Nexans (NEX) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw robust organic growth in electrification core businesses at +4.9%, with total group organic growth at +0.1% year-over-year, driven by strong performance in PWR-Transmission and PWR-Grid.

• Standard sales reached €1,497 million, up from €1,478 million in Q1 2025.

• Announced acquisition of Republic Wire, a U.S. low voltage platform with €520 million sales, expanding North American presence to over €1 billion.

• No material financial impact from Middle East geopolitical tensions; 2026 guidance confirmed.

Financial highlights

• Q1 2026 standard sales reached €1,496.8 million, up 1.3% year-over-year; electrification segment delivered €1,311.2 million in standard sales (+4.9% organic growth).

• PWR-Transmission organic growth +8.8%, PWR-Grid +5.7%, PWR-Connect +2.5% year-over-year; other activities (mainly metallurgy) declined 24.1% organically.

• Foreign exchange had a -2% impact; scope changes contributed +3.3% from recent acquisitions.

• Adjusted EBITDA guidance for 2026 confirmed at €730–810 million; free cash flow guidance €210–310 million.

Outlook and guidance

• 2026 guidance reiterated: adjusted EBITDA €730–810 million, free cash flow €210–310 million.

• H1 2026 expected to be softer than H2 2026; guidance excludes Republic Wire contribution and Great Sea Interconnector execution.

• 2028 targets: Group adjusted EBITDA €1,150 million (+/- €75 million), FCF conversion >45%, ROCE >20%, leverage ≤1.0x.

• No expected impact on aluminum sourcing from geopolitical tensions; robust business model and strong electrification trends support midterm trajectory.