- Exceptional level of organic growth at +8.3% in 2025
- Strong Adjusted EBITDA margin increase at 11.9% of standard sales
- Portfolio rotation – Exclusive negotiations entered into for the sale of Autoelectric
- Solid balance sheet enabling to step-up M&A activity
- Entering 2026 with confidence with the full deployment of our Global Electrification Pure Player model
Preliminary statement : In compliance with IFRS 5, the Industry and Solutions Businesses (consisting of Amercable, Lynxeo and Autoelectric) are now classified as discontinued operations in the 2025 consolidated financial statements. Such classification is reflected on both the year 2025 and the comparative year 2024, in order to ensure the consistency of presentation between reported periods. Refer to the appendices of this press release. As a consequence and as disclosed on December 22nd,2025, Group’s 2025 guidance was aligned with the new scope of continuing operations, which now excludes the discontinued operations: Adjusted EBITDA between €710 million and €760 million, Free Cash Flow between €275 million and €375 million.
- Strong set of results reflecting the strengths of Nexans’ business model and quality of execution
- FY 2025 standard sales of €6.1 billion (current sales of €7.8 billion), with a high level of organic growth at +8.3%, well-above our mid-term guidelines. Strong momentum in Q4 2025 with +11.8% organic growth and standard sales of €1.6 billion
- Adjusted EBITDA of €728 million, up +27.3% year-on-year, adjusted EBITDA margin at 11.9% of standard sales, up +161 bps
- Net income from continuing operations at €219 million in 2025 compared to €167 million in 2024, up +31.1%
- Net income at €358 million in 2025 compared to €283 million in 2024, up +26.6%, (including the results of the discontinued operations)
- Attractive return to shareholders with a dividend for FY 2025: €2.90 per share, up
+ 11.5% vs. 2024, translating a pay-out ratio of 41.9%.
- Sound balance sheet with solid cash flow generation and low leverage ratio
- Excellent cash generation with free cash flow of €344 million in 2025 (vs €177 million in 2024), reflecting disciplined management across all business units and benefiting from above average downpayments in PWR-Transmission, resulting in a high cash conversion rate at 47.3%
- Well-diversified debt profile and no upcoming maturities before 2027.
- Nexans will step-up its M&A activity now that the Group has entered into exclusive negotiations for the sale of Autoelectric
- Autoelectric exclusive negotiations announced in December 2025, last portion of the portfolio rotation – closing expected mid-2026
- Two targeted acquisitions in 2025: Cables RCT in Spain and Electro Cables in Canada
- M&A remains at the core of Nexans’ strategy to further fuel its growth and replicate its model of value creation.
- Sustainability: a strong delivery in line with our E3 performance model
- Circular economy: recycled copper content reached 19.3%, moving toward the 2028 target of 25%
- Scope 1, 2 & 3 ahead of interim decarbonization targets with -49% GHG reduction on Scope 1&2 and -40% on Scope 3.
- Full-year 2026 guidance
- Adjusted EBITDA of between €730 million and €810 million
- Free Cash Flow of between €210 million and €310 million
With H1 2026 expected to be softer compared to H2 2026
This guidance does not assume execution of the Great Sea Interconnector project in 2026 and excludes the contribution of not completed acquisitions.
Today, Nexans, a global leader in the design and manufacturing of cable systems to power the world, published its financial statements for the fiscal year 2025, as approved by the Board of Directors at its meeting on February 18, 2026 chaired by Jean Mouton, Chairman of the Board of Directors.
Commenting on the Group’s performance, Julien Hueber, Nexans’ Chief Executive Officer, said:
“2025 was another strong year of delivery for Nexans, now fully focused on Electrification with the exclusive negotiations for the sale of Autoelectric which would successfully complete its portfolio rotation. The Group delivered an exceptional level of organic growth at +8.3% well above its mid-term guidance. The adjusted EBITDA margin increased markedly by +161 basis points, in line with our selective approach and unique positioning in the industry but also our operational excellence and discipline across the board.
2025 marked another year of targeted, value-creating M&A with the acquisitions of RCT Cables in Spain and Electro Cables in Canada. M&A remains a cornerstone of our profitable growth model, supported by a rich and active pipeline of opportunities, while the Group operates with a sound balance-sheet and solid cash generation.
With the end of our portfolio rotation, we are now intensifying our commercial, industrial and operational focus through regional business units and streamlined internal interfaces, enhancing decision-making.
As we enter 2026 in a more volatile environment, we believe the resilience of our business profile and the agility of our operations provide Nexans with solid foundations to continue executing its strategy and creating sustainable value for all stakeholders.”
2025 key figures
| (in millions of euros) | 2025 | 2024 | Var % |
| Sales at current metal prices | 7,810 | 6,917 | +12.9% |
| Sales at standard metal prices[1] | 6,098 | 5,537 | +10.1% |
| Adj. EBITDA | 728 | 571 | +27.3% |
| Adj. EBITDA as a % of standard sales | 11.9% | 10.3% | +161bps |
| Net income from continuing operations | 219 | 167 | +31.1% |
| Net income from discontinued operations | 138 | 115 | +20.0% |
| Net income Group | 358 | 283 | +26.6% |
| Net debt | 266 | 681 | -61.0% |
| Free cash-flow | 344 | 177 | +94.1% |
| ROCE | 21.3% | 18.0% | +330bps |
| Basic EPS (€) | 8.08 | 6.39 | +26.4% |
| Dividend per share (€) | 2.90 | 2.60 | +11.5% |
FY 2024 is (i) pro forma from reclassifications of non-core automotive activity in Sweden from Industrial & Solutions to Other activities and (ii) restated in compliance with IFRS 5, see appendices (in the press release).
[1] Sales at the standard copper price of €5,000/ton and aluminum price of €1,200/ton.
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2025 business performance
Sales at standard metal prices reached €6,098 million in 2025, up +10.1% including +8.3% organic growth compared to 2024. Excluding the Other activities segment, organic growth stood at +11.6%. This strong performance was driven largely by the PWR-Transmission segment with an exceptionally high level of organic growth. PWR-Grid and PWR-Connect were in line with the Group’s mid-term guidelines.
In the fourth quarter of 2025, Nexans achieved remarkable organic growth of +11.8% compared to the fourth quarter of 2024 and of +18.3% excluding the Other activities segment, showcasing the strength of its core business focus. The fourth quarter of 2025 was propelled by unusually high organic growth in PWR-Transmission and PWR-Connect of respectively +40.0% and +10.9%.
Scope effect was up +5.1% in 2025, reflecting i) 5-month contribution from La Triveneta Cavi (Italy) in PWR-Connect segment and that was integrated from June 1, 2024, ii) 7-month contribution from RCT Cables (Spain) in PWR-Connect segment and that was integrated from June 1, 2025.
Group Adjusted EBITDA reached €728 million in 2025, up +27.3% versus €571 million in 2024. This outstanding performance mainly underscored the profitability enhancements across all business segments. Group adjusted EBITDA margin recorded a recent history all-time high of 11.9% of standard sales; adjusted EBITDA margin excluding Other activities reached 13.3% of standard sales. This achievement illustrated the Group’s strategic focus on operational excellence, selectivity and value-driven growth.
Net income from continuing operations amounted to €219 million in 2025, compared to €167 million in 2024, up + 31.1% mainly explained by:
- The performance of the adjusted EBITDA,
- The decrease of financial expenses recognized in Other financial income and expenses that were at a negative €9 million in 2025 compared to a negative €51 million in 2024, a variance of €42 million explained mainly by hedging impacts.
- While Core exposure effect decreased by €17 million (from €41 million in 2024 to €24 million in 2025) in relation to copper price variations in the year
- And depreciation & amortization on tangible & intangible assets that totaled €253 million in 2025 compared to €175 million last year, mainly related to PWR-Transmission and acquisitions.
- Income tax expense stood at €97 million in 2025 compared to €68 million in 2024. The effective tax rate amounted to 30.9% of income before tax in 2025, compared to 28.9% in 2024.
Net income from discontinued operations stood at €138 million in 2025 (compared to €115 million in 2024). In 2025, this amount included the gains on disposals of Amercable and Lynxeo and the impairment linked to Autoelectric.
Net income amounted to €358 million in 2025, compared to €283 million in 2024, up + 26.6%.
Free Cash Flow reached €344 million in 2025 compared to €177 million in 2024, a strong performance that illustrates the cash generative nature of Nexans’ business model as well as the strong cash discipline across all business units and supporting an outstanding 47.3% cash conversion ratio, above our mid-term guidelines. Working capital at €252 million was materially boosted above average by PWR-Transmission with material amounts of downpayments collected. Capital expenditures amounted to €383 million in 2025, representing 6.3% of the Group’s standard sales as we continued to invest in the growth of our activity, especially in PWR-Transmission (mostly the cable laying vessel Electra and Charleroi facilities extension).
Net Debt was €266 million at December 31st,2025, compared to €681 million at December 31st, 2024, down €415 million over the year.
Leverage ratio (ratio of closing net debt to adjusted EBITDA on trailing twelve-month basis) remained at a low level at 0.36x at December 31st, 2025 (compared to 1.19x at December 31st, 2024). For leverage ratio as per bank covenant definition please refer to appendix of this press release.
The Board of Directors will propose to the Annual General Meeting of May 21st, 2026, a dividend of €2.90 per share in respect of 2025, resulting in an increase of +11.5% compared to the prior year, and reflecting the Group’s confidence in its cash generation and financial profile.