NKT. J.P. Morgan - European Small/Mid Cap conference. London, 10 September September 2015 I 1

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1 10 September 2015 I 1 NKT J.P. Morgan - European Small/Mid Cap conference London, 10 September 2015

2 10 September 2015 I 2 Forward looking statements This presentation and related comments contain forward-looking statements. Such statements are subject to many uncertainties and risks, as various factors of which several are beyond NKT Group s control, may cause that the actual development and results differ materially from the expectations.

3 10 September 2015 I 3 Agenda Introduction to NKT Business units Nilfisk NKT Cables Photonics Group Outlook 2015 Questions & Answers

4 10 September 2015 I 4 Industrial conglomerate with global presence NKT Holding A/S listed on Nasdaq OMX Nordic Business area Key Products Geographic coverage Revenue Employees NKT Cables Low & medium voltage High voltage cables Submarine cables Railway wires North, Central and Eastern Europe, China, Australia DKK 8,738m (55%) 3,211 Nilfisk Floor care machines Vacuum cleaners High-pressure washers Global presence DKK 6,836m (43%) 5,420 Photonics Group Fiber Lasers Optical Fibers Optical process equipment Europe, North America, Asia DKK 290m (2%) 209 Total DKK 15,864m 8,860 FY 2014 data. Revenue in market prices. Employees at year end. Total employees include ~20 employees in NKT Holding (IR, M&A, Finance, Legal etc.)

5 10 September 2015 I 5... and a strong European position Sales and manufacturing facilities NKT Cables Nilfisk Photonics Group 2% 11% 11% 43% Total: DKK 15,864m 55% 78% Sales by business area NKT Cables Nilfisk Photonics Group Sales by geography EMEA Americas Asia-Pacific FY 2014 data. Revenue in market prices

6 10 September 2015 I 6 RoCE increase driven by improvements in NKT Cables - but still far from satisfying our ambition Return on capital employed RoCE, % Q % Q % 15.1 Nilfisk 11.2 NKT 9.3 NKT Cables NKT Cables DRIVE programme focuses on cost reduction and optimising processes to restore value creation Nilfisk's investments in front-end sales people is short-term RoCE diluting, but will grow RoCE over time

7 10 September 2015 I 7 New strategy define clear value creation themes for all businesses GROWTH PROFITABILITY COMMERCIAL SCALE Commercial Excellence Front-end investments M&A DRIVE efficiency improvement programme Transformation process Capital efficiency Execute on core business strategy System offerings

8 10 September 2015 I 8 Strong operational EBITDA development Operational EBITDA, LTM DKKm 1,500 1, % 10% 8% Negative organic growth of 2% for 2012 EBITDA margin std. LTM 2012 of 8,1% or 980 Oper. EBITDA, DKKm LTM, an increased to DKK 1,415m from 7,9% (955 DKKm) (end-march in : DKK 1,298m) ,039 1,026 1,068 1,073 1, ,122 1,166 1,180 1,269 1,298 1,415 6% 4% Oper. EBITDA margin, LTM, increased to 10.2% (end-march 2015: 9.6%) Oper. EBITDA, LTM Oper. EBITDA LTM, std. metal prices, % Oper. EBITDA LTM, %

9 10 September 2015 I 9 Working capital at lowest level since 2010 Working capital % of revenue 23% 22% Q % DKK 2,869m* Q % DKK 2,788m* In NKT Cables, working capital ratio, LTM, continued to decline to 14.0% from 14.9% at end-march % 20% 19% 18% 17% 16% 15% WC 3MTH LTM In Nilfisk, working capital ratio, LTM, increased to 20.2% from 20.0% at end- March 2015 Working capital increased in Q2 by DKK 135m Nilfisk DKK 17m NKT Cables DKK 108m Photonics Group DKK 10m *End of period

10 10 September 2015 I 10 Strong leverage position is maintained Net interest-bearing debt mdkk 5,000 4,500 4,000 3,500 3,000 2,500 2,000 Q x DKK 1,322m Q x DKK 1,438m 4.5x 3.5x 2.5x Capital structure targets NIBD: Max. NIBD of 2,5x operational EBITDA (Q2 2015: 1.0x) 1,500 1, x Gearing ratio: Max. 100% (Q2 2015: 24%) 0 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q Q1-14 Q2-14 Q3-14 Q4-14 Q x Solvency ratio: Above 30% (Q2 2015: 43%) Net interest-bearing debt Net interest-bearing debt relative to operational EBITDA, LTM

11 10 September 2015 I 11 Agenda Introduction to NKT Business units Nilfisk NKT Cables Photonics Group Outlook 2015 Questions & Answers

12 10 September 2015 I 12 Nilfisk

13 10 September 2015 I 13 The widest product range within professional cleaning Floor care equipment Vacuum cleaners High pressure washers Professional HPW Consumer HPW Service Maintenance Service Scrubbers Outdoor utility machines Burnishers Industrial vacs Commercial vacs Consumer vacs Other sales Utensils Detergents

14 10 September 2015 I 14 Nilfisk overview Sales entities Manufacturing companies 9% 3% 11% 10% 19% Total: DKK 6,836m 44% 24% 65% 34% 56% 25% Sales by products Floor care Vacuum cleaners High-pressure washers Service Other Sales by geography EMEA Americas APAC Sales by customers Commercial market Industrial market Private consumer market FY 2014 data

15 10 September 2015 I 15 Organic growth in Q2 weaker than expected Americas and APAC still not performing satisfactory Nilfisk Organic growth Quarterly (Y/Y) 4% 1% -4% 1% 1% 4% 7% 1% 9% 4% 0% 9% -2% 0% - Annually 0% 3% 6% -1% (H1) Americas Q % H % FY % Market* 3% EMEA Q % H % FY % Market* 2% APAC Q % H % FY % Market* 5% * Market figures are internal estimates on annual market growth rates

16 10 September 2015 I 16 Operational EBITDA remain impacted by lower sales, front-end investments, and delivery issues Nilfisk - Operational EBITDA DKKm % % % % % % % % % % % % % % 14% 13% 12% 11% 10% 9% 8% 7% Oper. EBITDA margin, LTM, of 10.9% (end-march 2015: 11.1%) Oper. EBITDA margin decrease in Q2 equivalent to DKK 20m due to extra costs for Sales and service Distribution Consultancies for acquisitions Oper. EBITDA Oper. EBITDA%, LTM

17 10 September 2015 I 17 Future strategic direction Financial aspirations For the strategy period , financial targets have been defined within above market growth and RoCE Nilfisk Organic growth Financial aspirations 2-3% above GDP Nilfisk expects organic growth of 2-3% above GDP. Average industry growth is below global GDP RoCE % 18-19% Nilfisk expects RoCE of 18-19% due to short-term effects of acquisitions

18 10 September 2015 I 18 Execution of "Accelerate" strategy according to plan

19 10 September 2015 I 19 Strengthen front-end Key initiatives Systems Resources Nilfisk front-end initiatives ComEx way of working Sales & service training Performance management

20 10 September 2015 I 20 NKT Cables

21 10 September 2015 I 21

22 10 September 2015 I 22 NKT Cables overview Sales entities Manufacturing companies and sales companies 10% 25% 22% 19% Total: DKK 8,738m 11% 26% 65% 22% Sales by Business Unit BU Projects BU Products BU APAC Measured in market prices Sales by geography Denmark Germany Eastern Europe Asia Other, primarily Europe Measured in market prices FY 2014 data

23 10 September 2015 I 23 Growth driven by Projects APAC impacted by lower railway sales NKT Cables Organic growth Quarterly (Y/Y) -13% -4% 0% 0% 4% 10% -2% 4% 6% -11% 1% -12% 16% 13% - Annually -4% 4% -5% 15% (H1) Projects Q % H % FY % Market Offshore Onshore Products Q % H % FY2014 5% Market Nordics Central Europe Specialties APAC Q % H % FY % Market Railway Medium-/ high-voltage

24 10 September 2015 I 24 Operational EBITDA of DKK 243m in Q2 Highest quarterly earnings since 2007 NKT Cables - Operational EBITDA DKKm % 12% % % % % % % % % % % % % % % 8% 6% 4% 2% 0% Oper. EBITDA margin, LTM, of 10.3%, an increase of 1.7% (end-march 2015: 8.6%) Oper. EBITDA of DKK 243m, an increase of DKK 127m (Q2 2014: DKK 116m) Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q Q1-13 Q2-13 Q3-13 Q3-14 Q1-14 Q2-14 Oper. EBITDA Oper. EBITDA%, LTM Oper. EBITDA%, LTM std. metal prices

25 10 September 2015 I 25 Transformation started in 2014 and will shift focus in the next phases 2014/15+ Get fit Project DRIVE to reduce cost /16+ 'Be excellent' Focused portfolio Focus on profitable markets & customers Differentiation Functional excellence & organisation Digitalisation /17+ 3 Accelerate profitable growth' Revitalised product development Larger investments Attractive adjacencies Main focus: Cost Full potential: DKK 450m Full FTE reduction: FTE Ongoing Main focus: Profitability Initiated Main focus: Targeted growth

26 10 September 2015 I 26 Full potential of DRIVE DKK 450m Cost improvements FTE reduction One-off costs Capex Q realised DKK 125m 29 FTE DKK 34m DKK 0m Year to date DKK 197m 48 FTE DKK 72m DKK 1m Project to date DKK 400m (run-rate) 319 FTE DKK 272m DKK 13m Full potential (from 2017) DKK ~450m FTE DKK ~360m DKK ~50m

27 10 September 2015 I 27 Three key goals of new 2020 strategy Full strategy to be presented at Capital Markets Day 23 September Shareholder value Customer focus Employee satisfaction RoCE > 15% on a Group level Customers' preferred choice Increased employee satisfaction Trust index > 80%

28 10 September 2015 I 28 Photonics Group

29 10 September 2015 I 29 Photonics Group serves two main markets Imaging Sensing

30 10 September 2015 I 30 High order intake and backlog Q2 organic growth lower than expected Financials Q2 H1 DKKm Revenue Org. growth (Y/Y) -14% 10% -9% 14% EBITDA Invested capital # FTEs, end of period Organic growth Q H Imaging -7% 12% Sensing -22% -27% Fiber Processing -10% -9% Total -14% -9% Highlights Photonics Group CEO: Basil Garabet has been appointed CEO as of 1 July 2015 Will drive strategy of achieving commercial scale in Imaging and Sensing All areas realised contractions in Q2 Order intake increased by 29% on Q Fiber Processing: Divested to Thorlabs, a leading US-based manufacturer of photonics products. Divestment assumed effective during September 2015

31 10 September 2015 I 31 Agenda Introduction to NKT Business units Nilfisk NKT Cables Photonics Group Outlook 2015 Questions & Answers

32 10 September 2015 I 32 Outlook for 2015 specified within original guidance Outlook 2015 Original Specified Q2 NKT In 2015, NKT expects Organic growth of around 3% (previously: 0-3%) Increase in operational EBITDA margin of around 0.5%-point (previously: up to 1%-point) from 9.6% realised in Organic growth Up to 3% ~3% - Operational EBITDA, % std. metal prices Nilfisk Increase of up to 1%-point (from 9.6%) Increase of ~0.5%-point (from 9.6%) - Organic growth ~5% ~0% - Operational EBITDA, % ~11.7% Reduction of ~1%-point (from 11.7%) NKT Cables - Organic growth ~0% ~5% - Operational EBITDA, % std. metal prices % ~9.0% Photonics Group - Organic growth 10 20% ~10% - Operational EBITDA, % 8 10% 8 10%

33 10 September 2015 I 33 Agenda Introduction to NKT Business units Nilfisk NKT Cables Photonics Group Outlook 2015 Questions & Answers

34 10 September 2015 I 34 Financial calendar September Capital Markets Day, Copenhagen 12 November Q3 Interim Report February 2015 Annual Report For the list of Investor Relations events, go to

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