Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2024-12-31	4859000000	vEUR
ifrs-full:Assets	2023-12-31	3604000000	vEUR

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2024-01-01	2024-12-31	3252000000	vEUR
ifrs-full:Revenue	2023-01-01	2023-12-31	2567000000	vEUR

XML

See the xml submitted here:

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Separator

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   <mrv:SustainabilityReport contextRef="ctx1" id="fact1000" xml:lang="en">NKT at a glance   Founded in   Production and installation assets   Revenue (std.) split   Operational EBITDA split   1891 12   10%   7%   19%   27%   EUR 2.49bn   EUR 344m   Average number of employees   Employee nationalities   63%   74%   5,409 +70   Solutions   Applications   Service and Accessories   Scope 1 &amp; 2 / Scope 3 reduction   Diversity in senior management.   ReNew BOOST strategy   targets by 2030   Representation of the underrepresented gender   Read more →  0%   27.5%   -24%   Let’s   Let’s   Let’s Drive   0%   68%   90%   13%   21%   ≥30%   Grow   Innovate   Sustainability   2019   2024   2030 target   2019   2024   2030 target   2021   2024   2025 target   Scope 1 + 2   Scope 3   Letter from the Chair and the CEO   Expanding for a   renewable and   reliable future   2024 was a pivotal year for NKT. We delivered on customer   commitments, advanced major expansions, launched new   investments, and maintained a strong focus on sustainability.   These efforts were achieved alongside delivering robust financial   performance and further updating financial ambitions for 2028.   Our growth journey supports the increasing demand for power   cable solutions, enabling the electrification of societies and   the transition to renewable energy. Upgrading, expanding, and   interconnecting global grids are essential for a climate-neutral   and energy secure society.   Modern life relies   upon power cables   Power grids and cables are the   backbone of the modern world,   providing the essential support   structure that ensures the seam-   less and secure operation of our   daily activities. Just as the human   backbone supports and connects   all parts of the body, power grids   and cables deliver energy to homes,   businesses, and industries, enabling   them to function and thrive.   The global electricity system is   undergoing a historic transforma-   tion, moving away from fossil fuels   and towards clean energy and   improved energy efficiency. Renew-   able power is becoming increas-   ingly cost-competitive, with recent   advancements demonstrating that   renewables are the more economi-   cal choice for new electricity gener-   ation capacity.   The biggest impact NKT has on   climate change and decarbonisa-   tion is through the cable solutions   it manufactures and installs for its   customers, allowing the continued   implementation of clean and secure   global energy systems.   In January 2025, the “Competitive-   ness Compass" was presented,   outlining a new roadmap to restore   Europe’s dynamism and boost eco-   nomic growth. A key initiative within   this roadmap will be the Electrifica-   tion Action Plan and the European   Grids Package, aimed at enhancing   and expanding Europe's intercon-   nected power infrastructure to   ensure decarbonisation and bolster   competitiveness. Additionally, the   plan underscores the importance of   addressing security risks to critical   infrastructure, such as undersea   cables and energy grids.   Enhancing and expanding Europe’s   energy grids will continue to drive   demand from transmission and   distribution system operators (TSOs   and DSOs) for high- and medi-   um-voltage power cable solutions.   In 2023-24, NKT secured large   order wins, resulting in a high-volt-   age order backlog of EUR 10.6bn   as well as booking commitments of   more than EUR 3.5bn. The majority   were multi-year framework agree-   ments or large combinations of pro-   ject awards from major European   TSOs, including a EUR 1.2bn award   from Amprion in March 2024 as well   as two projects awarded by TenneT   in December 2024 under the exist-   ing framework agreement at a com-   bined value of approximately EUR   1bn. These awards ensure visibility   and high utilisation of our high-volt-   age production capacity for years to   come. In our medium-voltage busi-   ness, framework agreements with   DSOs secured supply for their grid   reinforcements and expansions.   Growing as a pure-play power   cable solutions provider   In 2024, we completed the divest-   ment of NKT Photonics, fully focus-   ing NKT on growing our core busi-   ness of power cable solutions.   Building on our established market   position and strong focus on sus-   tainability, we announced additional   investments in our medium- and   high-voltage businesses. Our   expansions span across our two   high-voltage production sites, a new   cable-laying vessel, NKT Eleonora,   and considerable growth across four   medium-voltage sites, highlighted by   the acquisition of SolidAl in Portugal.   Notable progress on these invest-   ments included the completion of   the concrete slip forming of the new   extrusion tower at the high-voltage   factory in Karlskrona, Sweden,   which reached its full height of 200   meters, and the groundbreaking of   our medium-voltage expansion in   Asnaes, Denmark. All investments   are set to become gradually opera-   tional towards 2027, playing a crucial  role in expanding our stronghold in   Europe and globally.Projects executed for   customers and society   During the year, we continued exe-   cuting our record high-voltage order   backlog. Our diligent focus on these   projects is a central contribution to   the electrification of societies and   transition to renewable energy. This   is reflected by the fact that 49% of   the company’s revenue in 2024 was   deemed to be generated from envi-   ronmentally sustainable activities by   the EU Taxonomy..   In the Champlain Hudson Power   Express project, our power cables   successfully crossed the US-Cana-   dian border. When operational, the   connection will facilitate the trans-   mission of sustainable hydropower   to supply 20% of New York City’s   electricity. We also commenced the   installation of the German corridor   project, SuedLink. In the UK, we   completed the Shetland HVDC Link,   connecting the Shetland Islands   to the main grid in Scotland. This   significant connection ensures the   integration of renewable energy into   the grid and a continuous supply of   low-carbon power to the islands. So   while the manufacturing and instal-   lation of these power cables had a   negative impact on greenhouse gas   (GHG) emissions, this should be   seen within the context of the signif-   icant positive impact of the projects   on society.   People are key to deliver our   continued success   Like power grids and cables, which   are the backbones of modern life,   our dedicated people are the core   of our company, driving innovation   and executing every project. Their   expertise and commitment enable   the execution of our company strat-   egy, ReNew BOOST, and solidify  our position as a leader in the power   cable industry.   The safety of our people is our high-   est priority. Despite improvements,   we are not where we want to be   regarding safety incidents. There-   fore, we started the implementation   of a safety programme across sites,   focusing on behavioural safety both   at and outside work.   We were pleased to see high   employee engagement levels again   in 2024, reflecting our team's ded-   ication to NKT. Current and future  employees play a central role in   our continued success, delivering   on our commitments to customers   and ensuring the timely progress of   ongoing investments. We warmly   welcomed around 1,500 new col-   leagues, including SolidAl employ-   ees, who joined us during the year,   adding skills and diversity of thought   to the company. In our recruitments,   we succeeded in having 25% of our   new hires be female, which is a cru-   cial element for the diversity of our   company and industry.   Committed to transparency,   sustainability and responsible   business practices   This very first integrated report for   NKT reflects our financial perfor-   mance prepared in accordance   with IFRS Accounting Standards   and integrates our sustainability   performance as per the require-   ments of the European Sustaina-   bility Reporting Standards (ESRS).   These new requirements provide   the overall framework for disclo-   sures of our Environmental, Social   and Governance activities, building   on previous disclosures related to,   among others, reporting progress   on greenhouse gas emission targets   “As NKT grows, it is vital to   maintain a strong focus on  the execution of our company   strategy, ReNew BOOST.   Our current and future   employees will play a central   role in our success.”   Claes Westerlind   President &amp; CEO   NKT A/S   in line with the Paris Agreement and   the Science Based Targets initiative   (SBTi).   The integrated report not only pro-   vides an overview of our strategy,   financial ambitions and progress   toward our short- and mid-term   targets, but also offers documented   insights into our environmental and   social impacts. This includes both   the extent to which our power cable   solutions facilitate the green energy   transition, but also the environ-   mental and social footprint of our   production and how we progress on   our targets to reduce this impact.   At NKT, we embrace the enhanced  level playing field for disclosing sus-   tainability performance, responsible   business practices, and associated   actions.   2024 provides the right   foundation for the future   NKT concluded the year with a   significantly improved financial   performance. Since 2019, we have   increased operational EBITDA from   EUR 15m to EUR 344m in 2024. In   December 2024, we updated our   financial ambitions for 2028, raising   the operational EBITDA ambition to   above EUR 700m from previously   above EUR 550m.   As we enter 2025, our key objective   remains to execute our commit-   ments to customers and deliver   on our launched investments in a   sustainable manner. While working   on our expansions, we are diligently   preparing our company for the next   big step when additional medium-   and high-voltage capacity becomes   operational by 2027.  NKT’s financial performance and   growth were achieved with a ded-   icated focus on sustainability. The   cable solutions NKT manufactures   and installs for our customers repre-   sent our biggest impact on climate   change and decarbonisation.   During the year, we announced that   our second cable-laying vessel,   NKT Eleonora, will be built to run on   methanol, which can significantly   reduce emissions. The main chal-   lenge here relates to the high cost   of switching to sustainable fuels   which presents an industry-wide   challenge. NKT will offer and advo-   cate for the use of sustainable   fuels for both our vessels and calls   on the industry to collaborate and   overcome the switching challenge   together.   Thank you for a   pivotal year for NKT   On behalf of the Board of Directors   and the Executive Management,   we extend our sincere thanks to   all shareholders, customers, and   business partners. We deeply   value these strong relationships   and attribute much of our advance-   ments in 2024 to your support. Our   employees and leadership teams   also deserve special thanks for their   dedication and commitment to NKT.  As we begin 2025, we do so with   confidence, continuing to execute   our ReNew BOOST strategy and   defining priorities beyond the cur-   rent strategy period. We are certain   that another inspiring and eventful   year awaits us.   Jens Due Olsen   Chair of the Board of Directors   NKT A/S   Claes Westerlind   President &amp; CEO   NKT A/S   “The most cost-effective  approach to new power  generation is through   sustainable energy sources.   Our ongoing expansions   will support the increased   demand for grids and   connections that this entails.”   Jens Due Olsen   Chair of the Board of Directors   NKT A/S   In 2024, NKT continued to grow revenue and operational EBITDA, while also generating a solid free   cash flow. Looking forward, NKT is well-positioned to pursue strategic growth with a strong balance   highlights for 2024   sheet and a significant high-voltage order backlog.   Revenue   Operational EBITDA   Free cash flow   EUR   EUR   EUR   3,252m   344m   400m   2,567m   3,252m   255m   344m   295m   400m   EUR 2,567m in 2023   2023   2024   EUR 255m in 2023   2023   2024   EUR 295m in 2023   2023   2024   Revenues (in std. metal prices) were EUR 2,489m in 2024, up from EUR 1,927m in   Increased earnings were driven by contribution from all three business lines,   A higher earnings contribution as well as a positive development in working   2023. All three business lines contributed with higher revenue, Solutions was   which reflected NKT's underlying presence across power cable markets.   capital, more than offset the increased investment level, and led to strong   responsible for the majority of the improvement.   free cash flow generation.   RoCE   High-voltage order backlog   Net interest-bearing debt   EUR   EUR   35%   10.6bn   -1,280m   -671m   -1,280m   20%   35%   10.8bn   10.6bn   20% in 2023   2023   2024   EUR 10.8bn at end-2023   2023   2024   EUR -671m at end-2023   2023   2024   RoCE increased primarily due to the significant increase in operational EBIT   NKT maintained the record-high order backlog during 2024. In combination   Positive free cash flow led to a further decrease in net   of 46% from 2023 to 2024. In addition, the positive cash flow generation led   with booking commitments of additional more than EUR 3.5bn, the order   interest-bearing debt. NKT’s business model requires a   to a lower capital employed.   backlog provides good earnings visibility for the coming years.   robust capital structure.   NKT Business Model Resources   Business   Value creation   People   Cable &amp; accessory   Cable laying   Power connectivity   Transmission   End user   A greener world   NKT’s core consists of a diverse,   manufacturing   &amp; installation   Connecting energy   and distribution   Distributing energy to   Sustainability is at the heart of NKT   engaged, and highly skilled   Sea and land   sources including wind,   cities and communities   with a strong focus on connecting   workforce   solar, and hydro   a greener world and delivering net-   zero emissions by 2050   Innovation   More than 130 years of pioneering   Societal value   the power cable industry with   NKT has a strong focus on ensuring   innovative technology for the future   equal opportunities in the organisa-   tion, actively engaging in local com-   Partners   munities and operating according to   NKT’s business is built on   high safety standards   long-standing relations and   strong partnerships   Customer value   NKT supports its customers with   extensive experience, high quality   solutions and services, and strong   A B project execution and reliability   Shareholder value   NKT is creating shareholder value   through business performance   A B NKT facilitates the transmission of energy by  NKT enables the energy transition and electrification  connecting energy sources to the existing power grid.   of societies by supplying power cable systems for   distribution and transmission of energy.   Business line organisation   NKT’s three business lines provide customers with full turnkey solutions across voltage levels and have the following main focus areas:   Solutions   Applications   Service &amp; Accessories   Specialised in high-voltage power cable solutions   Focused on low-and medium-voltage power cable tech-   On- and offshore power cable services and wide range   for on- and offshore installation   nology and building wires   of accessories for medium- and high-voltage power cable systems   10%   Revenue*   Revenue*   Revenue*   EUR   EUR   EUR   42%   1,598m   689m   257m   27%   68%   63%   90%   7%   Operational EBITDA*  Operational EBITDA*  Operational EBITDA*  30%   EUR   EUR   EUR   19%   252m   64m   25m   81%   74%   93%   * Revenue (std. metal prices) in 2024 (% of total NKT revenue) and Operational EBITDA in 2024 (% of total NKT operational EBITDA). The figures exclude intersegment transactions and non-allocated costs.   Board of Directors   The Board of Directors consists   of nine members. Six members   are elected annually at the Annual   General Meeting (AGM), while three   members are elected by Danish   employees for a four-year term. At   the March 2024 AGM, all six AGM-   elected members were re-elected.   The employee-elected members   were elected during the ordinary   elections in 2022. Connected to   the divestment of NKT Photonics in   mid-2024, two employee-elected   members were replaced by their   alternates. Composition of the   Board of Directors is outlined below.   ■ Six AGM-elected members:   Three females and three males,   with three residing in Denmark,   two in Finland, and one in Ger-   many.   ■ Three employee-elected mem-   bers: One female and two males,   all residing in Denmark.   Their nationalities include Danish,   German, Finnish, and Dutch/Turkish.   Of the six AGM-elected members,   one has served for over 12 years   and is therefore not considered   independent per Danish Corporate   Governance Recommendations.   The Board of Directors brings an   array of international experience   spanning industry, renewable   energy, risk management, infra-   structure, technology, strategy, large   projects, sustainability, international   law, and finance. The Board of   Directors has at least seven ordinary   meetings annually.   Jens Due Olsen   René Svendsen-Tune   Karla Lindahl   Chair   Deputy Chair   Born 1981, Finnish national   Born 1963, Danish national   Born 1955, Danish national   First elected in 2020   First elected in 2006   First elected in 2016   Considered independent   Not considered independent due to tenure   Considered independent   MA in EC Competition Law, 2009   MSc Econ.,1990  BSc Eng. (hons.)   Master of Laws (LLM), 2005   NKT Committees:   ■ ESG Committee   ■ Nomination Committee, Chair   ■ Audit Committee   ■ Nomination Committee   Board of Directors’ annual base remuneration:   DKK 1,125,000   DKK 750,000   DKK 375,000   NKT shares at 31 December 2024:   51,891   6,666   0 Other positions and directorships:   ■ Advantage Investment Partners A/S, Chair   ■ Nilfisk Holding A/S, Deputy Chair   ■ KONE Corporation, Executive Vice President for Europe   ■ BørneBasketFonden (non-profit foundation), Chair   ■ Asetek A/S, Chair   ■ KMD A/S, Deputy Chair   ■ European Energy, Chair   Special qualifications:   ■ Industrial management   ■ International management   ■ International and industrial management   ■ Management of listed companies   ■ Management of listed companies   ■ Expertise in leading service and project business and operations   ■ Economic and financial matters   ■ Specialist expertise in technology, service businesses,   ■ Expertise in strategy development and execution as well as com-   ■ Risk management   large account sales and strategy development with   petition and corporate law   ■ Technology   sustainability focus   Anne Vedel   Andreas Nauen   Nebahat Albayrak   Born 1981, Danish national   Born 1964, German national   Born 1968, Dutch/Turkish national   First elected in 2023   First elected in 2017   First elected in 2022   Considered independent   Considered independent   Considered independent   MSc International Technology Management, 2008   MSc Mechanical Eng. 1991   LLM International and European Law, 1993   NKT Committees:   ■ Audit Committee   ■ Remuneration Committee, Chair   ■ ESG Committee, Chair   ■ Audit Committee, Chair   ■ Remuneration Committee   Board of Directors’ annual base remuneration:   DKK 375,000   DKK 375,000   DKK 375,000   NKT shares at 31 December 2024:   0 0 0 Other positions and directorships:   ■ Head of R&amp;D, Vestas A/S   ■ Sandbrook Capital, USA, Operating Partner   ■ Fortum Oyj, Executive Vice President, Sustainability and   ■ Havfram Holdco AS, Chair   Corporate Relations   ■ Green Hydrogen Systems A/S, Board member   ■ Semco Maritime A/S, Board member   Special qualifications:   ■ Expertise in driving energy transition   ■ International and industrial management   ■ Senior leadership experience in the energy industry and energy   ■ Senior leadership experience in the renewable energy industry   ■ Management of listed companies   transition   ■ International expertise in technology, sales and sustainable   ■ Financial expertise from project business applying IFRS   ■ International and industrial management   energy solutions   ■ Special expertise in technology, large infrastructure projects,   ■ Experience from the public and private sector   ■ Manage the development and design of new complex products   renewable energy and wind power   ■ Expertise in driving corporate sustainability strategy and   and plant solutions for the wind industry   performance   ■ Specialist in corporate Reputation Management and Branding   ■ Crisis management   Pernille Blume Simonsen   Akos Frank   Jean Iversen   Born 1983, Danish national   Born 1984, German national   Born 1968, Danish national   Elected by the employees, 2022   Elected by the employees as an alternate board member in 2022   Elected by the employees as an alternate board member in 2022   Not considered independent due to employment with NKT   Assumed the role of full board member in 2024   Assumed the role of full board member in 2024   Not considered independent due to employment with NKT   Not considered independent due to employment with NKT   Lean specialist   NKT (Denmark) A/S   Head of Strategic Projects &amp; Legal Operations   Site Manager / Project Manager   NKT Cables Group A/S   NKT (Denmark) A/S   LLM in U.S. and Global Business Law, 2009   University Diploma in International Nuclear Law, 2008   Juris Doctor, 2008   NKT Committees:   Board of Directors annual base remuneration:   DKK 375,000   DKK 375,000   DKK 375,000   NKT shares at 31 December 2024:   0 125   0 Directorships and other positions:   Special qualifications:   Group Leadership Team Executive Management Claes Westerlind   President &amp; Chief Executive Officer   Born 1982, Swedish national   Joined NKT in 2017   Education: MSc Mechanical Engineering, Chalmers   University of Technology and Hong Kong University   of Science and Technology   NKT positions: Chief Executive Officer and Member   of Executive Management 2023   Various senior positions within NKT since 2017   Directorships: -   NKT shares at 31 December 2024: DKK 6,446   Line Andrea Fandrup   Chief Financial Officer, Executive Vice President   Born 1979, Danish national   Joined NKT in 2020   Education: MSc Business Administration and Math,   2004   INSEAD Transition to General Management 2015   Chief Financial Officer and Member of Executive   Management 2020   Directorships: -   NKT shares at 31 December 2024: DKK 4,833   Will Hendrikx   Chief Operating Officer / Deputy CEO   Born 1964   Joined NKT in 2020   Education: BSc in Engineering and Management   (HTS, Netherlands)   Michael C. Hjorth   Chief Commercial Officer   Born 1966   Joined NKT in 1995-2012 and in 2017   Education: BSc EE + Maersk Young Manager’s   programme   Darren Fennell   Executive Vice President, Head of HV Solutions Karlskrona   Born 1975   Joined NKT in 2012   Education: Bachelor's degree in Construction Economics   &amp; Management   Carlos Fernandez   Executive Vice President, Head of Applications   Born 1971   Joined NKT in 2021   Education: Bachelor of Mechanical Engineering (B.E.)   (Universitat Politècnica de Catalunya), Postgraduate in   Business Administration (IESE Business School)   Group Leadership Team Anders Jensen   Chief Technology Officer   Born 1964   Joined NKT in 1993-2013 and in 2018   Education: MSc in Electrical Engineering (Technical   University of Denmark), BSc in Strategic Management and   Business Development (Copenhagen Business School,   Copenhagen)   Kira Johnson   Chief Human Resources Officer   Born 1974   Joined NKT in 2021   Education: MSc Political Science &amp; Government,   University of Copenhagen   Mark Skriver Nielsen   Chief Legal Officer   Born 1968   Joined NKT in 2019   Education: Attorney and Master of Law (University of   Copenhagen and Queen Mary University of London)   Denis Schuler   Executive Vice President, Head of Accessories   Born 1973   Joined NKT in 2023   Education: Executive Master of Business Administration,   Zurich University of Applied Sciences   Lukas Sidler   Executive Vice President, Head of HV Solutions Cologne   Born 1977   Joined NKT in 2022   Education: Business Administration with major in Industry   and International Production, Zurich University of Applied   Sciences   Axel Barnekow Widmark   Executive Vice President, Head of Service   Born 1977   Joined NKT in 2020   Education: MSc Engineering Physics from the Royal   Institute of Technology   Michael Yong   Chief Strategy Officer   Born 1974   Joined NKT in 2021   Education: Juris Doctor (George Washington Law School, USA),   International MBA (IE Business School, Spain), BSc Mechanical   Engineering (University of Tennessee, USA)   Reader’s guide NKT's sustainability statement   NKT is committed to driving   improved sustainability perfor-   mance across the value chain. NKT   supports the highest standards of   transparency and harmonised sus-   tainability reporting.   This section provides NKT’s sus-   tainability statement, prepared in   accordance with the disclosure   requirements of the Corporate   Sustainability Reporting Directive   (CSRD) and the European Sustaina-   bility Reporting Standards (ESRS).   It details NKT’s sustainability related   activities and material sustainability   matters.   Structure of the sustainability   statement   NKT follows the ESRS reporting   structure. The statement begins   with a general information section,   which establishes how the state-   ments have been prepared includ-   ing on specific circumstances and   methodology.   The general information section   covers:   ■ Basis for preparation ■ Sustainability governance ■ Strategy and NKT's value chain   ■ Impact, risk and opportunity   management   Following NKT's double materiality   assessment (DMA), the subsequent   sections address material sustain-   ability matters within NKT's opera-   tions and value chain.   NKT addresses material topics in   two separate manners: Topics with   strategic focus and topics only   material in the value chain.   NKT puts strategic focus on the   following four material topics, each   of which are further detailed in sec-   tions of their own:   ■ Climate change ■ Circularity   ■ Own workforce ■ Business conduct NKT addresses topics that are   assessed to be material only in   the value chain from a due dili-   gence perspective. These topics   are disclosed in two consolidated   chapters:   ■ Other environmental responsi-   bilities   ■ Other social responsibilities   Environmental information (page 76)   Social information (page 100)   Governance information (page 110)   Climate change Own workforce Business conduct General   information   57 for preparation   59 governance   62 Strategy, business model, and value chain   65 Impact, risk, and opportunity management   Basis for preparation General basis for   preparation of   sustainability statement   BP-1   The scope of the sustainability   statement is the same as for the   financial statements, comprising the   consolidated sustainability state-   ment of NKT A/S and its subsidiar-   ies (NKT Group).   SolidAl was included in NKT's sus-   tainability statement, as well as pol-   icies, actions, and targets, following   the acquistion. For more details on   the acquisition of SolidAl, refer to:   Acquisition of SolidAl on   page 19   The sustainability statement cov-   ers upstream and downstream   activities, as well as NKT’s own   operations. The respective sections   explicitly state when assets under   operational control are included in   the disclosures.   None of the environmental, social   and governance (ESG) metrics pre-   sented in this statement have been   validated by an external body, other   than the assurance provider, PwC.   NKT makes use of the transitional   provision available for metrics,   which stipulates that certain metrics   can be omitted or simplified during   the initial reporting periods.   Confidentiality   NKT uses the option to omit the fol-   lowing information: The overall total   weight of products and technical   and biological materials used during   the reporting period; and the abso-   lute weight of secondary reused or   recycled components, secondary   intermediary products and second-   ary materials used to manufacture   products and services (including   packaging). The information is con-   sidered confidential due to compet-   itive reasons.   Disclosures in relation to   specific circumstances   BP-2   NKT is required to comply with   the CSRD and the ESRS as of   the reporting period ending at 31   December 2024.   In the inaugural year of compli-   ance with the CSRD and ESRS   requirements, NKT’s sustainability   statement has undergone signifi-   cant changes in the preparation of   sustainability information to comply   with the requirements set forth in   the new legislation. These updates   include an expanded scope, revised   key performance indicators (KPIs),   and enhanced data collection pro-   cesses. Attempting to retroactively   apply these standards is not feasi-   ble and may result in data that lacks   accuracy. NKT has assessed that   such an approach would not enhance   the value of the annual report. Conse-   quently, this sustainability statement   will not include comparative numbers   in the inaugural year. Furthermore, the   data from previous annual sustain-   ability statement cannot be directly   compared with the data reported in   the 2024 annual report. NKT’s base   year of 2019 has been restated to   incorporate the structural and meth-   odological changes implemented in   the 2024 sustainability statement. The   restatement resulted in a decrease of   NKT's total greenhouse gas (GHG)   emissions (market-based) by 45%,   primarily due to a revised methodol-   ogy for calculating Scope 3, category   11: Use of sold products (indirect).  Accounting policies are included   in the sections to which they relate   in order to facilitate understanding   of the content and the accounting   treatment applied.   Significant estimates and   judgements   Significant estimates and judge-   ments are employed throughout this   sustainability statement.   NKT has made significant efforts to   ensure the accuracy and correct-   ness of its data disclosures through   the utilisation of primary measure-   ment data and the centralisation of   emission calculations.   Selected data points are partially   based on estimates due to depend-   ency on information from NKT’s   suppliers. For these data points, a   process has been implemented to   evaluate and, if necessary, improve   the accuracy of these estimates.   Presentation in the statement:   Significant estimates   and judgements   The employment of significant esti-   mates and judgements is stated   in the relevant sections. These   sections include detailed explana-   tions of the methodologies applied   for these significant estimates and   judgements.   Furthermore, NKT has made the   following significant estimates and   judgements:   Disclosure   Significant estimate   Estimate/   Requirement   and judgement   judgement   E1-4   Emission reduction progress   Judgement   E1-5, E1-6   Assets under operational control   Judgement   E1-6   Scope 3 category 11  Estimate   E5-4, E5-5   Data source   Judgement   E5-4, E5-5   Conversion of unit of measure   Estimate   Incorporation by reference   The table shows an overview of   where information can be found   relating to ESRS disclosures that   have been incorporated by refer-   ence and thereby outside of the   sustainability statement. These   disclosures can be found as part   of the Management review or the   Remuneration report.   Where can the   Disclosure requirement   information be found   Page   Market position, strategy, business model, and   products and services (ESRS 2 SBM-1, paragraph 38,  40a, 42a, b)   Business organisation   11, 32   The role of the administrative, management, and   supervisory body (ESRS 2 GOV-1, paragraph 21 b, c)  Corporate Governance   46   The role of the administrative, management, and   Board of Directors   49-51   supervisory body (ESRS 2 GOV-1, paragraph 23)  Group Leadership Team   52-53   Integration of sustainability-related performance in   incentive schemes (ESRS 2, paragraph 29a, b, e)   Remuneration report   4, 6-8   Sustainability governance Role of the administrative,   management, and   supervisory bodies, and   sustainability matters   addressed   GOV-1, GOV-2, G1.GOV-1   Composition   The governance structure at NKT,  following Section 5(1)(20) of the   Danish Companies Act, consists of   two bodies:   ■ The Board of Directors (BoD) as   the supervisory body   ■ The Group Leadership team   (GLT) as the administrative and   management body   The NKT BoD is accountable for the   oversight on sustainability matters   at NKT. The BoD is registered with  the Central Business Register (CVR)   for NKT A/S.   The BoD consists of 4 female and 5   male members. The gender diver-   sity ratio is 0,8 female per male.   There are 0 executive members,   and 9 non-executive members, and   56% are considered independent   Board members.   The GLT consists of 2 female and 11  male members. The gender diver-   sity ratio is 0,18 female per male.  There are 2 executive members and   11 non-executive members.  The BoD are further described in   the management review, here:   Tracking ESG performance and   producing transparent, accurate   sustainability reports aligned with   global standards.   ■ Promoting proactive sustainability   culture, engaging employees, and   providing training to support ESG   goals.   ■ Communicating sustainability   initiatives to stakeholders and   forming partnerships to amplify   impact.   Access to expertise and skills   within the Board   The Board conducts annual eval-   uations to ensure it has the right   competencies, including sus-   tainability. The latest assessment   in January 2024 confirmed that   the Board collectively possesses   expertise in, among other aspects,   sustainability. These evaluations   help identify competency gaps and   support succession planning. This   also ensures that the collective   skills and knowledge of the Board   are sufficient to effectively manage   material impacts, risks and oppor-   tunities. The Board will engage the   ESG committee whenever strategic   changes are anticipated to impact   ESG-related topics. To read more   about the expertise and skills of the   Board, see:   Board of Directors on page 49   Details on material sustainability   matters can be found here:   Double materiality assessment   on page 65   Incentive schemes and   remuneration policy   GOV-3   Information on the remuneration   policy as well as long-term and   short-term incentive schemes for   the Board and Executive Manage-   ment can be found in the Remuner-   ation Report 2024 here:   Remuneration report 2024   The short-term incentive plan for   Executive Management includes   measures related to diversity and   inclusion together with health and   safety.   Safety-related measures in the   short-term incentive plan made up   12% of NKT’s 2024 Group financial   bonus targets. The safety-related   measures are measured as the Rate   of work-related accidents (RWA)   and the Safestart program comple-   tion rate. For more details on RWA   and the Safestart program, see:   Health and safety actions on   page 102   NKT currently has no climate-   related criteria for their incentive   schemes in 2024.   Statement on due diligence   GOV-4   Due diligence plays an important   role for NKT in managing risks and   ensuring informed decision-mak-   ing. NKT's work with due diligence   builds trust with stakeholders,   demonstrating commitment to   responsible business practices.   NKT’s due diligence approach is   outlined in different sections of this   report.   Risk management and   internal controls over   sustainability reporting   GOV-5   NKT has implemented mitigating   processes and internal controls to   manage risks associated with its   sustainability reporting, such as   material misstatements arising from   human errors and incomplete data.   NKT has adopted comprehensive   internal accounting guidelines   based on ESRS requirements for   sustainability data, which are pre-   sented in the sustainability state-   ment.   In addition to its comprehensive   internal accounting guidelines,   NKT performs monthly reviews of   the environmental sustainability   data, which is collected through a   dedicated sustainability reporting   software. Social and Governance   data is collected through separate   processes and is subject to a com-   prehensive review process.   Furthermore, NKT has a clear and   defined governance for sustainabil-   ity which ensures key risks are pre-   sented to and tracked by the Audit   and ESG committees. For details on   the sustainability governance, see:   Sustainability governance on   page 59   NKT will continue improving the   design of the internal control and   risk management systems for sus-   tainability reporting. NKT recognises   that these systems are not yet as   mature as those for financial report-   ing. Therefore, NKT is committed   to improving them to ensure that its   sustainability reporting continue to   present a true and fair view of NKT's   performance, free from material   misstatements, and in compliance   with current legislation.   Pages in the   sustainability   Core elements of due diligence   statement   a) Embedding due diligence in governance, strategy,   62   and business model   111   b) Engaging with affected stakeholders in all key steps   67   of the due diligence   74   c) Identifying and assessing adverse impacts   74   d) Taking actions to address those adverse impacts   98-99   107-109   111-113   e) Tracking the effectiveness of these efforts and communicating   106   108-109   111-113   Strategy, business model,   and value chain   SBM-1   Strategy   The corporate strategy, "ReNew   BOOST," integrates sustainability  across all three pillars, with the third   pillar, "Let's drive sustainability,"   focusing on:   ■ Decarbonisation   and climate action   ■ Circularity   ■ A fair, inclusive,   and safe workplace   ■ Responsible business   This approach considers employ-   ees, communities, and the corpo-   rate value chain. NKT aims to drive   sustainability while capitalising on   opportunities from the broader   sustainability transition. Additionally,   NKT aspires to be an active partner   and change agent in an accelerated   transition.   NKT’s corporate strategy, particu-   larly in the areas of decarbonisa-   tion and circularity, reflects NKT’s   material topics from the DMA.   Furthermore, the social aspects   of the strategy are connected to   social standards and material   topics, ensuring a comprehensive   approach to sustainability.   NKT has not set sustainability-re-   lated goals that are specifically   assigned to significant groups of   products and services, customer   categories, geographical areas,   or relationships with stakeholders.   However, NKT adopts a strategic   approach to value chain decar-   bonisation by prioritising specific   commodities. This focused strategy   emphasises key materials such as   copper, aluminium, PVC, XLPE,   steel, and lead, ensuring that efforts   are concentrated where they can   have the most significant impact.   Business model, products,   and services   Information on NKT’s business   model, strategy, products, and ser-   vices can be found in the manage-   ment review here:   NKT Strategy on page 23   Business line organisation on   page 32   For more information on employees   by geographical area, see:   Characteristics of employees   on page 104   General information   Strategy   Value chain   Upstream   Own operations   Downstream   Extraction of   Refining of   Fabrication of raw   Cable   Cable laying &amp; installation   Power generation   Transmission   End user   raw materials   raw materials   materials for end use   manufacturing   Sea and land   Facilitating the   &amp; distribution   Distributing energy   Oil for plastics   transmission   Enabling the   to buildings and   and metal ores   of clean energy   transmission   for charging   (wind, solar, and   of clean energy   infrastructure   hydro)   (wind, solar, and   hydro)   Recycling of materials that can be used to replace   virgin materials in fabrication. This can be in NKT’s   value chain as well as other industries   NKT has a service   agreement with   customers to repair   faulty or broken parts   Interests and views   of stakeholders   SBM-2   NKT uses a bottom-up approach for   strategy development. This means   that the business lines and func-   tions within the company develop   their own strategies with guidance   from the BoD and executive man-   agement, which are then combined   at the group level.   These business lines and functions   have many interactions with external   stakeholders, such as customers,   suppliers, investors, and partners.   Through these interactions, the   business lines gather valuable   insights and feedback. Although   NKT does not specifically ask for   external input on the strategy, the   views and interests of stakeholders   are considered implicitly. This hap-   pens naturally through the numer-   ous interfaces and relationships that   the business lines and functions   maintain with external parties.   In this way, NKT ensures that the   perspectives of stakeholders are   reflected in its strategy and busi-   ness model, even if they are not   directly consulted. This approach   allows NKT to stay connected with   its stakeholders and adapt to their   needs and expectations, while still   maintaining a clear and cohesive   strategy developed internally.   For sustainability-related strategy   elements, NKT's double materi-   ality approach includes extensive   stakeholder involvement. This   involves gathering insights from   various stakeholders in the value   chain, such as suppliers, custom-   ers, affected communities, and   workers. These views are crucial for   the DMA, which in turn shapes the   sustainability strategy. More details   on stakeholder involvement in this   assessment can be found here:   Double materiality assessment   on page 65   Through these comprehensive   stakeholder engagement efforts,   NKT continues to build strong, col-   laborative relationships that support   its long-term business goals.   Some key stakeholder groups and how they have been involved Customers   NKT's commitment to customer satisfaction   is reflected in regular meetings with   customers, where their needs and how the   company can better serve them is   discussed.   Investors   NKT holds regular investor meetings to   provide transparency, share its strategic   vision, and gather valuable insights from   investors.   Employees   NKT actively seeks feedback from its   employees through regular employee   surveys, fostering an inclusive and   responsive workplace culture.   Suppliers   NKT maintains strong relationships with its   suppliers, engaging with them to ensure   mutual, sustainable growth and adherence   to sustainability standards.   Membership in organisations   NKT is an active participant in various   member organisations, allowing the   company to stay at the forefront of industry   developments and collaborate on key   initiatives.   Impact, risk, and   opportunity management   Double materiality assessment process   IRO-1, IRO-2, SBM-3   In 2024, NKT conducted a DMA to understand the impacts, risks, and opportunities (IROs)   associated with its business. This assessment followed a structured approach, aligning with   the European Financial Reporting Advisory Group (EFRAG) guidelines and the ESRS.   1. Defining context and scope   In 2024, NKT initiated the DMA by   establishing the context and scope.   This foundational step involved   mapping activities, products, ser-   vices, and locations, and describing   how these elements are intercon-   nected within the business model.   A value chain mapping including a   spend analysis was conducted to   prioritise key suppliers and mate-   rials. By categorising suppliers   based on economic relevance and   potential impact, high-risk materials   such as copper, aluminium, steel,   lead, XLPE, and PVC were identi-   fied. This analysis helped map the   upstream value chains, focusing on   key commodities. The downstream   value chain focuses on key markets   and customer segments. For more   information, see:   Strategy, business model, and   value chain on page 62   2. Identifying IROs   The second step of the DMA   involves identifying the IROs. Fol-   lowing the recommendations and   guidelines of EFRAG, the list of   sustainability matters found in ESRS   1 AR16 were used covering ESG   sustainability matters. Based on this   list, an evaluation matrix was devel-   oped for all sustainability matters   and covering key screening criteria:   ■ Which type of IRO is it?   ■ Where in the value chain is the   IRO located (upstream, own   operations, or downstream)?   All sustainability matters were   screened across criteria to iden-   tify which IROs might be material   based on the defined context and   scope. The previous DMA, desk-   top research, databases, reports,   and stakeholder input constituted   the key sources that informed the   screening process.   3. Assessing IROs   During the third step of the process,   the potential and actual negative   and positive impacts, as well as   financial risks and opportunities   over various time horizons were   assessed and scored. Scoring fol-   lowed EFRAG guidance to assess   impact and financial materiality.   The assessment excluded mitiga-   tion actions as recommended by   EFRAG.   Impacts were scored using char-   acteristics such as scale, scope,   irremediability (for negative impacts),   and likelihood (for potential impacts).   For potential negative human rights   impacts, severity took precedence   over likelihood. The human rights   risk assessment and the climate risk   assessment, were used as input   to assess and score potential and   actual impacts.   Financial risks and opportunities   were scored based on financial   magnitude and likelihood, with the   financial effects quantified through   integration with the Enterprise Risk   Management (ERM) model. The   scoring was partially aligned with   ERM, with plans to further integrate   sustainability matters into the ERM   going forward.   All characteristics were scored, cre-   ating a possible scale of 0 to 25.   4. Calibrating with   internal stakeholders   The fourth step of the process   included calibration and validation   of scoring of IROs through internal   workshops. Here, IROs were pri-   oritised based on relevance and   impact. The calibration of topics   included discussions on dependen-   cies and how to account for them   during the assessment.   5. Determining materiality   In the fifth step of the process,   materiality was determined. The   materiality threshold was set at 50%   of the possible scale between 0 to   25 at 12.5, for both impact materi-   ality and financial materiality. The   materiality threshold has been set   by considering two key aspects:   Transparency and uncertainty. NKT   aims to provide stakeholders with   clear insights into its impacts, risks,   and opportunities, ensuring that   the threshold does not obscure   transparency. Given the significant   uncertainty associated with these   assessments, the threshold is set   to avoid deeming a topic material   without sufficient knowledge. This   balanced approach was estab-   lished through collaboration with   the assessment team, participants   in calibration workshops, and   senior management, and was con-   firmed through various stakeholder   engagement discussions.   Relevant disclosure requirements   and data points were determined   based on material matters at a sub-   sub-topic level. Then, the materiality   of information to define the scope   of reporting was applied on met-   rics. Data points with transitional   options have been used. All sig-   nificant information to meet users'   decision-making needs have been   reported on.   6. Endorsement by board   and management   The results of the DMA were pre-   sented to senior management for   final validation and to the BoD for   endorsement. The reporting phase   ensured transparency and accuracy   in addressing significant sustainabil-   ity matters across NKT's operations   and value chain.   The results of the DMA will be   taken into account in updating the   business strategy and supporting   initiatives. The DMA will be updated   annually.   Stakeholder involvement   in the DMA   During the DMA process NKT   engaged with a variety of stakehold-   ers to gather insights. This process   included interviews and dialogues   with external stakeholders, including   suppliers, customers, and Non Gov-   ernmental Organisations (NGOs).   As part of the DMA, stakeholder   interviews were held to validate   and enhance its findings. The initial   hypotheses on IROs were derived   from desktop research, which were   then presented to stakeholders for   input. This process allowed for the   incorporation of specific contextual   details into NKT's general obser-   vations. For accuracy insurance,   new data from stakeholders was   then cross-verified against the initial   research. This method confirmed   that conclusions were comprehen-   sive and robust.   Purpose of engagement   The stakeholder engagement pro-   cess aimed to qualify and validate   observations on impacts, risks,   and opportunities, gather detailed   information specific to NKT’s supply   chain, and ensure a comprehensive   understanding of the value chains   and their associated impacts. This   engagement process helped iden-   tify and prioritise material topics,   ensuring a thorough understanding   of both upstream and downstream   impacts.   Stakeholders engaged   Engaging in dialogues with external   stakeholders is crucial for NKT.  These dialogues ensure that NKT   remains transparent and responsive   to the concerns of its suppliers,   customers, and affected stakehold-   ers.   Suppliers: Suppliers were inter-  viewed to identify potential and   actual IROs in the upstream value   chain of key materials. NKT focused   on conducting interviews with   stakeholders across all key mate-   rial supply chains. This approach   ensured that it enhanced desktop   analyses with stakeholder data on   different topics such as workers in   the value chain.   Customers: Customers were  interviewed to identify potential   and actual IROs in the downstream   value chain. The selection ensured   that NKT covered customers across   all business lines and key customer   segments. This approach enhanced   its findings with customer input   across the downstream value chain.   Affected stakeholders: NKT rec-  ognises the importance of engaging   with affected stakeholders such as   affected communities and work-   ers in the value chain, especially   regarding human rights. The DMA   process included engagement with   third-party organisations such as   The Initiative for Responsible Min-   ing Assurance (IRMA), the Copper   Mark, and the Danish Human Rights   Institute, which have been used as   proxies for affected communities   and stakeholders. Interview part-   ners have been selected for their   overall knowledge of human rights   and their multi-stakeholder organi-   sation structure.   Employees: Employees partici-  pated in internal workshops where   they contributed to the calibration   and validation of impacts, risks, and   opportunities. These workshops   allowed employees to discuss and   evaluate the relevance and impact   of different material topics, ensuring   their insights and perspectives were   integrated into the assessment.   Common themes and concerns   raised   Stakeholders emphasised the   importance of decarbonisation and   circularity, and highlighted the need   for addressing human rights issues   and improving working conditions   in the value chain. These themes   reflect a broad range of concerns   and priorities, all of which are   important for NKT's strategy and   operations.   The Board has been informed about   stakeholder engagement in the   DMA process.   General information   Impact, risk, and opportunity management   Pollution   E2   Time   Sustainability matter   IRO type   horizon   Pollution of soils   Mining can cause heavy metal contamination, harming soil, ecosystems, and human   Actual   All   health.   negative   impact   Pollution of water   Mining wastewater can pollute water sources, affecting aquatic life and human health. Actual   All   negative   impact   Pollution of air   Smelting and refining raw materials for NKT's products releases air pollutants,   Actual   All   degrading air quality and posing health risks.   negative   impact   Water and marine resources   E3   Time   Sustainability matter   IRO type   horizon   Water   Mining and metal processing require significant water, impacting local water sources   Actual   All   and the hydrological cycle.   negative   impact   Biodiversity and ecosystems   E4   Time   Sustainability matter   IRO type   horizon   Impacts on the extent and condition of ecosystems   Mining degrades land, causing habitat destruction, fragmentation, and wildlife   Actual   All   displacement.   negative   impact   Direct impact drivers of biodiversity loss   Mining contributes to biodiversity loss through habitat destruction and ecosystem   Actual   All   changes.   negative   impact   Impact on the state of species   Mines in natural habitats cause significant species impacts, including habitat destruc- Actual   All   tion and fragmentation. negative   impact   General information   Impact, risk, and opportunity management   Own workforce   S1   Time   Sustainability matter   IRO type   horizon   Equal treatment and opportunities for all /   Training and skills development   Equipping employees with necessary skills ensures they can effectively contribute to   Actual   All   the company's ambitions and align with its strategic goals.   positive   impact   Working conditions / Health and safety   Health and safety risks in cable manufacturing can impact market perception if not   Financial   All   managed well. Customers and stakeholders consider this information when selecting   risk   suppliers.   Working conditions / Health and safety   There are inherent health and safety risks associated with the manufacturing of   Actual   All   cables. If not mitigated, the consequences of hazards can result in severe injuries for   negative   the individual employee.   impact   Workers in the value chain   S2   Time   Sustainability matter   IRO type   horizon   Working conditions / Health and safety   Workers in NKT's value chain face significant health and safety risks in the mining,   Actual   All   smelting, and refining of metals.   negative   impact   Affected communities   S3   Time   Sustainability matter   IRO type   horizon   Communities' civil and political rights   Human rights defenders protecting communities from the impacts of industrial   Actual   All   activities, such as mining, face violations and threats.   negative   impact   Particular rights of indigenous communities   Mining activities in indigenous regions cause environmental conflicts with local   Actual   All   communities.   negative   impact   Communities' economic, social, and cultural rights   Mining affects communities by reducing water availability, displacing people, and   Actual   All   causing land impacts.   negative   impact   General information   Impact, risk, and opportunity management   Business conduct   G1   Time   Sustainability matter   IRO type   horizon   Corruption and bribery   Corruption is prevalent in countries where mining activities take place. Corruption in   Actual   All   these high-risk locations within NKT's supply chain causes societal harm in those   negative   regions and therefore leads to negative impacts.   impact   Political engagement and lobbying activities  NKT's supply chain may face human rights and environmental issues due to insuffi-   Actual   All   cient government oversight, leading to potential labour rights violations and environ-   negative   mental degradation.   impact   NKT actively advocates for policy changes to accelerate the energy transition, sup-   Actual   All   porting initiatives aimed at speeding up the shift to clean energy sources.   positive   impact   The processes to identify   and assess material   impacts, risks, and   opportunities   E1.IRO-1, E1.SBM-3, E2.IRO-1, E3.   IRO-1, E4.IRO-1, E5.IRO-1, G1.IRO-1,   E4.SBM-3   To identify and assess material IROs   NKT used the process and method-   ology outlined in the DMA process.   To read more about stakeholder   engagement including affected   stakeholders in the DMA, see:   Stakeholder involvement in the   DMA on page 66   No assets and activities have   been formally screened, related to   resource use and circular economy,   pollution, and water and marine   resources, in order to identify actual   and potential impacts, risks, and   opportunities in own operations and   upstream and downstream value   chain. This has not been performed   as the topics have been assessed   and screened throughout the DMA   process. The assessment on these   topics focused on the high-risk   materials that were identified during   the DMA.   Biodiversity and ecosystems   NKT has identified a negative   impact within the sub-topic   "Impacts on the extent and condi-   tion of ecosystems". Mining is a land   degradation activity and the nega-   tive impact is therefore high.   NKT conducted an environmental   impact assessment, identifying two   sites in Karlskrona in a biodiveristy   sensitive area (0-500m) and six sites   near a biodiversity sensitive area   (500m-5km). The analysis revealed   that no negative impacts have been   determined based on the site-specific   environmental impacts assessment.   The DMA showed that biodiversity   matters are not material to NKT's own   operations but negative impacts were   identified within the value chain.   No dependencies on biodiversity and   ecosystems at NKT's site locations   and in the value chain were identified.   NKT did not identify any systemic   risks. No specific mitigation meas-   ures have been implemented in   terms of impacts on biodiversity and   ecosystems.   NKT has not identified transition   and physical risks or opportunities   related to biodiversity and ecosys-   tems and NKT has not concluded   that it is necessary to implement   biodiversity mitigation measures.   Climate-related impacts   NKT determined the severity of its   impact on climate based on:   ■ GHG emissions data across   scopes.   ■ Energy consumption data from   own operations.   ■ Available data on energy con-   sumption in the value chain, for   example from Lifecycle Assess-   ments (LCAs), or sector decar-   bonisation approaches (SDAs) for   key commodities.   ■ Other desktop research data   (e.g. MSCI, SASB, supplier, peer   and customer corporate reports,   research reports).   Stakeholder input from supplier to   customer complemented the assess-   ment of climate-related impacts,   helping to set general observations   into a more NKT-specific context.   To read more about climate change   see:   Climate change on page 77   Climate-related risks and   opportunities   The specific financial risk that may   arise for NKT due to a changing   climate has been determined in a   climate risk assessment (resilience   analysis). This was supplemented   by an assessment of climate-related   opportunities. Both assessments   have provided input to the DMA and   the climate transition plan.   Time horizons   NKT’s climate risk assessment   assessed physical and transition   risks over three time horizons:   ■ Short-term/current: Current – 2030   ■ Medium-term: 2030 – 2050   ■ Long-term: 2050 and beyond   The selected time horizons are pri-   marily aligned with best practices in   climate science over the lifetime of   assets, strategic planning, or capital   allocation plan.   Climate risks and opportunities   have been integrated into NKT’s   enterprise risk management system   alongside other corporate risks   and are reviewed and evaluated   annually.   The resilience analysis aligns with   the NKT emission reduction targets   and climate change actions. The   near-term target matches the short-   term horizon and the net-zero target   aligs with the medium-term horizon.   Climate risk assessment   Physical climate risks   NKT has assessed physical cli-   mate-related risks in three steps:   ■ Production sites (own operations)   ■ Non-production sites (own oper-   ations)   ■ Key suppliers (supply chain)   The assessment was based on the   geospatial location of the sites and   it focused on the exposure of assets   to chronic and acute climate risks at   high-emission climate scenarios and a   1.5°C scenario based on the following   IPCC   1 climate scenarios:  ■ 1.5°C Scenario (RCP2.6/SSP1-2.6)   ■ 2-3°C Scenario (RCP4.5/SSP2-4.5)   ■ 4°C Scenario (RCP8.5/SSP5-8.5)   NKT has assessed six production   sites as having very high or high cli-   mate-related risks. These sites are:   ■ Karlskrona, Sweden - coastal flood   ■ Asnaes, Denmark - coastal flood,   severe windstorm   ■ Velke Mezirici, Czech - River flood   ■ Nordenham, Germany - Sea level   rise, coastal flood, severe wind-   storm   ■ Drammen, Norway - River flood   ■ Runcorn - Severe windstorm,   coastal flood   These sites have either developed or   are developing adaptation plans and   measures to address these risks to   current and future assets.   Transition climate risks   NKT used the following categories   based on the Task Force on Cli-   mate-related Financial Disclosures   (TCFD) to map salient transition   risks: Policy and legal, technology,   market, and reputation, and sce-   narios of the International Energy   Agency (IEA).   NKT has utilised the following IEA1  scenarios assessing transition risks   in the climate risk assessment:   ■ Stated Policies Scenario (STEPS):   This scenario projects future   energy trends based on current   policies and measures already   in place, providing a baseline for   comparison   ■ Announced Pledges Scenario   (APS): This scenario considers   the impact of all announced pol-   icy commitments and targets,   assessing how these pledges   shape future energy trends   ■ Net Zero Emissions (NZE) by   2050 Scenario: This scenario   outlines a pathway to achieve   net zero CO2 emissions by 2050,  focusing on rapid deployment of   clean energy technologies and   significant policy actions to limit   global temperature rise to 1.5°C   The IEA scenarios provide a com-   prehensive and credible framework   for understanding future energy   trends. The IEA's Global Energy   and Climate (GEC) Model explores   various scenarios based on different   assumptions about the evolution of   the energy system.   High risks were identified for the   market and reputation risk catego-   ries in the NZE scenario.   Climate-related opportunities   NKT identified climate-related   opportunities by leveraging sce-   narios (same scenarios as for the   transition risks) outlined by IEA. The   assessment predicted increased   demand for power cables based on   IEA projections across scenarios on:   ■ The grid expansion of transmis-   sion and distribution grids   ■ Projected average annual invest-   ment in grids and renewables   There is a high demand for electric-   ity grid expansion and replacement,   and therefore a significant potential   financial opportunity for NKT as a   power cable manufacturer across   IEA scenarios.   NKT aligns its strategies with the   anticipated developments in energy   infrastructure and the shift towards   sustainable energy systems.   There are no critical climate-related   assumptions made in the financial   statements.   Business conduct   When identifying material IROs   related to business conduct mat-   ters, the criteria outlined in the DMA   were applied consistently, with no   special criteria used.   Material sustainability   matters and their   interaction with strategy   and business model   SBM-3   No current financial effects have   been identified. NKT is working on   being able to disclose current and   anticipated financial effect of mate-   rial risks and opportunities.   No resilience analysis has been   made for the strategy and business   model in relation to all material   impacts and risks. However, a resil-   ience analysis can be found in the   climate transition plan.   NKT does not report on entity spe-   cific disclosures for 2024 in relation   to material impacts, risks, and   opportunities.   Own workforce   Negative impacts and risks from   health and safety are directly con-   nected to NKT’s business model, as   the manufacturing of cables poses   high health and safety risks. Positive   impacts from training and skills on   the other hand contribute to the   business strategy and strengthening   NKT's workforce.   The risk identified in the DMA is   closely linked to all NKT’s manu-   facturing facilities and employees   working there. The negative impacts   identified for own workforce are   related to individual incidents.   No material impacts arise from   transition plans. During the materi-   ality assessment vulnerable groups   were identified who could be neg-   atively affected. This relates both   to vulnerable groups such as the   LGBT+ community as well as female   employees being at higher risk for   certain negative impacts such as   sexual harassment. It was deemed   in the course of the DMA that these   potential negative impacts were   non-material.   NKT’s employees are defined as   individuals with an employment   relationship with NKT. This includes  employees with both a permanent   employment contract and employ-   ees with a fixed-term employment   contract.   Workers in the value chain   NKT’s reporting in this chapter   includes all workers in the value   chain. Throughout the DMA, work-   ers in the upstream value chain   were identified to be affected stake-   holders.   Negative impacts associated with   workers in the value chain cover   health and safety conditions in the   production processes of mining,   smelting, and refining of metals,   where there are high risk activities   prevalent together with poor labour   conditions.   The nature and conditions of work   in the upstream value chain might   have severe adverse effects on   the health and safety of individual   workers. Depending on country   and region of origin, health and   safety appears to be a widespread   and systematic issue, particularly   in relation to mining activities. An   initial risk assessment based on   public sources has been performed   in 2024. The countries of tier one   suppliers, and where possible the   origin countries of certain materials,   were assessed in terms of “human   rights risks and ethics risks”, as well   as “labour rights risks”, which act   as proxies to assess child labour   and forced labour. This assessment   showed that high risk geographies   in terms of labour rights and human   rights included: Bahrain, Malaysia,   Turkey, China, and India. NKT will   use this risk assessment in its future   due diligence work.   In terms of health and safety in   production processes, the neg-   ative impacts relate to individual   incidents. However, further into the   value chain issues become wide-   spread and systemic both for health   and safety in production processes,   but especially in mining. This also   depends on the country and region   sourced from.   Affected communities   NKT includes all affected communi-   ties likely to be materially impacted   within the scope of its reporting.   These materially impacted commu-   nities include those located near   mining activities at the endpoint of   NKT's value chain and indigenous   communities within the value chain.   Given the presence of mining activ-   ities in NKT's value chain, NKT can   be linked to impacts on these com-   munities.   The negative impacts on affected   communities are widespread and   systemic, including reduced water   availability, displacement, and land   impacts. None of NKT's material   risks arise from dependencies on   these affected communities.   To better understand and mitigate   the risks faced by these communi-   ties, NKT engages in dialogues with   proxies such as IRMA, the Copper   Mark, and the Danish Institute for   Human Rights.   Information on MDR-P   for sustainability matters   This section outlines information   based on the minimum disclosure   requirements for policies in the   ESRS.   An overview of the policies relating   to NKT’s material sustainability   matters is provided in the table. For   further details on these policies, see   the topical sections of this sustaina-   bility statement.   Accountability   The NKT Executive Management is   accountable for the implementation   of all policies.   Communication   All policies are available on the NKT   webpage.   Monitoring   All NKT policies are monitored and   updated on a regular basis in an   interval between 1-3 years for each   policy.   Topical standard   Material sustainability matter   IRO   Policies   Climate change   Climate change mitigation   Actual negative impact Climate change policy Opportunity   Risk   Climate change adaptation   Risk   Climate change policy Energy   Actual negative impact Climate change policy Risk Pollution   Pollution of soils   Actual negative impact Procurement sustainability policy   Pollution of water   Actual negative impact Procurement sustainability policy   Pollution of air   Actual negative impact Procurement sustainability policy   Water and marine resources   Water   Actual negative impact Procurement sustainability policy   Biodiversity   Impacts on the extent and condition of Actual negative impact Procurement sustainability policy   ecosystems   Direct impact drivers of biodiversity loss Actual negative impact Procurement sustainability policy   Impact on the state of species   Actual negative impact Procurement sustainability policy   Resource use and circular economy   Resource inflow including resource use Actual negative impact Procurement sustainability policy (VC)   No policy   Waste   Actual negative impact Procurement sustainability policy (VC)   No policy   Resource outflow related to products   Actual negative impact Procurement sustainability policy (VC)   and services   Risk   No policy   Topical standard   Material sustainability matter   IRO   Policies   Own Workforce   Training and skills development   Actual positive impact NKT training policy   Health and safety   Actual negative impact Human rights policy   Risk   IMS policy   Workers in the value chain   Working conditions   Actual negative impact Human rights policy   NKT Code of Conduct   Affected communities   Communities civil and political rights   Actual negative impact Human rights policy   NKT Code of Conduct   Particular rights of indigenous commu- Actual negative impact Human rights policy   nities   NKT Code of Conduct   Communities' economic, social, and   Actual negative impact Human rights policy   cultural rights   NKT Code of Conduct   Business Conduct   Corruption and bribery   Actual negative impact NKT Code of Conduct   Political engagement and lobbying   Actual negative impact No policy   activities   Actual positive impact   Environmental   information   77 change   88 Climate change   Impacts, risks, and opportunities   E1   In the following chapter, NKT will describe its work   with climate change topics with focus on the material   impacts, risks, and opportunities.   The material sustainability matters are:   ■ Climate change mitigation   ■ Climate change adaptation   ■ Energy   Transition plan for climate   change mitigation   E1-1   NKT is dedicated to a future that   follows the Paris Agreement, aim-   ing to keep global warming below   1.5°C.1 This goal is based on the  Intergovernmental Panel on Climate   Change's (IPCC) 1.5°C scenario,   which stresses the need for quick   and strong climate actions. The   IPCC states that to limit global   warming to 1.5°C, big changes in   energy, land use, cities, infrastruc-   ture, and industry are essential.   NKT's transition plan has two main   parts:   1. Handprint   2. Footprint   NKT's transition plan is a key ele-   ment of the decarbonisation pillar of   the sustainability strategy which is   an integral part of the overall busi-   ness strategy. Progress is tracked   via the climate targets, plans, and   associated metrics.   NKT climate-related handprint   Power cables are crucial for effi-   ciently transmitting renewable   energy, modernising the grid, and   electrifying various sectors. NKT   is well-positioned to strengthen   the grid by providing cables for all   voltage levels, including connecting   assets to the grid, transmitting and   distributing electricity, and supplying   electricity to end-users.   The IEA states that to meet national   goals, it is imperative to add or   upgrade over 80 million kilometres   of grids by 2040, which is as much   as the entire existing global grid.2  Grids are essential to decarbonise   electricity supply and effectively   integrate renewables.   Strategic implications   NKT’s comprehensive product   portfolio, ranging from low voltage   to high voltage cables, is well-posi-   tioned to support the global energy   sector transition to a net zero future.   The NKT climate change policy   includes the commitment to expand   NKT’s handprint in line with the   energy transition.   NKT climate-related footprint   NKT recognises the significant neg-   ative impact of its operations and   value chain on the climate:   ■ Own Operations: NKT's manu-   facturing processes, facility oper-   ations, and transportation use   energy, some of which is fossil   fuel-based. This leads to GHG   emissions, contributing to global   warming and climate change.   ■ Supply Chain: Manufacturing NKT   power cables involves materials   such as copper, aluminium, steel,   lead, XLPE, and PVC. The extrac-   tion, processing, and transporta-   tion of these materials generates   considerable GHG emissions   which are difficult to abate.   For more information on GHG emis-   sions, see:   Gross Scopes 1, 2, 3 Total GHG   emissions on page 85   Strategic actions   ■ Decarbonising operations: Efforts   are well underway to reduce   emissions from NKT's own oper-   ations.   ■ Decarbonising products: There is   a focus on reducing the embod-   ied emissions from the product   portfolio.   NKT's climate actions are guided   by the NKT climate change policy,   and aim to meet ambitious sci-   ence-based targets. For more infor-   mation on the progress in imple-   menting the transition plan through   policy, targets, and actions see:   Climate change policy on   page 78   Climate targets on page 81   Climate action and resources   on page 78   Resources   NKT's transition plan involves cap-   ital expenditures. Detailed informa-   tion about these costs are available   in the sections discussing NKT's   decarbonisation programs, see:   Climate change actions on   page 78   The KPIs required under the EU   Taxonomy including the methodol-  ogy are outlined in the Taxonomy   chapter:   EU Taxonomy on page 88   Locked-in emissions   There is not deemed to be any   locked-in emissions associated with   NKT's assets or operations.   Alignment with Taxonomy   NKT will strive to increase the share   of Taxonomy alignment with the   climate change mitigation objective   by strengthening the documentation   necessary to claim alignment.   The NKT climate transition plan was   approved by the Executive Manage-   ment in 2024.   Climate adaptation   NKT has assessed six produc-   tion sites as having very high or   high climate-related risks. Climate   risks to assets and operations are   being addressed. These sites have   either developed or are developing   adaptation plans and measures to   address these risks. For more infor-   mation on climate risk assessment   and resilience analysis, see:   Climate risk assessment on   page 72   Climate-related risks and   opportunities on page 72   Climate change policy   E1-2   NKT has in 2024 adopted a cli-   mate change policy to formalise   its active and strategic work with   climate change. The policy sets the   framework and principles that guide   the actions associated with NKT’s   climate-related impacts, risks, and   opportunities. To read more, see:   Climate-related impacts, risks,   and opportunities on page 72   The climate change policy focuses   on the:   ■ Handprint: The positive impact of   power cables to achieve a NZE   future   ■ Footprint: The negative impact of   NKT’s operations and value chain   Additionally, the policy describes   NKT’s commitment to renewable   energy deployment and man-   agement of all its climate-related   impacts, risks, and opportunities   including climate change adapta-   tion, climate change mitigation, and   energy efficiency.   Key content   The climate change policy outlines   the guiding framework on climate   change mitigation, renewable   energy, and climate change adapta-   tion through the following principles   and commitments:   ■ Setting science-based emission   targets,   ■ Taking actions and integration,   ■ Stakeholder engagement, and   ■ Transparent reporting   The climate change policy also   recognises that climate mitigation   actions shall go hand in hand with   safeguards for nature and people.   Scope   The climate change policy applies to   all entities in the scope of the sus-   tainability statement.   NKT also recognises that com-   pany activities can have an impact   beyond immediate operations. As   such, the climate change policy   extends throughout the upstream   and downstream value chain.   NKT is committed to collaborating   with customers, suppliers, and   third-party contractors to ensure   a shared commitment to climate   change and implement decarboni-   sation measures in their operations.   This commitment is also incorpo-   rated in NKT's Sustainable Procure-   ment policy, which among others   extends the climate change policy   to NKT’s value chain.   Action and resources   E1-3   Climate mitigation action   in own operations   NKT has set a near-term target,   verified and approved by Science   Based Targets initiative (SBTi), to   reduce Scope 1 and 2 emissions by   90% by 2030 from 2019. To achieve   this target, the climate action pro-   grams for NKT’s own operations   focus on the largest emission   sources:   ■ Conventional marine fuel: NKT   operates own and contracted   cable-laying vessels and has made   an investment to add a second   cable-laying vessel to the fleet. The   use of conventional marine gas   oil constitutes a significant part of   NKT’s total Scope 1.   ■ Natural gas: Some NKT produc-   tion sites use natural gas to power   facility heating, production pro-   cesses, or both. The consumption   of natural gas is a significant   contributor to NKT Scope 1 emis-   sions.   ■ Vehicle fuels: Forklifts, smaller   trucks, and NKT's fleet of cars   consume diesel and petrol. The   overall contribution is less signifi-   cant than other emission sources.   To meet these targets, NKT has   established programs to operation-   alise actions needed. NKT allocated   around 18 million EUR in significant   CapEx1 across the decarbonisation  programs.2  Decarbonisation programs Program   Sourcing renewable electricity   Phasing out natural gas use   Sustainable marine fuels   Decarbonisation lever   Renewable energy adoption (on-site generation, Power Purchase   Energy efficiency improvements (upgrading equipment, building retrofit)   Fuel switching.   Agreements (PPA), Energy Attribute Certificates (EACs).   Electrification (electrifying processes).   Description   Source 100% renewable electricity for all sites using:   Phase out natural gas from production sites by 2030   Use of alternatives such as Hydrated Vegetable Oil (HVO), e-methanol or   Electrification of processes   bio-methanol for cable-laying vessels.   ■ On-site renewable energy generation (solar panels)   Energy efficiency measures   PPAs   ■ EACs   ■ Target   100% renewable electricity by 2024   0 MWH energy consumption from natural gas by 2030.   No target   100% renewable electricity after 2024   Timeline for actions   2021-2024   2022-2030   2021-2030   Key Metrics   Percentage share of renewable electricity from total electricity con-   Natural gas consumption in MWh.   ■ CO2e emissions from marine fuels  sumption.   % share of alternative fuel consumption   ■ Progress   NKT sourced 100% renewable electricity in 2024 based on on-site   The natural gas phase-out program was established in 2022 and has   NKT’s existing cable-laying vessel, Victoria, has been retrofitted to be   renewable energy generation and EACs. More details on NKT energy   led to the development of production site-specific roadmaps, the exe-   able to use HVO fuel. NKT's second cable-laying vessel, Eleonora,   consumption can be found in the section Energy consumption and mix.   cution of which was initiated in 2024. Details on natural gas consump-   which is under construction, will have a dual fuel system allowing the   tion at NKT can be found in section Energy consumption and mix.   use of methanol.   Dialogue with customers and potential users/suppliers regarding the   use of alternative fuels is ongoing.   Challenges and barriers There is increased scrutiny on the use of EACs. NKT purchases EACs   The cost per unit of HVO, e-methanol or bio-methanol differs   ■ matching country of consumption, and only from wind, solar, and hydro   significantly in comparison to marine gas oil.   assets. Beyond purchasing EACs, NKT is committed to renewable   The high cost of switching to sustainable fuels presents an industry-   electricity sourcing and to a future-fit approach by investing in on-site   ■ renewable energy generation and PPAs.   wide challenge. NKT will offer and advocate for the use of sustainable   fuels for both our vessels and calls on the industry to collaborate and   overcome the switching challenge together.   Climate mitigation   actions in value chain   The majority of value chain emis-   sions at NKT are categorised in two   product-related Scope 3 categories:   ■ Purchased goods and services   (Product upstream – material   footprint)   ■ Use phase emissions (Product   downstream)   Material footprint   Power cables consist of key   commodities such as conductor   metals – copper and aluminium,   insulation material – XLPE and PVC,   and protective layers using metals   such as lead or steel. The upstream   emissions of these key commodities   combined constitute around 70% of   the total material footprint.   Commodity priorities   NKT focuses on the decarbonisation   of key commodities with a larger   carbon footprint to achieve more sig-   nificant reductions. Prioritising also   helps to achieve a greater impact by:   ■ Concentrating resource allocation.   ■ Increasing feasibility and man-   ageability.   ■ Allowing to foster stronger rela-   tionships with suppliers regarding   more effective collaboration on   decarbonisation initiatives.   Decarbonisation levers for supply   chain emissions   Decarbonising the supply chain   for conductor metals such as cop-   per and aluminium, and insulation   materials such as XLPE and PVC,   involves several key pathways.   ■ Energy transition: Reduce fossil   fuel use by cutting overall energy   consumption and switching to   renewable energy sources, such   as electrifying mining operations   and refining processes.   ■ Circular economy: Increase   the use of recycled materials to   reduce the carbon footprint.   ■ Material substitution: Replace   virgin materials with bio-based   alternatives to further lower emis-   sions.   Value chain   decarbonisation approach   NKT's decarbonisation approach   emphasises the importance of   integrating efforts across the entire   value chain to reduce emissions.   This involves collaborating with   suppliers and customers, among   others, to jointly identify methods for   achieving deep decarbonization.   NKT has outlined sustainable pro-   curement programs to be imple-   mented from 2024 to 2028. These   programs are designed to support   the achievement of NKT's value   chain decarbonisation targets.   Suppliers   NKT's supplier engagement pro-   gramme aims to build and maintain   strong relationships with strategic   suppliers through collaboration and   ongoing dialogue. The programme   is built on the following elements:   ■ Supplier Engagement Pro-   gramme: The programme is   based on collaboration with stra-   tegic partners in the supply chain   and primarily targets suppliers of   metals and plastics, identified as   high-risk in terms of, among other   aspects, climate.   ■ Gaining transparency: NKT   assesses the maturity of its stra-   tegic suppliers' decarbonisation   actions, such as their progress   in setting targets aligned with the   Paris Agreement, and their cli-   mate transition plans. By gaining   transparency in this way, NKT   can meet its strategic suppliers   where they are and tailor joint   decarbonisation efforts to their   specific maturity levels.   ■ Establishing decarbonisation   roadmaps: NKT sets specific   requirements on decarbonisation   which are aligned with sector   decarbonisation approaches   (SDA) for key commodities and   NKT's own decarbonisation tar-   gets. NKT uses benchmarking as   a tool in direct dialogue with sup-   pliers and increasingly in sourcing   decisions.   ■ Sustainable procurement: NKT   strives to make the “sustainable   choice” a part of its procurement   processes by selecting suppliers   and materials that support the   continued lowering of NKT's car-   bon footprint. NKT is integrating   sustainability criteria into procure-   ment decisions.   Customers   NKT is increasing its focus on:   ■ Research and development:   NKT is integrating eco-design   principles into its technology   roadmap and R&amp;D processes   helping to ensure that there is a   continuous improvement of prod-   uct sustainability and that NKT is   at the forefront of technological   advancement.   ■ Sustainable product offerings:   NKT offers customers a range of   sustainable solutions. By select-   ing these, customers can support   the reduction of emissions in the   product life cycle. This is facili-   tated, among other ways, through   joint collaboration projects.   Use phase emissions   Power cables carry electricity   between two points. During this   process, some energy is lost as   heat due to the Joule effect, which   occurs when the electric current   flows through the conductor. This   energy loss is not from the cable   consuming energy directly, but from   the inherent resistivity of the con-   ductive material.   The attributed use-phase emis-   sions from the power losses are   connected to the emissions of elec-   tricity generation. The emissions   attributed to power cables depends   mainly on the grid electricity com-   position: Power cables transmitting   electricity from renewable energy   sources have near-zero emissions.   However, power cables used in   energy grids with higher shares   of fossil-based electricity will be   associated with higher use-phase   emissions.   Use-phase emissions are significant   for NKT and other power cable   manufacturers because the use-   phase emissions are accounted   over their entire lifetime. The lifetime   of a power cable, for example in   transmission and distribution grids,   is 40 years.   Reducing use-phase emissions for   NKT relies on markets transition-   ing to decarbonised energy grids,   which depends on countries fulfilling   their pledged policies. While NKT   minimises power losses technically,   physics imposes limits. Therefore,   NKT's key decarbonisation lever for   use-phase emissions is to influence   policy through advocacy, especially   in slower-decarbonising markets.   This involves actively engaging with   policymakers to promote faster   adoption of renewable energy and   supporting initiatives that align with   global climate goals.   Targets   E1-4   NKT commits to reach net-zero greenhouse gas emissions across the value chain by 2050.   Target setting approach   The NKT climate targets have been   validated by the SBTi in 2024, and   are aligned with 1.5°C scenario.   The SBTi target has been set using   the Absolute Contraction Approach   (ACA). The ACA requires companies   to reduce their total GHG emissions   by a specific percentage over a set   period, aligning with global decar-   bonisation pathways.   No specific sectoral decarbonisa-   tion approach (SDA) was selected,   as NKT operates in a sector without   a dedicated SDA.   The GHG emission reduction tar-   gets are consistent with the GHG   inventory boundaries as defined   by the ESRS E1-6. NKT’s target   boundaries follow the SBTi criteria   and align with the NKT GHG inven-   tory boundaries, ensuring that all   significant emission sources are   included.   Targets for climate change   Impact, risk and opportunity   Target   Climate change mitigation   SBTi near-term and long-term targets   on Scope 1, 2 and 3 emissions   Energy   SBTi renewable electricity target   Climate change adaptation   No target set. Climate change adaptation   not deemed a strategic priority.   Near-term targets   Scope 1 and 2   NKT commits to reduce absolute Scope 1 and 2 GHG   emissions by 90% by 2030 from a 2019 base year.1  Renewable   NKT also commits to increase active annual sourcing of   electricity   renewable electricity from 18% in 2019 to 100% by 2024   and to continue active annual sourcing of 100% renewable   electricity through 2030.   Scope 3   NKT further commits to reduce absolute Scope 3 GHG   emissions by 27.5% from purchased goods and services  and use of sold products by 2030 from a 2019 base year.1  Long-term targets   Scope 1 and 2   NKT commits to maintain a minimum of 90% absolute   Scope 1 and 2 GHG emissions from 2030 through 2050   from a 2019 base year.1  Scope 3   NKT also commits to reduce absolute Scope 3 GHG   emissions from purchased goods and services and use of   sold products by 90% by 2050 from a 2019 base year.1  The targets are set for mar-   ket-based GHG emissions. The   Scope 3 target covers category 1   and category 11 as the two most  significant Scope 3 categories,   covering 93% (after restatement) of   the Scope 3 emissions in the base   year. The emission trajectory is   significantly influenced by the sig-   nificant growth in volumes of cables   produced and installed.   To read more about the restate-   ment, see:   Gross Scopes 1, 2, 3, Total   GHG emissions on page 84   Emission reduction progress (2019-2024) and expectations by scope and decarbonisation lever (2019-2050)   Expected   Expected   relative   Expected   absolute   change in   absolute   Absolute   Relative   emissions in   target year   emissions in   Base year   Most recent   change from   change from   target year   from most   target year   Decarbonisation program   2019   year 2024   base year   base year   2030   recent year   2050   Scope 1 (tCO2e)  - 23,784   23,626   -159   -0,7%   7,502  -68%   - Scope 2 marked-based (tCO2e)  - 51,236   324   -50,913   -99%   324   0%   - Total Scope 1 and 2 (tCO2e)  - 75,021   23,949   -51,071   -68%   7,502  -69%   7,502  Electric power   Sourcing renewable electricity   50,904   0 -50,904   -100%   0 0%   - Natural gas   Phasing out natural gas   9,833   4,937   -4,896   -50%   0 -100%   - Marine fuel   Sustainable marine fuels   12,320   14,977   2,657   22%   5,207   -65%   - Total Scope 3 (tCO2e)  - 3,411,629   4,477,543   1,065,914   31%   2,532,326   -43%   533,911   Category 1 and category 11  Material efficiency and grid decarbonisation   3,197,465  3,971,250   773,785   24%   2,318,162   -42%   319,746   Accounting policy   Emission reduction progress   and expectations table   The emission reduction progress and   expectations table presents historical   progress from 2019 to 2024, and out-   lines expected emission reductions   from 2024 through 2030 and 2050.   The progress on the emissions from   the base year 2019 until the most   recent year 2024 is based on the   emissions by scope stated in E1-6.   It includes the three most significant   emission sources in 2019 contributing   to Scope 1 and 2, along with the two   primary emission sources for Scope   3. Progress is measured through both   absolute changes in tCO2e and relative  percentage changes. Each emission   source is linked to its relevant decar-   bonisation program, with comprehen-   sive details available in E1-3.   Future expectations are derived from   NKT's SBTi commitments, as doc-   umented in E1-4. These projections   extend to both near-term (2030)   and long-term (2050) horizons. The   expected reductions for each decar-   bonisation lever have been calculated   accounting for the expected and   necessary impact of each decarbon-   isation program, required to achieve   these commitments.   Significant estimates   and judgements   The stated emission reduction level   from marine fuels is based on the   expectation that the gradual imple-   mentation of the EU Emissions Trading   System (EU ETS) for shipping will nar-   row the price gap between conven-   tional and alternative fuels, and create   a more level playing field for sustain-   able fuels. The emission reduction for   contracted vessels is uncertain, and a   decarbonisation plan is pending.   The anticipated reduction level   hinges on NKT's ability to integrate   primary supplier emission data into   its corporate accounts. Currently, the   accounting method for emissions   from purchased materials does not   reflect the impact of sourcing mate-   rials with a lower carbon footprint.   By incorporating primary data, NKT   aims to demonstrate positive progress   towards its targets. Additionally, the   expected reduction in use phase   emissions is based on the projected   average decarbonisation of energy   grids, following the Carbon Risk Real   Estate Monitor (CRREM) trajectory.   Further details on Scope 3 and the   use of CRREM can be found in the   accounting policy of E1-6.   Metrics   Energy consumption and mix   E1-5   NKT solely operates within sectors   with high climate impact as its activ-   ities falls within the "Manufacturing"   and "Electricity, gas, steam and air   conditioning supply" sectors. These   activities encompass providing   power cable solutions for the devel-   opment and maintenance of power   grids, as well as manufacturing   cables and cable accessories. As a   result, the net revenue from sectors   with high climate impact, used to   calculate the energy intensity ratio,   directly corresponds to the net   revenue presented in the financial   statements.   NKT sourced 100% renewable   electricity in 2024 and produced a   total of 21 MWh renewable energy   through its solar panels.   In 2024, NKT’s energy intensity from   activities in the high impact climate   sectors was 123 MWh/mEUR with   a total energy consumption in these   sectors of 304,925 MWh.   Energy consumption and mix   2024   Fuel consumption from crude oil and petroleum products (MWh)   65,363   Fuel consumption from natural gas (MWh)   26,978   Fuel consumption from other fossil sources (MWh)   - Consumption of purchased or acquired electricity, heat, steam,   and cooling from fossil sources (MWh)   18,431   Total fossil energy consumption (MWh)   110,772   Share of fossil sources in total energy consumption (%)   36%   Fuel consumption for renewable sources, including biomass (MWh)   9,483   Consumption of purchased or acquired electricity, heat, steam,   and cooling from renewable sources (MWh)   184,649   The consumption of self-generated non-fuel renewable energy   (MWh)   21   Total renewable energy consumption (MWh)   194,153   Share of renewable sources in total energy consumption (%)   64%   Total energy consumption (MWh)   304,925   Energy intensity per net revenue   Total energy consumption from activities in high climate impact   sectors per net revenue from activities in high climate impact sectors   123   (MWh/mEUR)   Accounting policy   Energy consumption and mix   NKT’s energy consumption includes   all activities under NKT's financial and   operational control, thus applying the   same perimeter applied for reporting   GHG Scopes 1 and 2 emissions. This   mainly consists of fuel used for vessels   during offshore operations, natural gas   consumption at NKT’s production sites,   and electricity purchased for its offices,   production sites, and warehouses.   This data originates from different   sources, including marine gas oil, biogas,   natural gas, district heating, and grid   electricity, and is derived from NKT’s   ESG reporting tool. When applicable,   NKT has utilised the conversion function-   ality in its dedicated ESG reporting tool.   Electricity from renewable sources   includes electricity open market certif-   icates as well as self-generated non-   fuel renewable energy. NKT follows   market-based accounting and thereby   accounts for the purchase of green   electricity by contractual agreement,   i.e. certificates.   Biogas includes open market certifi-   cates provided by NKT’s supplier.   Energy intensity ratio   The energy intensity ratio is calculated   based on the consolidated revenue   presented in note 2.1: "Segment infor-  mation and revenue" on page 125 in   the financial statements, using the   following formula:   Total energy consumption   from activities in high climate   impact sectors (MWh)   Net revenue from activities   in high climate impact   sectors (Std. metal prices, mEUR)   Significant estimates   and judgements   To determine the scope of the vessels   utilised in NKT’s operations, an analysis   of financial and operational control has   been conducted in accordance with   the guidance provided by the ESRS   and the GHG Protocol. This assess-   ment includes a review of vessel own-   ership and NKT’s influence over the   operations of vessels it does not own.   Energy consumption related to vessels   under NKT’s financial and/or opera-   tional control are included in the report-   ing of NKT’s energy consumption and   mix. Vessels that are neither under   financial nor operational control are   reported under Scope 3, category 1:   Purchased goods and services.   Gross Scopes 1, 2, 3   Total GHG emissions   E1-6   In 2024, NKT made significant   changes to its reporting scope   to comply with the requirements   of the CSRD and the ESRS. This   update has resulted in a decrease   in reported emissions. Further-   more, with refined definitions of   financial and operational control,   emissions from several contractor   cable-laying vessels have now been   included in NKT’s direct emissions.   The changes include an updated   methodology for calculating Scope   3, category 11 emissions, where  emission projections have now been   incorporated. These adjustments   have led to an increase in direct   emissions and a decrease in indi-   rect Scope 3 emissions.   NKT does not have any GHG   emissions that are covered by reg-   ulated emission trading schemes.   Cable-laying vessels will be covered   by the EU ETS scheme from 2026.   The share of market-based Scope 2   emissions offset by EACs was 91%.   The EACs fully comprised of unbun-   dled Renewable Energy Certificates,   Guarantees of Origin, Renewable   Energy Guarantees of Origin for the   United Kingdom and International   Renewable Energy Certificates.   The GHG emissions intensity for   location-based emissions in 2024   was 1,829 tCO2e/mEUR, while the  GHG emissions intensity for mar-   ket-based emissions in 2024 was   1,809 tCO2e/mEUR.  Biogenic emissions, which are not   included in the GHG emissions   table on the next page, amounted   to 23,306 tCO2e. Of these, 2,058  tCO2e were Scope 1, 21,248 tCO2e  were Scope 2, and 0 tCO2e were  Scope 3.   Accounting policy GHG emissions intensity ratio   The GHG emissions intensity for loca-   tion-based emissions is calculated   using the following formula:   Total GHG emissions,   location-based (tCO2e)  Net revenue (Std. metal prices, mEUR)   The GHG emissions intensity for   market-based emissions is calculated   using the following formula:   Total GHG emissions,   market-based (tCO2e)  Net revenue (Std. metal prices, mEUR)   The net revenue, which was used   for the calculation of GHG emissions   intensity, can be found in the consol-   idated revenue presented in note 2.1:  "Segment information and revenue" on   page 125 in the financial statements.   Biogenic carbon emissions   The biogenic carbon emissions from   Scope 1, 2, and 3 are calculated by   multiplying the volume of used bio-   mass with the corresponding carbon   emission factors from Department for   Energy Security &amp; Net Zero.   Environmental information Climate change   Accounting policy   NKT accounts for emissions from the   greenhouse gases covered by the   Kyoto Protocol.   Scope 1 - direct emissions   NKT's direct emissions include all   activities under its financial and oper-   ational control, which leads to Scope   1 GHG emissions. Assets under   operational control include vessels   not owned by NKT but utilised in its   operations.   NKT’s disclosure is based on the con-   sumed fuel multiplied by the applicable   emission factor from Department for   Energy Security &amp; Net Zero and IPCC.   When applicable, NKT has utilised   the conversion functionality in its ESG   reporting tool.   Scope 2 – Indirect emissions   NKT's indirect Scope 2 emissions   relate to the indirect emissions from   energy purchases from all activities   under its financial and operational   control, which leads to Scope 2 GHG   emissions. NKT discloses its emis-   sions utilising both the location-based   and market-based method to reflect   the certificates purchased by NKT,  which reduces NKT's indirect Scope   2 emissions.   NKT's disclosure is based on the   consumed electricity multiplied by the   applicable emission factor from US   EIA Emission Factors for Steam and   Chilled Water, Department for Energy   Security &amp; Net Zero, Energiföreta-   gen Sverige, Environment Canada,   International Energy Agency, and   United States Environmental Protec-   tion Agency Emissions &amp; Generation   Resource Integrated Database. The   disclosure of NKT's indirect emissions   includes the consumption of the   renewable energy production from its   installed solar panels, which is dis-   closed under ESRS E1-5.   The percentage of contractual instru-   ments in NKT's Scope 2 GHG emis-   sions is calculated by comparing its   total electricity consumption to the   amount covered by its purchase of   Renewable Energy Certificates.   Scope 3 - Indirect emissions   Reporting is based on the GHG pro-   tocol and accordingly divided into   15 subcategories (Category 1-15) of   which categories 8, 10, and 13-15 are   in 2024 determined as not applicable   to NKT’s operations.   Scope 3 category 1:   Purchased goods and services   Scope 3 emissions for purchased   goods and services are calculated using   a hybrid approach that combines two   methods: The activity average method   and the spend-based method.   1. Activity average method: This   method calculates Scope 3 emis-   sions for key commodities from key   suppliers, identified by economic   relevance and volume. It multiplies   purchased volumes (in metric   tonnes) by lifecycle emission factors   from ecoinvent 3.10 specific to the  material supply chain and supplier,   for both the base year and the most   recent year. No primary emission   data from suppliers have been   used.   2. Spend-based method: This method   applies to all other spend categories.   Emissions are calculated by multi-   plying the spend amount by sector   average emission factors. NKT uses   the EPA Supply Chain Greenhouse   Gas Emission Factors v1.2 by   NAICS-6, mapping NAICS-6 codes   to NKT's spend categories.   Scope 3 category 2: Capital goods   Scope 3 category 2 emissions are   calculated using the spend-based   method based on the EPA Supply   Chain Greenhouse Gas Emission   Factors v1.2 by NAICS-6. The spend-   based method is adjusted for inflation   and currency exchange rates.   Scope 3 category 3:   Fuel and energy-related activities   Scope 3 emissions for fuel- and ener-   gy-related activities are calculated   using the average-data method, based   on fuel quantities and types consumed.   Emissions are determined using well-   to-tank emission factors from the UK's   Department for Energy Security and   Net Zero for the respective report-   ing year. These calculations include   in-scope biogenic fuel emissions. For   renewable electricity, only transmission   and distribution emissions are consid-   ered, with generation emissions set   to zero.   Scope 3 category 4: Upstream   transportation and distribution   Upstream transportation emissions   are calculated using the spend-based   method based on the EPA Supply   Chain Greenhouse Gas Emission Fac-   tors v1.2 by NAICS-6. Upstream emis-   sions are adjusted for and include also   emissions from inbound transportation   not paid for by NKT. NKT assumed  that 75% of inbound transportation is   paid by others.   Scope 3 category 5: Waste   generated in operations   Scope 3 category 5 (Waste) emissions   at NKT are based on actual waste   quantities and treatment categories:   Landfill, incineration with energy recov-   ery, and recycling. Emissions are based   on the emission factors from the UK's   Department for Energy Security and   Net Zero for the reporting year.   Scope 3 category 6: Business travel   Scope 3 category 6 emissions are deter-   mined using the spend-based method   based on EPA Supply Chain Greenhouse   Gas Emission Factors v1.2 by NAICS-6.   Scope 3 category 7:   Employee commuting   Scope 3 emissions for employee com-   muting (category 7) are calculated by   multiplying the number of employees in   head count in the reporting year with a   conversion factor from the now-discon-   tinued Quantis Scope 3 Evaluator tool.   The methodology estimates that the   average employee emits approximately   1,700 kg CO2  e per year.   Scope 3 category 9: Downstream   transportation and distribution   Downstream transportation emissions   are calculated using the spend-   based method applied in calculating   upstream transportation emissions   (see Scope 3 category 4: Upstream   transportation and distribution). Down-   stream emissions are calculated on   the basis of spend for outbound trans-   portation. NKT assumes that 90% of   the outbound transportation is paid for   by NKT, while 10% is paid for by other  non-NKT undertakings.   Scope 3 category 11: Use   of sold products   Scope 3 category 11 emissions are  calculated by multiplying the lifetime   power losses of sold power cables   by an emission factor reflecting the   energy grid mix where the cable is   used. These emissions are based on   sales and project data from the report-   ing year. The power loss calculation   method aligns with Europacable's joint   information note on Category 11 “Use  of sold products.”   Power loss calculations use assump-   tions about cable use, including   current load factor and lifetime (25-   40 years), aligned with Europacable   members. Emissions are calculated by   multiplying the annual power losses of   each cable sold or deployed by a pro-   jected emission factor for each year   of the cable's assumed lifetime. The   projected emission factor is based on   lifecycle emission factors by voltage   segment and country, sourced from   ecoinvent 3.10 for 2024 and 3.6 for  2019. The forecasted emission fac-   tors follow the CRREM Global Path-   ways 1.5-degree trajectory. CRREM   pathways provide a publicly available,   regularly updated source with a long   forecasting horizon until 2050.   The NKT model uses a constant   emission factor after 2050 for unbi-   ased calculations. Ecoinvent emission   factors include lifecycle emissions and   transmission losses, while CRREM   focuses on direct combustion for   electricity generation. Therefore, fore-   casted ecoinvent emission factors are   used to calculate absolute emissions   of sold cables.   Until 2023, NKT used static emission   factors for use-phase emissions. In   2024, the calculation switched to pro-   jected emission factors. The change   resulted in a decrease of the baseline   value of 66%.   Scope 3 category 12: End of life   treatment of sold products   Scope 3 category 12 emissions are   calculated using the activity average   method. The volumes of materials   entering and leaving the organisation   are assumed equal, with metals recy-   cled and insulation incinerated with   energy recovery at the product end-   of-life. Emissions are calculated based   on material quantities and emission   factors from the UK Department for   Energy Security and Net Zero.   Effect of restatement on   target and programs   The changes to the Scope 3 carbon   inventory do not affect the decarboni-   sation target. The target is maintained.   The decarbonisation programs remain   valid, too.   Significant estimates   and judgements   To determine the scope of the vessels   utilised in NKT’s operations, an analy-   sis of financial and operational control   has been conducted in accordance   with the guidance provided by the   ESRS and the GHG Protocol. This   assessment includes a review of ves-   sel ownership and NKT’s influence   over the operations of vessels it does   not own.   Vessels under NKT’s financial and/or   operational control are included in the   reporting of NKT’s direct emissions.   Conversely, vessels that are neither   under financial nor operational control   are reported under Scope 3, category   1: Purchased goods and services.   The calculation of use phase emis-   sions use forecasted emission   factors based on the CRREM Global   Pathways 1.5-degree trajectory (see   accounting policy on page 94 for   details). CRREM's energy grid emis-   sion factor projections are subject to   significant uncertainties due to model   assumptions, technological progress,   policy implementation, and economic   factors. These optimistic decarboni-   zation pathways may not fully capture   real-world complexities, potentially   causing discrepancies between pro-   jected and actual emission factors   over time.   The use-phase emissions for the   acquired site, SolidAl, have been   estimated based on the share of use   phase emissions of the Applications   business line, proportional to SolidAl's   revenue share in the Applications   business line. For business travel, the   emissions have been allocated based   on the Group's emissions in this cate-   gory and the proportion of the Group's   revenue.   Internal carbon pricing   E1-8   NKT currently does not apply inter-   nal carbon prices.   Resource use   and circular   economy   Impacts, risks, and opportunities   E5   In the following chapter, NKT will describe its work with   resource use and circular economy topics with a focus   on the material impacts and risks.   The material sustainability matters are:   ■ Resource inflow including resource use   ■ Waste   ■ Resource outflow related to products and services   Policies   E5-1   NKT has not yet established a   dedicated policy for resource use   and circular economy. There are   currently ongoing efforts to enhance   and mature NKT's overall strategic   circularity initiatives. NKT aims to   finalise and disclose a comprehen-   sive policy for resource use and   circular economy in 2025.   Value chain IROs   Material sustainability matters in the   value chain for resource use and   circular economy are covered by the   Procurement sustainability policy.   To read more, see:   Procurement sustainability   policy on page 98   Actions and resources   E5-2   NKT is active with a number of   activities within circularity covering   areas such as waste minimisation,   product lifetime extension, recy-   cling, and recycled content. How-   ever, with the exemption of waste   minimisation, these efforts have not   been part of a cohesive strategic   framework and therefore NKT has   no actions to disclose for resource   use and circular economy. NKT is   currently in the process of maturing   its overall strategic approach within   the area of circularity which will help   ensure the allocation of the neces-   sary resources to specific strategic   focus areas.   Targets   E5-3   Without a formal policy, NKT cur-   rently lacks specific targets for   resource use and circular economy   concerning market products. There   are ongoing efforts to enhance   and mature NKT's overall strategic   circularity initiatives. NKT intends   to develop and disclose targets for   resource use and circular economy   by 2026.   Metrics   Resource inflows   E5-4   The main material inflows to pro-   duce NKT’s cable system products   are:   ■ Copper   ■ Aluminium   ■ Lead   ■ Steel   ■ Cross-linked polyethylene (XLPE)   ■ Polyvinyl chloride (PVC)   These materials have complex   value chains where the initial step is   extraction of raw materials such as   crude oil and metal ores, followed   by refining processes and manufac-   turing into high-quality products that   are then used in the manufacturing   of cable systems by NKT. NKT  uses copper and aluminium in the   cable conductors for their electrical   properties, where aluminium is pro-   cessed from bauxite, a critical raw   material, and copper from copper   ore. The different plastics are used   for their insulation and semi-con-   ductive properties and critical to   keep the high performance of cable   systems. The cascading principle   is applied to these materials by   maximising the use of resources as   well as the fact that the materials   are used to manufacture high-value   cable products with a long lifetime   that supports the green transition in   society.   The main impacts of the core mate-   rials are in the value chain where   mining and extraction of virgin   materials contribute to resource   depletion and carbon emissions   through energy-demanding refin-   ing processes. This is also where   waste is a material topic for NKT,  since mining is a process where   tailings and other waste flows such   as scrap rocks are generated while   the waste associated with the pro-   duction of plastics is mainly plastic   scrap not meeting quality require-   ments. Overall, increasing circularity   in the value chain is an important   decarbonisation and resource use   lever to reduce the impacts. For the   plastics, using sustainably sourced   renewable feedstock such as bio-   based plastics could be another   possibility to increase circularity   and decarbonisation throughout the   value chain. The percentage of sus-   tainably sourced biological material   contents in NKT’s cable systems   was 0% in the reporting period,   while the percentage of reused or   recycled components used to man-   ufacture NKT’s cables was 8%.   In addition to the main materials   used for cable system production,   NKT has a resource inflow of pack-   aging materials. These packing   inflows consist of pallets and plastic   foils that materials are packaged in   on delivery together with the out-   bound packaging that NKT uses   when placing produced cables on   the market. NKT delivers part of the   product portfolio with and in pack-   aging such as drums in wood, steel,   and plastics, as well as caddies.   To read about NKT's material   resource inflows with the full value   chain, see:   Value chain on page 63   Accounting policy   The disclosure is based on the   recorded purchases of NKT's main   raw materials in the reporting period.   Percentage of sustainably   sourced biological materials   The percentage of biological materials   and biofuels used for non-energy pur-   poses is calculated using the following   formula:   Total weight of sustainably   sourced biological materials   *100   Total weight of raw materials   Percentage of reused or   recycled components   The proportion of reused or recycled   components in raw material pur-   chased in 2024 is estimated using the   global average data on recycled cop-   per and steel supplied by the ecoin-   vent database.   The percentage of secondary reused   or recycled components, secondary   intermediary products, and secondary   materials used for the manufacturing   of products and packaging is calcu-   lated using the following formula:   Total weight of reused/   recycled components   *100   Total weight of raw materials   Significant estimates   and judgements   For the disclosures related to circular-   ity, NKT assumes the total amount of   purchased main raw materials to be   consumed within the reporting period.   Sustainably sourced materials   For the disclosure on sustainably   sourced biological materials, NKT   relies on the availability and quality of   data from its suppliers. In cases where   NKT cannot obtain information on the   amount of sustainably sourced bio-   logical materials from its suppliers, it   assumes the share to be 0%.   Reused or recycled components   Due to inconsistencies in the data   and to ensure transparency and con-   sistency, NKT has opted to use the   verified global average for recycled   content available in the ecoinvent   database. This approach allows NKT   to present a more accurate and reli-   able assessment of its environmental   impact.   In cases where NKT cannot obtain   information on the amount of reused   or recycled components from the   ecoinvent database, it assumes the   share to be 0%.   Metrics   Resource outflows   E5-5   NKT promotes efficient resource use   and circularity in both manufacturing   and products placed on the market.   In the following list, the key products   – cable systems - that are being man-   ufactured through NKT’s production   processes are described together with   how they integrate circular principles:   ■ Cable systems at NKT are   designed with long lifetimes and   high-quality assurance. In every   aspect of the production process,   NKT aims to maximise the use of   materials, such as copper, alumin-   ium, and plastics, which are criti-   cal for electrical conductivity and   insulation properties. Since cable   systems are built to last, the fre-   quency of replacements and the   associated environmental impact   are low. The standard for lifetime   of a cable is different depending   on application, where energy dis-   tribution networks serve 40 years,   building wires 30 years, and tele-   com networks 20 years.   ■ In NKT’s high voltage cable and   accessories portfolio, life cycle   solutions on repair and decom-   missioning services are offered   which ensure that cable systems   are repaired if faulting, extending   the lifetime of the system.   ■ When considering product   design, recycled content, i.e.   the use of secondary resources   instead of virgin resources, is an   important criteria. NKT is contin-   uously assessing opportunities to   increase the recycled content of   the cable.   ■ At the end of their life cycle,   cables can be recycled to recover   valuable metals. This reduces the   demand for new raw materials   and minimises waste. Advanced   recycling techniques allow for   the disassembly and recycling   of metals, insulation, and other   components. For some products   in some markets, take-back   systems are available to a limited   extent. The rate of recyclable   content in NKT's cables is 42%.   Accounting policy   Rate of recyclable content   The material recovery rate for each   raw material type, which is used for   the calculation of the rate of recyclable   content, is based on industry standard   EN 50693:2019, product category rule   for life cycle assessment for electronic   and electrical products and systems.   The rate of recyclable content in   products and packaging is calculated   using the following formula:   ∑ (Material recovery rate (%)   per raw material type × Total   weight of raw material type) +   ∑ (Material recovery rate (%)   per packaging type × Total   *100   weight of packaging type)   Total weight of raw materials   + Total weight packaging   Lifetime of a cable   Lifetime of a cable is based on   Europacable's standard on carbon   performance in the wire and cable   industry and the PEP ecopassport   Program PSR, Specific rules for Wires,   Cables and Accessories.   Significant estimates   and judgements   NKT assumes the total amount of pur-   chased main raw materials to be con-   sumed within the reporting period.   Recovery rate   NKT have opted to use the verified   global average for recovery rates as   stated in the industry standard EN   50693:2019. This approach allows   NKT to present a more accurate and   reliable assessment of its environmen-   tal impact.   In cases where NKT has no specific   or representative data available,   and where industry standard EN   50693:2019 does not provide guidance   on the recovery rate, NKT assumes the   share to be 0%.   Other   environmental   responsibilities   in the value chain   Impacts, risks, and opportunities   E2, E3, E4   In the following chapter, NKT will describe its work with   environmental topics in the value chain with a focus on   the material impacts.   The material sustainability matters are:   ■ Pollution of soil   ■ Pollution of air   ■ Pollution of water   ■ Water   ■ Impacts on the extent and condition of ecosystems   ■ Direct impact drivers of biodiversity loss   • Impact on the state of species   To read more about the material sustainability   matters, see: DMA results on page 65.   Policy   E2-1, E3-1, E4-1, E4-2   The Procurement sustainability policy   is a key policy document related to   due diligence in the value chain.   NKT has not assessed biodiversity   related physical, transition, and sys-   temic risks in relation to its strategy   and business model. No resilience   analysis in the context of biodiver-   sity has been prepared.   Procurement   sustainability policy   Key content   NKT is committed to sustainable   procurement practices that min-   imise environmental impact and   promote fair labour practices. NKT   will collaborate with suppliers who   share its commitment to high ESG   standards and contribute to NKT’s   sustainability objectives. Through   the Procurement sustainability pol-   icy, NKT ensures that it sources and   procures goods and services in a   manner that is ethical, sustainable,   and environmentally and socially   responsible.   The objectives of the policy:   ■ Compliance with environmental   legislation: Require suppliers   and service providers to comply   with all local and international   environmental legislations and   regulations.   ■ Sourcing low negative-impact   materials: Collaborate with sup-   pliers and service providers to   source materials and products   such as recycled and renewable   materials with low negative-im-   pact on the environment.   ■ Reducing GHG emissions: Col-   laborate with suppliers and ser-   vice providers to actively reduce   and set public commitments for   their GHG emissions across their   operations and supply chains.   ■ Energy efficiency: Encourage   suppliers to use renewable   energy sources and adopt   energy-efficient practices.   ■ Reducing pollution of air, water,   and soil: Encourage suppliers to   reduce pollution in their own oper-   ations and their supply chains.   ■ Reducing water: Encourage   suppliers to reduce water usage   in their own operations and their   supply chains.   ■ Waste reduction: Promote waste   reduction, recycling, and respon-   sible waste handling practices   with the suppliers and service   providers and their operations.   ■ Supporting ecosystem resto-   ration: Work with suppliers and   service providers on initiatives to   support and restore degraded   ecosystems and avoid, minimise,   and restore biodiversity loss in   their supply chains.   ■ Engaging with local communities:   Encourage suppliers and service   providers to engage with local   communities to minimise negative   impacts related to environment   from their operations and contrib-   ute to local initiatives.   Limitations   The policy does not address the   following topics:   ■ Traceability of products, com-   ponents, and raw materials with   significant impacts on biodiversity   and ecosystems along the value   chain.   ■ Consumption from ecosystems   that are managed to maintain or   enhance conditions for biodiver-   sity.   ■ Social consequences of biodi-   versity and ecosystem-related   impacts.   ■ Sustainable land practices, sus-   tainable oceans practices and   deforestation or biodiversity and   ecosystem protection covering   operational sites.   Scope   The policy is applicable for employ-   ees and sets guidelines for suppliers   and service providers.   Due diligence   E2-2, E2-3, E3-2; E3-3, E4-3, E4-4   NKT is actively strengthening its due   diligence process with a focus on   specific environmental steps. At this   stage, NKT has no specific actions   or targets for biodiversity, water and   marine resources, or pollution of air,   soil, and water.   While NKT acknowledges the impor-   tance of the material topics, specific   steps to address these gaps have   not yet been implemented. The   effectiveness of the existing envi-   ronmental due diligence policies is   monitored through ongoing activities   within the existing process.   NKT will leverage the results of its   materiality assessment to shape its   mitigation and remediation strat-   egies, focusing on impacts that   are significant to the supply chain.   NKT is committed to continuously   improving and strengthening its due   diligence process to address these   identified environmental impacts   and risks.   Committed to high ethical stand-   ards, NKT expects and requires all   business partners to meet those   same standards. NKT has commit-   ted to comply with UNGC and inte-   grate recommendations by OECD   in its internal ways of working and   while working with business part-   ners and suppliers   Compliance   NKT will conduct regular assess-   ments, including audits, site visits,   self-assessment questionnaires,   and support from third-party cer-   tification bodies and standards to   follow up on due diligence activities.   Suppliers and service providers   who fail to meet the policy require-   ments will face corrective actions,   which may include remediation   plans, warnings, or termination of   the business relationship.   NKT is committed to working   collaboratively with suppliers and   service providers to continuously   improve their sustainability practices   and support them in meeting higher   sustainability standards. Addition-   ally, suppliers and service providers   are required to report their sustain-   ability efforts and progress toward   meeting environmental, social, and   ethical standards. This information   is incorporated into NKT's overall   sustainability disclosures.   Grievance and remediation   To read more about the grievance   mechanism and remedy see:   Grievance mechanism and   remedy on page 107   Own workforce   Impacts, risks, and opportunities   S1   In the following chapter, NKT will describe its work with   own workforce topics with focus on the material impacts   and risks.   The material sustainability matters are:   ■ Health and safety   ■ Training and skills development   Policies   S1-1, S1-3   Health and safety   The area of health and safety is cov-   ered by the Group Integrated Man-   agement System (IMS) policy:   Key content   The policy’s main objective within   the area of health and safety is to   ensure safe and healthy working   conditions in NKT. NKT strives to  ensure a secure work environment.   The material impacts and risks cov-   ered by the policy are work-related   injuries, occupational diseases,   potential hazard of external threats,   and physical and psychological   well-being.   The policy highlights NKT’s commit-   ment to respecting human rights,   aligning with international standards   and guidelines such as the Interna-   tional Bill of Human Rights, Interna-   tional Labour Organisations (ILO's)   Declaration, OECD Guidelines, and   UN Guiding Principles.   To ensure a safe working envi-   ronment, NKT has a workplace   management system in place:   ISO 45001. As per 2024, 80% of   production sites are ISO45001   certified.   Scope   The IMS policy covers the NKT   workforce as well as contractors.   Training and skills development   The area of training and skills devel-   opment is covered by NKT's training   policy. NKT considers developing   employees important in making   NKT an attractive place for employ-   ees to invest their career and to   ensure NKT continuously performs   as an organisation and remains   competitive.   Key content   The key content of the policy is   to ensure effective processes for   investing in employee development.   The policy covers individual devel-   opment, functional and cross-func-   tional training programs, leadership   development, EMBA's, and other   executive programs.   Scope   The NKT training policy applies to all   NKT employees including subsidiar-   ies. The policy regulates white collar   training only.   Human rights policy and   grievance mechanism:   A description of NKT’s human rights   policy and the whistleblower hotline   can be found here:   Human rights policy on   page 107   Data on trainings and number of   grievances received through the   whistleblower hotline can be found   here:   Incidents, complaints, and   severe human rights impacts   on page 106   Code of Conduct training on   page 112  Engagement   with own workforce   S1-2   NKT values its employees and it   is therefore important to engage   with them on sustainability-related   impacts, risks, and opportunities. This   is done on a regular basis through   engagement surveys and structured   feedback dialogues. Engagement   occurs both with the employees   directly and with their representatives   through department meetings and in   meetings with union representatives.   The GLT has operational responsibil-   ity for ensuring that engagement with   NKT’s employees take place.   The effectiveness of engagement is   assessed through surveys and spe-   cific management fora. NKT uses an   engagement survey to ensure that   employees have an opportunity to   be heard.   The engagement with employees is   based on all categories of employees.   NKT covers all vulnerable employee   groups with a range of different poli-   cies, guidelines, and trainings.   Action   S1-4   Health and safety   A Health, Safety, and Environment   (HSE) strategy for 2023-2026 was   developed to strengthen safety   through three main pillars: Behav-   ioural safety, site maturity, and NKT   global standards. These pillars were   further developed in 2024:   ■ Behavioural safety: The SafeStart   initiative aims to reduce safety   incidents by training employees   to recognise and mitigate risky   behaviours. This programme   includes workshops, online train-   ing, and is supervised by a steer-   ing committee.   ■ Site maturity roadmap: Some sites   are audited using the Safety Cul-   ture Ladder to ensure consistent   safety practices. NKT will roll out   more Safety Culture Ladder audits   for sites in the coming years.   ■ NKT global standards: Global   standards are being developed   and some standards are currently   being rolled out, covering areas   such as electrical safety, use of   knives, and forklift operations.   GLT plays an important role as   safety ambassadors, fostering   a visible sense of ownership for   safety. The effectiveness of actions   and initiatives in the HSE strategy is   tracked and assessed through sev-   eral key mechanisms:   ■ Regular audits: Some sites are   audited using the Safety Culture   Ladder to ensure compliance   with safety standards and identify   areas for improvement.   ■ Incident reporting system: The   incident reporting system is used   for risk observation and incident   reporting, helping to track inci-   dents, analyse root causes, and   implement corrective actions.   ■ Monthly HSE council meetings:   The HSE council meets on a   monthly basis to review progress,   discuss updates, and drive   actions, ensuring continuous   monitoring and improvement of   safety practices.   ■ Progress tracking: Regular   updates and progress tracking   are integral to the strategy, involv-   ing monitoring the implementa-   tion of initiatives, assessing their   impact, and making necessary   adjustments.   ■ Feedback mechanisms: Feed-   back from employees and safety   ambassadors is collected to   assess the effectiveness of train-   ing programs such as SafeStart   and other safety initiatives.   ■ Action plans: Specific action   plans are developed to address   identified gaps and tracked   through HSE council meetings,   with immediate actions agreed   upon and followed up to ensure   timely resolution. This includes   enabling remedy where neces-   sary. No remedy has been pro-   vided in 2024.   The HSE strategy for 2023-2026   has allocated resources to enhance   safety through leadership involve-   ment and a strengthened HSE team   to drive improvements and maintain   safety standards.   Training and skills development   In 2024 employees have   participated in the following   programmes:   ■ NKT Trainee Programme  ■ Advanced Talent Programme   ■ Fast Track Emerging Talent Pro-   gramme (for female employees)   ■ Advanced Leadership Pro-   gramme (for female employees)   ■ License to Lead Others Pro-   gramme   For training and skills development   NKT has allocated a team on global   level, working on training pro-   grammes. In 2025, NKT will work on   gaining more transparency in terms   of trainings and skills development,   the actual resources allocated, and   tracking the effectiveness.   With the established programmes   NKT aims to allow employees to   develop skills and become an   attractive employer.   Targets   S1-5   Health and safety targets   NKT has set specific, measurable   goals for the RWA to reduce inci-   dents and enhance safety practices.   Safety (RWA)   The RWA is a key metric used to   measure workplace safety, repre-   senting the number of recordable   incidents per 1,000,000 hours   worked1. The targets for RWA are  designed to encourage continuous   improvement in safety performance.   RWA target   The 2024 RWA target was 6. The   2028 RWA target is 3 or below,   reflecting a reduction in the number   of incidents, indicating better safety   performance. It underscores the   importance placed on reducing   workplace incidents and improving   overall safety. The progress on the   RWA metric can be found here:   Health and safety metrics on   page 105   The target is currently on track. Pro-   gress on the RWA metric is being   monitored monthly and progress   on the target is being monitored   annually.   Setting targets   The target for health and safety has   been developed and set by Group   Health and Safety and NKT Leader-   ship. The base year for the target is   2022 and the baseline value is 5.65.   While the workforce was not directly   involved in setting the target, they   play a crucial role in implementing   measures and monitoring perfor-   mance to achieve it.   Tracking performance and   identifying lessons   The HSE Council plays an impor-   tant role in enhancing safety and   ensuring continuous improvement   within the organisation. The council   oversees safety audits, incident   reporting, and the implementation   of training programs such as Safe-   Start and develops and rolls out   global standards for critical safety   areas. The council also tracks safety   performance and progress towards   targets. Chaired by the Group HSE   Director, the council includes HSE   managers, leadership represent-   atives, and employee representa-   tives, ensuring a comprehensive   approach to safety. The regular   feedback from employees helps   identify lessons learned and areas   for improvement.   Training and skills   development targets   NKT is currently working on being   able to track the effectiveness of   trainings which in turn will enable   the setting of targets for training and   skills development.   Metrics   Characteristics of employees   S1-6   The following section provides an overview of the char-   acteristics of NKT’s employees. For related information,   refer to the note 2.2: "Staff costs" on page 128 in the   financial statements.   Employees by country   Number of employees   Country   (head count)   Sweden   2,264   Germany   1,327   Czech Republic   632   Poland   443   Portugal   430   Denmark   388   India   173   Lithuania   152   United Kingdom   88   Netherlands   82   Other   78   Total   6,057   Employees by gender and contract type   Number of employees   (head count)   Female   1,181   Male   4,875   Other   0 Not disclosed   1 Total number of employees   6,057   Female   1,097   Male   4,575   Other   0 Not disclosed   1 Total number of permanent employees   5,673   Female   84   Male   300   Other   0 Not disclosed   0 Total number of temporary employees   384   Female   3 Male   20   Other   0 Not disclosed   0 Total number of non-guaranteed hours employees   23   Accounting policy Gender categories   NKT's employees may choose a gen-   der category, which is aligned with   their identity or decide not to disclose   their gender. As such NKT operates   with four categories; female, male,   other, and not disclosed.   Total head count   The total number of employees is   determined by the head count at the   end of the reporting period. This figure   includes temporary and permanent   employees, as well as those on leave.   The data is sourced from the Group’s   registration systems. Employees who   have been made redundant or have   resigned are counted until the end   of their notice period, regardless of   whether they have been released from   their duties.   Breakdown of employees   The employee breakdown is based   on the total head count at the end of   the reporting period. Countries where   NKT has at least 10% of its total work-   force, exceeding 50 employees, are   disclosed separately. The remaining   NKT employees are consolidated   under the category “Other.” The geo-   graphical assignment of NKT employ-   ees is determined by their contractual   affiliations.   Social information Own workforce Employee turnover   2024   Number of employees who have left NKT (head count)   606   Percentage of employee turnover   10%   Number of permanent employees who have left NKT (head count)   447   Percentage of permanent employee turnover   8%   Number of temporary employees who have left NKT (head count)   159   Percentage of temporary employee turnover   37%   Accounting policy   Employee turnover   The turnover rates are calculated   The employee turnover rate is cal-   using the following formulas:   culated using the “average number   of employees” to account for fluctu-   Total number of terminated   ations in head count. To accurately   permanent employees   reflect NKT’s turnover rate, two   *100   Average number of   distinct figures are reported: One for   permanent employees   permanent employees and one for   temporary employees. This distinction   Total number of terminated   is necessary due to the inherently   temporary employees   higher turnover rate among temporary   *100   employees.   Average number of   The turnover rate includes all employ-   temporary employees   ees leaving NKT during the reporting   period.   Average number of employees   The average number of employees is   determined by calculating the average   head count over the reporting period,   based on the head count at the end of   each month.   Health and safety metrics   S1-14   2024   Percentage of employees covered by health and safety management system   100%   Number of fatalities among NKT's employees   0 Number of fatalities of other workers working on NKT's sites   0 Number of recordable work-related accidents   52   Rate of recordable work-related accidents (RWA)   5.24   Number of days lost   827   Accounting policy   Coverage of health and safety   Recordable   The rate of recordable work-related   Lost days   management system   work-related incidents   accidents for own workforce is calcu-   The number of days lost to work-re-   The percentage of NKT’s employees   The total recordable work-related   lated using the following formula:   lated injuries are the total number of   who are covered by the health and   incidents include any incidents   calendar days lost to work-related   safety management system is calcu-   which resulted in medical treatment,   Number of recordable   injuries and fatalities from work-related   lated using the following formula:   reduced work, lost time, or fatalities as   work-related accidents for NKT's   accidents in NKT’s own workforce.   reported in an internal system.   workforce * 1,000,000   This includes the first full day and last   Total head count   day of absence.   Total number of hours   of employees covered   Rate of recordable   worked by NKT's workforce   *100   work-related accidents   The number of days lost due to fatali-   Total head count   The calculation of rate of recordable   ties will be assessed individually, con-   of employees in NKT   work-related accidents (RWA) for own   sidering the circumstances leading up   workforce is based on number of   to each fatality.   work hours derived partly from payroll   Fatalities   information and partly from estimates   Fatalities are the number of NKT's   using the contractual hours.   employees and other workers working   on NKT's sites who lost their lives as   a result of a work-related incident or   work-related ill health. Fatalities are   included in the rate of recordable   accidents.   Social information Own workforce Incidents, complaints, and   severe human rights impacts   S1-17   NKT has not identified any cases of   severe human rights incidents (e.g.   forced labour, human trafficking, or   child labour) during 2024 nor paid   any fines, penalties, or compensa-   tion for damages as a result of dis-   criminations for complaints.   Incidents and complaints   2024   Complaints   Number of complaints filed through NKT's whistleblower hotline   19   Number of complaints to National Contact Points for OECD Multinational Enterprises   0 Discrimination and harassment   Total number of incidents of discrimination (including harassment)   5 Fines, penalties, and compensation   Total amount of fines and penalties and total amount of compensation for damages   0 Accounting policy   Number of complaints   The number of complaints filed   through grievance mechanism or the   National Contact Points for OECD   Multinational Enterprises (NCPs for   OECH Multinational Enterprises) is   derived from the whistleblower hotline   and the NCPs for OECH Multinational   Enterprises. It encompasses com-   plaints related to social topics such   as working conditions and equal   treatment, but excludes incidents of   discrimination (including harassment).   Number of incidents   The number of discrimination and   severe human rights incidents affect-   ing NKT's employees is derived from   the whistleblower hotline.   NKT’s Corporate Affairs monitors any   complaints filed with NCPs for OECD   Multinational Enterprises, along with   any incident from the whistleblower   hotline.   Fines   The total amount of fines, penalties,   and compensation paid for damages   related to incidents of discrimination,   including harassment and complaints   and severe human rights abuses/   breaches filed during the reporting   period.   Compensation for damages   The total amount of compensation   paid for damages related to incidents   of discrimination, including harass-   ment and complaints filed during the   reporting period.   Social information   Social responsibility in the value chain   Social   responsibility in   the value chain   Impacts, risks, and opportunities   S2, S3   In the following chapter, NKT will describe its work with   social topics in the value chain with a focus on the mate-   rial impacts.   The material sustainability matters are:   Working conditions   Communities and civil political rights   Particular rights of indigenous communities   Communities' economic and social rights   Policies for social impacts   in the value chain   NKT has two key policy documents   and one statement related to human   rights. These documents apply   across the business and all suppli-   ers and subcontractors working on   behalf of NKT:  NKT Code of Conduct on   page 111  Human rights policy   Modern slavery statement   The NKT Code of Conduct is out-   lined in a different chapter of the   sustainability statement. The follow-   ing section will therefore outline the   human rights policy.   Human rights policy   S2-1, S3-1, S2-2, S3-2, S2-3, S3-3   Key content   The NKT Human rights policy   emphasises the importance of   respecting and protecting human   rights in addressing climate change   and promoting sustainability. It   sets guiding principles for ensuring   human rights for employees, com-   munities where NKT operates, and   workers in the value chain. The pol-   icy aligns with international human   rights standards and is monitored   through the grievance mechanism.   NKT's commitment to human rights   aligns with recognised international   human rights standards including   the International Bill of Human   Rights and the eight ILO's funda-   mental core conventions forming   the basis of ILO's Declaration on   Fundamental Principles and Rights   at Work. NKT’s approach to human   rights is guided by the OECD Guide-   lines for Multinational Enterprises   and the UN Guiding Principles.   Scope   The scope of the policy is NKT's   own operations as well as upstream   and downstream supply chain,   involving employees, customers,   suppliers, and third-party contrac-   tors. It aims to ensure these part-   ners share NKT's commitment to   human rights and implement meas-   ures to respect and promote these   rights. NKT collaborates with supply   chain partners and uses proxies   when direct dialogue is not possi-   ble to identify and address human   rights risks and impacts. The policy   includes references to the Modern   Slavery Statement and NKT Code   of Conduct, highlighting a zero-tol-   erance stance on child and forced   labour. Indigenous people are not   explicitly mentioned in the policy,   but NKT considers indigenous peo-   ple in all human rights work.   Tracking performance   and transparency   NKT will continuously strengthen its   human rights reporting and meas-   ure the impact of its actions on peo-   ple. Data on trainings and number   of grievances received through the   whistleblower hotline can be found   here:   Incidents, complaints, and   severe human rights impacts on   page 106   Code of Conduct training on   page 112  Grievance mechanism   and remedy   NKT has established a grievance   mechanism through its whistle-   blower hotline, which provides a   safe channel to raise concerns   about illegal or unethical behaviour,   including human rights and envi-   ronmental grievances. This hotline   is open to all individuals or groups   and is embedded in the NKT Code   of Conduct. NKT takes all reports   seriously and investigates them   thoroughly to ensure appropriate   action is taken.   To ensure secure and confidential   reporting, the system is hosted by   an external professional partner,   EQS Group, and is accessible via   the NKT intranet or website (NKT.  com). Individuals can choose to   remain anonymous, though they   are encouraged to identify them-   selves to support the investigation.   Regular communication about the   hotline is maintained with employ-   ees, business partners, and other   parties. NKT acknowledges that   some individuals may be unaware   of the grievance mechanism or   Social information   Social responsibility in the value chain   choose not to use it, and efforts   are ongoing to close these gaps.   In cases of human rights violations,   NKT ensures access to appropri-   ate remedies, taking responsibility   for resolving issues when NKT is   responsible and engaging with third   parties in the value chain when they   are responsible. NKT has a strict   non-retaliation policy. To read more,   see:   Non-retaliation on page 111  In cases where individuals' human   rights have been violated, it is   essential to ensure they have   access to appropriate remedies.   When NKT is responsible for the   impact, accountability is taken for   resolving the issue and providing   remedies through a dedicated griev-   ance mechanism. If a third party   in the value chain is responsible,   NKT engages with them to address   the remedy and assess the effec-   tiveness of their human rights due   diligence processes. In case the   negative impact has happened in   the value chain, NKT uses leverage   with multiple stakeholders to work   towards remediation.   Engagement with workers   in the value chain and   affected communities   NKT is working with customers,   suppliers, and third-party contrac-   tors to ensure they share NKT's   commitment to human rights and   implement measures to respect   and promote these rights. NKT   collaborates with supply chain part-   ners and uses proxies, when direct   dialogue with value chain workers   and affected communities is not   possible, to identify and address   human rights risks. These dialogues   take place at a regular frequency, at   least once a year through the DMA   process. To read more, see:   Stakeholder involvement in the   DMA on page 66   NKT will also provide support and   guidance to help partners meet   its human rights expectations and   ensure effective policy implemen-   tation throughout the supply chain.   NKT does not have any general   processes to engage with workers   in the value chain and affected com-   munities beyond these measures.   The GLT has operational responsi-   bility for ensuring that engagement   with workers in the value chain and   affected communities takes place.   Due diligence   S2-4; S2-5; S3-4, S3-5   NKT recognises the complexities of   its supply chain, particularly in rela-   tion to the procurement of materials   often sourced from countries where   human rights are under pressure.   This puts NKT at risk of potentially   being complicit in human rights   violations. The Group Procurement   department is working with social   and environmental due diligence in   the supply chain.   Action and targets   NKT is strengthening its due dili-   gence process with a focus on spe-   cific human rights steps. The current   process does not include any spe-   cific actions and targets for human   rights issues and material impacts.   Specific steps to address these   gaps have not yet been imple-   mented. The effectiveness of the   existing human rights due diligence   policies is monitored through   ongoing actions within the existing   process.   NKT will leverage the results of its   DMA to shape its mitigation and   remediation strategies, focusing on   impacts that are significant to the   supply chain.   NKT takes measures to avoid   causing or contributing to negative   impacts on value chain workers   through our business practices.   This includes sustainability procure-   ment practices, risk assessments,   and trainings.   No cases of non-respect of the UN   Guiding Principles on Business and   Human Rights, ILO Declaration on   Fundamental Principles and Rights   at Work or OECD Guidelines for   Multinational Enterprises that involve   value chain workers or affected   communities, as well as no severe   human rights issues and incidents   connected to its upstream and   downstream value chain workers   or affected communities have been   reported in through the whistle-   blower hotline.   For more details on Code of Con-   duct trainings, see:   Code of Conduct training on   page 112  When conflicts arise, balanced solu-   tions are considered in collaboration   with suppliers to uphold the com-   mitment to human rights and the   NKT Code of Conduct.   Social information   Social responsibility in the value chain   Due diligence processes for social matters   Due diligence element   Status   Risk assessment Human rights risk assessment: In 2023, NKT conducted a human rights risk assessment to evaluate actual and potential risks to its own workforce and the value chain, focusing on  strategic suppliers, particularly in the metals value chain. The assessment followed the UN Guiding Principles on Business and Human Rights (UNGP). The results from this assessment   have also been used for the DMA, to further identify material human rights topics.   Activities to enhance due diligence process: NKT has various ongoing activities to further enhance due diligence and human rights management in general. These ongoing activities  are detailed below:   Reviewing existing due diligence processes to identify opportunities to strengthen   Embedding human rights policy in existing policies, staff handbooks, and procedures and thereby strengthen internal awareness   Developing process for external audit   Developing a human rights training program   Implementing a risk tool   Assessment: NKT is in the process of further assessing the salient human rights risks. Relevant external collaboration partners and stakeholders are being included.  Group Procurement role: Group Procurement drives an aligned strategic supplier due diligence approach.  Mitigating actions No specific mitigation actions for social topics have currently been defined.   NKT is committed to addressing the root causes of negative impacts on people, society, and the environment, whether caused or contributed to by the company.   Tracking Commitment to addressing impacts: NKT is committed to addressing the root causes of negative impacts on people, society, and the environment, whether caused or contributed to  by the company.   Monitoring effectiveness of actions: NKT is using appropriate qualitative feedback and dialogues from both internal and external sources (including affected stakeholders) to monitor  the effectiveness of the actions.   Communication Policy: NKT communicates the contents of the policy to all suppliers and service providers, ensuring they understand NKT’s sustainable procurement approach, practices, and expectations.  Annual reporting: NKT's efforts on due diligence, focus areas, and mitigation measures to address salient risks are reported once a year in the sustainability statement, available on  NKT’s webpage.   Governance   information   111 BusinessConduct   Business conduct   Impacts, risks, and opportunities   G1   In the following chapter, NKT will describe its work with   business conduct topics with a focus on the material   impacts.   The material sustainability matters are:   ■ Corruption and bribery   ■ Political engagement and lobbying activities   NKT Code of Conduct   G1-1   The NKT Code of Conduct sets out   the overarching ethical values, prin-   ciples, and standards which guide   global operations and sustainable   practices.   Key content   The NKT Code of Conduct empha-   sises ethical and responsible   business practices, focusing on   integrity, compliance with laws, and   promoting a culture of openness.   It prioritises health and safety, and   prohibits bribery, corruption, and   fraud. It outlines the commitment   to environmental responsibility and   upholding human rights standards,   including fair labour practices and   prohibiting child and forced labour.   Employees are expected to act   responsibly, complete training, and   support ethical decision-making.   Compliance is monitored through   internal reviews, with appropriate   measures for violations. Multiple   channels are available for reporting   concerns, including a confidential   whistleblower hotline.   Grievance mechanism and   remedy on page 107   Employees are instructed not to   contribute to or support political   parties, candidates, or committees   in the name of NKT.  Scope   The NKT Code of Conduct sets   ethical standards that apply to all   employees and all company oper-   ations and the entire value chain. It   covers suppliers, vendors, custom-   ers, distributors, and other business   partners, ensuring they meet the   same ethical standards and legal   requirements as NKT. The NKT  Code of Conduct is globally appli-   cable, ensuring compliance with   local and international laws and reg-   ulation. All employees and business   partners must comply with the NKT   Code of Conduct.   Political engagement and   lobbying activities   NKT currently has no separate pol-   icy for political engagement and lob-   bying activities as there are existing   procedures in place that effectively   guide the topic. However, the NKT   Code of Conduct emphasises the   importance of separating personal   political activities from professional   responsibilities at NKT.  Non-retaliation   NKT has a strict non-retaliation   policy, ensuring no individual faces   retaliation for raising concerns or   reporting misconduct in good faith.   Retaliation includes adverse actions   such as termination, demotion,   disciplinary sanctions, changes   in assignments, wages, working   hours, negative performance evalu-   ations, or public badmouthing.   NKT takes all allegations of retal-   iation seriously, with separate   investigations by the Compliance   function. Reporters should inform   the whistleblower hotline if they   experience retaliation. This protec-   tion extends to those assisting the   reporter, third parties connected to   the reporter, and entities associated   with the reporter. These rights also   apply to individuals accused in the   report and those cooperating with   investigations.   NKT is subject to the Whistleblower   Protection Act (the Danish national   law transposing Directive (EU)   2019/1937).   Management of   relationships with   suppliers   G1-2   NKT is strengthening its due dil-   igence process. Here, material   business conduct matters in the   value chain will also be evaluated   and included into the due diligence   process.   NKT is consistently enhancing its   ESG requirements throughout its   supply chain. NKT expects and   mandates that business partners   adhere to these standards and   comply fully with all applicable laws,   statutes, international regulations,   and the NKT Code of Conduct. NKT   works with approximately 5,500   suppliers, utilising a segmentation   model to determine the level of   engagement necessary for man-   aging supplier due diligence and   strategies.   Governance information Business conduct   All strategic suppliers must go   through NKT’s corporate supplier   due diligence process. This process   includes a self-assessment ques-   tionnaire which is structured around   five key topics:   ■ General information ■ Compliance and governance   ■ Human rights   ■ Environment   ■ Quality   These five topics are combined to   give a full overview of the suppliers   performance to become a qualified   supplier for NKT.  Targets   NKT has not set specific targets   for business conduct, as activities   here are continuous and not tied to   strategic initiatives. The effectiveness   of policies and actions is measured   through different metrics, including   the Code of Conduct trainings, with a   goal of achieving a high training cov-   erage percentage. This ambition is   not based on a specific base period,   as the activities are continuous.   Metrics   Prevention and detection of   corruption and bribery   G1-3   NKT does not tolerate any form of   bribery or corruption. To ensure   compliance with anti-corruption and   bribery regulations, all white-collar   employees are designated as func-   tions-at-risk as they can potentially   be at risk of bribery and corruption.   These employees undergo manda-   tory, annual (re)certification for the   Code of Conduct e-learning training.   The members of the Board are not   subject to the e-learning training.   They are the overseeing body and   approver of the NKT Code of Con-   duct prior to the group-wide imple-   mentation of the policy.   The NKT Code of Conduct covers   guidelines for identifying and man-   aging corrupt practices, including   fraud, bribery, conflicts of interest,   and the exchange of gifts and enter-   tainment.   The training sessions are automat-   ically assigned upon the expiration   of their current certifications.   To effectively address corruption   and bribery within the value chain,   it is crucial that the functions most   involved with the value chain (func-   tions-at-risk) are thoroughly trained   and educated on these issues.   In order to prevent, detect, and   address incidents of corruption or   bribery, NKT has several proce-   dures in place in addition to training   of relevant employees:   ■ Screening of third parties   ■ Enhanced due diligence on   agents and distributors   ■ Written policies and guidelines   ■ Reporting of gifts and entertain-   ment to/from public officials   ■ Whistleblower hotline   NKT operates a compliance pro-   gram driven by the Compliance   Function to uphold commitments   to anti-corruption and anti-bribery.   The Compliance Board oversees   the initiatives outlined in the com-   pliance program with ultimate over-   sight provided by the Audit Commit-   tee, on behalf of the BoD.   To ensure transparency and   accountability, NKT has imple-   mented a whistleblower policy,   along with a detailed guide on how   investigations are conducted. Addi-   tionally, there is a clear procedure   in place for managing conflicts of   interest within the investigation   team. Whistleblower reports are   presented to both the Compliance   Board and the Audit Committee, in   anonymised format.   Code of Conduct training   At-risk   functions   Training coverage   Total no. of employees   2,958   Total receiving training   2,703   Training coverage percentage   91%   Frequency   How often training is required   Annually   Accounting policy   Training percentage   The number of employees in func-   tions-at-risk and the number of valid   certificates related to the Code of   Conduct training were derived from   the training platform.   The percentage of functions-at-risk,   defined as all white-collar employees   at NKT, covered by training pro-  grammes was calculated using the   following formula:   Valid certificate   for the period   *100   Total number of employees   in functions-at-risk   Governance information Business conduct Political influence   and lobbying activities   G1-5   The transition to a low-carbon   society necessitates well-estab-   lished political frameworks and   investments in both infrastructure   and emerging technologies. Fur-   thermore, it relies on collective   efforts of all stakeholders to drive   a broader commitment to actively   contribute to a fossil fuel-free future.   NKT plays an important role in   these efforts, actively advocating   for policy changes to accelerate the   energy transition and participating   in dialogues, advocating for new   policies. Through lobbying activities,   NKT focuses on key areas that are   important for achieving a sustaina-   ble future:   ■ Competitiveness   ■ Clean Industrial Deal   ■ Carbon Border Adjustment   Mechanism (CBAM)   ■ Temporary Crisis and Transition   Framework (TCTF)   ■ Renewable energy and net-zero   ambitions of the EU   NKT is registered in the EU   Transparency Register. Number:   186550449159-84   NKT has not made and does not   make any financial or in-kind con-   tributions to political parties, their   elected representatives, or persons   seeking political office.   NKT is a member of various indus-   try associations with Europacable,   Confederation of Danish Industry   (DI), Green Power Denmark, and   the Association of the Electrical   and Digital Industry (ZVEI) being the   most significant memberships.   In 2024, NKT's CCO joined the   Board of DI. No members of the   BoD or GLT have held roles in public   administration or regulatory bodies   in the two years prior to the report-   ing period.   Supply chain   NKT's supply chain may face   human rights and environmental   issues due to insufficient govern-   ment oversight, potentially leading   to labor rights violations and envi-   ronmental degradation. To address   these challenges, NKT advocates   for different initiatives such as the   Clean Industrial Deal, which aims to   maintain social and environmental   standards and promote sustainable   industrial practices. Additionally, the   EU's Renewable Energy and Net-   Zero Ambitions involve significant   investments in renewable energy,   aiming to reduce environmental   degradation associated with fos-   sil fuels. However, it is crucial to   ensure that these renewable energy   projects respect human rights,   particularly in sourcing materials   and impacting local communities.   NKT is committed to participating   in advocacy and dialogues within   initiatives that address both human   rights and environmental issues,   striving to create a more sustainable   and ethical supply chain.   Accounting policy   Political contributions   NKT’s Code of Conduct, specifically   the section on Anti-Corruption, pro-   hibits political contributions, which are   defined as contributions to politicians,   political campaigns, and political   parties.   Lobbying activites   Member fees for industry associa-   tions are registered separately on a   legal entity level.  </mrv:SustainabilityReport>
   <mrv:StatementOfTheDiversityPolicies contextRef="ctx1" id="fact6728" xml:lang="en">Statement on diversity policy   pursuant to Section 107d of the   Danish Financial Statements Act:   NKT's diversity policy aims to foster   a diverse and inclusive organisation,   ensure fair recruitment processes,   and embed diversity and inclusion   in all employee life cycle processes.   To implement this policy, NKT has   adopted several initiatives, including   leadership commitment, a D&amp;I   champions council, integration of   diversity in people processes, and   employee engagement campaigns.   For example, senior leaders play a   pivotal role in nurturing a diverse   culture, and the "Refer a Woman"   campaign offers referral bonuses to   employees who recommend   successful female candidates.   During the reporting period, NKT   achieved notable results: An   increase in women hired from 19%   to 25%, a rise in the D&amp;I index score   from 76% to 77%, and a significant   boost in women referrals through   the "Refer a Woman" campaign.   Additionally, 21% of senior leaders   are now from the underrepresented   gender. Despite the improvement   compared to the 2021 baseline of   13%, the share is still below the   2025 target of 30%.  </mrv:StatementOfTheDiversityPolicies>
   <mrv:StatementOfPolicyForDataEthics contextRef="ctx1" id="fact6761" xml:lang="en">Statement on data ethics   pursuant to Section 99d of the   Danish Financial Statements Act:   NKT respects and handles all data   from employees, customers, and   stakeholders in compliance with   applicable laws and internal ethical   standards. Introduced in 2021,   NKT’s data ethics policy ensures   ethical data handling, focusing on   integrating data ethics into opera-   tions, developing responsible data-   driven processes, and enhancing   data privacy practices.   Progress includes enhanced GDPR   compliance, development of tem-   plates and guidelines, and training   of high-risk employees. Next steps   involve continuing the implemen-   tation of data protection and data   ethics policies, updating the internal   data privacy policy and e-learning,   and preparing for the implementa-   tion of the AI Act.  </mrv:StatementOfPolicyForDataEthics>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx1" id="fact6785" xml:lang="en">EU Taxonomy   Social responsibility in the value   chain   Resource use and circular economy   Other environmental responsibilities in   the value chain   Taxonomy   95 Resource use and circular economy   98 Other environmental responsibilities in the value chain   Gross Scopes 1, 2, 3 and Total GHG emissions   Retroperspective   Milestones and target years   Annual % target /   2019   2024   4 2025   2030   (2050)   Base year   Scope 1 GHG emissions  Gross Scope 1 GHG emissions (tCO2eq)   23,784   23,626   - 7,5021  7,5021  8%2  NKT Group: Gross Scope 1 GHG emissions (tCO2eq)   19,413   18,610   - - - - Assets under operational control: Gross Scope 1 GHG emissions (tCO2eq)   4,371   5,016   - - - - Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)   NKT Group: Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)   - - - - - - Assets under operational control: Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)   - - - - - - Scope 2 GHG emissions  Gross location-based Scope 2 GHG emissions (tCO2eq)   52,230   50,659   - - - - NKT Group: Gross location-based Scope 2 GHG emissions (tCO2eq)   52,230   50,659   - - - - Assets under operational control: Gross location-based Scope 2 GHG emissions (tCO2eq)   - - - - - - Gross market-based Scope 2 GHG emissions (tCO2eq)   51,236   324   - - - - NKT Group: Gross market-based Scope 2 GHG emissions (tCO2eq)   51,236   324   - - - - Assets under operational control: Gross market-based Scope 2 GHG emissions (tCO2eq)   - - - - - - Significant Scope 3 GHG emissions  Total Gross indirect (Scope 3) GHG emissions (tCO2eq)   3,411,629   4,477,543   - 2,318,1623  319,7463  3%2  1 Purchased goods and services   1,447,999  2,252,754   - - - - 2 Capital goods   5,003   9,922   - - - - 3 Fuel and energy-related   10,647   6,576   - - - - 4 Upstream transportation and distribution   37,913  167,717   - - - - 5 Waste generated in operations   2,788   879   - - - - 6 Business traveling   381   2,011   - - - - 7 Employee commuting   6,574   10,271   - - - - 9 Downstream transportation   2,761   2,691   - - - - 11 Useof sold products (Indirect)   1,749,466   1,718,496   - - - - 12 End-of-life treatment of sold products   148,097   306,226   - - - - Total GHG emissions   Total GHG emissions (location-based) (tCO2eq)   3,487,644  4,551,828   - - - - Total GHG emissions (market-based) (tCO2eq)   3,486,650   4,501,492   - - - - EU Taxonomy   Revenue   Substantial contribution criteria   DNSH Criteria ('Do no significant harm')   Economic Activities (1)   mEUR   % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL   Y/N   Y/N   Y/N   Y/N   Y/N   Y/N   Y/N   % E T A. TAXONOMY-ELIGIBLE ACTIVITIES  A.1. Environmentally sustainable activities (Taxonomy-aligned)  3.1. Manufacture of renewable energy technologies  CCM 3.1  542   17%   Y N N/EL   N/EL   N/EL   N/EL   N/A   Y Y Y Y Y Y 13%   E N/A   4.9. Transmission and distribution of electricity   CCM 4.9   932   29%   Y N N/EL   N/EL   N/EL   N/EL   N/A   Y N/A   Y Y Y Y 19%   E N/A   3.20 Manufacture, installation, and servicing of high, medium and low voltage   electrical equipment for electrical transmission and distribution that result in or   enable a substantial contribution to climate change mitigation   CCM 3.20   125   4%   Y N N/EL   N/EL   N/EL   N/EL   N/A   Y Y Y Y Y Y 0%   E N/A   Revenue of environmentally sustainable activities (Taxonomy-aligned) (A.1)   1,600   49%   49%   0%   N/A   N/A   N/A   N/A   N/A   Y Y Y Y Y Y 32%   Of which enabling   1,600   49%   49%   0%   N/A   N/A   N/A   N/A   N/A   Y Y Y Y Y Y 32%   E Of which transitional   0 0%   0%   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   T A.2 Taxonomy-eligible but not environmentally sustainable activities  (not Taxonomy-aligned activities)   EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL   3.1. Manufacture of renewable energy technologies  CCM 3.1  0 0%   EL   N/EL   N/A   N/A   N/A   N/A   2%   4.9. Transmission and distribution of electricity   CCM 4.9   162   5%   EL   N/EL   N/A   N/A   N/A   N/A   16%   3.20 Manufacture, installation, and servicing of high, medium and low voltage   electrical equipment for electrical transmission and distribution that result in or   enable a substantial contribution to climate change mitigation   CCM 3.20   750   23%   EL   N/EL   N/A   N/A   N/A   N/A   30%   Revenue of Taxonomy-eligible but not environmentally sustainable activities   (not Taxonomy-aligned activities) (A.2)   912   28%   28%   0%   N/A   N/A   N/A   N/A   47%   A. Revenue of Taxonomy-eligible activities (A.1+A.2)   2,512   77%   77%   0%   N/A   N/A   N/A   N/A   79%   B. TAXONOMY-NON-ELIGIBLE ACTIVITIES   Revenue of Taxonomy-non-eligible activities (B)   740  23%   CapEx   Substantial contribution criteria   DNSH Criteria ('Do no significant Harm')   mEUR   % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL   Y/N   Y/N   Y/N   Y/N   Y/N   Y/N   Y/N   % E T A. TAXONOMY-ELIGIBLE ACTIVITIES  A.1. Environmentally sustainable activities (Taxonomy-aligned)  3.1. Manufacture of renewable energy technologies  CCM 3.1  189   31%   Y N N/EL   N/EL   N/EL   N/EL   N/A   Y Y Y Y Y Y 28%   E N/A   4.9. Transmission and distribution of electricity   CCM 4.9   134   22%   Y N N/EL   N/EL   N/EL   N/EL   N/A   Y N/A   Y Y Y Y 28%   E N/A   3.20 Manufacture, installation, and servicing of high, medium and low voltage   electrical equipment for electrical transmission and distribution that result in or   enable a substantial contribution to climate change mitigation   CCM 3.20   18   3%   Y N N/EL   N/EL   N/EL   N/EL   N/A   Y Y Y Y Y Y 0%   E N/A   CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)   341   56%   56%   0%   N/A   N/A   N/A   N/A   N/A   Y Y Y Y Y Y 56%   Of which enabling   341   56%   56%   0%   N/A   N/A   N/A   N/A   N/A   Y Y Y Y Y Y 56%   E Of which transitional   0 0%   0%   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   T A.2 Taxonomy-eligible but not environmentally sustainable activities  (not Taxonomy-aligned activities)   EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL   3.1. Manufacture of renewable energy technologies  CCM 3.1  0 0%   EL   N/EL   N/A   N/A   N/A   N/A   2%   4.9. Transmission and distribution of electricity   CCM 4.9   7 1%   EL   N/EL   N/A   N/A   N/A   N/A   15%   3.20 Manufacture, installation, and servicing of high, medium and low voltage   electrical equipment for electrical transmission and distribution that result in or   enable a substantial contribution to climate change mitigation   CCM 3.20   91   15%   EL   N/EL   N/A   N/A   N/A   N/A   12%   CapEx of Taxonomy-eligible but not environmentally sustainable activities   (not Taxonomy-aligned activities) (A.2)   98   16%   16%   0%   N/A   N/A   N/A   N/A   29%   A. CapEx of Taxonomy-eligible activities (A.1+A.2)   439   72%   72%   0%   N/A   N/A   N/A   N/A   84%   B. TAXONOMY-NON-ELIGIBLE ACTIVITIES   CapEx of Taxonomy-non-eligible activities (B)   172   28%   OpEx   Substantial contribution criteria   DNSH Criteria ('Do no significant harm')   mEUR   % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL   Y/N   Y/N   Y/N   Y/N   Y/N   Y/N   Y/N   % E T A. TAXONOMY-ELIGIBLE ACTIVITIES  A.1. Environmentally sustainable activities (Taxonomy-aligned)  3.1. Manufacture of renewable energy technologies  CCM 3.1  -12   22%   Y N N/EL   N/EL   N/EL   N/EL   N/A   Y Y Y Y Y Y 13%   E N/A   4.9. Transmission and distribution of electricity   CCM 4.9   -10   18%   Y N N/EL   N/EL   N/EL   N/EL   N/A   Y N/A   Y Y Y Y 13%   E N/A   3.20 Manufacture, installation, and servicing of high, medium and low voltage   electrical equipment for electrical transmission and distribution that result in or   enable a substantial contribution to climate change mitigation   CCM 3.20   -2   3%   Y N N/EL   N/EL   N/EL   N/EL   N/A   Y Y Y Y Y Y 0%   E N/A   OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)   -23   44%   44%   0%   N/A   N/A   N/A   N/A   N/A   Y Y Y Y Y Y 27%   Of which enabling   -23   44%   44%   0%   N/A   N/A   N/A   N/A   N/A   Y Y Y Y Y Y 27%   E Of which transitional   0 0%   0%   N/A   N/A   N/A   N/A   N/A   N/A   N/A   N/A   T A.2 Taxonomy-eligible but not environmentally sustainable activities  (not Taxonomy-aligned activities)   EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL   3.1. Manufacture of renewable energy technologies  CCM 3.1  0 0%   EL   N/EL   N/A   N/A   N/A   N/A   2%   4.9. Transmission and distribution of electricity   CCM 4.9   -1   2%   EL   N/EL   N/A   N/A   N/A   N/A   14%   3.20 Manufacture, installation, and servicing of high, medium and low voltage   electrical equipment for electrical transmission and distribution that result in or   enable a substantial contribution to climate change mitigation   CCM 3.20   -9   18%   EL   N/EL   N/A   N/A   N/A   N/A   23%   OpEx of Taxonomy-eligible but not environmentally sustainable activities   (not Taxonomy-aligned activities) (A.2)   -10   19%   19%   0%   N/A   N/A   N/A   N/A   40%   A. OpEx of Taxonomy eligible activities (A.1+A.2)   -33   63%   63%   0%   N/A   N/A   N/A   N/A   66%   B. TAXONOMY-NON-ELIGIBLE ACTIVITIES   OpEx of Taxonomy-non-eligible activities (B)   -19   37%   Row   Nuclear energy-related activities   1 The undertaking carries out, funds or has exposures to research, development, demonstration and   No   deployment of innovative electricity generation facilities that produce energy from nuclear processes with   minimal waste from the fuel cycle.   2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear   No   installations to produce electricity or process heat, including for the purposes of district heating or   industrial processes such as hydrogen production, as well as their safety upgrades, using best available   technologies.   3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that   No   produce electricity or process heat, including for the purposes of district heating or industrial processes   such as hydrogen production from nuclear energy, as well as their safety upgrades.   Fossil gas-related activities   4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation   No   facilities that produce electricity using fossil gaseous fuels.   5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of   No   combined heat/cool and power generation facilities using fossil gaseous fuels.   6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat   No   generation facilities that produce heat/cool using fossil gaseous fuels.   EU Taxonomy   Method statement   NKT has assessed and determined   whether the financial activities of 2024   are:   ■ EU Taxonomy-eligible, meaning   the economic activity meets the   description of the listed economic   activities.   EU Taxonomy-aligned, indicating   ■ compliance with the criteria for sub-   stantial contribution to one or more   of the six environmental objectives,   ensuring Do No Significant Harm   (DNSH) to the other five objectives,   and adhering to Minimum Safe-   guards.   NKT identified relevant business   activities against the EU Taxonomy   eligibility criteria and Taxonomy align-   ment under:   Regulation (EU) 2020/852   ■ Climate Delegated Act (Commis-   ■ sion Delegated Regulation (EU)   2021/2139)   ■ Commission Delegated Regulation   (EU) 2021/2178   Complementary Climate Delegated   ■ Act (Commission Delegated Regu-   lation (EU) 2022/1214)   Environmental Delegated Act (Com-   ■ mission Delegated Regulation (EU)   2023/2486)   Amendments to the Climate Dele-   ■ gated Act (Commission Delegated   Regulation (EU) 2023/2485)   Three activities have been assessed   as being eligible for NKT:  3.1. Manufacture of renewable  ■ energy technologies   3.20. Manufacture, installation,   ■ and servicing of high, medium, and   low voltage electrical equipment   for electrical transmission and dis-   tribution that result in or enable a   substantial contribution to climate   change mitigation   ■ 4.9. Transmission and distribution   of electricity   NKT is a member of the Europacable   task force on Taxonomy. The task   force produced a Taxonomy note in   2024, which provides information on   additional Taxonomy elements, i.e.   alignment parameters, such as techni-   cal screening criteria. It also includes   reporting guidelines and regulatory   mandatory requirements, necessary   for all cable companies in order to   comply with the regulation.   Eligibility   All projects and products that relate to   manufactured cable systems for the   renewable energy sector such as wind   turbines, and other renewable energy   applications, as well as products mar-   keted to the renewable energy sector   under NACE code C27.3 "Manufacture  of wiring and wiring devices" have   been deemed eligible under activity   3.1.  The assessment of eligible economic   activities also included activities under   3.20: “Manufacture, installation, and   servicing of high, medium, and low   voltage electrical equipment for elec-   trical transmission and distribution that   result in or enable a substantial contri-   bution to climate change mitigation”.   Cables used for electricity transmis-   sion or distribution by definition fulfil   the description outlined in activity 3.20   considering their role in improving   electrification. Cables used specifically   within buildings or telecommunication   are not considered eligible for this   classification. If the economic activity   falls under 3.20 and 4.9, the activity   has been allocated to 4.9.   Projects including both products and   installation related to construction   and installation of interconnectors or   enforcement of the grid have been   deemed eligible under 4.9. "Transmis-   sion and distribution of electricity".   Specifically:   Engineering, procurement, con-   ■ struction, and installation services   to transmission system operators   and distribution system operators   Products with installation services,   ■ dedicated to the land transmission   &amp; distribution network as market   segments   The supply of equipment for elec-   tricity transmission and distribution   networks, in case the contract does   not include installation or project   management services, has not been   considered eligible.   Taxonomy alignment   Compliance with technical   screening criteria for   substantial contribution to   climate change mitigation   The substantial contribution criteria to   climate mitigation for activity 3.1 spec-  ifies that the activity "manufactures   renewable energy technologies". This   condition is met when the specific   project or product satisfies one of the   below criteria:   ■ Cables dedicated for a given   renewable energy application   Customers who are dedicated to   ■ renewable energy   Projects and/or installations dedi-   ■ cated to renewable energy   Economic activities allocated to 3.1  include primarily wind power projects.   Corresponding information on projects   and the respective customers are   available publicly as public announce-   ments by NKT or its customers.   Under 3.20, the economic activity has   been deemed compliant with the sub-   stantial contribution to climate change   mitigation criteria when the eligible   activity encompasses the manufactur-   ing, installation, maintenance, repair,   and technical consulting services nec-   essary for the operation throughout the   lifespan of the following component:   Transmission and distribution cur-   ■ rent-carrying wiring devices   These devices qualify if they contrib-   ute to enhancing the proportion of   renewable energy within the system or   improving energy efficiency. The former   has been deemed satisfied when the   respective product has been sold to a   market (country) with a higher or equal   share of renewable energy consumption   than the EU 2030 target of 42.5% of   share from renewable energy in the   Union’s gross final energy consumption.   Products sold to markets below this   threshold have not been included. The   renewable energy share per country   is based on World Bank statistics on   renewable energy consumption (% of   total final energy consumption). This   approach aligns with the EU's renew-   able energy target of 42.5% by 2030   based on the amended Renewable   Energy Directive EU/2023/2413. Devices   sold to markets below this threshold   have not been included.   The economic activity satisfied the   criteria for the substantial contribution   to climate change mitigation for 4.9   when complying with at least one of   the following criteria:   The system is the interconnected   ■ European system, i.e. the intercon-   nected control areas of EU Member   States, Norway, Switzerland, and   the United Kingdom, and its subordi-   nated systems.   ■ Construction/installation and oper-   ation of equipment and infrastruc-   ture where the main objective is an   increase of the generation or use of   renewable electricity generation.   The assessment of the substantial   contribution criteria accounted for the   type of project or product supplied. In   2024, these comprised primarily inter-   connector cables including installation   services.   The contribution of the disclosed   activities is on climate change miti-   gation. The overall assessment con-   cluded no contribution of activities   against the substantial contribution   criteria for climate change adaptation   and that none of the activities are   aligned under the other four environ-   mental objectives across revenue,   OpEx, and CapEx as per Environmen-   tal Delegated Act (Commission Dele-   gated Regulation (EU) 2023/2486).   Compliance with DNSH   The economic activities have been   included as aligned, if they comply   with the relevant DNSH criteria for the   categories 3.1, 3.20, and 4.9. NKT  assessed DNSH criteria on:   Manufacturing level   ■ ■ Project and product level   The assessments are documented   in either project or product specific   documentation and/or the integrated   management plans, processes, and   procedures for the manufacturing   sites. This approach has been devel-   oped to comply with the DNSH criteria   on manufacturing, product, and pro-   ject level.   Climate change adaptation   NKT has performed a physical climate   risk assessment covering NKT´s pro-   duction sites, non-production sites   and key suppliers' production sites.   Asset resilience across different IPCC   climate scenarios and time horizons   has been assessed. Furthermore,   NKT has conducted thorough assess-   ments at the manufacturing site level,   focusing on climate adaptation plans   and measures. On project level, cli-   mate change adaptation documenta-   tion has been obtained.   Sustainable use and protection   of water and marine resources   NKT adheres to regulatory require-   ments in its manufacturing operations   ensuring responsible water manage-   ment. The NKT’s sites are not located   in water-stressed areas. Project   inclusion as part of the Taxonomy   has been contingent upon successful   environmental impact assessments   (EIAs), providing essential insights into   potential water and marine resource   impacts. EIA´s or EAARE´s have also   been requested from NKT´s produc-   tion sites, since NKT or its clients are   legally obliged to conduct an environ-   mental impact assessment.   Pollution prevention and control   NKT adheres to regulatory require-   ments within its manufacturing oper-   ations, ensuring responsible pollution   prevention and control. Both NKT and   its clients are legally obligated to con-   duct thorough environmental impact   assessments. For NKT´s production   sites as well as on project level, all   prohibited and restricted chemical   substances being used have been   identified, together with their pur-   pose and place of use. If materials/   substances from the EU ECHA Can-   didate list of Substances of very high   concern are being used, it has been   documented that there are no alter-   natives and that dispensation from   local authorities or similar has been   approved if required due to exceeding   the threshold.   Protection and restoration of   biodiversity and ecosystems   Both NKT and its clients adhere   to legal obligations by conducting   thorough EIAs. Only those projects   that have successfully completed   an assessment process have been   deemed aligned.   Transition to circular economy   NKT promotes the transition to a cir-   cular economy. Key elements of this   approach include:   High-Quality and Durable Cables:   ■ NKT designs and manufactures   cables to meet stringent quality and   longevity standards. Some cables   often serve for 40 years. Addition-   ally, NKT’s service and installation   division swiftly repairs cable sys-   tems, minimising disruptions and   extending their operational lifespan.   Waste and Circularity Strategy:   ■ NKT has implemented a strategic   waste and circularity plan, with the   primary focus of increasing the   amount of waste that is recycled.   By optimising material usage and   refining recycling processes, NKT   contributes to resource efficiency   while minimising waste generation.   Recycled Content in Conductors:   ■ In alignment with circular economy   principles, NKT is continuously   investigating opportunities to pro-   duce cables with higher recycled   content in their conductors. This   reduces dependence on virgin   resources and fosters sustainable   material practices.   On project level, the economic activ-   ities have been deemed not aligned   with the DNSH criteria if a project   does not have the supportive doc-   umentation to comply with the set   criteria. This can be the case if a   project is new and thereby the nec-   essary documentation has not been   developed yet.   Compliance with Minimum   Safeguards   The Minimum Safeguards have been   assessed on a global company level   with reference to the NKT Code of   Conduct, the Human rights policy,   Sustainable Procurement policy, and   other related policies, processes, and   governance. NKT aligns with the UN   Guiding Principles on Business and   Human Rights, as well as the Organi-   sation for Economic Cooperation and   Development's (OECD) guidelines   for multinational enterprises. These   principles extend to both the internal   operations and supply chain.   In the alignment assessment process,   all relevant aspects of the Minimum   Safeguards have been taken into   consideration. Topics related to fair   competition and anti-corruption are   addressed in the NKT Code of Con-   duct. Additionally, NKT's Tax Policy,   which covers related taxation matters,   is publicly accessible on NKT.com.  Abbreviations in the EU   Taxonomy tables   CCM: Climate change mitigation   Y:   Yes, Taxonomy-eligible and   Taxonomy-aligned activity with  the relevant environmental   objective   N:   No, Taxonomy-eligible but not   Taxonomy-aligned activity with  the relevant environmental   objective   EL:   Taxonomy-eligible activity for  the relevant objective   N/EL: Taxonomy-non-eligible activity   for the relevant objective   E:   Enabling   T:   Transitional   EU Taxonomy   Accounting policy   The revenue (market prices), CapEx   and OpEx related to Taxonomy-el-   igible/aligned activities have been   determined based on the assessment   of project and product eligibility and   alignment. Revenue, CapEx, and   OpEx that can be linked to identi-   fied Taxonomy-aligned activities are   classified as Taxonomy-aligned. The   proportion of revenue, CapEx, and   OpEx that is associated with Taxon-   omy-eligible but not-aligned activities   has been determined. This includes   the eligible activities where NKT does   not meet the technical screening crite-   ria for substantial contribution, DNSH,   or Minimum Safeguards for Taxonomy   alignment. The proportion of revenue,   CapEx, and OpEx that is associated   with Taxonomy-non-eligible activities   has been determined.   Taxonomy KPIs   Revenue (market prices), as presented   in the income statement in the finan-   cial statements and in line with NKT's   financial definition, includes only exter-   nal revenue.   CapEx is defined as "Investments in   property, plant, and equipment" and   "Intangible assets and other invest-   ments" as reported in the cash flow   statement in the financial statements.   It also includes additions of tangible   and intangible assets resulting from   business combinations along with the   leasing additions reported in the right-   of-use assets from leases included in   property, plant and equipment.   OpEx has been defined as direct   non-capitalised costs that relate to   research and development, short-term   lease, maintenance and repair.   The share of Taxonomy-eligible/   aligned revenue is calculated as the   revenue from Taxonomy-eligible/   aligned projects and products as a   proportion of total revenue.   The share of Taxonomy-eligible/   aligned CapEx is calculated as the   investments related to assets, pro-   cesses, and technologies associated   with Taxonomy-eligible/aligned eco-   nomic activities as a proportion of the   total CapEx.   The share of Taxonomy-eligible/   aligned OpEx is calculated as the   OpEx associated with processes and   activities related to Taxonomy-eligible/   aligned economic activities as a pro-   portion of total OpEx.   Allocation key   The share of Taxonomy-eligible/   aligned CapEx and OpEx has been   assessed by applying the share of   Taxonomy-eligible/aligned produced  quantities per categories within spe-   cific business lines as an allocation   key. The majority of investments and   costs can and will be used to produce   both eligible/aligned and non-eligible   projects and products, and NKT   considers that using an output-based   approach represents a good proxy for   the split between eligible/aligned and   non-eligible activities.   Double counting   Revenue, CapEx, and OpEx have   been allocated to a single applicable   activity, either within the three key   Taxonomy-eligible categories or the  non-Taxonomy-eligible category,   ensuring a clear and accurate dis-   tribution without the risk of double   counting.   Restatement 2023   The comparative data of 2023   has been restated to incorporate   the structural and methodological   changes implemented to improve the   accuracy and transparency of the   2024 EU Taxonomy disclosure.   The changes include:   ■ The allocation key for CapEx and   OpEx is now based on quantities   rather than revenue, ensuring   compliance with the Taxonomy   regulation.   ■ Short-term lease and R&amp;D costs   have been incorporated into the   OpEx to provide a more compre-   hensive assessment of operational   expenditures.   ■ Whenever business lines have reve-   nue streams that cannot be directly   allocated to specific projects or   cable types, such as manual post-   ings, NKT proportionally allocates   this non-allocated revenue across   Taxonomy categories. This is based  on each business lines' percentage   distribution of eligible/aligned and   non-eligible revenue.   The source for renewable energy   ■ statistics has shifted from EU Com-   mission data to World Bank figures,   thereby improving coverage by   including non-EU countries.   ■ The technical screening criteria for   substantial contribution to climate   change mitigation have been dis-   tinctly separated from the eligibility   assessment to enhance clarity in   reporting.   These changes ensure the provision of   more reliable and relevant information,   as a result, prior-period figures have   been restated to ensure consistency.  </mrv:DescriptionofTheTaxonomyRegulation>
   <mrv:CorporateGovernanceReport contextRef="ctx1" id="fact8239" xml:lang="en">Corporate governance   on page 46   Accounting policy   Gender diversity ratio   The gender diversity ratio is calculated   using the following formula:   Number of females   Number of males   Independent Board members   The percentage of independent   Board members is calculated   using the following formula:   Number of independent   Board members   *100   Total number of Board   members   Roles and responsibilities   The ESG Committee serves as   the central governing instrument   of the Board on sustainability mat-   ters while the Audit Committee   oversees the integrity, processes,   controls, the audit processes, and   disclosures of sustainability matters.   Important items are brought forward   by the ESG Committee to the Board   for information, consultation and   if necessary, endorsement. The   ESG Committee operates under its   own Terms of Reference, which are   accessible at:   Committee Composition on   page 48   The ESG Committee consists of   a Board member with executive   level experience within ESG who is   also the Chair of the Committee as   well as the Board Chair. The Chief   Executive Officer (CEO), the Chief   Commercial Officer (CCO) and the   Vice President of Group Sustain-   ability serve the committee. The   committee meets quarterly and has   a standing slot in every ordinary   Board meeting.   The role and responsibilities of the   Board include:   ■ Integrating sustainability into   NKT’s strategy, aligning with key   ESG priorities and global frame-   works, while setting clear goals   for long-term impact.   ■ Overseeing sustainability risks,   opportunities, the implementation   of due diligence processes, and   progress toward targets by mon-   itoring performance metrics and   ensuring accountability.   ■ Ensuring compliance with sustain-   ability regulations, including the   CSRD, and alignment with Den-   mark’s and the EU’s climate goals.   ■ Addressing stakeholder concerns   and promoting transparency.   ■ Establishing relevant governance   structures and ensuring sustaina-   ble practices.   ■ Ensuring sustainability initiatives   drive long-term value, encourag-   ing innovation and aligning busi-   ness goals with environmental   and societal needs.   The GLT's role   The role and responsibilities of the   GLT include:   ■ Translating NKT’s sustainability   strategy into measurable goals   and implementing them across   the organisation.   ■ Integrating sustainability practices   into daily operations.   ■ Identifying and managing sus-   tainability risks while ensuring   compliance with regulations such   as the CSRD.   ■</mrv:CorporateGovernanceReport>
   <mrv:SustainabilityReport contextRef="ctx2" id="fact9829" xml:lang="en">General information  Impact, risk, and opportunity management  Material impacts, risks, and opportunities  SBM-3  Climate change  E1  Time  Sustainability matter  IRO type  horizon  Climate change mitigation  NKT's operations and value chain contribute to greenhouse gas emissions.  Actual  All  Emissions arise from fossil fuel use in manufacturing and installation, and from key  negative  materials like conductor metals and insulation. These supply chains are difficult to  impact  decarbonise. Additionally, NKT power cables are part of an energy system that is not  yet fully decarbonised.  Climate change necessitates an energy transition, making power cables essential  Financial  Medium  infrastructure. This presents a commercial opportunity for NKT. NKT's diverse cable  opportunity  and  range supports this transition, boosting market position and stakeholder confidence.  long-term  If decarbonisation efforts fall short of Net Zero Emission goals or the Paris Agree-  Financial  Medium  ment, demand for energy transition technologies, including NKT's, could decline due  risk  and  to unfavorable policies.  long-term  Energy  NKT's operations and value chain rely on fossil fuels, generating greenhouse gas  Actual  All  emissions. This includes natural gas in production, fossil fuels for cable-laying, and  negative  energy-intensive processes by metal and plastic suppliers.  impact  NKT faces risks from energy supply availability and price fluctuations, impacting  Financial  All  operations and suppliers. The energy transition increases demand for power cables,  risk  but this demand depends on the transition's pace.  Climate change adaptation  NKT has identified both acute risks, like extreme weather events, and chronic  Financial  All  climate-related physical risks that could impact company assets, operations, and  risk  supply chain.  Resource use and circular economy  E5  Time  Sustainability matter  IRO type  horizon  Resource inflows, including resource use  NKT uses significant amounts of virgin materials with environmental impacts. The  Actual  All  material flow is mostly linear.  negative  impact  Resource inflows with adverse negative effects on people and environment can cause  Financial  All  reputational damage and resource shortages, affecting production. Resource shortages  risk  from mines pose a risk to production.  Resource outflows related to products and services  The materials used by NKT follow a linear system, from extraction to end-of-life.  Actual  All  Power cables last up to 40 years, but many remain in place as potential resources  negative  despite recycling technologies.  impact  Demand for circular products is rising, making product footprint crucial for custom-  Financial  Medium-  ers. Failing to improve circularity can lead to missed opportunities.  risk  term  Waste  Mining metal ores generates waste and by-products, impacting the environment.  Actual  All  negative  impact  </mrv:SustainabilityReport>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact8337" xml:lang="en">Group Management’s statement The Board of Directors and Executive   Board and the Executive Board have   today considered and adopted the   Annual Report of NKT A/S for the   financial year 1 January – 31 Decem-   ber 2024.   The Consolidated Financial State-   ments and the Parent Company   Financial Statements have been   prepared in accordance with IFRS   Accounting Standards as adopted by   the EU and further requirements in   the Danish Financial Statements Act.   Management’s Review has been pre-   pared in accordance with the Danish   Financial Statements Act.   In our opinion, the Consolidated   Financial Statements and the Parent   Company Financial Statements give   a true and fair view of the financial   position on 31 December 2024 of the   Group and the Parent Company and   of the results of the Group and Parent   Company operations and consoli-   dated cash flows for the financial year   1 January - 31 December 2024.   In our opinion, Management’s Review   includes a true and fair account of the   development in the operations and   financial circumstances of the Group   and the Parent Company, of the   results for the year and of the financial   position of the Group and the Parent   Company as well as a description   of the most significant risks and ele-   ments of uncertainty facing the Group   and the Parent Company.   Additionally, the Sustainability State-   ment, which is part of Management’s   Review, has been prepared, in all   material respects, in accordance with   paragraph 99a of the Danish Financial   Statements Act. This includes compli-   ance with the European Sustainability   Reporting Standards (ESRS) includ-   ing that the process undertaken by   Management to identify the reported   information is in accordance with the   description set out in the section titled   “General information” in the Sustain-   ability Statements. Furthermore, dis-   closures within “EU Taxonomy” in the   Environmental Information section of   the Sustainability Statement are, in all   material respects, in accordance with   Article 8 of EU Regulation 2020/852   (the “Taxonomy Regulation”).   The year 2024 marks the initial imple-   mentation of paragraph 99a of the   Danish Financial Statements Act   concerning compliance with ESRS. As   such, more clear guidance and prac-   tice are anticipated in various areas,   which are expected to be issued in   the coming years. Furthermore, the   sustainability statement includes for-   ward-looking statements based on   disclosed assumptions about events   that may occur in the future and possi-   ble future actions by the Group. Actual   outcomes are likely to be different   since anticipated events frequently do   not occur as expected.   In our opinion, the annual report of   NKT A/S for the financial year 1 Jan-   uary to 31 December 2024 with the   file name nkt-2024-12-31-en.zip is   prepared, in all material respects, in   compliance with the ESEF Regulation.   We recommend that the Annual   Report be adopted at the Annual Gen-   eral Meeting.  </sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx1" id="fact8420" xml:lang="en">Brøndby</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx1" id="fact8421">2025-02-21</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx57" id="fact9300" xml:lang="en">Executive Management Claes Westerlind Line Andrea Fandrup</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx56" id="fact9296" xml:lang="en">Executive Management Claes Westerlind Line Andrea Fandrup</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx56" id="fact9299" xml:lang="en">President &amp; CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx57" id="fact9303" xml:lang="en">CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx66" id="fact9386" xml:lang="en">Board of Directors Jens Due Olsen René Svendsen-Tune Andreas Nauen Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* Pernille Blume Jørgensen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx65" id="fact9376" xml:lang="en">Board of Directors Jens Due Olsen René Svendsen-Tune Andreas Nauen Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* Pernille Blume Jørgensen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx64" id="fact9366" xml:lang="en">Board of Directors Jens Due Olsen René Svendsen-Tune Andreas Nauen Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* Pernille Blume Jørgensen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx63" id="fact9356" xml:lang="en">Board of Directors Jens Due Olsen René Svendsen-Tune Andreas Nauen Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* Pernille Blume Jørgensen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx62" id="fact9346" xml:lang="en">Board of Directors Jens Due Olsen René Svendsen-Tune Andreas Nauen Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* Pernille Blume Jørgensen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx61" id="fact9336" xml:lang="en">Board of Directors Jens Due Olsen René Svendsen-Tune Andreas Nauen Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* Pernille Blume Jørgensen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx60" id="fact9326" xml:lang="en">Board of Directors Jens Due Olsen René Svendsen-Tune Andreas Nauen Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* Pernille Blume Jørgensen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact9315" xml:lang="en">Board of Directors Jens Due Olsen René Svendsen-Tune Andreas Nauen Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* Pernille Blume Jørgensen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx58" id="fact9304" xml:lang="en">Board of Directors Jens Due Olsen René Svendsen-Tune Andreas Nauen Anne Vedel Nebahat Albayrak Karla Lindahl Akos Frank* Jean Leif Iversen* Pernille Blume Jørgensen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx58" id="fact9314" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx59" id="fact9325" xml:lang="en">Deputy Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact8422" xml:lang="en">Independent auditor’s reports</arr:IndependentAuditorsReportsAudit>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact8423" xml:lang="en">To the shareholders of NKT A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:AuditorsReportOnFinancialStatements contextRef="ctx1" id="fact8424" xml:lang="en">Report on the audit of the Financial Statements</arr:AuditorsReportOnFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact8425" xml:lang="en">Our opinion   In our opinion, the Consolidated   Financial Statements give a true and   fair view of the Group’s financial posi-   tion at 31 December 2024 and of the   results of the Group’s operations and   cash flows for the financial year 1 Jan-   uary to 31 December 2024 in accord-   ance with IFRS Accounting Standards   as adopted by the EU and further   requirements in the Danish Financial   Statements Act.   Moreover, in our opinion, the Parent   Company Financial Statements give   a true and fair view of the Parent   Company’s financial position at 31   December 2024 and of the results   of the Parent Company’s operations   and cash flows for the financial year   1 January to 31 December 2024 in   accordance with the Danish Financial   Statements Act.   Our opinion is consistent with our   Auditor’s Long-form Report to the   Audit Committee and the Board of   Directors.   What we have audited   The Consolidated Financial State-   ments of NKT A/S for the financial   year 1 January to 31 December 2024   comprise the income statement, the   statement of comprehensive income,   the balance sheet, the statement of   changes in equity, the cash flow state-   ment and notes, including material   accounting policy information.   The Parent Company Financial State-   ments of NKT A/S for the financial   year 1 January to 31 December 2024   comprise the income statement,   the balance sheet, the statement of   changes in equity, the cash flow state-   ment and notes, including material   accounting policy information.   Collectively referred to as the “Finan-   cial Statements”.  </arr:OpinionOnAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx1" id="fact8510" xml:lang="en">Key audit matters   Key audit matters are those matters   that, in our professional judgement,   were of most significance in our audit   of the Financial Statements for 2024.   These matters were addressed in the   context of our audit of the Financial   Statements as a whole, and in forming   our opinion thereon, and we do not   provide a separate opinion on these   matters.   Key audit matter   Revenue recognition and valuation   of construction contracts   The accuracy and valuation of work   in progress of large construction con-   tracts in Solutions and the timing of   recognition in the income statement   is dependent on complex estimation   methodologies of, amongst oth-   ers, construction costs, percent-   age-of-completion and uncertainties   in the construction phase.   We focused on this area because the   revenue recognised over time and   valuation of construction contracts   require significant judgements and   estimates by Management.   Refer to notes (2.1) and (4.5) in the  consolidated financial statements.   How our audit addressed the key audit matter We performed risk assessment proce-   dures with the purpose of achieving an   understanding of IT-systems, business   procedures and relevant key controls   regarding revenue recognition. In   respect of key controls, we assessed   whether they were designed and   implemented effectively to address   the risk of material misstatements. For   selected controls that we planned to   rely on, we tested whether they were   performed on a consistent basis, pri-   marily related to contract approvals,   monitoring of project development   and estimation of costs to complete   projects.   We considered the appropriateness   of the Group’s accounting policies for   revenue recognition and construction   contracts and assessed compliance   with IFRS 15.   On a sample basis, we reviewed the   individual contracts in Solutions and   challenged the accounting treatment   applied by Management. We tested   whether revenue is recorded in the   correct period and whether construc-   tion contracts are valued properly and   accurately by challenging the esti-   mated costs to complete related to the   projects, including the assumptions   used, and by performing retrospective   review and considering the historical   accuracy of the assessment of per-   centage-of-completion and of the   assessment of risk provisions.   We also assessed how the project   managers determined the degree of   completion by obtaining their calcula-   tions and challenged assumptions and   inputs used.   We assessed the completeness and   accuracy of the disclosure of revenue   recognition and construction con-   tracts against the disclosure require-   ments in IFRS 15.   Key audit matter   Valuation and recognition of   deferred tax assets   NKT has deferred tax assets from   tax losses carried forward and other   timing differences in foreign entities,   especially in Germany. Significant   judgement and estimates are made   when measuring and recognising the   tax assets, including when and to   which extent these can be utilised in   the future.   We focused on this area because   Management makes significant judge-   ments and estimates when measuring   and recognising the tax assets, includ-   ing when and to which extent these   can be utilised in the future.   Refer to note (2.5) in the consolidated   financial statements.   How our audit addressed the key audit matter We considered the appropriateness of   the accounting policies and valuation   models utilised for tax accounting and   assessed compliance with applicable   IAS 12. We also assessed Manage-   ment’s process for identifying and   assessing deferred tax assets that   might not be recoverable.   We assessed Management’s judge-   ments and estimates of tax balances   and carrying amounts as well as   the related applied tax rates when   calculating these. We also assessed   the reasonableness of the main data   and assumptions used to calculate   the taxable income forecasts used for   recognition and recoverability of the   deferred tax assets relating to tax loss   carryforward.   We obtained and evaluated Manage-   ment’s expectations for the generation   of future taxable profits in Germany,   and reviewed the Group’s preliminary   tax calculations for significant entities.   We verified that taxes recognised   in the Financial Statements are in   accordance with the preliminary tax   calculations.   We performed a retrospective review   and considered the historical accuracy   of the valuation of deferred tax assets.   In assessing the valuation and rec-   ognition of deferred tax assets, we   involved our tax specialists.   We assessed the completeness and   accuracy of the disclosure of deferred   tax assets against the disclosure   requirements in IAS 12.  </arr:KeyAuditMattersAudit>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact8471" xml:lang="en">Basis for opinion   We conducted our audit in accord-   ance with International Standards   on Auditing (ISAs) and the additional   requirements applicable in Denmark.   Our responsibilities under those   standards and requirements are fur-   ther described in the Auditor’s respon-  sibilities for the audit of the Financial   Statements section of our report.  We believe that the audit evidence   we have obtained is sufficient and   appropriate to provide a basis for our   opinion.   Independence   We are independent of the Group in   accordance with the International Eth-   ics Standards Board for Accountants’   International Code of Ethics for Profes-   sional Accountants (IESBA Code) and   the additional ethical requirements   applicable in Denmark. We have also   fulfilled our other ethical responsibili-   ties in accordance with these require-   ments and the IESBA Code.   To the best of our knowledge and   belief, prohibited non-audit services   referred to in Article 5(1) of Regulation   (EU) No 537/2014 were not provided.   Appointment   We were first appointed auditors of   NKT A/S on 23 March 2023 for the   financial year 2023. We have been   reappointed annually by shareholder   resolution for a total period of uninter-   rupted engagement of 2 years includ-   ing the financial year 2024.  </arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact8650" xml:lang="en">Statement on   Management’s Review   Management is responsible   for Management’s Review.   Our opinion on the Financial State-   ments does not cover Manage-   ment’s Review, and we do not as   part of the audit express any form   of assurance conclusion thereon.   In connection with our audit of the   Financial Statements, our respon-   sibility is to read Management’s   Review and, in doing so, consider   whether Management’s Review is   materially inconsistent with the Finan-   cial Statements or our knowledge   obtained in the audit, or otherwise   appears to be materially misstated.   Moreover, we considered whether   Management’s Review includes   the disclosures required by the   Danish Financial Statements Act.   This does not include the require-   ments in paragraph 99 a related   to the sustainability statement   covered by the separate auditor’s   limited assurance report hereon.   Based on the work we have per-   formed, in our view, Management’s   Review is in accordance with the   Consolidated Financial Statements   and the Parent Company Financial   Statements and has been prepared   in accordance with the requirements   of the Danish Financial Statements   Act, except for the requirements in   paragraph 99 a related to the sus-   tainability statement, cf. above. We   did not identify any material misstate-   ment in Management’s Review.  </arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" id="fact8721" xml:lang="en">Auditor’s responsibilities for the   audit of the Financial Statements   Our objectives are to obtain reason-   able assurance about whether the   Financial Statements as a whole are   free from material misstatement,   whether due to fraud or error, and to   issue an auditor’s report that includes   our opinion. Reasonable assurance   is a high level of assurance, but is not   a guarantee that an audit conducted   in accordance with ISAs and the   additional requirements applicable in   Denmark will always detect a material   misstatement when it exists. Mis-   statements can arise from fraud or   error and are considered material if,   individually or in the aggregate, they   could reasonably be expected to influ-   ence the economic decisions of users   taken on the basis of these Financial   Statements.   As part of an audit in accordance with   ISAs and the additional requirements   applicable in Denmark, we exercise   professional judgement and maintain   professional scepticism throughout   the audit. We also:   Identify and assess the risks of   ■ material misstatement of the Finan-   cial Statements, whether due to   fraud or error, design and perform   audit procedures responsive to   those risks, and obtain audit evi-   dence that is sufficient and appro-   priate to provide a basis for our   opinion. The risk of not detecting   a material misstatement resulting   from fraud is higher than for one   resulting from error, as fraud may   involve collusion, forgery, intentional   omissions, misrepresentations, or   the override of internal control.   Obtain an understanding of internal   ■ control relevant to the audit in order   to design audit procedures that are   appropriate in the circumstances,   but not for the purpose of express-   ing an opinion on the effectiveness   of the Group’s and the Parent Com-   pany’s internal control.   Evaluate the appropriateness of   ■ accounting policies used and the   reasonableness of accounting   estimates and related disclosures   made by Management.   Conclude on the appropriateness   ■ of Management’s use of the going   concern basis of accounting   and based on the audit evidence   obtained, whether a material uncer-   tainty exists related to events or   conditions that may cast significant   doubt on the Group’s and the Par-   ent Company’s ability to continue   as a going concern. If we conclude   that a material uncertainty exists,   we are required to draw attention   in our auditor’s report to the related   disclosures in the Financial State-   ments or, if such disclosures are   inadequate, to modify our opinion.   Our conclusions are based on the   audit evidence obtained up to the   date of our auditor’s report. How-   ever, future events or conditions   may cause the Group or the Parent   Company to cease to continue as a   going concern.   ■ Evaluate the overall presenta-   tion, structure and content of the   Financial Statements, including   the disclosures, and whether the   Financial Statements represent the   underlying transactions and events   in a manner that gives a true and   fair view.   Plan and perform the group audit to   ■ obtain sufficient appropriate audit   evidence regarding the financial   information of the entities or busi-   ness units within the group as a   basis for forming an opinion on the   Consolidated Financial Statements.   We are responsible for the direction,   supervision and review of the audit   work performed for purposes of   the group audit. We remain solely   responsible for our audit opinion.   We communicate with those charged   with governance regarding, among   other matters, the planned scope   and timing of the audit and significant   audit findings, including any significant   deficiencies in internal control that we   identify during our audit.   We also provide those charged with   governance with a statement that we   have complied with relevant ethical   requirements regarding independ-   ence, and to communicate with them   all relationships and other matters   that may reasonably be thought to   bear on our independence and, where   applicable, actions taken to eliminate   threats or safeguards applied.   From the matters communicated with   those charged with governance, we   determine those matters that were of   most significance in the audit of the   Financial Statements of the current   period and are therefore the key audit   matters. We describe these matters   in our auditor’s report unless law or   regulation precludes public disclosure   about the matter.  </arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" id="fact8690" xml:lang="en">Management’s responsibilities   for the Financial Statements   Management is responsible for the   preparation of consolidated finan-   cial statements that give a true and   fair view in accordance with IFRS   Accounting Standards as adopted   by the EU and further requirements   in the Danish Financial Statements   Act and for the preparation of parent   company financial statements that   give a true and fair view in accordance   with the Danish Financial Statements   Act, and for such internal control as   Management determines is necessary   to enable the preparation of financial   statements that are free from material   misstatement, whether due to fraud   or error.   In preparing the Financial Statements,   Management is responsible for   assessing the Group’s and the Parent   Company’s ability to continue as a   going concern, disclosing, as applica-   ble, matters related to going concern   and using the going concern basis of   accounting unless Management either   intends to liquidate the Group or the   Parent Company or to cease opera-   tions, or has no realistic alternative but   to do so.  </arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:SignatureOfAuditorsPlace contextRef="ctx1" id="fact8948" xml:lang="en">Hellerup</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx1" id="fact8949">2025-02-21</arr:SignatureOfAuditorsDate>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx1" id="fact8853" xml:lang="en">Report on compliance   with the ESEF Regulation   As part of our audit of the Financial   Statements we performed procedures   to express an opinion on whether   the annual report of NKT A/S for   the financial year 1 January to 31   December 2024 with the filename nkt-   2024-12-31-en.zip is prepared, in all   material respects, in compliance with   the Commission Delegated Regulation   (EU) 2019/815 on the European Single   Electronic Format (ESEF Regulation)   which includes requirements related to   the preparation of the annual report in   XHTML format and iXBRL tagging of   the Consolidated Financial Statements   including notes.   Management is responsible for pre-   paring an annual report that com-   plies with the ESEF Regulation. This   responsibility includes:   ■ The preparing of the annual report   in XHTML format;   The selection and application of   ■ appropriate iXBRL tags, including   extensions to the ESEF taxon-   omy and the anchoring thereof to   elements in the taxonomy, for all   financial information required to   be tagged using judgement where   necessary;   Ensuring consistency between   ■ iXBRL tagged data and the Con-   solidated Financial Statements   presented in human-readable for-   mat; and   For such internal control as Man-   ■ agement determines necessary to   enable the preparation of an annual   report that is compliant with the   ESEF Regulation.   Our responsibility is to obtain reason-   able assurance on whether the annual   report is prepared, in all material   respects, in compliance with the ESEF   Regulation based on the evidence we   have obtained, and to issue a report   that includes our opinion. The nature,   timing and extent of procedures   selected depend on the auditor’s   judgement, including the assessment   of the risks of material departures from   the requirements set out in the ESEF   Regulation, whether due to fraud or   error. The procedures include:   Testing whether the annual report is   ■ prepared in XHTML format;   Obtaining an understanding of the   ■ company’s iXBRL tagging process   and of internal control over the tag-   ging process;   ■ Evaluating the completeness of the   iXBRL tagging of the Consolidated   Financial Statements including   notes;   ■ Evaluating the appropriateness of   the company’s use of iXBRL ele-   ments selected from the ESEF tax-   onomy and the creation of exten-   sion elements where no suitable   element in the ESEF taxonomy has   been identified;   ■ Evaluating the use of anchoring of   extension elements to elements in   the ESEF taxonomy; and   ■ Reconciling the iXBRL tagged   data with the audited Consolidated   Financial Statements.   In our opinion, the annual report of   NKT A/S for the financial year 1 Jan-   uary to 31 December 2024 with the   file name nkt-2024-12-31-en.zip is   prepared, in all material respects, in   compliance with the ESEF Regulation.  </arr:AuditorsReportOnXbrlTagging>
   <cmn:NameOfAuditFirm contextRef="ctx71" id="fact9415" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:NameOfAuditFirm contextRef="ctx70" id="fact9405" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx71" id="fact9414">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx70" id="fact9407">33771231</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx70" id="fact9408" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx71" id="fact9411" xml:lang="en">Søren Ørjan Jensen</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx70" id="fact9409" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx70" id="fact9410" xml:lang="en">mne33251</cmn:IdentificationNumberOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx71" id="fact9412" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx71" id="fact9413" xml:lang="en">mne33226</cmn:IdentificationNumberOfAuditor>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx1" id="fact8950" xml:lang="en">Independent auditor’s limited assurance report on the Sustainability Statement To the stakeholders of NKT A/S Limited assurance conclusion   Limited assurance conclusion We   have conducted a limited assurance   engagement on the sustainability   statement of NKT A/S (the “Group”)   included in Management’s Review p.   54 – 113 and p. 175 – 179, for the finan-  cial year 1 January – 31 December   2024 (the “Sustainability Statement”).   Based on the procedures we have   performed and the evidence we have   obtained, nothing has come to our   attention that causes us to believe that   the Sustainability Statement is not pre-   pared, in all material respects, in accord-   ance with the Danish Financial State-   ments Act paragraph 99 a, including:   ■ compliance with the European   Sustainability Reporting Standards   (ESRS), including that the process   carried out by Management to   identify the information reported in   the Sustainability Statement (the   “Process”) is in accordance with the   description set out in the section   “Impact, risk and opportunity man-   agement” p. 65-74; and  compliance of the disclosures in   ■ subsection “EU Taxonomy” within   the environmental section p. 88-94   of the Sustainability Statement with   Article 8 of EU Regulation 2020/852   (the “Taxonomy Regulation”).   Basis for conclusion   We conducted our limited assurance   engagement in accordance with   International Standard on Assurance   Engagements (ISAE) 3000 (Revised),   Assurance engagements other than   audits or reviews of historical financial   information (“ISAE 3000 (Revised)”)   and the additional requirements appli-   cable in Denmark.   The procedures in a limited assurance   engagement vary in nature and timing   from, and are less in extent than for, a   reasonable assurance engagement.   Consequently, the level of assur-   ance obtained in a limited assurance   engagement is substantially lower   than the assurance that would have   been obtained had a reasonable   assurance engagement been per-   formed.   We believe that the evidence we have   obtained is sufficient and appropriate   to provide a basis for our conclusion.   Our responsibilities under this stand-   ard are further described in the Audi-   tor’s responsibilities for the assurance   engagement section of our report.   Our independence and   quality management   We are independent of the Group in   accordance with the International Eth-   ics Standards Board for Accountants’   International Code of Ethics for Profes-   sional Accountants (IESBA Code) and   the additional ethical requirements   applicable in Denmark. We have also   fulfilled our other ethical responsibili-   ties in accordance with these require-   ments and the IESBA Code.   Our firm applies International Stand-   ard on Quality Management 1, which   requires the firm to design, imple-   ment and operate a system of quality   management including policies or   procedures regarding compliance   with ethical requirements, professional   standards and applicable legal and   regulatory requirements.   Management’s responsibilities   for the Sustainability Statement   Management is responsible for   designing and implementing a   process to identify the information   reported in the Sustainability State-   ment in accordance with ESRS and   for disclosing this Process as included   in section “Impact, risk and oppor-   tunity management” p. 65-74 of the  Sustainability Statement. This respon-   sibility includes:   ■ understanding the context in which   the Group’s activities and busi-   ness relationships take place and   developing an understanding of its   affected stakeholders;   identification of the actual and   ■ potential impacts (both negative   and positive) related to sustainability   matters, as well as risks and oppor-   tunities that affect, or could rea-   sonably be expected to affect, the   Group’s financial position, financial   performance, cash flows, access to   finance or cost of capital over the   short-, medium-, or long-term;   ■ assessment of the materiality of the   identified impacts, risks and oppor-   tunities related to sustainability   matters by selecting and applying   appropriate thresholds; and   ■ making assumptions that are rea-   sonable in the circumstances.   Management is further responsible for   preparation of the Sustainability State-   ment, which includes the information   identified by the Process, in accord-   ance with the Danish Financial State-   ments Act paragraph 99 a, including:   ■ compliance with ESRS;   ■ preparing the disclosures as   included in subsection “EU Taxon-   omy” within the environmental sec-   tion p. 88-94 of the Sustainability   Statement, in compliance with Arti-   cle 8 of the Taxonomy Regulation;   designing, implementing and   ■ maintaining such internal control   that Management determines is   necessary to enable the preparation   of the Sustainability Statement that   is free from material misstatement,   whether due to fraud or error; and   the selection and application of   ■ appropriate sustainability reporting   methods and making assumptions   and estimates that are reasonable   in the circumstances.   Inherent limitations in preparing   the Sustainability Statement   In reporting forward-looking infor-   mation in accordance with ESRS,   Management is required to prepare   forward-looking information on the   basis of disclosed assumptions about   events that may occur in the future   and possible future actions by the   Group. Actual outcomes are likely to   be different since anticipated events   frequently do not occur as expected.   Auditor’s responsibilities for   the assurance engagement   Our responsibility is to plan and per-   form the assurance engagement to   obtain limited assurance about whether   the Sustainability Statement is free   from material misstatement, whether   due to fraud or error, and to issue a   limited assurance report that includes   our conclusion. Misstatements can   arise from fraud or error and are con-   sidered material if, individually or in   the aggregate, they could reasonably   be expected to influence decisions of   users taken on the basis of the Sus-   tainability Statement as a whole.   As part of a limited assurance engage-   ment in accordance with ISAE 3000   (Revised) we exercise professional   judgement and maintain professional   scepticism throughout the engage-   ment.   Our responsibilities in respect of the   Process include:   Obtaining an understanding of the   ■ Process, but not for the purpose of   providing a conclusion on the effec-   tiveness of the Process, including   the outcome of the Process;   Considering whether the informa-   ■ tion identified addresses the appli-   cable disclosure requirements of   ESRS; and   ■ Designing and performing proce-   dures to evaluate whether the Pro-   cess is consistent with the Group’s   description of its Process, as dis-   closed in section “Impact, risk and   opportunity management” p. 65-74.  Our other responsibilities in respect of   the Sustainability Statement include:   ■ Identifying where material misstate-   ments are likely to arise, whether   due to fraud or error; and   ■ Designing and performing proce-   dures responsive to disclosures in   the Sustainability Statement where   material misstatements are likely   to arise. The risk of not detecting   a material misstatement resulting   from fraud is higher than for one   resulting from error, as fraud may   involve collusion, forgery, intentional   omissions, misrepresentations, or   the override of internal control.   Summary of the work performed   A limited assurance engagement   involves performing procedures to   obtain evidence about the Sustainabil-   ity Statement. The nature, timing and   extent of procedures selected depend   on professional judgement, including   the identification of disclosures where   material misstatements are likely to   arise, whether due to fraud or error, in   the Sustainability Statement.   In conducting our limited assurance   engagement, with respect to the Pro-   cess, we:   Obtained an understanding of the   ■ Process by performing inquiries   to understand the sources of the   information used by Management;   and reviewing the Group’s internal   documentation of its Process; and   ■ Evaluated whether the evidence   obtained from our procedures   about the Process implemented by   the Group was consistent with the   description of the Process set out in   section “Impact, risk and opportu-   nity management” p. 65-74.  In conducting our limited assurance   engagement, with respect to the Sus-   tainability Statement, we:   ■ Obtained an understanding of the   Group’s reporting processes rele-   vant to the preparation of its Sus-   tainability Statement including the   consolidation processes by obtain-   ing an understanding of the Group’s   control environment, processes   and information systems relevant   to the preparation of the Sustaina-   bility Statement but not evaluating   the design of particular control   activities, obtaining evidence about   their implementation or testing their   operating effectiveness;   Evaluated whether the information   ■ identified by the Process is included   in the Sustainability Statement;   Evaluated whether the structure   ■ and the presentation of the Sustain-   ability Statement are in accordance   with ESRS;   Performed inquiries of relevant per-   ■ sonnel and analytical procedures   on selected information in the Sus-   tainability Statement;   ■ Performed limited substantive   assurance procedures on selected   information in the Sustainability   Statement;   Where applicable, compared dis-   ■ closures in the Sustainability State-   ment with the corresponding dis-   closures in the Financial Statements   and Management’s Review;   Evaluated the methods, assump-   ■ tions and data for developing   estimates and forward-looking   information; and   Obtained an understanding of the   ■ Group’s process to identify taxon-   omy-eligible and taxonomy-aligned   economic activities and the corre-   sponding disclosures in the Sus-   tainability Statement.  </arr:AuditorsReportOnSubstainabilityReport>
   <arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx1" id="fact9273" xml:lang="en">Hellerup</arr:SignatureOfSubstainabilityAuditorsPlace>
   <arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx1" id="fact9274">2025-02-21</arr:SignatureOfSubstainabilityAuditorsDate>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx67" id="fact9396" xml:lang="en">PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx67" id="fact9398">33771231</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx67" id="fact9399" xml:lang="en">Kim Tromholt</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx68" id="fact9402" xml:lang="en">Søren Ørjan Jensen</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx67" id="fact9400" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx67" id="fact9401" xml:lang="en">mne33251</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx68" id="fact9403" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx68" id="fact9404" xml:lang="en">mne33226</cmn:fIdentificationNumberOfSubstainabilityAuditor>
</xbrli:xbrl>