NKT (NKT) Q4 2025 earnings summary

Executive summary

• Achieved record-high standard metal price revenue of EUR 2.722 billion and operational EBITDA of EUR 390 million for 2025, with 6% organic growth year-over-year, reaching the upper end of outlook ranges.

• Launched the Charging Forward strategy, setting new medium-term financial ambitions through 2030 and focusing on execution and value creation.

• Maintained a high-voltage order backlog of EUR 10.2 billion at year-end, with EUR 2 billion in booking commitments converted to firm orders in January 2026.

• Significant progress on capacity expansion investments in Karlskrona, Cologne, Denmark, Portugal, and Esposende, all on track for 2026–2027.

Financial highlights

• Full-year 2025 revenue reached EUR 2.722 billion, with operational EBITDA at 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; Q4 operational EBITDA was EUR 85 million, margin improved to 13.2% from 13%.

• Cash flow from operating activities in Q4 2025 was EUR 573 million, with free cash flow at EUR 341 million.

• Net result for Q4 was EUR 97 million (up from EUR 56 million), and full-year net result was EUR 275 million.

• Net interest-bearing debt decreased by EUR 323 million from end-Q3, with available liquidity reserves of EUR 1.614 billion and net cash position improved to approximately EUR 1.2 billion at year-end.

Outlook and guidance

• 2026 revenue expected between EUR 2.63–2.78 billion, operational EBITDA between EUR 360–410 million.

• Solutions segment expected to see a mid-single-digit organic revenue decline due to lower subcontracted work and variation orders.

• Applications expected to contribute up to 10% growth, driven by new capacity in Denmark and Portugal.

• Service & Accessories to benefit from high market activity, though offshore repair job volume remains unpredictable.

• Medium-term ambitions for 2030: organic revenue CAGR above 7% from 2024, operational EBITDA above EUR 900 million, ROCE above 22%.