Nexans 9M 2026: Exceptionally high momentum in PWR-Grid and PWR-Connect, PWR-Transmission continued growth normalization, 2026 guidance confirmed
9M 2026 financial information
Exceptionally high momentum in PWR-Grid and PWR-Connect
PWR-Transmission continued growth normalization while margin will continue to improve in FY 2026
Integration of Republic Wire in the U.S. well on track
Successful completion of €500 million bond issuance
2026 guidance confirmed
- Standard sales approached the €5 billion milestone in first nine months of 2026. 9M 2026 Group organic growth at +3.9%, including a high +9.0% organic growth in Q3 2026
- Standard sales of €4,946.7 million in the first nine months of 2026, up +10.1% year on year, including +3.9% organic growth, +5.6% scope contribution thanks to acquisitions and +0.6% foreign exchange effect
- Electrification businesses up +12.9% in the first nine months of 2026, including +5.3% organically and +6.6% related to scope, and up +7.1% organically in the third quarter of 2026 along with a +10.9% effect of scope thanks to acquisitions
- Adjusted backlog for PWR-Transmission, mainly subsea-driven, at €7.8 billion as of September 30, 2026, up +0.7% compared to June 30, 2026
- Strategic M&A continues to be a key capital allocation priority to drive Nexans’ next phase of growth, following the completion of its portfolio rotation
- Integration of Republic Wire in PWR-Connect in the U.S. is well on track, delivering expected results
- M&A remains a key pillar of Nexans’ strategy, we nurture a rich pipeline of opportunities worldwide
- In September, Nexans successfully completed a €500 million bond issuance
- Proceeds used for refinancing the bridge loan started in April 2026 and put in place to fund the acquisition of Republic Wire in the U.S.
- 5-year maturity and fixed interest rate of 4.25%
- Full-year 2026 guidance confirmed, as upgraded in July 2026 :
- Adjusted EBITDA: €770 – 840 million,
- Free Cash Flow: €235 – 325 million,
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, October 22, 2026 – Nexans, a global leader in the design and manufacturing of cable systems to power the world, announces its financial information for the first nine months of 2026.
Commenting on the Group’s performance, Julien Hueber, Nexans’ Chief Executive Officer, said:
“Our third-quarter performance reflects very positive business trends and the continued commitment of our teams. The momentum we have seen during the quarter is encouraging and reinforces our confidence in Nexans’ strategic direction and unique positioning across the Electrification value chain. As we enter the final quarter, we continue to take a measured approach, recognizing that quarterly performance naturally reflects the timing and mix of activity. Our focus remains on delivering consistent execution and sustainable value over time.
We are investing in PWR-Grid Accessories to expand our medium-voltage production capacity in Europe and the U.S., enabling us to enhance operational excellence and to be well-positioned to capture growth in strategic markets such as data centers and solar activities.
In PWR-Connect, the integration of Republic Wire in the United States is well on track and providing already good results on the key performance indicators of our roadmap. Again, M&A remains a key pillar of our strategy and we nurture a rich pipeline of opportunities worldwide.
Our priority remains to translate positive market trends into sustainable, profitable growth, supported by rigorous execution and financial discipline. We enter the final quarter with confidence in the fundamentals of our business to achieve our near-term outlook. We will continue to focus on serving our customers, delivering quality of execution and creating long-term value for our shareholders.”
CONSOLIDATED SALES BY SEGMENT
At standard metal prices (copper reference at €5,000/ton)
| In millions of euros | 9M 2026 | 9M 2025 | Change | o/w organic growth | o/w scope effect | o/w foreign exchange | ||
| PWR-Transmission | 1,155.0 | 1,114.5 | +3.6% | -1.4% | - | +5.1% | ||
| PWR-Grid | 1,065.8 | 991.5 | +7.5% | +8.1% | - | -0.6% | ||
| PWR-Connect | 2,124.7 | 1,742.6 | +21.9% | +8.3% | +14.5% | -0.9% | ||
| Subtotal Electrification | 4,345.6 | 3,848.6 | +12.9% | +5.3% | +6.6% | +1.0% | ||
| Other activities | 601.2 | 643.6 | -6.6% | -5.2% | - | -1.4% | ||
| Total Group | 4,946.7 | 4,492.2 | +10.1% | +3.9% | +5.6% | +0.6% |
9M 2025 is restated in compliance with IFRS 5 linked to the portfolio rotation. See appendices
| In millions of euros | Q3 2026 | Q3 2025 | Change | o/w organic growth | o/w scope effect | o/w foreign exchange | ||
| PWR-Transmission | 378.3 | 367.6 | +2.9% | -4.0% | - | +6.9% | ||
| PWR-Grid | 363.9 | 314.4 | +15.8% | +14.8% | - | +1.0% | ||
| PWR-Connect | 749.8 | 551.1 | +36.0% | +10.5% | +24.4% | +1.2% | ||
| Subtotal Electrification | 1,492.0 | 1,233.1 | +21.0% | +7.1% | +10.9% | +3.1% | ||
| Other activities | 206.2 | 165.6 | +24.5% | +24.7% | - | -0.2% | ||
| Total Group | 1,698.2 | 1,398.7 | +21.4% | +9.0% | +9.6% | +2.8% |
Q3 2025 is restated in compliance with IFRS 5 linked to the portfolio rotation. See appendices
9M AND Q3 2026 HIGHLIGHTS
In the first nine months of 2026, the Group’s standard sales amounted to €4,946.7 million, up +3.9% organically compared to the same period last year. The scope effect in the first nine months of 2026 accounted for +5.6% linked to the acquisition of Republic Wire in the U.S. (contribution starting June 2026), Electro Cables in Canada (contribution starting January 2026) and Cables RCT in Spain (contribution starting June 2025). The foreign exchange effect was up +0.6% mainly related to a positive pattern of Norwegian Krone and partially mitigated by U.S. Dollar and Canadian Dollar.
The Electrification businesses recorded +5.3% organic growth in the first nine months of 2026 and +7.1 % in Q3 2026 supported by high demand in strategic verticals across PWR-Grid and PWR-Connect, favorable seasonality in PWR-Grid with Q2 and Q3 typically being the strongest quarters, and the successful execution of large-scale projects. PWR-Transmission continued its sales normalization while the margin will continue to improve in FY 2026.
STANDARD SALES PER SEGMENT
| PWR-TRANSMISSION (23% OF 9M 2026 TOTAL STANDARD SALES)
PWR-Transmission standard sales stood at €1,155.0 million in the first nine months of 2026, compared to €1,114.5 million over the same period last year, down -1.4% organically as expected in a context of normalization of the organic growth this year and that should get back to our mid-term guidelines during 2027. Foreign exchange accounted for +5.1% over the period, related to Norwegian krone.
In Q3 2026, organic growth was down -4.0%, with a very high comparison effect that becomes even tougher in Q4 (Q3 2025 at +33.3% and Q4 2025 at +40.0% organically). Overall for the year 2026, margins are expected to improve despite the normalization in organic growth, reflecting disciplined execution and a sustained focus on operational efficiency.
Adjusted backlog reached €7.8 billion at September 30, 2026, up + 0.7% compared to June 30, 2026. The pipeline of activity remains strong in subsea activity.
| PWR-GRID (22% OF 9M 2026 TOTAL STANDARD SALES)
PWR-Grid standard sales reached €1,065.8 million in the first nine months of 2026 compared to €991.5 million over the same period last year, up +8.1% organically. Foreign exchange amounted to -0.6% over the period.
In Q3 2026, PWR-Grid confirmed a strong trajectory with +14.8% organic growth, well above our mid-term guidelines (mid-single-digit CAGR of organic growth). This performance was driven by Europe, which benefited from the typically stronger seasonal activity in Q2 and Q3, and the progressive ramp-up of additional production capacity along with a continued focus on maximizing plant output thanks to mutualization of our industrial footprint. Performance was also supported by frame agreements with utilities and demand from data centers in North America and large-scale solar projects in South America and the Middle East and Africa (mainly Turkey and Morocco).
Accessories business continued to register strong momentum related to high demand from our customers for added value solutions.
To support profitable growth Nexans will invest c.€62 million over the next few years to expand its medium-voltage accessories production capacity in Europe and the U.S.
In the U.S., the investment will expand the existing Republic Wire facility to shorten lead times and capture growing demand from data centers and grid verticals.
In Europe, we invest for the expansion of our saturated manufacturing capacity and to scale up advanced offers, in line with our mid-term targets.
| PWR-CONNECT (43% OF 9M 2026 TOTAL STANDARD SALES)
PWR-Connect standard sales amounted to €2,124.7 million in the first nine months of 2026 compared to €1,742.6 million in the first nine months of 2025. Total growth was up +21.9% including +8.3% organic growth, +14.5% scope effect with the acquisition of Republic Wire in the U.S. (contribution starting June 2026), Electro Cables in Canada (contribution starting January 2026) and Cables RCT in Spain (contribution starting June 2025), and foreign exchange for -0.9% over the period.
In Q3 2026, PWR-Connect organic growth was at +10.5% with signs of recovery in Europe and a remarkable performance in other regions such as (i) North America supported by demand in hyperscale data centers, (ii) South America led by solar activities and residential demand and (iii) Middle East & Africa benefitting from a strong momentum.
The integration of Republic Wire is progressing well and delivering the expected results. We continue to execute our integration roadmap, with a focus on aligning operations, strengthening collaboration across teams and capturing the anticipated synergies. Progress to date reinforces our confidence in the integration’s successful completion and its ability to create long-term value for the Group.
| OTHER ACTIVITIES (12% OF 9M 2026 OF TOTAL STANDARD SALES)
The Other Activities segment – corresponding mainly to copper wire sales (Metallurgy) and corporate costs that cannot be allocated to other segments – reported standard sales of €601.2 million in the first nine months of 2026 compared to €643.6 million in the same period last year, down -5.2% organically year-on-year as expected. Foreign exchange accounted for -1.4% over the period.
In Q3 2026, organic growth was up +24.7% mainly reflecting an unusual semester phasing in 2025, with very strong H1 2025 momentum driven by U.S. customers bringing forward copper orders ahead of tariffs, creating a high comparison basis in H1 and a correction in Q3 2025 with a low comparison at -6.3% organic growth.
Nexans’ strategy is to reduce external copper wire sales in favor of internal sourcing and recycled-content offerings.
FINANCING – BOND ISSUANCE
On September 9, 2026 Nexans announced the success of a bond issuance in an aggregate principal amount of €500 million with a 5-year maturity and an annual interest rate of 4.25%.
The proceeds of this bond issuance was used to refinance the €500 million bridge term loan Nexans entered into with BNP PARIBAS and Société Générale on 27 April 2026. This bridge term loan was put in place to fund the acquisition of Republic Wire in the U.S.
Nexans seized the opportunity offered by a resilient market environment and the transaction has been welcomed by institutional fixed income investors in France and abroad, confirming the market's confidence in the Group's credit quality.
2026 OUTLOOK CONFIRMED
The Group 2026 guidance is confirmed as follows:
- Adjusted EBITDA: €770 – 840 million,
- Free Cash Flow: €235 – 325 million,
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 EVENT SINCE THE END OF SEPTEMBER 2026
On October 14th, 2026 Stéphane Artaud was appointed as Chief Operating Officer.
Stéphane Artaud will join Nexans’ Executive Committee effective November 1st, 2026, with a mandate to strengthen the performance and transformation of the Group’s industrial operations and supply chain. He succeeds Vijay Mahadevan, who held the role on an interim basis and will now devote his full attention on leading the Group’s Grid & Connect activities in Europe.
With 30 years of international experience at Saint-Gobain, Stéphane Artaud brings extensive expertise in managing large-scale industrial operations, improving operational performance and transforming organizations. Throughout his career, he has held senior leadership positions in Europe, North and South America, and Asia, leading industrial development projects, optimizing production capacities and improving profitability.
In his new role at Nexans, Stéphane Artaud will lead the transformation and performance improvement of the Group’s industrial operations and supply chain worldwide. He will contribute to the implementation of the Group’s growth strategy by continuing to modernize and optimize its industrial footprint and strengthening operational excellence.
CONFERENCE CALL FOR INVESTORS AND ANALYSTS
Date: Thursday, October 22, 2026
9:00 am Paris time – 8:00 am London time
Speakers:
Julien Hueber, CEO
Vincent Piquet, CFO
Webcast
https://nexans.engagestream.euronext.com/9m_2026_financial_information
Audio dial-in
Please register by clicking on the following link: Registration.
Connection details will be sent to you directly upon registration.
The third quarter 2026 financial information press release and investor presentation are available in the Investor Relations Results section at Nexans - Financial results.
Financial calendar
February 24, 2027: 2026 full-year 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 39 countries with 12,830 people and generated €6.1 billion in standard sales in 2025. Nexans is committed to Net-Zero emissions by 2050 aligned with the Science Based Targets initiative (SBTi) and expanding energy access through the Fondation Nexans.
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 includes a description of the Group’s risk factors.
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