Q2 Preview: Eyes On The Prize

研报英文原文证据摘录

Q2 Preview: Eyes On The Prize

Denmark | Capital Goods

NKT EquityJulyResearch9, 2026

TARGET | ESTIMATE CHANGEQ2 Preview: Eyes On The Prize

Expect a solid update at Q2, with continued strong execution in RATING BUY

Transmission and Distribution growth accelerating as new capacity comes PRICE DKK940.50^

online, with manageable margin headwinds from the ME conflict & inflation. PRICE TARGET | % TO PT DKK1,252.00

We are in line with cons on Q2 and FY, at the top end of the guide, with a (DKK1,305.00) | +33%

52W HIGH-LOW DKK1,135.00 - DKK507.50

guidance upgrade still likely this year. The catalyst remains the Investor Day

FLOAT (%) | ADV MM (USD) 99.9% | 137.34

in Sept showcasing the path to ambitious mid-term targets. PT to DKK1,252,

MARKET CAP DKK50.5B | $7.7B

retain Buy.

TICKER NKT DC

^Prior trading day's closing price unless otherwise

Continued strong execution in Transmission. We expect limited surprise in Transmission, the noted.

group continues to execute on similar projects in Q2, and continues to face known headwinds

this year, namely the loss of subcontracted scope on Champlain Hudson, higher variation

orders than usual last year impacting top line, and ramp-up costs headwinds on margins that FY (Dec) CHANGE TO JEFe JEF vs CONS

should intensify yoy as the group gets closer to the launch of the new capacity (~200bps). We 2025 2026 2025 2026

see slightly ambitious cons on margins, given the headwinds (JEFe 50bps below cons), but REV* NA +6% NM +5%

we believe that the path this year is well understood and that the market is likely focusing on EBITDA NA <-1% NM +2%

the successful ramp-up and growth into 2027/2028e.

2025 (€) Q1 Q2 Q3 Q4 FY

Distribution ramp-up more visible. We expect growth to accelerate in Distribution already EBITDA -- -- -- -- 390.0