Nexans S.A.
Nexans designs, makes and installs electricity cables that connect power generation, national grids and buildings, including offshore wind farms and links laid on the seabed.
Overview
Latest results
Reported in EUR
Latest financial publication
Third-quarter and nine-month 2026 revenue
Investment Thesis
Electricity infrastructure, from offshore links to local grids
European Tech Equities analysis ·
The investment case
Nexans offers exposure to the equipment needed to expand electricity supply and move it to customers. Offshore wind and interconnectors require specialist cables, while local grids and buildings provide a broader customer base. The company’s shift towards electrification makes that connection clearer, although it still depends on construction spending and large project schedules.
Orders and deliveries
The October update reported 9% organic growth in third-quarter sales and a €7.8 billion adjusted transmission backlog. That backlog supports future activity but depends on execution. The 3,000-metre cable qualification expands technical options; it does not resolve the Great Sea Interconnector’s project uncertainties. Nexans explicitly excludes that project’s execution from its 2026 outlook.
Customer demand
Renewable generation only reaches users if the cables and grid connections are ready. Customers also need to replace ageing infrastructure and connect data centres, homes and factories. These needs create several routes to growth. However, permits, installation capacity and financing influence when that demand becomes revenue; spending does not arrive evenly across countries or quarters.
Financial position
First-half 2026 statutory operating profit was €247 million, compared with €222 million on the restated basis. Total group net profit fell to €106 million from €374 million, partly reflecting discontinued operations, so it tells a different story. Continuing operations generated €409 million of operating cash flow and spent €191 million on capital investment. June cash was €1.46 billion against €2.49 billion of financial debt including leases.
Valuation context
Sales are reported both at actual metal prices and at standard metal prices; they are not interchangeable. The tables here use statutory revenue, while organic growth removes specified metal, currency and acquisition effects. Likewise, the €770–840 million adjusted EBITDA outlook for 2026 is a company forecast, not statutory profit. Valuation needs consistent definitions and allowance for debt, investment and project risk.
What would weaken the case
- Large subsea projects can face delays, claims and political or permitting disputes.
- Acquisitions and factory or vessel investment can raise debt before benefits arrive.
- Metal prices and disposals complicate comparisons of revenue and earnings.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Revenue
- EUR 7,320.5m
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; EPS in EUR. Revenue uses actual metal prices, not the standard-metal-price sales quoted in management updates. Revenue, operating profit and operating cash flow/cash capex relate to continuing operations. Net income and EPS include discontinued operations. Prior periods use the latest restated comparisons. Financial debt includes leases; liabilities equal assets less equity, subject to rounding. The September update reports sales only, so earlier complete statements remain relevant.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; EPS in EUR. Revenue uses actual metal prices, not the standard-metal-price sales quoted in management updates. Revenue, operating profit and operating cash flow/cash capex relate to continuing operations. Net income and EPS include discontinued operations. Prior periods use the latest restated comparisons. Financial debt includes leases; liabilities equal assets less equity, subject to rounding. The September update reports sales only, so earlier complete statements remain relevant.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; EPS in EUR. Revenue uses actual metal prices, not the standard-metal-price sales quoted in management updates. Revenue, operating profit and operating cash flow/cash capex relate to continuing operations. Net income and EPS include discontinued operations. Prior periods use the latest restated comparisons. Financial debt includes leases; liabilities equal assets less equity, subject to rounding. The September update reports sales only, so earlier complete statements remain relevant.
Quarterly
Income statement
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; EPS in EUR. Revenue uses actual metal prices, not the standard-metal-price sales quoted in management updates. Revenue, operating profit and operating cash flow/cash capex relate to continuing operations. Net income and EPS include discontinued operations. Prior periods use the latest restated comparisons. Financial debt includes leases; liabilities equal assets less equity, subject to rounding. The September update reports sales only, so earlier complete statements remain relevant.
Year to date
Income statement
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; EPS in EUR. Revenue uses actual metal prices, not the standard-metal-price sales quoted in management updates. Revenue, operating profit and operating cash flow/cash capex relate to continuing operations. Net income and EPS include discontinued operations. Prior periods use the latest restated comparisons. Financial debt includes leases; liabilities equal assets less equity, subject to rounding. The September update reports sales only, so earlier complete statements remain relevant.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with Nexans S.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
9M2025 · Published Oct 22, 2026 · Checked Nov 6, 2026
9M2026 · Published Oct 22, 2026 · Checked Nov 6, 2026
Q3 2025 · Published Oct 22, 2026 · Checked Nov 6, 2026
Q3 2026 · Published Oct 22, 2026 · Checked Nov 6, 2026
H1 2025 · Published Jul 29, 2026 · Checked Nov 6, 2026
H1 2026 · Published Jul 29, 2026 · Checked Nov 6, 2026
FY2024 · Published Feb 19, 2026 · Checked Nov 6, 2026
FY2025 · Published Feb 19, 2026 · Checked Nov 6, 2026
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