NKT (NKT) Q3 2025 earnings summary

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.