Cable manufacturer NKT has delivered largely constant growth rates in recent years, but the first quarter of 2026 was an exception. Here, NKT had to record negative organic growth of 4 percent, while revenue measured in standard metal prices fell to 610 million euros from 630 million euros the previous year. This was stated by NKT in a press release.
According to the company, the development is mainly due to the downscaling of the Champlain Hudson Power Express project in the USA, and the decline was expected to be noticeable as a result of this downscaling. The transmission business, which was affected by the project, had an organic decline of 8 percent. Revenue measured in standard metal prices fell to 331 million euros from 360 million euros. euros the previous year, while operational EBITDA fell to 50 million euros from 52 million euros.
However, there are also several bright spots. At the same time, the order backlog in Transmission grew to 13.5 billion euros from 10.2 billion euros at the end of 2025, among other things after the award of the Western Isles, Spittal to Peterhead and Eastern Green Link 3 projects in the UK.
Overall, NKT's operational EBITDA increased to a record high of 97 million euros from 81 million euros the previous year, while net profit increased to 61 million euros from 57 million euros. The EBITDA margin also increased to 16 percent from 12.9 percent. This is the highest operational EBITDA for a first quarter in the company's history.
- With the award of two large projects with a total value of over 4.2 billion euros, In Q1 2026, we achieved the highest quarterly order intake in NKT's history. The orders underline NKT's market-leading position in the high-voltage market and provide increased visibility for the coming years. At the same time, we maintained a disciplined execution of the order book and the ongoing investment programs and delivered a record high operational EBITDA in Q1 of EUR 97 million. As part of the Charging Forward strategy, our new business structure was implemented as of January 1, 2026 to further strengthen NKT's value creation for both customers and shareholders as a leading pure-play supplier of cable solutions. , says Claes Westerlind, CEO of NKT.
While growth in Transmission was under pressure, the other business areas delivered progress. Grid Solutions & Accessories had organic growth of 2 percent and increased operational EBITDA to EUR 19 million from EUR 18 million, while Distribution grew organically by 3 percent. and improved operational EBITDA to 22 million euros from 18 million euros.
NKT maintains its expectations for 2026 and continues to expect revenue of 2.63-2.78 billion euros and operational EBITDA of 360-410 million euros.
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