2026 Half-year results: Nexans delivering on its strategy of profitable growth and raises full-year guidance
Rhea-AI Summary
Nexans (OTC:NEXNY) reported H1 2026 standard sales of €3,248.6 million, up 5.0% year-on-year, with 1.5% organic growth and 3.8% from acquisitions. Electrification grew 4.5% organically. Group Adjusted EBITDA rose 4.3% to €387.7 million, yielding an 11.9% margin, while Electrification reached a 13.2% margin.
Net income from continuing operations was €122.8 million versus €143.3 million a year earlier, and total net income declined to €105.9 million, mainly reflecting discontinued operations. Free cash flow was €165.5 million and net debt increased to €1,038.2 million, with leverage at 1.4x. The Republic Wire acquisition expanded the U.S. footprint. Nexans raised 2026 guidance to Adjusted EBITDA of €770–840 million and free cash flow of €235–325 million, excluding future M&A and assuming no Great Sea Interconnector execution in 2026.
Positive
- Standard sales +5.0% to €3,248.6m in H1 2026
- Electrification organic growth +4.5% with 13.2% EBITDA margin
- Adjusted EBITDA +4.3% to €387.7m; margin 11.9%
- Raised 2026 guidance: EBITDA €770–840m, FCF €235–325m
- Republic Wire acquisition closed in June 2026, expanding U.S. market presence
- PWR-Transmission backlog €7.7bn with MI line loaded until mid-2028
Negative
- Group net income -71.7% to €105.9m, hit by discontinued operations
- Net income from continuing operations -14.3% to €122.8m
- Free cash flow -46.4% to €165.5m; cash conversion 42.7%
- Net debt increased to €1,038.2m from €265.6m at end-2025
- ROCE declined to 15.0% from 22.3% year-on-year
- Electrification margin down 49 bps to 13.2% due to mix effects
AI-generated analysis. How Rhea-AI works. Not financial advice.
2026 Half-year results
Nexans delivering on its strategy of profitable growth and raises full-year guidance
Electrification organic growth +
Electrification Adjusted EBITDA margin at
U.S. market footprint expanded through Republic Wire acquisition
PWR-Transmission MI line loaded up until mid-2028
- H1 2026 performance demonstrated the successful execution of Nexans' profitable growth strategy, supported by the agility of its well-diversified business model
- H1 2026 standard sales of
€3,248.6 million (current sales of€4,736.0 million ), up +5.0% including +1.5% organic growth and +3.8% from contribution of acquisitions - Strong Electrification businesses performance, up +
4.5% organically in H1 2026 - Group Adjusted EBITDA of
€387.7 million , up +4.3% year-on-year, adjusted EBITDA margin at11.9% of standard sales compared to12.0% in H1 2025 - Electrification adjusted EBITDA up +
5.2% year-on-year, adjusted EBITDA margin at13.2% of standard sales still affected by an adverse mix effect, compared to13.7% of standard sales in H1 2025 (and13.3% in FY 2025) - Net income at
€105.9 million in H1 2026 compared to€374.0 million in H1 2025, this variation reflected discontinued operations linked to IFRS 5 (Lynxeo, AmerCable and Autoelectric divestments) ; Net income from continuing operations at€122.8 million in H1 2026 compared to€143.3 million in H1 2025
- H1 2026 standard sales of
- A sound balance sheet with solid cash flow generation and well-controlled financial leverage ratio
- Free cash flow of
€165.5 million in H1 2026 resulting in a cash conversion ratio at42.7% - Well-diversified debt profile and no upcoming maturities before 2027, financial leverage ratio at 1.4x
- Maintaining the financial flexibility to execute a disciplined and value-creating M&A strategy
- Free cash flow of
- M&A in PWR-Grid and PWR-Connect remains at the core of the Group’s strategy
- Closing of the acquisition of Republic Wire early June 2026
- Entering the very dynamic U.S. market
- Further leveraging and mutualizing our industrial footprint in the Americas
- Capturing data centers future growth
- Nurturing a rich pipeline of opportunities
- Closing of the acquisition of Republic Wire early June 2026
- Sustainability
- Responsible supply chain: Nexans awarded CDP Supplier Engagement Leader
- ESG performance and circularity as commercial differentiators
- Full-year 2026 guidance upgraded
- Adjusted EBITDA:
€770 – 840 million, (previously:€730 -810 million) - Free Cash Flow:
€235 – 325 million, (previously:€210 - 310 million)
- Adjusted EBITDA:
This guidance does not assume execution of the Great Sea Interconnector project in 2026 but includes the load of MI line at the end of 2026
This guidance takes into account the contribution of Republic Wire starting 1st June 2026 and excludes the contribution of any future acquisitions
Paris, July 29, 2026 – 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 2026, as approved by the Board of Directors at its meeting on July 28, 2026 chaired by Jean Mouton.
Commenting on the Group’s performance, Julien Hueber, Nexans’ Chief Executive Officer, said:
"Our first-half performance reflects the continued disciplined execution of our strategy in an environment where the structural drivers of electrification remain stronger than ever. In H1 2026, Nexans’ Electrification businesses delivered +
We further optimized and mutualized our industrial footprint, further enhancing operational efficiency in order to support our customers' growing needs across our end markets, including data centers. Our well-balanced business profile, underpinned by long-standing customer relationships and a disciplined value-over-volume approach, provides the agility and resilience needed to capture opportunities while delivering sustainable profitable growth.
With the acquisition of Republic Wire in the U.S. we further advanced our value-accretive M&A strategy, strengthening our portfolio in line with our long-term ambitions.
Looking ahead, the market environment remains dynamic and the long-term fundamentals underpinning electrification remain compelling. Supported by our differentiated positioning, operational discipline and focused investment strategy, we remain confident in our ability to deliver sustainable value for all our stakeholders."
H1 2026 KEY FIGURES
| (in millions of euros) | H1 2026 | H1 2025 | Var % |
| Sales at current metal prices | 4,736.0 | 3,977.2 | + |
| Sales at standard metal prices1 | 3,248.6 | 3,093.5 | + |
| Adj. EBITDA | 387.7 | 371.7 | + |
| Adj. EBITDA as a % of standard sales | -8 bps | ||
| Net income from continuing operations | 122.8 | 143.3 | - |
| Net income from discontinued operations | (16.9) | 230.7 | - |
| Net income Group | 105.9 | 374.0 | - |
| Net debt at closing | (1,038.2) | (48.4) | - |
| Free cash-flow | 165.5 | 308.8 | - |
| ROCE | -730 bps | ||
| Basic EPS (€) | 2.37 | 8.55 | - |
H1 2025 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
H1 2026 BUSINESS PERFORMANCE
Sales at standard metal prices reached
In the second quarter of 2026, Nexans achieved organic growth of +
Scope effect was up +
Group Adjusted EBITDA reached
Net income from continuing operations amounted to
Positive effects:
€16.0 million increase linked to the performance of the Group Adjusted EBITDA over the period.- Core exposure effect that increased by
€64.3 million (from€10.9 million in H1 2025 to€75.2 million in H1 2026) in relation to copper price variations over the period. - Income tax expense stood at
€59.8 million in H1 2026 lower compared to€64.6 million in H1 2025. The effective tax rate amounted to32.66% (close to our yearly level of30.9% of income before tax in full year 2025).
Adverse effects:
- Depreciation & amortization on tangible & intangible assets that totaled
€153.4 million in H1 2026 compared to€101.1 million in H1 2025, mainly related to PWR-Transmission and acquisitions. - Reorganization costs increased by
€15.6 million reaching€34.3 million in H1 2026 driven by the Group's strategic transactions, including divestments, acquisitions and transformation initiatives. - Other financial income and expenses that were at a negative
€35.0 million in H1 2026 and a positive€16.9 million in H1 2025 compared to, a variance of€51.9 million explained mainly by hedging.
Net income from discontinued operations stood at a negative
Net income amounted to
CASH FLOW AND NET DEBT AT JUNE 30, 2026
Free Cash Flow reached
Working capital was at a positive
Capital expenditures amounted to
Net Debt was
Financial leverage ratio2 increased but remained at a well-controlled level at 1.4x at June 30th, 2026 (compared to 1.2x at December 31st, 2025 pro forma of the acquisition of Republic Wire in the U.S.). For the definition of leverage ratio as per bank covenant please refer to appendix of this press release.
GROUP FINANCING AND LIQUIDITY
The Group’s liquidity stood at
In April 2026, Nexans signed a bridge term loan of
The Group has no upcoming maturity before April 2027 and benefits from optimized financing conditions in a context of higher interest rates.
Nexans’ credit rating as updated in February 2026 by Standard & Poor’s is BB+ with stable outlook. This rewards the solid and disciplined performance as well as the Group’s sound financial structure.
H1 2026 PERFORMANCE BY SEGMENT
H1 2026 standard sales
| In millions of euros | H1 2026 | H1 2025 | Change | o/w organic growth | o/w scope effect | o/w foreign exchange | ||
| PWR-Transmission | 776.8 | 746.9 | + | - | - | + | ||
| PWR-Grid | 701.9 | 677.1 | + | + | - | - | ||
| PWR-Connect | 1,374.9 | 1,191.5 | + | + | + | - | ||
| Sub-total Electrification | 2,853.6 | 2,615.5 | + | + | + | + | ||
| Other activities | 395.0 | 478.0 | - | - | - | - | ||
| Total Group | 3,248.6 | 3,093.5 | + | + | + | - |
H1 2025 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
Quarterly organic growth by segment
| Q1 2026 | Q2 2026 | H1 2026 | ||
| PWR-Transmission | + | - | - | |
| PWR-Grid | + | + | + | |
| PWR-Connect | + | + | + | |
| Sub-total Electrification | + | + | + | |
| Other activities | - | - | - | |
| Total Group | + | + | + |
Adjusted EBITDA
| In millions of euros | H1 2026 | H1 2025 | Change |
| PWR-Transmission | 106.5 | 87.9 | + |
| In % of standard sales | +195 bps | ||
| PWR-Grid | 108.1 | 107.5 | + |
| In % of standard sales | -47 bps | ||
| PWR-Connect | 161.8 | 162.6 | - |
| In % of standard sales | -188 bps | ||
| Sub-total Electrification | 376.5 | 357.9 | + |
| In % of standard sales | -49 bps | ||
| Other activities | 11.2 | 13.8 | - |
| In % of standard sales | -4 bps | ||
| Group Adjusted EBITDA | 387.7 | 371.7 | + |
| In % of standard sales | -8 bps |
H1 2025 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
| PWR-TRANSMISSION (
PWR-Transmission standard sales came in at
The segment’s adjusted EBITDA reached
Adjusted backlog reached
Nexans Electra, our third cable-laying vessel, successfully entered into operation in the second quarter of 2026, on time and within budget, demonstrating the Group's disciplined execution capabilities. It will enhance the Group's operational excellence while supporting future profitable growth in PWR-Transmission.
| PWG-GRID (
Standard sales in the PWR-Grid segment reached
Adjusted EBITDA increased by +
| PWR-CONNECT (
Standard sales in the PWR-Connect segment amounted to
Adjusted EBITDA reached
The H1 2026 Adjusted EBITDA margin at
| OTHER ACTIVITIES (
The Other activities segment – corresponding for the most part to copper wire sales (Metallurgy) and corporate costs that cannot be allocated to other segments – reported standard sales of
The segment’s adjusted EBITDA reached
M&A ACTIVITY
On April 27th 2026, Nexans announced the acquisition of Republic Wire, Inc. (“Republic Wire) an established American manufacturer of low-voltage copper and aluminum wire products headquartered in Cincinnati, Ohio. The transaction was closed on June 1st, 2026.
Founded in 1982 and family-owned, Republic Wire is a recognized manufacturer of low-voltage wiring products serving electrical wholesale distributors, utilities and municipalities across the United States and Canada. Over the 12-month period through February 2026, Republic Wire generated c.
Strategic Rationale
The acquisition of Republic Wire is an important step in Nexans' strategy to expand its geographic footprint to the United States, one of the world's largest markets and among the fastest-growing for low- and medium-voltage cables. The U.S. low-voltage segment, estimated at c.
The acquisition of Republic Wire is perfectly consistent with Nexans' strategy and will allow Nexans to:
- Establish an expanded manufacturing and distribution platform in the high-growth U.S. geography, complementing the recent acquisition of Electro Cables in Canada;
- Access residential and commercial channels through Republic Wire's strong sales agent and distributor network, building on Nexans’ proven global distributor relationships and benefitting from Nexans' broader complementary product portfolio into additional high-growth verticals, including data centers;
- Create a platform for future organic and inorganic growth across the U.S., ensuring that the Group will benefit through the cycle from structural growth in the region; and
- Generate c.
€23 3 million in run-rate synergies within 3 years, driven by commercial cross-selling opportunities rolling out Nexans' comprehensive product offering in medium-voltage and grid solutions, technology synergies through the deployment of Nexans' proprietary manufacturing IP, and industrial synergies through purchasing scale, manufacturing mutualization and efficiency.
Financial Highlights
The transaction represents a total enterprise value of c.
At the terms of the transaction, the enterprise value6 represents multiples of 10.3x 2027E Adjusted EBITDA7 before synergies and 7.6x after run-rate synergies. There is also the potential for the transaction structure to provide tax benefits to Nexans over time.
The transaction will be financed through a combination of debt and existing cash on balance sheet. On a pro forma basis, Nexans' net leverage is expected to rise to approximately 1.2x Net Debt to 2025 Adjusted EBITDA, returning to comfortably below 1.0x through rapid deleveraging by the end of 2028, in keeping with our disciplined financial policy.
The transaction is expected to be immediately EPS accretive before synergies7. Synergies are expected to reach full run-rate of c.
SUSTAINABILITY
Sustainability remains a key pillar of Nexans’ strategy. Through its E3 model, Nexans continues to translate sustainability commitments into tangible business outcomes and stakeholder value.
Responsible supply chain.
Nexans continued to strengthen its sustainable supply chain through close collaboration with more than 600 strategic suppliers engaged in its climate roadmap. In May 2026, this commitment was recognized through its selection as a CDP Supplier Engagement Leader, the highest level of recognition awarded by CDP in this area. In parallel, the Group signed a long-term partnership in July 2026 with Hydro for the supply of approximately 85,000 tons of low-carbon aluminum wire rod, securing access to critical materials while supporting product decarbonization and reinforcing supply chain resilience across Europe.
ESG performance and circularity as commercial differentiators.
Nexans increasingly translates its sustainability leadership into business success. The Group’s strong ESG credentials and circularity strategy are becoming key differentiators in major infrastructure tenders. The
2026 OUTLOOK UPGRADED
The Group raises its 2026 guidance as follows:
-
- Adjusted EBITDA:
€770 – 840 million, (previously:€730 -810 million) - Free Cash Flow:
€235 – 325 million, (previously:€210 - 310 million)
- Adjusted EBITDA:
This guidance does not assume execution of the Great Sea Interconnector project in 2026 but includes the load of MI line at the end of 2026
This guidance takes into account the contribution of Republic Wire starting 1st June 2026 and excludes the contribution of any future acquisitions
Nexans also reaffirms its commitment to the 2024 Capital Markets Day targets and will continue to execute its strategic roadmap and priorities.
SIGNIFICANT EVENTS SINCE THE END OF JUNE 2026
On July 3rd, 2026, Nexans completed the sale of its wiring harness business, Autoelectric, to Samvardhana Motherson International Limited (“Motherson”), a leading global supplier of automotive systems and components, for an Enterprise Value of
In 2025 and up until its deconsolidation from Nexans as of July 1st 2026, the wiring harness business along with the Industry and Solutions segment was classified as discontinued operations in the consolidated financial statements of the Group. Its contribution remains fully excluded from the 2026 guidance. Autoelectric standalone generated current annual sales of c.
This divestment completes the portfolio rotation Nexans announced in 2021, with Autoelectric being the last non-electrification business to exit the Group.
CONFERENCE CALL FOR INVESTORS AND ANALYSTS
Date: Wednesday, July 29, 2026
Time: 9:00 a.m. CET – 8:00 am London time
Speakers:
Julien Hueber, CEO
Vincent Piquet, CFO
Webcast
https://nexans.engagestream.euronext.com/half_year_2026_earnings
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 2026 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 22, 2026: Third quarter 2026 financial information
February 24, 2027: 2026 full-year financial results
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 25,700 people and generated
Nexans is listed on Euronext Paris, Compartment A.
www.nexans.com | #ElectrifyTheFuture
Contacts:
Investor relations
Audrey Bourgeois
Tel.: +33 (0)1 78 15 00 43
audrey.bourgeois@nexans.com
Communication
Mael Evin (Havas Paris)
Tel.: +33 (0)6 44 12 14 91
nexans_h@havas.com
Maellys Leostic
maellys.leostic@nexans.com
Olivier Daban
olivier.daban@nexans.com
NB: Any discrepancies are due to rounding
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.
1 Sales at the standard copper price of
2 Ratio of closing net debt to adjusted EBITDA on trailing twelve-month basis
3 FX rate USD to EUR of 0.86
4 In accordance with US GAAP
5 Roland Berger February 2026 Market Study
6 Before earn-out
7 Before amortization of intangibles and implementation costs
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