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NKT
NKT (NKT) investor relations material
NKT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved record-high standard metal price revenue of EUR 2.7 billion and operational EBITDA of EUR 390 million for 2025, with 6% organic growth year-over-year and a high-voltage order backlog of EUR 10.2 billion at year-end.
Launched the Charging Forward strategy to drive growth through 2030, focusing on execution, value creation, and new medium-term financial ambitions.
Advanced major capacity expansion projects in Karlskrona, Cologne, Denmark, and Portugal, with high-voltage capacity on track for 2027 and medium-voltage capacity, including Esposende, coming online in 2026.
Maintained robust market dynamics, with significant new orders including a EUR 2 billion SSEN contract in January 2026, supporting strong visibility into future years.
Financial highlights
Full-year 2025 revenue reached EUR 2.722 billion and operational EBITDA EUR 390 million, both at the upper end of guidance.
Q4 2025 revenue was EUR 643 million, down EUR 50 million year-over-year, mainly due to the Champlain Hudson project ramp-down; operational EBITDA for Q4 was EUR 85 million, with a margin of 13.2%.
Net result for Q4 was EUR 97 million (up from EUR 56 million in Q4 2024); full-year net result was EUR 275 million.
Free cash flow for Q4 was EUR 341 million, but full-year free cash flow was negative EUR 244 million due to high investments.
Investments totaled EUR 743 million in 2025, with Q4 investments at EUR 232 million.
Net cash position improved to approximately EUR 1.2 billion at year-end, with available liquidity reserves of EUR 1,614 million.
Outlook and guidance
2026 revenue expected in the range of EUR 2.63–2.78 billion, with operational EBITDA between EUR 360–410 million.
Solutions segment expected to see a mid-single-digit organic revenue decline in 2026 due to lower subcontracted work and variation orders.
Applications segment to benefit from new capacity in Denmark and Portugal, contributing up to 10% growth.
Service & Accessories expected to maintain positive momentum, though offshore repair job volume remains unpredictable.
Investment levels to remain elevated in 2026 but below 2025 levels.
Medium-term ambitions for 2030: organic revenue CAGR above 7% from 2024, operational EBITDA above EUR 900 million, ROCE above 22%.
How will NKT sustain HV market leadership to 2030?
What drives the FY25 negative free cash flow?
How will new MV capacity impact Applications?
Quantify 2026 OpEx drag on EBITDA margin
Karlskrona new capacity: full revenue generation timeline?
Long-term confidence in high-voltage market outlook?
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Next NKT earnings date
Q1 202613 May, 2026
NKT
Next NKT earnings date
Q1 202613 May, 2026
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Frequently asked questions
NKT A/S develops, manufactures and markets cables, accessories and solutions. NKT A/S's products include fiber optic cables, power cables, machine tools, tools and solutions for industrial use, as well as services such as development of user-specific solutions. It sells its products to electrical contractors and installers, specialty contractors and installers, the manufacturing industry, process industries, electronics assembly plants and repair shops.
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