NKT (NKT) CMD 2026 summary

Strategic direction and market outlook

• Transitioned to a pure-play power cable system provider, divesting non-core assets and expanding production capabilities across Europe since 2024.

• Achieved over 600% total shareholder return from 2020 to 2026, with market capitalization rising from EUR 0.7bn to EUR 6.6bn.

• Positioned for growth as global electricity demand is projected to rise 80% by 2050, driving grid investments and renewables integration.

• Focused on executing a EUR 2bn investment program to expand capacity and deliver a EUR 13bn transmission order backlog beyond 2030.

• Committed to technology leadership, operational excellence, and selective organic and inorganic growth in key markets.

Business line performance and expansion

• Transmission revenue more than doubled from 2022 to 2025, with operational EBITDA up 2.4x and a record order backlog supporting long-term visibility.

• Grid Solutions & Accessories achieved EUR 461m revenue and EUR 67m EBITDA in 2025, with a strong net promoter score and expanded lifecycle offerings.

• Distribution revenue grew 1.5x and EBITDA 3x from 2022 to 2025, supported by acquisitions, capacity expansions, and digital customer solutions.

• Investments in new factories, vessels, and R&D are on track, with the world's largest offshore cable factory set for commercial production in Q2 2027.

• Data centers and renewables are key growth segments, with tailored solutions and digital platforms enhancing customer experience.

Financial guidance and capital allocation

• Confirmed 2030 ambitions: organic revenue CAGR above 7% (2024–2030), operational EBITDA above EUR 900m, and ROCE above 22%.

• Transmission leads growth, with a EUR 13bn backlog and diversified customer base providing strong earnings visibility.

• Stringent execution of a EUR 2bn capex program through 2028, with base capex at ~4% of revenue and growth investments prioritized.

• Capital allocation prioritizes maintaining a robust balance sheet, value-enhancing investments, stable dividends, and opportunistic M&A.

• Sustainability integrated into strategy, with top ESG ratings, zero-carbon factories, and a focus on decarbonizing the value chain.