NKT Feedback from sell-side meeting

Research evidence excerpt

NKT Feedback from sell-side meeting

J P M O R G A N Europe Equity Research

20 May 2026

NKT Neutral

NKT.CO, NKT DC

Feedback from sell-side meeting Price (19 May 26):Dkr1,034.00

Price Target (Jun-27):Dkr850.00

NKT CEO Claes Westerlind and CFO Michael Yong hosted a sell-side meeting to European Capital Goods

ACprovide more color on the results. We summarise our key takeaways below. Click Akash Gupta

here to see our post Q1 results wrap and here for the first take. (44-20) 7742-7978

akash.z.gupta@jpmorgan.com

• US new product launches: NKT has been in the US for many years and has Jeremy Caspar

completed a number of projects. The Accessories business line is qualifying for (44-20) 3493-5188

IEEE standards to be able to sell in the US. Part of the strategy is to look beyond jeremy.caspar@jpmorgan.com

Europe, and the US is a strong market. M&A in the US is not part of the core Phil Buller

strategy, but the company won’t rule anything out. NKT is expanding capacity (44-20) 3493-9403

for MV accessories and looking to expand market reach to optimise global phil.buller@jpmorgan.com

reach. Chitrita C Sinha

(44-20) 7742-7176

• Capex: NKT has €2bn of capex spend planned between 2025 and 2028, with chitrita.sinha@jpmorgan.com

roughly €200mn non-allocated at the time of publication. NKT was looking at J.P. Morgan Securities plc

installation tools, which it doesn’t have. The legacy part of NKT came from

turnkey principles and less on installation, whilst the ABB Cables part came Specialist Sales contact details:

with turnkey expertise and installation capability. Gradually since then, NKT Sam Edmunds - Specialist Sales -

has grown its installation assets to increase its own scope. Investments in new European Industrials

heavy-duty trenchers are part of plans to expand the value add.