Slides
Page 1
February 2026 Annual Report 2025 Webcast Presentation
Page 2
Today’s presenting team | 2 Claes Westerlind President & CEO Line Andrea Fandrup CFO NKT A/S | Annual Report 2025 | Webcast | February 2026
Page 3
Forward looking statements This presentation and related comments contain forward- looking statements. Such statements are subject to many uncertainties and risks, as various factors of which several are beyond NKT’s control, may cause that the actual development and results differ materially from the expectations. NKT A/S | Annual Report 2025 | Webcast | February 2026 | 3
Page 4
Key messages 2025 Solid finish to the year – NKT to embark on journey towards 2030 * Standard metal prices | 4 Organic growth* of 6% and record-high EBITDA of EUR 390m in 2025, reaching the upper end of the outlook ranges Charging Forward strategy launched to continue the growth journey through 2030 including new medium- term financial ambitions Capacity expansion projects progressed as planned in 2025 High-voltage capacity in Solutions on track to be operational from 2027 Additional medium- voltage capacity coming online during 2026, including Esposende Continued commercial progress leading to a sustained solid high- voltage order backlog of EUR 10.2bn Conversion of booking commitments to firm orders of around EUR 2bn in January 2026 NKT A/S | Annual Report 2025 | Webcast | February 2026
Page 5
NKT A/S | Annual Report 2025 | Webcast | February 2026 | 5 Agenda 06 14 20 Business highlights Financial highlights Questions & Answers
Page 6
Financial performance in Q4 2025 Organic revenue* growth of -8%, driven by project ramp-down in Solutions, as expected * Standard metal prices | 6 Key financial highlights (EURm)Key developments in Q4 2025 ▪ Solutions saw negative organic revenue* growth of -13% and operational EBITDA of EUR 61m, driven by project ramp-down including subcontracted work compared to the relatively high level in Q4 2024. ▪ Applications with organic revenue* growth of 9% and operational EBITDA increase. This was mainly driven by continued robust demand in the power distribution grid segment, while construction- exposed segment remained subdued. ▪ Service & Accessories showed an organic revenue* growth of 31% and operational EBITDA increase, driven by high activity levels and satisfactory execution in both business segments. Operational EBITDA Margin*Operational EBITDA NKT A/S | Annual Report 2025 | Webcast | February 2026 90 85 2024 2025 5 Q4 344 390 2024 2025 46 FY 13.0% 13.2% 13.8% 14.3% Revenue* -8% Revenue* Organic growth 693 643 2024 50 2025Q4 2,489 2,722 2024 2025 233 FY 6%
Page 7
Solutions – Q4 2025 * Standard metal prices Note: AC = Alternating Current and DC = Direct Current | 7 Q4 2025 financial highlightsHigh activity level and overall satisfactory execution Development during Q4 2025 Customer offerings ▪ High-voltage AC/DC off-/onshore power cable solutions 409m Revenue*, EUR (Q4 2024: EUR 469m) 61m Oper. EBITDA, EUR (Q4 2024: EUR 67m) -13% Organic growth (Q4 2024: 34%)▪ Organic revenue* growth of -13% driven by project ramp-down and subcontracted revenue compared to the relatively high levels from Q4 2024. ▪ Improved operational EBITDA-margin of 15.2% compared to 14.3% in Q4 2024, while nominal EBITDA slightly decreased. ▪ Continued progress on several projects including Champlain Hudson Power Express, Hornsea 3, Hertel, East Anglia 3, Biscay Gulf, SuedLink, and SuedOstLink. ▪ The high-voltage investment programmes progressed according to plan, with capacity expected to be operational from 2027. NKT Solutions Applications Serv. & Acc. NKT A/S | Annual Report 2025 | Webcast | February 2026
Page 8
High-voltage market and order backlog Continued high level of market activity in Q4 2025. Further additions to the high-voltage order backlog in January and February 2026 | 8 NKT Solutions Applications Serv. & Acc. ▪ NKT estimates that the value of projects awarded in its addressable high- voltage power cable market was around EUR 4bn in 2025, majority based on DC technology. ▪ Order backlog amounted to EUR 10.2bn. During January 2026, the backlog was supplemented by booking commitment conversion of two contracts with SSEN - adding firm order values of a total of EUR 2bn to the backlog. ▪ NKT continues to anticipate that its average addressable high-voltage market will be above EUR 10bn per year between 2024 and 2030. ▪ Short-term variations from volatile political and economic environment, but supply/demand balance is expected to be healthy throughout the decade. High-voltage market is expected to become more balanced when approaching the 2030’s. NKT A/S | Annual Report 2025 | Webcast | February 2026 3.1 10.8 10.6 10.2 4.7 Dec 2022 >2.5 Dec 2023 >3.5 Dec 2024 >3.5 Dec 2025Dec-21 Projects in backlog Booking commitments High-voltage order backlog (EURbn) ~95%European Transmission System Operator ~5% Other High-voltage order backlog by customer (%) >55% Interconnector ~40%Offshore wind <2% Power-from-shore High-voltage order backlog by application (%)
Page 9
Applications – Q4 2025 * Standard metal prices | 9 NKT Solutions Applications Serv. & Acc. Q4 2025 financial highlightsOrganic growth* driven by power distribution grid segment Development during Q4 2025 Customer offerings ▪ Medium-voltage power cables for distribution grid ▪ Low-voltage power cables and building wires ▪ Telecom and other specialty power cables 197m Revenue*, EUR (Q4 2024: EUR 178m) 18m Oper. EBITDA, EUR (Q4 2024: EUR 13m) 9% Organic growth ( 2024: -4%) NKT A/S | Annual Report 2025 | Webcast | February 2026 ▪ Revenue* increase driven by robust demand in the power distribution grid segment supported by increased medium-voltage production capacity. The construction-exposed segment remained subdued. ▪ EBITDA increased to EUR 18m driven by higher revenue. Operational EBITDA margin* improved from 7.8% in Q4 2024 to 9.1% in Q4 2025 ▪ Investments in expanded capacity in Denmark and Portugal progressed as planned, with capacity in Esposende now expected to become operational at the end of 2026. ▪ Completed integration of SolidAl as NKT Esposende
Page 10
Service & Accessories – Q4 2025 * Standard metal prices | 10 NKT Solutions Applications Serv. & Acc. Q4 2025 financial highlightsGrowth in revenue and earnings driven by both business areas Development during Q4 2025 Customer offerings ▪ High- and medium-voltage accessories ▪ Power cable services 79m Revenue*, EUR (Q4 2024: EUR 59m) 10m Oper. EBITDA, EUR (Q4 2024: EUR 6m) 31% Organic growth (Q4 2024: 7%)▪ Organic growth* of 31% driven by revenue increase in both business areas. high activity levels and satisfactory execution in both segments. ▪ Operational EBITDA increased to EUR 10m driven mainly by the increased revenue, resulting in an increased operational EBITDA margin of 12.6% in Q4 2025 compared to 11.1% in Q4 2024 ▪ High activity levels driven by repair, installation, and maintenance work as well as high demand for high- and medium-voltage cable accessories ▪ New test hall in Alingsas finalised in Q4 2025 NKT A/S | Annual Report 2025 | Webcast | February 2026
Page 11
Update on major capacity investment projects NKT A/S | Annual Report 2025 | Webcast | February 2026 | 11 Karlskrona NKT Eleonora Esposende
Page 12
NKT’s handprint: Our positive impact NKT is a key enabler of the energy transition and general electrification of society. NKT’s ambition is clear and twofold: Firstly, to maximise the contribution to the decarbonisation of society by facilitating clean electricity in grid infrastructure - NKT's handprint; and secondly, to minimise our footprint by achieving net zero across the value chain by 2050 at the latest. NKT A/S | Annual Report 2025 | Webcast | February 2026 | 12 The Champlain Hudson Power Express handprint Once operational, the Champlain Hudson Power Express will make a substantial contribution to NKT’s handprint. The transmission line will supply up to 20% of New York City's electricity with renewable energy. 2715 2019-2024 2019-2025 NKT handprint Projected clean energy facilitated or enabled by NKT in 2030 27 TWh In 2025, NKT completed projects projected to facilitate or enable 12 TWh in 2030 adding to the 15 TWh enabled or facilitated by projects completed between 2019 and 2024.
Page 13
NKT A/S | Annual Report 2025 | Webcast | February 2026 | 13 Agenda 06 14 20 Business highlights Financial highlights Questions & Answers
Page 14
Income statement: Negative revenue driven by Solutions, as expected ▪ Negative organic growth* driven by lower activity level including subcontracted revenue in Solutions, as expected. ▪ Operational EBITDA decreased by EUR 5m compared to Q4 2024 as the increased contribution from Applications and Service & Accessories was offset by the contribution from Solutions. Margin increased from 13.0% to 13.2%. ▪ Depreciations and amortisations of EUR 37m, up from EUR 30m in Q4 2024 ▪ Financial items of EUR 12m compared to an income of EUR 5m in Q4 2024 mainly driven by gains on the EUR/SEK hedges due to strengthening of the SEK, as well as net interest income. ▪ Tax of EUR 37m, compared to EUR -9m in 2024, driven by German tax losses carried forward capitalised, due to improved operational performance. The effective tax rate was -62% in Q4 2025. ▪ Average number of employees increased by 519 from Q4 2024 average, driven by high activity levels and ongoing investments. Key developments in Q4 2025 * Standard metal prices | 14NKT A/S | Annual Report 2025 | Webcast | February 2026 Income statement highlights
Page 15
Cash flow: Negative cash flow driven by investments and working capital Key developments in Q4 2025 ▪ Cash flow from operating activities of EUR 573m, up from EUR 368m in Q4 2024. ▪ Financial items net and other effect were EUR -39m in total in Q4 2025 driven by tax payments and interest received on the cash position. ▪ Positive effect from changes in working capital in Q4 2025 was due to phasing of milestone payments and project execution in Solutions and favourable timing effects at year-end. ▪ Cash flow from investing activities of EUR -232m compared to investments of EUR -216m in Q4 2024. The increase was driven by ongoing investments to increase capacity and capabilities in Solutions and Applications. ▪ Free cash flow of EUR 341m driven by EBITDA and effect from changes in working capital, only being slightly offset by the investment level. Cash flow statement highlights | 15NKT A/S | Annual Report 2025 | Webcast | February 2026
Page 16
Balance sheet: Increased working capital and capital employed Key developments in Q4 2025 ▪ Working capital increased from EUR -1,093m at end-Q3 2025 to EUR -1,534m, mainly due to phasing of milestone payments and project execution in Solutions supplemented by a favourable timing effect at year-end. ▪ RoCE of 24% down from 27% at end-Q3, driven by the slightly reduced EBIT, LTM. ▪ Net interest-bearing debt decreased by EUR 323m from end-Q3, driven by the positive free cash flow in Q4 2025. ▪ Available liquidity reserves of EUR 1,614m, comprising cash and cash equivalents of EUR 1,214m and undrawn credit facilities of EUR 400m. ▪ A conservative capital structure is maintained to execute on investments in Solutions and Applications as NKT continues to progress on its growth journey. Balance sheet highlights | 16NKT A/S | Annual Report 2025 | Webcast | February 2026 EURm 2025 2024 2025 2024 Working capital -1,534 -1,432 -1,093 -1,069 Capital employed 1,230 573 1,388 734 RoCE 24% 35% 27% 31% Net interest-bearing debt (NIBD) -963 -1,280 -640 -1,136 NIBD / Operating EBITDA, LTM -2,5x -3.7x -1.6x -3.6x Total assets 5,595 4,859 5,001 4,486 Total equity 2,193 1,853 2,028 1,870 31 Dec 30 Sep
Page 17
Financial outlook for 2026 * Standard metal prices | 17 The financial outlook is based on several assumptions including: ▪ Satisfactory execution of high-voltage investments and projects to deliver on expected profitability margins ▪ Satisfactory operational execution across business lines ▪ Stable market conditions across business lines ▪ Normalised offshore power cable repair work activity ▪ A stable supply chain with limited disruptions and access to the required labour, materials, and services ▪ Stable development in the global economy, foreign currency, and metal prices Revenue* EUR ~2.63-2.78bn Operational EBITDA EUR ~360-410m NKT A/S | Annual Report 2025 | Webcast | February 2026
Page 18
| 18 New medium-term financial ambitions for 2030 Organic revenue* CAGR from 2024 >7% Operational EBITDA EUR >900m RoCE% >22% 2028 ambitions: Organic revenue* CAGR from 2021: >14%, Operational EBITDA: EUR >700m, RoCE: >20% * Standard metal prices NKT A/S | Annual Report 2025 | Webcast | February 2026
Page 19
Key messages 2025 Solid finish to the year – NKT to embark on journey towards 2030 * Standard metal prices | 19 Organic growth* of 6% and record-high EBITDA of EUR 390m in 2025, reaching the upper end of the outlook ranges Charging Forward strategy launched to continue the growth journey through 2030 including new medium- term financial ambitions Capacity expansion projects progressed as planned in 2025 High-voltage capacity in Solutions on track to be operational from 2027 Additional medium- voltage capacity coming online during 2026, including Esposende Continued commercial progress leading to a sustained solid high- voltage order backlog of EUR 10.2bn Conversion of booking commitments to firm orders of around EUR 2bn in January 2026 NKT A/S | Annual Report 2025 | Webcast | February 2026
Page 20
NKT A/S | Annual Report 2025 | Webcast | February 2026 | 20 Investor Day 2026 Save the date NKT Investor Day 29 September 2026, in Karlskrona, Sweden. NKT will present the next steps of the Charging Forward strategy as well as additional insights to the new business line structure effective 1 January 2026. The day will also include a visit to the production facilities
Page 21
Questions & Answers
Page 22
Financial calendar 2026 | 22 Event2026 For full list of Investor Relations events, please visit investors.nkt.com NKT A/S | Annual Report 2025 | Webcast | February 2026 25 March Annual General Meeting Interim Report, Q1 2026 14 August Interim Report, H1 2026 Interim Report, Q1-Q3 2026 Investor Day, Karlskrona29 September 13 May 19 November