In a financial statement for the first quarter published on April 26, NKT boosted guidance for the year and confirmed the preliminary figures for sales and operations profits.

In the first quarter, sales were climbed to EUR 422m, up from EUR 319m in the same period last year, and earnings before interests, taxes, depreciations and amortizations (EBITDA) jumped to EUR 56.9m, from Q1 2022 result of EUR 38.3m. 

NKT saw an organic growth of 34% in the first quarter, and the operational EBITDA margin rose to 13.5% from 12% year-on-year.

”The improved financial performance was mainly driven by Solutions and Applications. The all-time high level of execution of projects in the high-voltage order backlog in Solutions combined with continued recovery in Applications lifted the earnings level.” 

”The improvement in Service & Accessories was more moderate as no offshore repair work was conducted in Q1 2023.,” writes NKT. 

The order backlog of high voltage turnkey projects took another major jump in the quarter, reaching a new record-high level of EUR 7bn – EUR 6.3bn in standard metal prices.

In the financial statement, NKT repeats the adjusted guidance from April 26, when the cable company also published some preliminary figures for the first three months of the year. 

Thus, NKT still guides for revenue (std. metal prices) in the range of EUR 1.8-1.9bn and an operational margin EBITDA ranging between EUR 200-230m. Before the upward adjustment, the company expected revenues of EUR 1.75-1.85 and an operational margin of EUR 185-215m.