NKT A/S Due Diligence

Run due diligence on NKT A/S: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by Independent (Denmark) · nkt.dk · 14 vendors

NKT A/S is a leading European manufacturer of high-, medium-, and low-voltage power cables and cable accessories, serving energy, infrastructure, and industrial markets. The company provides end-to-end cable solutions including installation and lifecycle services for onshore and offshore applications. NKT operates production facilities and offices across Europe and North America, with its Danish operations being a core part of its global business.

Resilience scores

Technology vendors

Insights

Last updated 2026-09-13 · revision 11

14 direct vendors, 201 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

11 in-scope frameworks identified; showing 3.

SOC 2 (source) — No public evidence

Evidence: https://mynkt.nkt.com/, https://www.aicpa-cima.com/resources/landing/system-and-organization-controls-soc-suite-of-services

EU Machinery Regulation — No public evidence

Evidence: https://www.nkt.dk/produkter-og-loesninger/environmental-product-declarations-epds, https://www.nkt.dk/om-os/europacable, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014L0035, https://www.nkt.com/products-solutions

ISAE 3000 (source) — No public evidence

Evidence: https://investors.nkt.com/financial-reports/, https://investors.nkt.com/corporate-governance/statutory-reports/, https://www.nkt.com/about-us/sustainability, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2464, https://www.iaasb.org/publications/international-standard-assurance-engagements-isae-3000-revised-assurance-engagements-other-audits-or

Financials

Three-year financials

Financial Resilience Score: 9/10

NKT A/S demonstrates exceptional financial resilience underpinned by a strong balance sheet with a net cash position of EUR 963M, a solvency ratio of 39% (above the >30% target), and liquidity reserves of EUR 1,614M including a EUR 400M committed revolving credit facility maturing in 2028. The company has delivered a record period of growth with revenue CAGR of ~21% and Operational EBITDA CAGR of ~31% from 2021-2025, driven by structural tailwinds from the energy transition, grid modernization, and offshore wind deployment. Revenue visibility is exceptionally strong with a high-voltage order backlog of EUR 10.2B at market prices plus more than EUR 3.5B in booking commitments, with ~95% concentrated with large European TSOs. Diversification across three business lines (Solutions 60%, Applications 29%, Service & Accessories 11%) and multiple geographies provides some resilience, though Solutions dominates EBITDA at 63%. Key concerns include the ~EUR 2B CAPEX program (2025-2028) which caused free cash flow to turn negative at EUR -244M in 2025 and reduced RoCE from 35% to 24%. Project execution risk on multi-year fixed-price contracts, ongoing antitrust investigations in Slovakia, Czech Republic, and Germany, plus concentration on European high-voltage projects create some vulnerability. Overall, however, the combination of strong backlog visibility, net cash position, and structural demand tailwinds provides an outstanding resilience profile.

Key strengths: Net cash position of EUR 963M at year-end 2025, Liquidity reserves of EUR 1,614M including EUR 400M RCF, High-voltage order backlog of EUR 10.2B providing multi-year visibility, Solvency ratio of 39%, above >30% target, Revenue CAGR of ~21% (2021-2025) with Operational EBITDA CAGR of ~31%, ~95% of backlog with large European TSOs (creditworthy counterparties), Structural tailwinds from energy transition and grid modernization, Technology leadership in 525kV XLPE DC cable technology, Diversified business across Solutions, Applications, and Service & Accessories

Risk factors: Project execution risk on multi-year fixed-price high-voltage contracts, Concentration on Europe and high-voltage segment (Solutions = 63% of EBITDA), Heavy investment phase with ~EUR 2B CAPEX program (2025-2028), Free cash flow turned negative at EUR -244M in 2025, RoCE declined from 35% (2024) to 24% (2025), Commodity exposure to copper and aluminum prices, Ongoing antitrust investigations in Slovakia, Czech Republic, and Germany, Increased competition from Asian manufacturers expanding in Europe, Physical climate risks (flooding, windstorms) at certain sites, Customer concentration risk (one customer was ~19% of revenue in 2024)

Revenue by geography

Revenue by product/service

Workforce by country

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