall satisfactory execution
Revenue* for Solutions increased from EUR 321m in Q1 2024 to EUR 388m in Q1 2025, corresponding to organic growth of 20%. Growth was driven by overall satisfactory projects execution, increased installation scope across several projects, and previous investments made to increase organisational capabilities. NKT continued to progress and execute on several projects through varying stages of execution in Q1 2025. These projects included Champlain Hudson Power Express, Hornsea 3, East Anglia 3, SuedLink, and SuedOstLink.
During the quarter, NKT completed the site acceptance test for the Attica-Crete power cables project in Greece. The 1,000 MW HVDC interconnector will be essential to the decarbonisation of Crete by eliminating carbon emissions related to electricity generation on the island.
Revenue generated from installation activities continued on a high level and the company's cable-laying vessel, NKT Victoria, was wellutilised throughout Q1 2025.
Revenue measured in market prices amounted to EUR 442m in Q1 2025, against EUR 368m in Q1 2024.
Increased operational EBITDA
Operational EBITDA in Q1 2025 was EUR 57m, up from the EUR 52m reported in Q1 2024 with the increase being driven by higher revenue. The operational EBITDA margin* was 14.7% in Q1 2025 down from 16.2% in the same quarter of 2024. The reduced margin* was primarily driven by a changed project mix. Quarterly profitability margins will continue to vary depending on the phasing of projects in execution. Overall project execution was satisfactory, and NKT remains focused on executing projects, while managing risks associated with a growing high-voltage project portfolio.
High-voltage investments progressed as planned
Execution of the high-voltage investment programme progressed as planned during Q1 2025. At the expansion of the site in Karlskrona, Sweden, several work streams were in intense execution phases and, among others, NKT progressed with work inside the new extrusion tower, construction of surrounding production buildings and installation of machinery.
The investment programme is progressing according to plan, and both the new factory and the new cable-laying vessel, NKT Eleonora, are expected to be operational from 2027.
At the high-voltage factory in Cologne, Germany, investments in additional capacity and capabilities also progressed as planned.
High-voltage order backlog at a continued high level
At end-Q1 2025, the high-voltage order backlog was EUR 10.7bn (EUR 9.4bn in std. metal prices) compared to EUR 10.6bn (EUR 9.3bn in std. metal prices) at end-Q4 2024. During the quarter, NKT supplemented its high-voltage order backlog with a number of relatively smaller orders, including variation orders to existing projects. NKT's
* Std. metal prices.
Business line Solutions
backlog position does not include five projects awarded under a framework agreement from TenneT, as well as two projects awarded under a framework agreement from SSEN Transmission. Combined, these have an estimated value exceeding EUR 3.5bn.
The composition of the order backlog divided per customer type was more than 85% with large European Transmission System Operators, and the balance with other types of customers. Divided by application,
the backlog was split around 55% interconnectors, around 40% offshore wind projects, and less than 5% power-from-shore projects.
Continued high market activity in Q1 2025
Market activity continued at a high level in Q1 2025. NKT estimates that around EUR 2bn in projects was awarded in its addressable high-voltage market in the first quarter. Continued strong demand for high-voltage production and installation capacity was mainly for HVDC technology, where NKT is well-positioned as a market leader.
In Q1 2025, progress continued on several project tenders across market segments. The timing of actual project awards will depend on the timelines for the individual projects. With a high order backlog, NKT remains focused on securing projects that will enable an optimal production and installation mix, thereby maximising earnings.
Recent notable high-voltage project awards for NKT
| Project name | Customer name and type |
Announced | Size (EURm) | Type |
|---|---|---|---|---|
| Korridor-B V48 + Rheinquerung (GER) | Amprion, TSO | May 2024 | ~1,200 | Interconnector (in backlog) |
| LanWin7 & part of NordOstLink | TenneT, TSO | December 2024 | ~1,000 | Interconnector (booking commitment) |
Note: Project sizes are shown in market prices.
Business line
Applications
Highlights
- Organic growth driven by increased mediumvoltage capacity
- Continued robust volumes in power distribution grid segment
- Construction exposed segment remains subdued
203m
Revenue* , EUR (Q1 2024: EUR 153m) 11% Organic growth (Q1 2024: -6%)
Record-high revenue level
In Q1 2025, revenue* increased to EUR 203m, compared to EUR 153m in Q1 2024. The increase was driven by the SolidAl acquisition and organic growth of 11%, mainly due to increased medium-voltage capacity coming online during the quarter. In the power distribution grid segment, volumes continued to be healthy, while demand in the construction-exposed segment remained subdued with volumes and prices below the level of Q1 2024.
Revenue expressed in market prices amounted to EUR 358m in Q1 2025, up from EUR 278m in Q1 2024.
Operational EBITDA margin of 8.9%
Higher revenue, as a result of the SolidAl acquisition and increased medium-voltage capacity, led to an operational EBITDA of EUR 18m compared to EUR 16m in Q1 2024. The operational EBITDA margin was 8.9% in Q1 2025 down from 10.5% in the same quarter last year. Compared to Q1 2024, the margin was negatively impacted by continued weakness in the construction-exposed segment, increased competitive environment in selected markets and a slightly different product mix.
Continued robust power distribution grid market
In Q1 2025, market developments continued to differ between segments within Applications. Demand for medium-voltage power cables remained robust across markets. In combination with increased production capacity this led to growth in volumes and revenue compared to
18m
Operational EBITDA, EUR (Q1 2024: EUR 16m)
Q1 2024. In NKT's construction-exposed segment, demand remained subdued and both volumes and revenue were below the level of Q1 2024.
Integration of SolidAl
progressed according to plan During Q1 2025, the integration of SolidAl progressed according to plan and NKT remains confident in realising synergies of EUR 7m per year by end-2026 as communicated at the time of the acquisition. As an example, procurement processes have now been aligned between SolidAl and NKT.
The announced investment at the site in Portugal is progressing as planned. During the quarter important permits were received and the capacity is expected to be operational in 2027.
The investments to expand mediumvoltage capacity and capabilities across existing production sites in Denmark, Sweden, and the Czech Republic progressed according to plan. The investments in Sweden and the Czech Republic have now been completed and capacity is online with full impact expected from Q2 2025. The additional capacity in Denmark is expected to come online from 2026 as planned.
Business line
Service & Accessories
Highlights
- Growth in EBITDA and margin driven by both Service and Accessories
- High activity level and satisfactory execution in both offshore and onshore Service business
- Increased activity level and revenue in the Accessories business
70m
Revenue* , EUR (Q1 2024: EUR 74m) -6%
Organic growth (Q1 2024: 55%)
13m
Operational EBITDA, EUR (Q1 2024: EUR 6m)
High activity level in both Service and Accessories
Revenue* for Service & Accessories amounted to EUR 70m in Q1 2025 down from EUR 74m in Q1 2024. Organic growth was negative -6%, since revenue in Q1 2024 was extraordinarily high, driven by offshore repair work related to one legacy service agreement. The activity level in Q1 2025 was high in both the Service and the Accessories business.
Increase in operational EBITDA and margins
In Q1 2025, Service & Accessories achieved an operational EBITDA of EUR 13m, more than a doubling compared to EUR 6m in Q1 2024. The improvement was driven by increased profitability in both business areas. The operational EBITDA margin* increased to 19.3% in Q1
2025, compared to 8.1% in Q1 2024, where the margin was negatively impacted by offshore repair work related to one legacy service agreement with an unusually low margin.
Satisfactory execution in Service
The Service business had a high activity level in Q1 2025, driven by a variety of activities including smaller repair jobs, maintenance projects, and installation works. Profitability increased compared to Q1 2024 driven by satisfactory execution and the comparison quarter being impacted by repair work related to the legacy service agreement.
In Q1 2025, NKT executed repairs, including onshore repair work on the BritNed connection between the Netherlands and Great Britain.
Within its reoccurring service business, NKT successfully executed maintenance and installation projects.
During the quarter, NKT launched a new integrated cable monitoring platform, MakeSense, to safeguard cables. The platform combines data from various sensors and technologies such as vessel location, acoustic sensing around the cable, depth of burial of the cable under the seabed, and conductor temperature. By integrating this information, risks and behaviour that could lead to cable damage can be identified proactively.
Increased revenue and profitability in Accessories
Revenue in Accessories increased in Q1 2025 driven by higher revenue from both medium- and high-voltage accessories. Operational EBITDA and profitability in the quarter also increased compared to the same quarter last year driven by higher revenue and improved execution.
Ramp-up of HVDC accessories production and capabilities continued during the quarter with NKT expanding accessories capacity in Alingsas, Sweden. The expansion is on track and NKT expects its new test hall will be completed in the first half of 2025.
Shareholder information
NKT A/S shares
The average daily turnover in NKT A/S shares on all trading markets was EUR 35m in Q1 2025, slightly up from EUR 34m in Q1 2024. The average daily trading volume was around 520,000 shares in Q1 2025, compared to around 500,000 in Q1 2024. Nasdaq Copenhagen was the main trading market for the company's shares with 36% of the total traded volume in Q1 2025.
At end-Q1 2025, the NKT A/S share price was DKK 467.60, compared to DKK 514.50 at end-2024. This equalled a share price return of -9%. The corresponding dividend-adjusted share price returns in the same period for the company's largest European competitors, Prysmian and Nexans, were -18% and -12% respectively. The Danish OMXC25 index, adjusted for dividends, declined by 6% in the first quarter of 2025.
At end-Q1 2025, one NKT A/S investors had reported shareholdings of between 5.00–9.99%:
■ BlackRock, Inc. (US)
The total share capital consists of 53,720,045 shares, each with a nominal value of DKK 20, corresponding 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 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 |
NKT A/S share price development last 12 months
Financial Calendar 2025
15 Aug. Interim report, H1 2025 19 Nov. Interim report, Q1-Q3 2025
Consolidated financial statements
- Condensed income statement
- Condensed statement of comprehensive income
- Condensed balance sheet
- Condensed cash flow statement
- Condensed statement of changes in equity
- Notes
- Definitions
| EURm | Q1 2025 |
Q1 2024 |
Year 2024 |
|---|---|---|---|
| Revenue | 837 | 704 | 3,252 |
| Costs of raw materials, consumables, and goods for resale | -573 | -473 | -2,215 |
| Staff costs | -109 | -90 | -393 |
| Other costs | -78 | -67 | -310 |
| Other operating income | 4 | 1 | 9 |
| Earnings before interest, tax, depreciation, and amortisation (EBITDA) | 81 | 75 | 343 |
| Depreciation and impairment of property, plant, and equipment | -24 | -18 | -82 |
| Amortisation and impairment of intangible assets | -6 | -4 | -21 |
| Earnings before interest and tax (EBIT) | 51 | 53 | 240 |
| Financial items, net | 25 | 8 | 34 |
| Earnings before tax (EBT) | 76 | 61 | 274 |
| Tax | -19 | -13 | -38 |
| Net result - continuing operations | 57 | 48 | 236 |
| Net result - discontinued operations | 0 | -3 | 101 |
| Net result | 57 | 45 | 337 |
| To be distributed as follows: | |||
| Equity holders of NKT A/S | 54 | 42 | 326 |
| Hybrid capital holders of NKT A/S | 3 | 3 | 11 |
| Net result | 57 | 45 | 337 |
| Basic earnings - continuing operations, EUR, per share (EPS) | 1.0 | 0.8 | 4.2 |
| Diluted earnings - continuing operations, EUR, per share (EPS-D) | 1.0 | 0.8 | 4.2 |
| Basic earnings, EUR, per share (EPS) | 1.0 | 0.8 | 6.1 |
| Diluted earnings, EUR, per share (EPS-D) | 1.0 | 0.8 | 6.1 |
Condensed income statement Condensed statement of comprehensive income
| EURm | Q1 2025 |
Q1 2024 |
Year 2024 |
|---|---|---|---|
| Net result | 57 | 45 | 337 |
| Other comprehensive income | |||
| Items that may be reclassified to the income statement: | |||
| Foreign exchange adjustment, foreign companies | 48 | -25 | -22 |
| Reclassification to profit or loss on disposal of NKT Photonics | 0 | 0 | -1 |
| Value adjustment of hedging instruments | 54 | 22 | 118 |
| Tax on other comprehensive income | -14 | -4 | -31 |
| Items that will not be reclassified to income statement: | |||
| Actuarial gains/(losses) on defined benefit pension plans, net of tax | 0 | 0 | -2 |
| Total other comprehensive income for the period | 88 | -7 | 62 |
| Comprehensive income for the period | 145 | 38 | 399 |
| To be distributed as follows: | |||
| Equity holders of NKT A/S | 142 | 35 | 388 |
| Hybrid capital holders of NKT A/S | 3 | 3 | 11 |
| Comprehensive income for the period | 145 | 38 | 399 |
Condensed balance sheet
| EURm | 31 March 2025 |
31 March 2024 |
31 Dec 2024 |
|---|---|---|---|
| Assets | |||
| Goodwill | 427 | 339 | 405 |
| Other intangible assets | 250 | 191 | 241 |
| Property, plant, and equipment | 1,664 | 1,033 | 1,464 |
| Derivative financial instruments | 52 | 43 | 39 |
| Investment in associated companies | 9 | 9 | 8 |
| Other investments and receivables | 5 | 1 | 5 |
| Deferred tax | 22 | 12 | 21 |
| Total non-current assets | 2,429 | 1,628 | 2,183 |
| Inventories | 436 | 321 | 424 |
| Trade and other receivables | 486 | 418 | 423 |
| Derivative financial instruments | 107 | 187 | 131 |
| Contract assets | 256 | 106 | 143 |
| Income tax receivable | 22 | 14 | 37 |
| Cash and cash equivalents | 1,194 | 858 | 1,518 |
| Assets held for sale | 0 | 175 | 0 |
| Total current assets | 2,501 | 2,079 | 2,676 |
| Total assets | 4,930 | 3,707 | 4,859 |
| EURm | 31 March 2025 |
31 March 2024 |
31 Dec 2024 |
|---|---|---|---|
| Equity and liabilities | |||
| Equity attributable to equity holders of NKT A/S | 1,828 | 1,439 | 1,698 |
| Hybrid capital | 158 | 158 | 155 |
| Total equity | 1,986 | 1,597 | 1,853 |
| Deferred tax | 51 | 28 | 34 |
| Pension liabilities | 42 | 40 | 42 |
| Provisions | 34 | 13 | 35 |
| Interest-bearing loans and borrowings | 224 | 194 | 221 |
| Contract liabilities | 877 | 438 | 1,016 |
| Derivate financial instruments | 18 | 66 | 51 |
| Total non-current liabilities | 1,246 | 779 | 1,399 |
| Interest-bearing loans and borrowings | 17 | 13 | 17 |
| Trade payables | 541 | 404 | 534 |
| Other liabilities | 237 | 156 | 291 |
| Derivative financial instruments | 68 | 74 | 51 |
| Contract liabilities | 738 | 563 | 626 |
| Income tax payable | 64 | 55 | 60 |
| Provisions | 33 | 33 | 28 |
| Liabilities associated with assets held for sale | 0 | 33 | 0 |
| Total current liabilities | 1,698 | 1,331 | 1,607 |
| Total liabilities | 2,944 | 2,110 | 3,006 |
| Total equity and liabilities | 4,930 | 3,707 | 4,859 |
Condensed cash flow statement
| EURm | Q1 2025 |
Q1 2024 |
Year 2024 |
|---|---|---|---|
| Earnings before interest, tax, depreciation, and amortisation (EBITDA) | 81 | 75 | 343 |
| Non-cash operating items: | |||
| Change in provisions, gain and loss on sale of assets, etc. | 4 | 7 | 8 |
| Changes in working capital | -234 | -42 | 711 |
| Cash flow from operations before financial items, etc. | -149 | 40 | 1,062 |
| Financial items paid/received, net | 20 | 8 | 15 |
| Income tax paid/received, net | -12 | 0 | -38 |
| Cash flow from operating activities from continuing operations | -141 | 48 | 1,039 |
| Acquisition of subsidiaries | 0 | 0 | -144 |
| Investments in Property, plant, and equipment | -158 | -58 | -463 |
| Investments in Intangible assets | -9 | -6 | -32 |
| Cash flow from investing activities from continuing operations | -167 | -64 | -639 |
| Free cash flow from continuing operations | -308 | -16 | 400 |
| Changes in loans | -10 | -11 | -8 |
| Repayment of lease liabilities | -5 | -1 | -6 |
| Purchase of treasury shares | 0 | 0 | -2 |
| Coupon payments on hybrid capital | 0 | 0 | -11 |
| Cash flow from financing activities from continuing operations | -15 | -12 | -27 |
| EURm | Q1 2025 |
Q1 2024 |
Year 2024 |
|---|---|---|---|
| Net cash flow from continuing operations | -323 | -28 | 373 |
| Net cash flow for the period from discontinued operations | 0 | 0 | 248 |
| Net cash flow | -323 | -28 | 621 |
| Cash and cash equivalents at the beginning of the period | 1,518 | 890 | 890 |
| Currency adjustments | -1 | -1 | 7 |
| Net cash flow for the period | -323 | -28 | 621 |
| Cash and cash equivalents at the end of the period | 1,194 | 861 | 1,518 |
| Of which associated with discontinued operations | 0 | 3 | 0 |
| Cash and cash equivalents at the end of the period from continuing operations |
1,194 | 858 | 1,518 |
The above cannot be derived directly from the income statement and the balance sheet.
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: | ||||||||
| Foreign exchange adjustment, foreign companies | 48 | 48 | 48 | |||||
| Value adjustment of hedging instruments: | ||||||||
| Value adjustment for the period | 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 for the period | 0 | 0 | 48 | 40 | 54 | 142 | 3 | 145 |
| Deferred hedge gains and losses transferred to inventory, 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 in Q1 2025 | 0 | 3 | 0 | 0 | -2 | 1 | 0 | 1 |
| Equity, 31 March 2025 | 144 | 0 | -31 | 92 | 1,623 | 1,828 | 158 | 1,986 |
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 2024 | 144 | -4 | -56 | 88 | 1,248 | 1,420 | 155 | 1,575 |
| Other comprehensive income: | ||||||||
| Foreign exchange adjustment, foreign companies | -25 | -25 | -25 | |||||
| Value adjustment of hedging instruments: | ||||||||
| Value adjustment for the period | 23 | 23 | 23 | |||||
| Transferred to revenue | -1 | -1 | -1 | |||||
| Tax on other comprehensive income | -4 | -4 | -4 | |||||
| Total other comprehensive income | 0 | 0 | -25 | 18 | 0 | -7 | 0 | -7 |
| Net result | 42 | 42 | 3 | 45 | ||||
| Comprehensive income for the period | 0 | 0 | -25 | 18 | 42 | 35 | 3 | 38 |
| Deferred hedge gains and losses transferred to inventory, net of tax | -16 | -16 | -16 | |||||
| Transactions with owners: | ||||||||
| Exersice of performance shares | 3 | -3 | 0 | 0 | ||||
| Total transactions with owners in Q1 2024 | 0 | 3 | 0 | 0 | -3 | 0 | 0 | 0 |
| Equity, 31 March 2024 | 144 | -1 | -81 | 90 | 1,287 | 1,439 | 158 | 1,597 |
Notes
1 Material accounting policy information
Accounting policies and new standards and interpretations
This condensed consolidated interim financial report for the period 1 January 2025 – 31 March 2025 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 2025, NKT adopted all relevant new or revised IFRS® Accounting Standards and IFRIC® Interpretations with effective date 1 January 2025 or earlier. The new or revised Standards and Interpretations 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 2024.
The Group has not prematurely adopted any standards, interpretations, or amendments issued but not yet effective.
The Interim report includes financial performance measures that are not defined according to IFRS Accounting Standards. These measures are considered to provide valuable information to stakeholders and Management. Since other companies might calculate these differently from NKT, they may not be comparable to the measures applied by other companies. These financial measures should therefore not be considered a replacement for performance measures as defined under IFRS Accounting Standards, 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 2024.
2 Net interest-bearing debt and working capital
| EURm | Q1 2025 |
Q1 2024 |
Year 2024 |
|---|---|---|---|
| Net interest-bearing debt | |||
| Borrowings - continuing operations | 241 | 207 | 238 |
| Borrowings - classified as held for sale | 0 | 12 | 0 |
| Cash and cash equivalents - continuing operations | -1,194 | -858 | -1,518 |
| Cash and cash equivalents - classified as held for sale | 0 | -3 | 0 |
| Net interest-bearing debt | -953 | -642 | -1,280 |
| Working capital | |||
| Inventories | 436 | 321 | 424 |
| Trade and other receivables | 486 | 418 | 423 |
| Derivative financial instruments | 159 | 230 | 170 |
| Contract assets | 256 | 106 | 143 |
| Income tax receivable | 22 | 14 | 37 |
| Trade payables | -541 | -404 | -534 |
| Other liabilities | -237 | -156 | -291 |
| Derivative financial instruments | -86 | -140 | -102 |
| Contract liabilities | -1,615 | -1,001 | -1,642 |
| Income tax payable | -64 | -55 | -60 |
| Working capital | -1,184 | -667 | -1,432 |
Guarantees
By end-Q1 2025, the value of guarantees issued by financial institutions on behalf of NKT was EUR 2,646m compared to EUR 2,570m by end-2024.
Notes
3 Segment reporting
| EURm | Solutions | Applications | Service & Accessories |
Non allocated |
Intersegment transaction |
Total NKT | |
|---|---|---|---|---|---|---|---|
| Q1 2025 | |||||||
| Income statement | |||||||
| External revenue goods1) | 9 | 351 | 32 | 0 | 0 | 392 | |
| Intersegment revenue goods1) | 0 | 7 | 16 | 0 | -23 | 0 | |
| External revenue service, etc.1) 2) | 4 | 0 | 2 | 0 | 0 | 6 | |
| Intersegment revenue service, etc.1) 2) | 1 | 0 | 0 | 0 | -1 | 0 | |
| External revenue construction contracts2) | 422 | 0 | 17 | 0 | 0 | 439 | |
| Intersegment revenue construction contracts2) | 6 | 0 | 3 | 0 | -9 | 0 | |
| Revenue (market prices) | 442 | 358 | 70 | 0 | -33 | 837 | |
| Adjustment of market prices to std. metal prices | -54 | -155 | 0 | 0 | 2 | -207 | |
| Revenue (std. metal prices)3) | 388 | 203 | 70 | 0 | -31 | 630 | |
| Costs and other income, net (excl. one-off items) | -385 | -340 | -57 | -7 | 33 | -756 | |
| Operational EBITDA3) | 57 | 18 | 13 | -7 | 0 | 81 | |
| Depreciation, amortisation, and impairment | -20 | -8 | -2 | 0 | 0 | -30 | |
| Operational EBIT3) | 37 | 10 | 11 | -7 | 0 | 51 | |
| Working capital3) | -1,251 | 102 | 22 | -57 | 0 | -1,184 | |
| Reconciliation to net result | |||||||
| Operational EBITDA | 81 | ||||||
| One-off items3) | 0 | ||||||
| EBITDA | |||||||
| Depreciation, amortisation, and impairment | |||||||
| EBIT | |||||||
| Financial items, net | |||||||
| EBT | |||||||
| Tax | |||||||
| Net result - continuing operations | |||||||
| Net result - discontinued operations | |||||||
| Net result | 57 |
1) Revenue recognised at a point in time. 2) Revenue recognised over time. 3) Refer to Definitions.
Notes
3 Segment reporting – continued
| EURm | Solutions | Applications | Service & Accessories |
Non allocated |
Intersegment transaction |
Total NKT |
|---|---|---|---|---|---|---|
| Q1 2024 | ||||||
| Income statement | ||||||
| External revenue goods1) | 9 | 275 | 26 | 0 | 0 | 310 |
| Intersegment revenue goods1) | 0 | 3 | 9 | 0 | -12 | 0 |
| External revenue service, etc.1) 2) | 6 | 0 | 1 | 0 | 0 | 7 |
| Intersegment revenue service, etc.1) 2) | 1 | 0 | 1 | 0 | -2 | 0 |
| External revenue construction contracts2) | 353 | 0 | 34 | 0 | 0 | 387 |
| Intersegment revenue construction contracts2) | -1 | 0 | 3 | 0 | -2 | 0 |
| Revenue (market prices) | 368 | 278 | 74 | 0 | -16 | 704 |
| Adjustment of market prices to std. metal prices | -47 | -125 | 0 | 0 | 2 | -170 |
| Revenue (std. metal prices)3) | 321 | 153 | 74 | 0 | -14 | 534 |
| Costs and other income, net (excl. one-off items) | -316 | -262 | -68 | 1 | 16 | -629 |
| Operational EBITDA3) | 52 | 16 | 6 | 1 | 0 | 75 |
| Depreciation, amortisation, and impairment | -18 | -3 | -1 | 0 | 0 | -22 |
| Operational EBIT3) | 34 | 13 | 5 | 1 | 0 | 53 |
| Working capital3) | -780 | 61 | 37 | 15 | 0 | -667 |
| Reconciliation to net result | ||||||
| Operational EBITDA | 75 | |||||
| One-off items3) | 0 | |||||
| EBITDA | 75 | |||||
| Depreciation, amortisation, and impairment | -22 | |||||
| EBIT | 53 | |||||
| Financial items, net | 8 | |||||
| EBT | 61 | |||||
| Tax | -13 | |||||
| Net result - continuing operations | 48 | |||||
| Net result - discontinued operations | -3 | |||||
| Net result | 45 |
1) Revenue recognised at a point in time. 2) Revenue recognised over time. 3) Refer to Definitions.
Definitions
The Group operates with the following performance measures which are calculated in accordance with the Danish Finance Society's guidelines:
Performance measures defined by IFRS Accounting Standards:
-
- Earnings, EUR per outstanding share (EPS) – Earnings attributable to equity holders of NKT A/S relative to average number of outstanding shares.
-
- Diluted earnings, EUR per outstanding share (EPS) – Earnings attributable to equity holders of NKT A/S relative to average number of outstanding shares, including the dilution effect of outstanding share programmes.
Furthermore, the Group presents the following performance measures not defined according to IFRS Accounting Standards (non-GAAP measures) in the Interim report:
-
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.
-
- 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.
-
- One-off items Consist of non-recurring income and cost related to acquisitions, divestments, integration, restructuring, severance, and other one-time items.
-
- Operational earnings before interest, tax, depreciation, and amortisation (Operational EBITDA) – Earnings before interest, tax, depreciation, and amortisation (EBITDA) excluding one-off items.
-
- Operational earnings before interest and tax (Operational EBIT) – Earnings before interest and tax (EBIT) excluding one-off items.
-
- Net interest-bearing debt Cash and interest-bearing receivables less interest-bearing debt. Hybrid capital is not included in net interest-bearing debt.
-
- Capital employed Equity plus net interest-bearing debt.
-
- Working capital Current assets and non-current derivate financial instruments minus current liabilities, non-current contract liabilities and derivate financial intruments (excluding interest-bearing items and provisions).
-
- Gearing Net interest-bearing debt as a percentage of equity.
-
- Net interest-bearing debt relative to operational EBITDA – Calculated as net interest-bearing debt relative to LTM (last twelve months) of operational EBITDA for continuing operations.
-
- Solvency ratio (equity as a percentage of total assets) – Equity including hybrid capital as a percentage of total assets.
-
- Return on capital employed (RoCE) – Operational EBIT last twelve months for continuing operations as a percentage of average of the last five quarters of capital employed for continuing operations.
-
- Equity value, EUR per outstanding share – Equity attributable to equity holders of NKT A/S per outstanding share at 31 March. Dilution effect of outstanding share programmes is excluded.
-
- Free cash flow Cash flow from operating and investing activities.
-
- Free cash flow excluding acquisition of subsidiaries – Cash flow from operating and investing activities excluding cash flow used for acquisitions of subsidaries.
-
- Order backlog Value of the uncompleted work of contracts within the Solutions business line. Contracts are included when they are signed and all significant conditions which may impact the value of the contracts have been agreed.
- Statements made about the future in this report reflect the Group Management's current expectations 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 regulatory changes in NKT A/S markets, development in product demand, competitive conditions, and energy and raw material prices. See the latest Annual report 2024 for a more detailed description of risk factors.
NKT A/S disclaims any liability to update or adjust statements about the future or the possible reasons for differences between actual and anticipated results except where required by legislation or other regulations.
The NKT A/S Interim report Q1 2025 was published on 9 May 2025 and released through Nasdaq Copenhagen.
The report is also available at investors.nkt.com.
NKT A/S
Vibeholms Allé 20 DK-2605 Brøndby Denmark Company reg. no. 62 72 52 14
Photos: NKT copyrights. All rights reserved.
Investor Relations contact
Jacob Johansen Tel: +45 2169 3591
Martin Juul Bentsen Tel.: +45 2226 3831
Group Management's statement
The Board of Directors and the Executive Management have today considered and adopted the Interim report of NKT A/S for the period 1 January – 31 March 2025.
The Interim report for the period 1 January – 31 March 2025, which has not been audited or reviewed by the company auditor, has been prepared in accordance with IAS 34 'Interim Financial Reporting', as approved by the EU, and Danish disclosure requirements for interim reporting by listed companies.
In our opinion the Interim report gives a true and fair view of the Group's assets, liabilities, and financial position on 31 March 2025 and the results of the Group's activities and cash flow for the period 1 January – 31 March 2025.
Furthermore, in our opinion, the Management's review includes a fair account of the development and performance of the Group, the results for the period, and of the financial position of the Group. Other than set forth in the Interim report, no changes have occurred to the significant risks and uncertainty factors compared with those disclosed in the Annual report for 2024.
Brondby, 9 May 2025
Executive Management
President & CEO CFO
Claes Westerlind Line Andrea Fandrup
Board of Directors
Jens Due Olsen René Svendsen-Tune Andreas Nauen Chair Deputy Chair Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* John Erik Andersen*
Want to read more?
Find the full reporting at nkt.com
NKT A/S Vibeholms Allé 20 DK-2605 Brøndby Denmark
Company Reg: 6272 5214 Tel: +45 43 48 20 00 [email protected] nkt.com
NKT is signatory to:
Remuneration Report
2023
Company Reg: 6272 5214
Science Based Targets initiative. A commitment to become a net zero emissions company.
Company Reg: 6272 5214
Year 2024
Statement of Compliance with the Recommendations on Corporate Governance Concerning the Financial
United Nations Global Compact. A pledge to implement universal sustainability principles.
Europacable Industry Charter. A commitment towards superior quality.