Good start to the year
Nexans, a global leader in the design and manufacturing of cable systems to power the world, announces its financial information for the first quarter of 2024.
- First quarter 2024 standard sales of €1,692 million, up +2.8% organically year-on-year and up +4.7% excluding Other activities
- Electrification businesses up +6.7% organically, reflecting double digit growth in Generation & Transmission segment and an acceleration in electrification trends globally
- Record adjusted backlog for Generation & Transmission, mainly subsea-driven, at €6.7 billion, up +10.2% compared to December 2023
- Electrification Pure Player profile further strengthened
- Landmark agreement to acquire iconic La Triveneta Cavi in Italy – closing of the transaction expected in Q2
- Latest strategic investment in Halden subsea high voltage plant operational, doubling manufacturing capacities in Norway
- Strong balance sheet maintained: successful completion of a €350 million bond issue
- E3 performance model at the heart of Nexans: People engagement reaching a record 78% rate
- Full-year 2024 guidance confirmed
- Adjusted EBITDA of between €670 and 730 million
- Normalized Free Cash Flow of between €200 and 300 million
- Capital Markets Day to be held on November 13, 2024 in London
Commenting on the Group’s first quarter highlights, Christopher Guérin, Nexans’ Chief Executive Officer, said: “2024 is off to a good start with record first quarter standard sales. Our Electrification businesses drive growth, up +6.7% organically year-on-year, supported by double-digit growth in Generation & Transmission, coupled with sustained momentum in Distribution and Usage segments. We are accelerating our Electrification pure player strategy with the planned acquisition of the iconic La Triveneta Cavi which will enhance our portfolio in Italy and will have a high-single-digit accretive impact on earnings per share from year one.
This quarter reflected strong trends in Electrification, the strength of our solutions, as well as the engagement of our teams reaching a record 78% rate, showing that Engagement leads to performance.
We remain committed to delivering value to our shareholders and customers as we continue to execute our strategy, and we are confident in our ability to achieve another year of performance.”
