Our financial performance

city grid by night

Nexans’ model continues to deliver year after year

Since 2018, Nexans has undertaken an in-depth transformation, building a leaner, more customer centric and profitable Group. The successful deployment of the New Nexans operating model, has enabled the Group to unlock value and set strong financial footing.

2025 performance

  1. From H1 2020 to H1 2022 : EBITDA is defined as operating margin before depreciation and amortization. Starting 2023, EBITDA is relabeled as Adjusted EBITDA to comply with ESMA/20151415, and defined as operating margin before (i) depreciation and amortization, (ii) share-based payment expenses, and (iii) some other specific operating items which are not representative of the business performance
  2. Including 7-month contribution of La Triveneta Cavi
  3. Excluding Amercable, Lynxeo and Autoelectric, in accordance with IFRS 5
  4. Calculated as Free Cash Flow / Adjusted EBITDA
  5. Including 12-month proforma contribution of La Triveneta Cavi
  6. Including 12-month proforma contribution of Cables RCT, and excluding Electro Cables.

S&P’s decision to upgrade Nexans’ credit rating outlook reflects the largely demonstrated transformation of the Group since 2019 and our value growth focus. It also underlines Nexans’ resilience and capacity to strengthen its balance sheet in line with its Electrification Pure Player strategic roadmap.

Chief Financial Officer, Nexans

2025 – 2028 Financial Ambitions: Elevating Financial Performance

On its existing Electrification portfolio, Nexans will continue to drive selective and profitable expansion, expecting an organic growth of 3-5% CAGR. An incremental adjusted EBITDA of +€350 million is targeted between 2024 and 2028 in Electrification businesses.

Nexans is also unveiling its 2028 financial targets at the Group level:

  • Adjusted EBITDA at €1,150 million (/- €75 million) while completing its portfolio rotation towards Electrification.
  • Return on Capital Employed above 20% thanks to profitability expansion, strict working capital management, and disciplined investment.
  • Capital Expenditures around €1.2 billion between 2025 and 2028 to fuel growth, with a reallocation towards PWR-Grid and PWR-Connect segments (formerly Distribution and Usage) during the period, boosted by growth capex.
  • Cumulative free cash flow before M&A and equity operations is expected to land around €1.4 billion between 2025 and 2028, with a solid conversion rate ratio above 45% in 2028.
Financial results