Nexans (NEX) AGM 2025 summary

Opening remarks and agenda

• The meeting covered 2024 financial performance, Q1 2025 sales, the E3 performance model, 2025 outlook, recent acquisitions, vertical integration, circular economy, and climate strategy.

• Board composition changes, including renewals and new appointments, were on the agenda.

• Electronic voting was used for efficiency and transparency.

Financial performance review

• 2024 was a record year, with adjusted EBITDA reaching €804 million (+20% YoY), exceeding the €750M–€800M target, and margin at 11.4%.

• Normalized free cash flow was €454 million, above the €275M–€375M target.

• Organic growth was 5.1% overall, with electrification activities growing 13% in 2024 and 6.8% in Q1 2025.

• Record adjusted backlog of €8.1bn in Q1 2025, providing multi-year visibility.

• Solid balance sheet with €1.3bn cash and low leverage (0.30x net debt/EBITDA).

Board and executive committee updates

• Board composition includes 13 members (54% women), with expertise in industry, energy, finance, and sustainability.

• Marc Grynberg and Francisco Pérez Mackenna's board terms were renewed for four years.

• Gwenael Gilbert and Bruno Daguet were appointed as employee representatives.

• Four active board committees with high attendance and gender diversity.