Solid H1 2023 performance driving guidance upgradeJul 26, 2023
Today, Nexans published its financial statements for the first-half of 2023, as approved by the Board of Directors at its meeting on July 25th, 2023 chaired by Jean Mouton.
- Record high EBITDA and ROCE, pushed by unique value growth execution model
- Outstanding performance despite one-offs in Generation & Transmission business
- Completion of Reka Cables acquisition in the Nordics, deployment of operational and financial synergies at Centelsa, significantly ahead of plan
- Step-up in Prime offerings featuring the deployment of Nexans' Fire Safety global offer; SHIFT Prime and Amplify programs delivering a +36 million euros EBITDA windfall
- Record high adjusted Generation & Transmission backlog at 5.2 billion euros excluding 1.4 billion euros, just awarded, EuroAsia Interconnector project
- Strategic investment in a new state-of-the-art cable-laying vessel to address backlog growth
- Full-year 2023 Guidance upgraded:
- EBITDA in the range of 610-650 million euros (from 570-630 million euros)
- Normalized Free Cash Flow between 220 and 300 million euros (from 150-250 million euros)
- Demand to remain at high levels in Distribution, while anticipated deceleration in some Usages regions
- Strengthened Sustainability commitments and Net Zero by 2050 submitted to the SBTi.
Commenting on the Group's performance, Christopher Guérin, Nexans' Chief Executive Officer, said: "I am pleased to announce a new record-high EBITDA and strong Free Cash Flow generation for this first semester, in spite of some challenges in our Generation & Transmission business. These results associated to our transformation platform and strong backlog, reinforce our confidence on Nexans' 2023 outcome and support a significant guidance upgrade for the full year.
We will continue to sharpen our focus on profitability through enhanced offering supported by new technologies, services, digitalization and sustainability, while actively managing our portfolio to become an electrification pure player."
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