29% organic growth and record quarterly EBITDA

Company Announcement

16 August 2024
Announcement No. 28

NKT A/S Q2 2024 Interim Report: 29% organic growth and record quarterly EBITDA

NKT CEO Claes Westerlind says:

- In Q2 2024, we continued to execute on our high-voltage order backlog and ongoing investments across business lines, while also delivering continued double-digit growth in revenue and EBITDA. Furthermore, we made strong strategic progress, successfully divesting NKT Photonics and completing the acquisition of Portuguese cable manufacturer, SolidAl. NKT’s position as a pure-play cable manufacturer has been strengthened by this acquisition and we remain well positioned to benefit from robust demand across our power transmission and distribution businesses.

Financial highlights

EURm		Q2 2024		Q2 2023		H1 2024	H1 2023
Revenue*		605		468		1,139	890
Organic growth		29%		26%		28%	30%
Operational EBITDA		86		58		161	115
Operational EBITDA margin*		14.2%		12.4%		14.1%	12.9%

* Std. metal prices

2024 financial outlook
The financial outlook was updated in Company Announcement No. 20 of 11 July 2024.

Revenue (in std. metal prices) is expected to be approximately EUR 2.33-2.43bn (previously EUR 2.21-2.36bn) and operational EBITDA is expected to be approximately EUR 310-345m (previously EUR 285-335m).

The financial outlook is based on several assumptions including:

• Satisfactory execution and development of high-voltage investments and projects without major disruptions
• Stable market conditions in Applications
• Satisfactory offshore power cable repair work activity
• Stable development of the global economy
• Stable supply chain with limited disruptions and access to the required labour, materials and services
• Stable development in foreign currency and metal prices

Revenue growth across business lines and record quarterly operational EBITDA