NKT with solid financial performance for Q3 2024

NKT CEO Claes Westerlind says:

- In Q3 2024, we continued the execution of the high-voltage order backlog and the ongoing investments across seven of our production sites. This positively impacted the financial performance, where we delivered double-digit revenue growth for the eighth consecutive quarter and record-high quarterly operational EBITDA of EUR 93m despite being impacted by non-recurring costs related to the integration of SolidAl. We are constantly strengthening our market position, and as a pure-play power cable solutions provider, we are with our three business lines well-positioned to benefit from the robust demand driven by the energy transition. This will enhance NKT's value generation towards both customers and shareholders.

In Q3 2024, NKT’s revenue (in std. metal prices) amounted to EUR 657m, an increase of EUR 156m compared to Q3 2023, which corresponds to 25% organic growth. Previous investments in capacity and capabilities in Solutions, as well as overall satisfactory execution, drove the majority of the growth. Applications contributed with higher revenue driven by the acquisition of SolidAl. Service & Accessories also contributed with higher revenue, primarily driven by a higher activity level in the service business.

Operational EBITDA increased from EUR 76m in Q3 2023 to EUR 93m in Q3 2024, which is the highest quarterly operational EBITDA in company history despite being impacted by non-recurring costs related to the integration of SolidAl. The higher earnings level was primarily driven by previous investments in capacity and capabilities within Solutions while all business lines contributed with higher EBITDA.