Nexans (NEX) AGM 2025 summary

Opening remarks and agenda

• Welcomed shareholders, outlined the agenda including 2024 performance, E3 model, 2025 outlook, acquisitions, vertical integration, circular economy, climate strategy, and board composition changes.

• Announced board renewals, director elections, and remuneration proposals aligned with strategic objectives.

• Introduced electronic voting for resolutions and explained meeting logistics.

• Confirmed quorum at a record 83.8%, enabling valid deliberation on all agenda items.

• Covered statutory auditors' reports and Q1 2025 sales.

Financial performance review

• Achieved record 2024 results, exceeding all financial targets set in 2021, including EBITDA, margin, cash flow, and greenhouse gas reduction.

• 2024 adjusted EBITDA reached €804 million (+20% YoY), margin at 11.4%, and free cash flow at €454 million, above targets.

• Electrification businesses drove strong organic growth (+13% in 2024, +6.8% in Q1 2025), with a record adjusted backlog of €8.1bn in Q1 2025.

• Dividend per share increased to €2.60, with a 35% payout ratio, and total shareholder return of 97% over four years.

• Solid balance sheet with €1.3bn cash and low leverage (0.30x net debt/EBITDA).

Board and executive committee updates

• Board composition: 13 members (54% women), expertise in industry, energy, finance, and sustainability.

• Board independence increased to 60%, with renewals for Marc Grynberg and Francisco Pérez Mackenna, and new employee directors elected.

• Committees held 14 board meetings and 24 committee meetings, with high attendance and annual assessments.