NKT adjusts its 2023 guidance on Wednesday night upon presenting preliminary figures for a ”strong start to the year,” a press statement shows.

NKT’s revised 2023 outlook entails revenue at approx. EUR 1.8-1.9bn against previous EUR 1.75-1-85bn, while the operating result (EBITDA) is expected to be approx. EUR 200-230m compared to approx. EUR 185-215m before.

The cable manufacturer simultaneously presents preliminary first quarter figures, which show solid growth of 32% to a total of EUR 422m, up from EUR 319 last year.

Earnings before interests, taxes, depreciations and amortization (EBITDA) come to EUR 57m, up from EUR 38.3m the year before. 

”The improvement compared to Q1 2022 was mainly driven by high revenue growth in Solutions and Applications. This has led to higher earnings and an increase in the operational EBITDA margin (std. metal prices) in Applications,” the statement reads.

”The high demand for power cable solutions, especially high- and medium-voltage, is driven by megatrends such as the transition to renewable energy and electrification of societies.”

The updated guidance rests on four assumptions, including ”satisfactory” execution of high-voltage projects, award of additional high-voltage projects with financial impact in 2023, satisfactory offshore cable repair work activity and finally limited financial impact of the global macroeconomic and geopolitical environment.

In 2022, NKT booked revenue of EUR 1447m, meaning the new prognosis indicate growth from 24.4% to 31.3%. EBITDA come in at EUR 154.5m, pushing guidance from 29.4 to 48.9%.