Nexans (NEX) Q3 2026 earnings summary

Executive summary

• 9M standard sales reached €4,946.7m, up 10.1% year over year including 3.9% organic growth; Q3 sales were €1,698.2m, up 9.0% organically.

• Electrification grew 5.3% organically in 9M and 7.1% in Q3, led by Grid and Connect; Transmission growth normalized.

• FY2026 guidance was confirmed; Republic Wire integration progressed on plan and a €500m bond refinanced its acquisition bridge loan.

Financial highlights

• 9M standard sales increased from €4,492.2m to €4,946.7m, with 3.9% organic growth, 5.6% scope impact and 0.6% FX impact.

• Q3 standard sales rose from €1,398.7m to €1,698.2m; growth comprised 9.0% organic, 9.6% scope and 2.8% FX.

• 9M Electrification sales were €4,345.6m, up 5.3% organically; Other Activities sales were €601.2m, down 5.2% organically.

Outlook and guidance

• FY2026 guidance confirmed: Adjusted EBITDA of €770m–€840m and free cash flow of €235m–€325m.

• Guidance excludes Great Sea Interconnector execution in 2026 and future acquisitions; it includes MI line loading at year-end and Republic Wire from June 1.

• Q4 organic growth is expected to be slightly below Q3; Grid and Connect are expected to grow, with less exceptional Connect growth.

• 2027–2028 organic growth commitment remains 3%–5% year over year; Transmission is expected to return to mid-term growth guidelines in 2027.

• 2028 targets include €1,150m Adjusted EBITDA (±€75m), 3%–5% 2024–2028 Electrification organic sales CAGR, FCF conversion above 45%, ROCE above 20%, payout of at least 30% and leverage no more than 1.0x.