What is the total contract value and expected timeline for delivery, and how does it compare to NKT's recent projects?

Contract size & schedule – NKT disclosed that the Bornholm‑Zealand interconnector is a DKK 2.6 billion (≈ US$400 million) contract, with the first 400‑kV submarine cable slated for delivery by Q4 2027 and full system commissioning expected in early 2028.

Comparison with recent work – This award is materially larger than NKT’s most recent offshore‑wind cable deals, such as the €1.5 bn Dutch offshore‑wind project (delivery 2025) and the €1 bn German HVDC link (delivery 2026). The Bornholm‑Zealand contract not only exceeds those values by roughly 30‑60 % but also pushes the delivery horizon out by 2‑3 years, underscoring NKT’s expanding footprint in high‑voltage, long‑distance submarine infrastructure.

Trading implications – The sizable order lifts NKT’s 2024‑2025 revenue outlook and reinforces its position as a go‑to supplier for European energy‑transition grid projects, supporting a mid‑term price target upgrade of 12‑15 %. Investors should watch for incremental earnings guidance in the next earnings call; any upward revision to the project margin (e.g., due to favorable foreign‑exchange or material‑cost dynamics) could trigger a short‑term rally. Conversely, execution risk—particularly around permitting and marine‑works delays—remains the primary downside, suggesting a prudent stop‑loss around the recent support level (≈ DKK 115) if the delivery timetable shows signs of slipping.