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NKT (NKT) investor relations material
NKT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Nov, 2025
Executive summary
Achieved record-high operational EBITDA of EUR 119 million in Q3 2025, with organic revenue growth of up to 13%, driven by strong performance across all business lines and high activity.
Secured major commercial wins, including a EUR 650 million firm order for Bornholm Energy Island and preferred bidder status for Eastern Green Link 3 in the UK, reinforcing HVDC technology leadership.
Launched the 'Charging Forward' strategy, setting 2030 ambitions: organic revenue CAGR >7% (2024–2030), operational EBITDA >EUR 900 million, and RoCE >22%, with business lines restructured to Transmission, Grid Solutions & Accessories, and Distribution.
Continued investments in production and installation capacity, with all major projects progressing as planned and new capacity expected from 2026–2027.
Organizational restructuring and business line realignment to sharpen focus on turnkey projects and local product capabilities.
Financial highlights
Q3 2025 revenue ranged from EUR 726 million (standard metal prices) to EUR 936 million, up from previous year; organic growth up to 13%.
Operational EBITDA reached EUR 119 million (Q3 2024: EUR 93 million), with margin improved to 16.4% from 14.2%.
Net result ranged from EUR 50 million to EUR 67 million, with nine-month net result at EUR 178 million.
Free cash flow was -EUR 102 million, mainly due to high investments and working capital outflow.
Net interest-bearing debt at end-Q3 2025 was -EUR 640 million, with liquidity reserves of EUR 1,278 million.
Outlook and guidance
2025 revenue expected at EUR 2.65–2.75 billion and operational EBITDA at EUR 360–390 million, with year-end at upper end of range.
Q4 EBITDA expected to be lower due to project phasing and absence of large repair jobs.
2030 ambitions: organic revenue CAGR >7%, operational EBITDA >EUR 900 million, RoCE >22%.
CapEx for 2025–2028 expected at ~EUR 2 billion, peaking in 2025–2026, with 75% for growth investments.
Assumes stable execution, market conditions, and limited supply chain disruptions.
Investment impact on EBITDA margin
Strategy for >EUR 3.5bn unbooked backlog
Slovak anti-trust fine mitigation plans?
Why consider inorganic growth post-2028 CapEx?
Reconcile 2030 ROCE target with current levels.
Impact of legacy projects on 2026 margins?
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Q4 202521 Feb, 2026
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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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