COPENHAGEN, Feb 25, 2026, 11:39 CET — Regular session
NKT (NKT.CO) shares climbed 1.6% to 788 Danish crowns on Wednesday, following the Danish power cable maker’s release of its annual report and a fresh 2026 outlook. The stock had finished at 776 crowns the previous session.
Investors use European grid suppliers as a read on the pace of power network expansion—crucial for taking in more renewables. Small shifts in timing, margins, or cash flow can jolt share prices, since these are long-cycle projects and the market reacts quickly to any perceived change.
NKT operates in a complicated corner of the buildout—think high-voltage cables and those sprawling turnkey projects that stretch out for years, plus a steady stream of lower-voltage products tied directly to everyday grid spending. With its annual report, the company hands the market an updated snapshot of 2026 prospects, showing big order books aren’t going anywhere, but neither is execution risk.
NKT reported that 2025 revenue at “standard metal prices”—which strips out copper and aluminium volatility—grew 6% organically to EUR 2.72 billion. Operational EBITDA landed at EUR 390 million. Looking to 2026, the company guided for revenue between EUR 2.63 billion and EUR 2.78 billion, with operational EBITDA seen in a EUR 360-410 million range. In the fourth quarter, NKT posted EUR 643 million in revenue and EUR 85 million in operational EBITDA. “Disciplined execution” shaped the year, according to chief executive Claes Westerlind, with capacity expansion continuing. The company reported free cash flow of minus EUR 244 million for 2025, net interest-bearing debt at minus EUR 963 million, a high-voltage order backlog of EUR 10.2 billion, and booking commitments topping EUR 3.5 billion. Nkt
The breakdown looked much like before. NKT’s high-voltage segment did the heavy lifting again, and orders for power distribution cables stayed solid. The company flagged an uptick in services and accessories this year, citing more activity in those areas.
Traders keep circling cash flow, not just top-line numbers. Large projects can yank payments ahead or stall them, while capex has a habit of muddying the quarterly waters until those new units start delivering returns.
NKT goes up against Prysmian and Nexans for big high-voltage contracts, with investors usually lumping the trio together around a single storyline—grid upgrades, offshore wind connections, and whether suppliers can ramp up capacity quickly enough to avoid missing deadlines.
Still, NKT didn’t mince words about the risks. The company’s 2026 forecast hinges on everything from smooth high-voltage rollouts and new investments to steady markets, functioning supply chains, and a predictable mix of economic indicators—including currencies and metals. Offshore repair work needs to settle back to normal levels, too. Margins are vulnerable if delays crop up, labor gets tight, or costs spike; revenue could slip into following periods if those issues bite.
Coming up: the annual general meeting set for March 25, then the first-quarter report arrives May 13. That’s when investors want fresh detail on backlog conversion and whether cash generation is picking up.
