Q1 2023: Value-driven growth model sets strong foundation for the yearApr 26, 2023
Today, Nexans published its financial information for the first quarter of 2023.
- First-quarter 2023 standard sales of 1,674 million euros, up +2.2% organically year-on-year and +6.5% excluding Other activities
- Distribution segment benefiting from expanding grid investments in Europe and North America and renewable energy projects more globally
- Accelerating innovation and deployment of solutions: +100% growth in Connected Objects and 40 million euros investment in Autun plant for Fire Safety Technology
- Healthy adjusted backlog for Generation & Transmission at 3.2 billion euros, up +32% compared to March 2022 with unique risk-reward model
- 2023 guidance confirmed underpinned by strategic focus on value-driven growth and Nexans’ transformation platform
- Step-up in Electrification Pure Player strategic roadmap:
- Exclusive negotiations to divest Telecom Systems
- Antitrust clearance obtained for Reka Cables acquisition in Finland - closing of the transaction imminent
- Revised S&P outlook from Stable to Positive, with BB+ rating confirmed.
Commenting on the Group’s performance, Christopher Guérin, Nexans’ Chief Executive Officer, said: “We continued our momentum from a successful 2022 and began 2023 with a strong start. Our success can be attributed to our strategic approach that combines value-driven growth with a focus on our key customers.
We are proud to announce that our recent innovations and solutions have led to exceptional development, with a growth rate of over 100% in Connected Objects in just one quarter. Furthermore, we are investing 40 million euros in our Autun plant in France over the next three years to accelerate the deployment of our Fire Safety technology.
We are continuing to pursue our strategy of inorganic regional growth in the Electrification market, with the Reka Cables acquisition in Finland to be finalized imminently. We actively work towards a safer and more sustainable world by applying our E3 performance model of economics, engagement, and the environment to all of our business decisions.
We are confident that we will achieve our 2023 financial objectives thanks to a resilient electrification tailwind and our proven ability to execute on our commitments, even in uncertain times.”
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