Nexans (NEX) Q3 2025 earnings summary

Executive summary

• Achieved strong organic growth in Q3 2025 (+7.7%) and for the first nine months (+5.8%), with group standard sales reaching €5,331 million for 9M 2025.

• Electrification businesses led growth, posting +9.4% organic growth and €3,841 million in standard sales for 9M 2025.

• Julien Hueber appointed CEO in October 2025, reaffirming commitment to operational excellence and innovation.

• Announced acquisition of ElectroCable in Canada, expected to close in H1 2026, reinforcing presence in North America and PWR-Connect.

• Innovation and sustainability initiatives highlighted at the Toronto Innovation Summit, focusing on electrification and carbon reduction.

Financial highlights

• Q3 2025 group organic growth was +7.7%, and 9M 2025 organic growth was +5.8%.

• Electrification businesses delivered +12.6% organic growth in Q3 and +9.4% for 9M 2025.

• PWR-Transmission achieved +25.3% organic growth for 9M 2025, with standard sales of €1,115 million.

• PWR-Grid posted +6.7% organic growth for 9M 2025, with standard sales of €989 million.

• PWR-Connect saw +1.4% organic growth for 9M 2025, with standard sales of €1,737 million.

Outlook and guidance

• 2025 guidance confirmed: adjusted EBITDA between €810–860 million and free cash flow between €275–375 million.

• Guidance includes only six months of LinkShare and incorporates GSI project milestones.

• 2028 targets: adjusted EBITDA of €1,150 million (+/- €75 million), FCF conversion >45%, ROCE >20%, dividend payout ≥30%, leverage ≤1.0x.

• Management confident in achieving guidance, citing quality of growth in grid and connect segments.

• Full-year 2025 guidance confirmed, as upgraded in July 2025.