NKT financial results for Q2 2024: Continued strong performance

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.

In Q2 2024, NKT’s revenue (in std. metal prices) increased by EUR 137m compared to Q2 2023, corresponding to 29% organic growth. Previous investments in capacity and capabilities within Solutions and satisfactory execution drove the majority of growth. Applications and Service & Accessories also contributed with higher revenue compared to Q2 2023.

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 updated outlook for 2024 reflects an expected continuation of the strong execution during first half as well as the acquisition of SolidAl and its expected financial contribution for the remainder of the year.

The financial outlook is based on several assumptions including:  

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