COPENHAGEN, Feb 25, 2026, 11:39 CET — Regular session
NKT (NKT.CO) shares rose on Wednesday after the Danish power cable maker published its annual report and set out its 2026 outlook. The stock was up 1.6% at 788 Danish crowns, versus a previous close of 776. (Investing)
The report matters because investors have been treating European grid suppliers as a barometer for how fast power networks can expand to absorb more renewables. These are long-cycle projects and the share prices can swing on small changes in timing, margins and cash.
NKT sits in a tricky part of that buildout: high-voltage cables and turnkey projects that can run for years, and lower-voltage products tied to day-to-day grid spending. The annual report gives the market a fresh read on what 2026 could look like as order books stay large and execution risk stays real.
NKT said 2025 revenue at “standard metal prices” — its way of stripping out swings in input metals such as copper and aluminium — rose 6% organically to EUR 2.72 billion, while operational EBITDA, its adjusted earnings measure, reached EUR 390 million. It forecast 2026 revenue of about EUR 2.63-2.78 billion and operational EBITDA of EUR 360-410 million, after fourth-quarter revenue of EUR 643 million and operational EBITDA of EUR 85 million. Chief executive Claes Westerlind said the year was defined by “disciplined execution”, as NKT pushed ahead with capacity expansion; the company also reported free cash flow of minus EUR 244 million in 2025 and net interest-bearing debt of minus EUR 963 million, alongside a high-voltage order backlog of EUR 10.2 billion and booking commitments above EUR 3.5 billion. (Nkt)
The mix underneath was familiar. NKT leaned on high-voltage work while demand for power distribution cables held up, and it pointed to a stronger year in services and accessories amid higher activity.
Cash flow remains the thing traders chew on, not just revenue. Big projects pull payments forward or push them back, and capex can swamp the quarter-to-quarter picture until new lines start to earn.
In the sector, NKT competes for major high-voltage work with Prysmian and Nexans, and the market tends to trade the names on the same basic theme: grid upgrades, offshore wind links and how fast suppliers can add capacity without slipping on delivery.
But the company’s own caveats were clear. NKT said its 2026 outlook assumes smooth execution of high-voltage projects and investments, stable market conditions and supply chains, and steady development in the economy, currencies and metal prices, with offshore repair activity normalising. Any delays, labour bottlenecks or cost shocks could squeeze margins and push revenue into later periods. (Cision News)
The next hard dates on the calendar are the annual general meeting on March 25 and the first-quarter report on May 13, when investors will look for updates on backlog conversion and cash generation. (Nkt)
