H1 2025: Outstanding delivery of Nexans’ model, 2025 guidance upgraded
30-Jul-2025 00:55:01 EDT
H1 2025: Outstanding delivery of Nexans' model, 2025 guidance upgraded
GlobeNewswire July 30, 2025
H1 2025: Outstanding delivery of Nexans' model +4.9% organic growth driven by the performance of our Electrification businesses (+7.8% organic growth) Record EBITDA and ongoing margin improvements Lynxeo disposal successfully completed
2025 guidance upgraded
Strong half-year results reflecting the strengths of Nexans' business model and quality of execution
H1 2025 standard sales of EUR3.8 billion (current sales of EUR4.7 billion), up +4.9% organically and Q2 2025 standard sales of EUR2.0 billion, up +5.7% organically
Strong Electrification businesses, up +7.8% organically in H1 2025
Record adjusted EBITDA of EUR441 million, up +7.0% year-on-year, adjusted EBITDA margin at 11.7% of standard sales, up +10 bps
Electrification adjusted EBITDA significantly up +17.2% year-on-year, adjusted EBITDA margin at 13.7% of standard sales with structural improvements bearing fruit
Net income at EUR374 million in H1 2025 compared to 176 million in H1 2024, reflecting net gains on asset disposals linked to the AmerCable and Lynxeo divestments
A very solid balance sheet with strong cash flow generation and no leverage
Exceptional cash generation with free cash flow of EUR282 million in H1 2025 (vs EUR79 million in H1 2024), translating disciplined cash collection across all business units and including an exceptional level of downpayments in H1 2025 resulting in a high cash conversion rate at 64%
Well-diversified debt profile and no upcoming maturities before 2027
M&A remains at the core of the Group's strategy
Sustainability: a strong commitment across the board
Adjusted EBITDA of between EUR810 million and EUR860 million
(previously: EUR770 – 850 million, excluding divestment of Lynxeo and future changes of scope)
Free Cash Flow of between EUR275 million and EUR375 million
(previously: EUR225 – 325 million, excluding divestment of Lynxeo and future changes of scope)
Excluding six months of Lynxeo, including seven months of Cables RCT and excluding future changes of scope
Paris, July 30, 2025 – Nexans, a global leader in the design and manufacturing of cable systems to power the world, published its interim consolidated financial statements for the first-half of 2025, as approved by the Board of Directors at its meeting on July 29, 2025 chaired by Jean Mouton. Commenting on the Group's performance, Christopher Guerin, Nexans' Chief Executive Officer, said:
“Our exceptional H1 2025 results clearly showcase the power and precision of the Nexans model, anchored firmly in structural performance and disciplined execution. The success of our SHIFT model across the organization reinforces our long-term growth confidence.
I'm particularly proud of the outstanding performance in Electrification, with nearly +8% organic growth driving overall Group growth to almost +5%. Our profitability also reached new heights, with an adjusted EBITDA margin of 11.7%. The continued leadership of our PWR-Grid and PWR-Connect segments demonstrates the effectiveness of our focused strategy. In addition, our PWR-Transmission segment continued its margin expansion, benefiting from smooth project execution.
The strategic divestment of Lynxeo represents a major step forward on our journey toward sustainable electrification leadership. Simultaneously, our strategic acquisition of Cables RCT in Spain further strengthens our portfolio, expanding Nexans' presence in vibrant, fast-growing markets.
Driven by these outstanding first-half achievements, we are confidently raising our 2025 guidance. Our exceptional performance underscores the agility and resilience, reinforcing our belief in Nexans' continued ability to deliver sustained value and innovation.”
H1 2025 KEY FIGURES
(in millions of euros)
H1 2025
H1 2024
Sales at current metal prices
4,696
4,224
Sales at standard metal prices1
3,765
3,546
Organic growth
+4.9%
+6.1%
Adjusted EBITDA
441
412
Adj. EBITDA as a % of standard sales
11.7%
11.6%
Specific operating items2
(21)
(12)
Depreciation and amortization
(124)
(100)
Operating margin
296
300
Reorganization costs
(29)
(23)
Other operating items3
232
15
Operating income
499
291
Net financial income (loss)
(21)
(44)
Income taxes
(104)
(71)
Net income
374
176
Closing net debt
48
810
Free cash-flow
282
79
ROCE
21.6%
19.7%
1 Sales at the standard copper price of EUR5,000/ton and aluminum price of EUR1,200/ton 2 Specific operating items mainly corresponds to IFRS 2, of which EUR17 million linked to employee shareholding plan ACT 2025 3 Other operating items mainly corresponds to net gain on asset disposals linked to AmerCable and Lynxeo, and a net asset impairment on other non-electrification businesses
H1 2025 BUSINESS PERFORMANCE
Sales at standard metal prices reached EUR3,765 million in H1 2025. Organic growth was up +4.9% at constant scope and currency compared to H1 2024, confirming the Group's trajectory as well as the positive impact of its strategic initiatives. Excluding the Industry & Solutions segment, organic growth came out at +7.9%. The Electrification businesses grew by +7.8% organically, driven largely by PWR-Transmission and PWR-Grid growth. PWR-Connect was well-oriented while Europe remained resilient. In a challenging automation market the Non-electrification business declined by -5.2% organically.
In Q2 2025, Nexans achieved organic growth of +5.7% compared to Q2 2024. Excluding Non-Electrification activities, Group organic growth was +9.0% in Q2. Showcasing the strength of its core business focus, the Electrification businesses outperformed with organic growth of +8.6%.
In H1 2025, net acquisitions/disposals had a positive impact EUR127 million on standard sales reflecting for PWR-Connect five months' contribution from La Triveneta Cavi in Italy and one month's contribution from Cables RCT in Spain, as well as the disposal of AmerCable in early January 2025, in line with Nexans' vision to become an Electrification Pure Player.
Adjusted EBITDA reached an all-time high of EUR441 million in H1 2025 compared to EUR412 million in H1 2024, up by +7.0%. This performance underscores our strategy of value creation thanks to margin over volume approach and high selectivity across all business segments.
Adjusted EBITDA margin reached 11.7% of standard sales, thanks to the improvement of margin in PWR-Transmission together with high levels of margin in PWR-Grid and PWR-Connect. This achievement illustrates the Group's strategic focus on operational excellence and high added value solutions. The adjusted EBITDA margin was impacted by the deconsolidation of AmerCable in early January 2025 which was accretive to the Group and a higher contribution of Metallurgy in the first half.
In H1 2025, specific operating items amounted to a net expense of EUR(21) million. They mainly corresponded to EUR(25) million related to IFRS 2 share-based payment, including EUR(17) million linked to the ACT 2025 employee shareholding plan. In H1 2024 they amounted to EUR(12) million including EUR(9) million related to share-based payment expenses.
EBITDA including share-based payment expenses – as per the 2021 Capital Markets Day definition -amounted to EUR417 million in H1 2025 compared to EUR404 million in H1 2024. The Group's EBITDA margin stood at 11.1% of standard sales in H1 2025 compared to 11.4% in H1 2024.
ROCE pursued its strong upward trajectory, coming out of 21.6% for the Group, and 27.5% for the Electrification businesses, an all-time high.
Operating margin totaled EUR296 million in H1 2025, compared to EUR300 million in H1 2024, representing 7.9% of sales at standard metal prices (versus 8.4% in H1 2024). The decrease was primarily attributed to the non-recurring impact of the ACT 2025 employee shareholding plan and higher depreciation expense with the full 6-month contribution from La Triveneta entities.
The Group ended H1 2025 with operating income of EUR499 million, compared to EUR291 million in H1 2024. The main changes were as follows:
The core exposure effect amounted to EUR11 million in H1 2025, versus EUR25 million in H1 2024 reflecting a softer increase in copper prices in H1 2025 versus H1 2024.
Other operating income and expenses was EUR220 million gain in H1 2025, compared to EUR14 million net expense in H1 2024, of which:
Net gains on asset disposals for EUR286 million in H1 2025, related to the divestments of AmerCable and Lynxeo for respectively EUR161 million and EUR125 million.
Net asset impairment for EUR(43) million in H1 2025 on other non-electrification businesses; no asset impairment was recognized in H1 2024.
Acquisition-related costs of EUR(9) million in H1 2025, including costs related to the acquisition of Cables RCT in Spain. In H1 2024, acquisition-related costs of EUR(12) million concerned the acquisition of La Triveneta Cavi in Italy.
Net financial expense amounted to EUR21 million in H1 2025, compared with EUR44 million during the same period last year. The decrease is mostly attributable to forex with a net gain in H1 2025, compared to a net loss in H1 2024.
Income tax expense stood at EUR104 million in H1 2025 compared to EUR71 million in H1 2024. The tax rate amounted to 22% of income before tax in H1 2025.
Net income amounted to EUR374 million in H1 2025 compared to EUR176 million in H1 2024. Net income attributable to owners of the parent amounted to EUR372 million, representing EUR8.55 per share.
CASH FLOW AND NET DEBT AT JUNE 30, 2025
Cash flow from operations amounted to EUR478 million in H1 2025 compared to EUR307 million in H1 2024, up +56% year-on-year thanks to the EBITDA performance and a favorable level of working capital. The change in working capital, which represented an inflow of EUR134 million in H1 2025 compared to an outflow of EUR(7) million in H1 2024, was mostly explained by significant downpayments received in the PWR-Transmission segment as well as the strong cash collection discipline across the board. Accordingly, operating working capital represented (1.0)% of the Group's annualized second quarter sales at June 30, 2025 (0.5% at December 31, 2024).
Free cash flow (before M&A and equity operations) stood at EUR282 million in H1 2025 compared to EUR79 million in H1 2024, reflecting the Group's high cash conversion level. It included EUR161 million of capital expenditure mainly related to the PWR-Transmission segment. Calculated based on free cash flow, the adjusted EBITDA to cash conversion rate came out at an outstanding 64% in H1 2025 mainly supported by the exceptional level of working capital.
Net cash inflows from M&A amounted to EUR613 million in H1 2025, with inflows related to the disposal of AmerCable in early January 2025 and of Lynxeo in June 2025, and an outflow linked to the acquisition of Cables RCT in Spain in June 2025. In H1 2024 the EUR533 million outflow was related to the acquisition of La Triveneta Cavi in June 2024.
Equity operations represented a net outflow of EUR191 million, including the payment of the 2024 dividend of EUR2.60 per share for a total amount of EUR114 million and EUR68 million linked to ACT 2025, Nexans' 11th employee shareholding plan launched in H1 2025.
There was a net outflow of EUR72 million related to foreign exchange fluctuations and IFRS 16 related change in lease liabilities.
Net debt decreased to EUR48 million at June 30, 2025, from EUR681 million at December 31, 2024, representing a leverage ratio of 0.06x4.
4 Net debt/ LTM adjusted EBITDA
GROUP FINANCING AND LIQUIDITY
The Group's liquidity stood at EUR2,840 million at end of June 2025, including EUR2,040 million of cash and cash equivalents and EUR800 million of undrawn Revolving Credit Facility (compared to EUR1,920 million at end of June 2024 including EUR1,120 million of cash and cash equivalents and EUR800 million of undrawn RCF).
The Group has no upcoming maturities before April 2027 and benefits from optimized financing conditions with financial debt at fixed rates.
Nexans' long-term corporate credit rating assigned by Standard & Poor's is BB+ with a stable outlook. This rewards the robust performance and the Group's sound financial structure.
SUSTAINABILITY: H1 2025 HIGHLIGHTS
CDP rating revision We're thrilled to share that our CDP score has been revised to A, a powerful recognition of our unwavering dedication to sustainability, climate leadership, and environmental transparency.
Strategic Commitment In the first half of 2025, Nexans reinforced its sustainability leadership by embedding key initiatives into its financial narrative. As an official partner of ChangeNOW 2025 and participant in the University of the Earth, Nexans demonstrated its active role in shaping a sustainable future, conclude by the nomination as Best ESG Program in the latest Extel 2025 ranking.
Operational Excellence through Nexans' E3 model The Group advanced its E3 business model across electrification sites, with several sites recognized as E3 Leaders. Beyond a performance metric, E3 is a cultural driver–powered by a network of Connectors–embedding sustainability and engagement into daily operations and long-term value creation.
Environmental Progress In April 2025, Nexans expanded its low-carbon cable offering with a new range of low-voltage products produced in Jeumont (France), featuring 10% recycled aluminum and manufactured using a decarbonized energy mix. In May 2025, the launch of Stella Nova, a new center of excellence focused on cutting-edge electrification technologies, marked a major step in infrastructure decarbonization supporting Nexans' Net Zero 2050 ambition. The 5th edition of Internal Planet Week mobilized global teams around environmental action, aligning sustainability with business performance through workshops and local initiatives.
People & Engagement The 2025 “Living Voices” employee survey saw record participation at 91% and engagement at 79%, reflecting a strong cultural approach within the Group. In May 2025, Nexans launched ACT 2025, its 11th employee share ownership plan. With a participation rate of 46% worldwide, the plan's success underscores employees' confidence and alignment with the Group's “Sparking Electrification” strategy for the future.
H1 2025 PERFORMANCE BY SEGMENT
|PWR-Transmission (20% OF TOTAL STANDARD SALES)
(in millions of euros)
Q1 2025
Q2 2025
H1 2025
H1 2024 pro forma*
Sales at standard metal prices
308
439
747
622
Organic growth
+21.7%
+21.6%
+21.7%
+64.0%
Adjusted EBITDA
88
68
Adjusted EBITDA as a % of standard sales
11.8%
10.9%
*Pro forma figures are disclosed in the appendix of this press release
PWR-Transmission standard sales were at EUR747 million in H1 2025, compared to EUR622 million in H1 2024, up +21.7% on an organic basis, a strong performance led by smooth execution of our projects as well as increased efficiency after a full year of operations in the expanded portion of our plant in Halden, Norway.
The segment's adjustedEBITDA totaled EUR88 million in H1 2025 compared to EUR68 million in H1 2024, up +29.9%. The adjusted EBITDA margin increased to 11.8% of standard sales in H1 2025, versus 10.9% in H1 2024, confirming positive trends. The gradual improvement of the adjusted EBITDA margin in PWR-Transmission reflects our permanent focus on discipline and smooth execution of our projects.
The segment's adjusted backlog stood at EUR7.8 billion at June 30, 2025, compared to EUR6.7 billion at June 30,2024, up +16.0% providing the Group with a good visibility up to 2028.
Construction of Nexans' third cable-laying vessel, the Nexans Electra, is going according to plan. This state-of-the-art vessel is a strategic asset that will significantly enhance capacity to address the substantial growth in the backlog.
| PWR-Grid (18% OF TOTAL STANDARD SALES)
(in millions of euros)
Q1 2025
Q2 2025
H1 2025
H1 2024 pro forma*
Sales at standard metal prices
312
362
674
649
Organic growth
+1.7%
+9.3%
+5.6%
+1.2%
Adjusted EBITDA
107
105
Adjusted EBITDA as a % of standard sales
15.9%
16.2%
*Pro forma figures are disclosed in the appendix of this press release
In H1 2025 standard sales for PWR-Grid came to EUR674 million compared to EUR649 million in H1 2024 and rose organically by +5.6% year-on-year. North and South America, as well as Accessories supported this solid performance. As expected, Europe accelerated in Q2 after a phasing effect observed in the first quarter.
Overall, underlying trends in PWR-Grid remained very strong, as DSOs (Distribution System Operators) worldwide continue to actively invest in grid modernization and extension while the needs for connecting data centers and solar farms accelerate. We pursue our efforts to move our mix towards more Accessories, Solutions and Services, to better meet our evolving customer needs with high added-value solutions and capture the strong market momentum. Our smart solutions also help mitigate operational constraints for our customers, particularly skilled labor shortages and grid installation challenges.
Adjusted EBITDA rose by +2.4% year-on-year to EUR107 million in H1 2025. The adjusted EBITDA margin was at 15.9% of standard sales in H1 2025, compared to 16.2% in H1 2024, mainly explained by an exceptional performance in H1 2024. H1 2025 adjusted EBITDA margin of PWR-Grid remained at a high level and is expected to further increase.
| PWR-Connect (32% OF TOTAL STANDARD SALES)
(in millions of euros)
Q1 2025
Q2 2025
H1 2025
H1 2024 pro forma*
Sales at standard metal prices
601
585
1,186
977
Organic growth
+1.9%
-1.4%
+0.2%
+1.8%
Adjusted EBITDA
163
133
Adjusted EBITDA as a % of standard sales
13.7%
13.6%
*Pro forma figures are disclosed in the appendix of this press release
In H1 2025, standard sales in the PWR-Connect segment amounted to EUR1,186 million compared to EUR977 million in H1 2024 , up +0.2% organically against a very challenging comparison basis in Q2 2024 while Q3 2025 should recover. The North and South America, Middle East and Africa regions delivered a strong performance, contributing positively to the segment's trajectory. Asia Pacific and Europe remained resilient. Europe slightly improved in Q2 in a context of a soft demand in certain residential markets.
In the first half of 2025, we also continued the rollout campaigns for our Mobiway Pop solutions in Portugal and Chile. Our fire safety cable offering also delivered a strong performance in H1 2025.
La Triveneta Cavi contributed to five months of standard sales in H1 2025 and the integration plan is progressing as planned.
Adjusted EBITDA reached EUR163 million in H1 2025 compared to EUR133 million in H1 2024, strongly up +22.4% year-on-year. Adjusted EBITDA margin was at a solid 13.7% of standard sales (compared to 13.6% in H1 2024), mainly driven by our structural performance improvement initiatives over the last years, in line with our strategy of selectivity and a strong focus on delivering high added-value solutions across the board. This margin performance of PWR-Connect represented an all-time record, and an outstanding improvement on the mid-single-digits of five years ago.
|NON-ELECTRIFICATION (Industry & Solutions) (19% OF TOTAL STANDARD SALES)
(in millions of euros)
Q1 2025
Q2 2025
H1 2025
H1 2024 Pro forma*
Sales at standard metal prices
362
360
721
876
Organic growth
-4.1%
-6.3%
-5.2%
-1.6%
Adjusted EBITDA
70
113
Adjusted EBITDA as a % of standard sales
9.8%
12.9%
*Pro forma figures are disclosed in the appendix of this press release
In the Industry & Solutions segment, standard sales for H1 2025 amounted to EUR721 million compared to EUR876 million in H1 2024, reflecting an organic decline of -5.2%. The segment's performance remained impacted by weak demand in the Automation and Rail markets.
Adjusted EBITDA for the segment decreased by -37.9% to EUR70 million, resulting in an adjusted EBITDA margin of 9.8% of standard sales in H1 2025 compared to 12.9% in H1 2024 mainly due to the divestment of AmerCable.
| OTHER ACTIVITIES (11% OF TOTAL STANDARD SALES)
(in millions of euros)
Q1 2025
Q2 2025
H1 2025
H1 2024 Pro forma*
Sales at standard metal prices
233
204
437
422
Organic growth
+5.7%
+11.8%
+8.4%
-11.8%
Adjusted EBITDA
13
(7)
*Pro forma figures are disclosed in the appendix of this press release
The Other Activities segment – corresponding mainly to copper wire sales (Metallurgy) and corporate costs that cannot be allocated to other segments – reported standard sales of EUR437 million in H1 2025 compared to EUR422 million in H1 2024. Standard sales were up +8.4% organically year-on-year with a favorable comparison basis. This performance was driven by momentum in the cable sector, including advance order placement from US customers in anticipation of tariff announcements. For Metallurgy, the Group's strategy over the last four years is to reduce external sales in order to favor strategic internal sourcing for Nexans.
The segment's adjustedEBITDA was EUR13 million in H1 2025 compared to negative EUR7 million in H1 2024, thanks to the contribution of Metallurgy in first-half 2025.
2025 OUTLOOK UPGRADED
Reflecting the strong performance in the first half of the year Nexans is upgrading its financial outlook for full-year 2025.
The Group raises its 2025 guidance as follows:
Adjusted EBITDA of between EUR810 million and EUR860 million
(previously: EUR770 – EUR850 million, excluding divestment of Lynxeo and future changes of scope)
Free Cash Flow of between EUR275 million and EUR375 million
(previously: EUR225 – EUR325 million, excluding divestment of Lynxeo and future changes of scope)
Excluding six months of Lynxeo for c.EUR45 million, including seven months of Cables RCT for c.EUR4 million and excluding future changes of scope
Nexans reaffirms its commitment to the 2024 Capital Markets Day targets and will continue to execute its strategic roadmap and priorities.
CONFERENCE CALL FOR INVESTORS AND ANALYSTS
Date: Wednesday, July 30, 2025 9:00 am Paris time – 8:00 am London time
Speakers: Christopher Guerin, CEO Jean-Christophe Juillard, Deputy CEO & CFO
Audio dial-in Please register by clicking on the following link: Registration.
Connection details will be sent to you directly upon registration.
The first-half 2025 earnings press release and investor presentation are available in the Investor Relations Results section at Nexans – Financial results.
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Financial calendar
October 23, 2025: 2025 third-quarter financial information February 19, 2026: 2025 full-year financial results
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About Nexans
Nexans is the global pure player in sustainable electrification, building the essential systems that power the world's transition to a connected, resilient, and low-carbon future. From offshore and onshore renewable energies to smart cities and homes, Nexans designs and delivers advanced cable solutions, accessories and services that electrify progress safely, efficiently, and sustainably. With over 140 years of history, through three core businesses: PWR Transmission, PWR Grid, and PWR Connect, Nexans blends deep industry expertise with cutting-edge innovation to accelerate the energy transition, and better meet its customers' needs. Its unique E3 model, focused on Environment, Economy and Engagement, drives every action, aligning performance with purpose. Nexans operates in 41 countries with 28,500 people and generated EUR7.1 billion in standard sales in 2024. As recognized climate action leader, Nexans is committed to Net-Zero emissions by 2050 aligned with the Science Based Targets initiative (SBTi) and expanding energy access through the Fondation Nexans.
Nexans is listed on Euronext Paris, Compartment A. www.nexans.com | #ElectrifyTheFuture
This press release contains forward-looking statements which are subject to various expected or unexpected risks and uncertainties that could have a material impact on the Company's future performance.
Readers are invited to visit the Group's website where they can view and download the Universal Registration Document, which include a description of the Group's risk factors.
