Nexans Sa · EURONEXT:NEX
Nexans Sa — H1 2025 Earnings Presentation
39 slides from Nexans Sa's earnings presentation, Jul 30, 2025
Slide 1: H1 2025: Outstanding delivery of Nexans' model
H1 2025 Outstanding delivery of Nexans’ model Christopher Guérin, CEO Jean-Christophe Juillard, Deputy CEO & CFO July 30, 2025 - Paris
Slide 2: Safe Harbour
Safe Harbour This presentation contains forward-looking INVESTOR RELATIONS: statements which are subject to various expected Contact: Audrey Bourgeois or unexpected risks and uncertainties that could Telephone: +33 1 78 15 00 43 have a material impact on the Company’s future performance. Email: audr
Slide 3: H1 2025 Highlights
S E C T I O N O 1 H1 2025 Highlights Page 3 | H1 2025 RESULTS Nexans 2025 © All right Reserved
Slide 4: H1 2025 Main highlights
H1 2025 Main highlights GROUP GROUP EXCEPTIONAL STRATEGIC ORGANIC GROWTH ADJUSTED EBITDA CASH GENERATION ACQUISITION Cables RCT +4.9% 11.7% 64% (H1 2025 vs H1 2024) OF STANDARD SALES CASH CONVERSION in Spain €3,765m €441m RECORD signed & closed on June 2, 2025 TOTAL GROUP RECORD ROCE STANDARD SALES
Slide 5: Record H1 2025 Outstanding financial performance
Record H1 2025 Outstanding financial performance ADJUSTED EBITDA (€m) AND FREE CASH FLOW (€m) & ADJUSTED EBITDA MARGIN(1) (%) CASH CONVERSION RATIO (4) (%) ROCE (%) ELECTRIFICATION 450 at constant scope(2) 282 14% 16% 23% 27% 22% 27% 441 412 231 GROUP 354 24 % 308 at constant 171 scope(2) 143% 21% 2
Slide 6: M&A and portfolio rotation
M&A and portfolio rotation Divestment of Lynxeo: a key milestone towards becoming an Electrification Pure Player New value pool through tech solutions Invest to grow and scale ACQUISITIONS €1.4Bn sales(1) High growth €20bn verticals Average EV/EBITDA(2) M&A 6.4x pre-synergies Opportunity CENTELSA RE
Slide 7: Strategic acquisition Cables RCT in Spain
Strategic acquisition Cables RCT in Spain, enhancing Nexans’ Electrification portfolio ACQUISITION JUNE 2025 (signing & closing) REINFORCE FOOTPRINT Spanish cable producer €133m IN KEY GEOGRAPHIES with a strong footprint in Southern 2024 CURRENT ANNUAL REVENUE HIGHLY Europe COMPLEMENTARY ASSETS SUBS
Slide 8: ACT 2025, successful employee share ownership plan
ACT 2025, successful employee share ownership plan Record employee participation, underscoring their confidence & commitment ACT 2025 Employee 654 k shareholding 46% shares subscribed estimated at participation rate worldwide representing c. 1.5% c. 5% (vs. ACT 2022 at 33%) of Nexans’ capital of tot
Slide 9: SHIFT amplified by Artificial Intelligence
SHIFT amplified by Artificial Intelligence SHIFT TURNS DATA INTO CASH THROUGH ARTIFICIAL INTELLIGENCE AMPLIFIES ADVANCED ANALYTICS FINANCIAL IMPACT COSTING FINANCIAL IMPACT DYNAMIC PRICING 20% Of the roadmap ADVANCED SEGMENTATION deployed by the end of 2025 MANAGER PREDICTIVE DEMAND MANAGEMENT (New)
Slide 10: Business Overview
S E C T I O N O 2 Business Overview Page 10 | H1 2025 RESULTS Nexans 2025 © All right Reserved
Slide 11: Powered by electrification businesses: +7.8% organic growth
H1 2025: Outstanding delivery of Nexans’ model Powered by electrification businesses: +7.8% organic growth & 13.7% adj. EBITDA margin GROUP ELECTRIFICATION BUSINESSES OTHER ACTIVITIES (MAINLY METALLURGY) ORGANIC +4.9% ORGANIC ORGANIC +8.4% GROWTH +7.8% GROWTH GROWTH 422 437 13 (7) 3,765 2.9% 3,546 -
Slide 12: PWR-Transmission
PWR-Transmission Smooth execution on our projects, adj. EBITDA margin positive trend confirmed Standard sales were at €747 million in H1 2025, H1 2025 ORGANIC GROWTH (%) ADJUSTED BACKLOG (€bn) compared to €622 million in H1 2024, up +21.7% on an organic basis, a strong performance led by smooth exec
Slide 13: PWR-Grid
PWR-Grid Acceleration in Q2 and high level of margin at 15.9% H1 2025 ORGANIC GROWTH (%) Standard sales were at € 674 million compared to €649 million in H1 2024 and rose organically by +5.6% y-o-y. North and South America, as well as Accessories supported this +5.6% solid performance. As expected,
Slide 14: PWR-Grid, EASY JOINT global launch in 2025
PWR-Grid, EASY JOINT global launch in 2025 A reliable solution dedicated to grid installation, powered by AI ALL-IN-ONE TECH SOLUTIONS FOR COUNTRY ROLL OUT NEW GENERATION OF COLD- EASY JOINT (ESTIMATES) RELIABILITY SHRINK JOINTS FOR POWER GRIDS 90 18TO -30% INSTALLATION INSTALLATION TIME Eco-designe
Slide 15: PWR-Connect
PWR-Connect Robust structural margins in a challenging environment H1 2025 ORGANIC GROWTH (%) Standard sales in H1 2025 amounted to €1,186 million compared to €977 million in H1 2024 , up +0.2% organically against a very +0.2% challenging comparison basis in Q2 2024 while Q3 2025 should recover. H1
Slide 16: Key Financials
S E C T I O N O 3 Key Financials Page 16 | H1 2025 RESULTS Nexans 2025 © All right Reserved
Slide 17: Strong financial performance
Strong financial performance Adjusted EBITDA fueled by Electrification businesses performance GROUP – ADJUSTED EBITDA EVOLUTION (€m) In €m H1 2025 H1 2024 +7% SALES AT CURRENT METAL PRICES 4,696 4,224 SALES AT STANDARD METAL PRICES 3,765 3,546 12 22 Organic growth +4.9% +6.1% 5 20 441 ADJUSTED EBITD
Slide 18: H1 2025 net debt bridge
H1 2025 net debt bridge Exceptional free cash flow generation NET DEBT EVOLUTION (€m) Leverage(1) FREE CASH FLOW € 282m CASH CONVERSION RATIO (2) 64% No 0.85x leverage(1) 613 (48) 134 (72) (21) 441 (75) (42) 6 (161) CASH FLOW FROM OPERATIONS (191) (681) €478m Change in Income Dividend & NET DEBT Adj
Slide 19: Very solid balance sheet
Very solid balance sheet A well-diversified debt structure and no upcoming maturity before 2027 CASH & CASH EQUIVALENTS DEBT PROFILE AND MATURITIES AS OF JUNE 30, 2025 (€m) GROSS DEBT (€m) €2,040m As of June 30, 2025 2,089 vs. €1,254m 1,935 As of December 31, 2024 TOTAL LIQUIDITY 800 €2,840m Undrawn
Slide 20: Upgraded Outlook
S E C T I O N O 4 Upgraded Outlook Page 20 | H1 2025 RESULTS Nexans 2025 © All right Reserved
Slide 21: 2025 Guidance Upgraded
2025 Guidance Upgraded ADJUSTED EBITDA FREE CASH FLOW €810m – €860m €275m – €375m Previously €770 - €850m Previously €225 - €325m Excluding 6 months of Lynxeo for c.€45 million, including 7 months of Cables RCT for c.€4 million & excluding future changes of scope Page 21 | H1 2025 RESULTS Nexans 202
Slide 22: Adjusted EBITDA guidance narrowed and lifted up
Adjusted EBITDA guidance narrowed and lifted up SCOPE CHANGES & VALUE DRIVERS €860m Lynxeo €850m 2025 GUIDANCE Divestment Upgraded (1) 2025 GUIDANCE as disclosed in Feb 2024 €835m Cables RCT acquisition €810m Structural €810m Improvements Organic growth €770m (1) Excluding 6 months of Lynxeo for c.€
Slide 23: Appendices
Appendices Page 23 | H1 2025 RESULTS Nexans 2025 © All right Reserved
Slide 24: 2028 guidance
2028 guidance GROUP ELECTRIFICATION ORGANIC SALES ADJUSTED €1,150m 2024-2028 CAGR 3-5% EBITDA (+/- €75m) FCF CONVERSION(1) >45% INCREMENTAL ADJ. EBITDA +€350m (+/- €50m) ROCE >20% DIVIDEND PAYOUT(2) 30% LEVERAGE ≤ 1.0x (1) FCF pre-M&A and equity operations / Adj. EBITDA assuming flat change in work
Slide 25: H1 2024 pro forma bridge
H1 2024 pro forma bridge Standard sales In €m H1 2024 H1 2024 FX bridge Reported Pro Forma ELECTRIFICATION 2,246 2 2,248 → PWR - Transmission 622 - 622 → PWR - Grid 635 14 649 → PWR - Connect 989 (12) 977 NON-ELECTRIFICATION (Industry & Solutions) 890 (14) 876 TOTAL EXCL. OTHER ACTIVITIES 3,136 (12)
Slide 26: H1 2025 sales and profitability by segment
H1 2025 sales and profitability by segment H1 2025 H1 2024 Pro Forma YoY YoY Adj. Adj. Current Standard Organic Adj. Current Standard Organic Adj. In €m EBITDA EBITDA Sales Sales growth EBITDA Sales Sales growth EBITDA margin(2) margin(2) %(1) %(1) ELECTRIFICATION 3,190 2,607 +7.8% 358 13.7% 2,646 2
Slide 27: 2025 quarterly sales by segment
2025 quarterly sales by segment Q1 2025 Q2 2025 H1 2025 YoY YoY YoY Current Standard Organic Current Standard Organic Current Standard Organic In €m Sales Sales growth Sales Sales growth Sales Sales growth %(1) %(1) %(1) ELECTRIFICATION 1,513 1,221 +6.8% 1,678 1,386 +8.6% 3,190 2,607 +7.8% → PWR - T
Slide 28: 2024 quarterly sales by segment
2024 quarterly sales by segment Q1 2024 Pro Forma Q2 2024 Pro Forma H1 2024 Pro Forma YoY YoY YoY Current Standard Organic Current Standard Organic Current Standard Organic In €m Sales Sales growth Sales Sales growth Sales Sales growth %(1) %(1) %(1) ELECTRIFICATION 1,191 1,026 +6.8% 1,454 1,222 +21
Slide 29: Bridge of sales at standard metal prices
Bridge of sales at standard metal prices Impact of foreign exchange and consolidation scope FX H1 2025 In €m H1 2024 Organic H1 2025 Scope Currency Organic Pro Forma Growth reported Growth ELECTRIFICATION 2,248 237 (48) 171 2,607 +7.8% → PWR - Transmission 622 - (8) 133 747 +21.7% → PWR - Grid 649 -
Slide 30: EBITDA to adjusted EBITDA
EBITDA to adjusted EBITDA In €m H1 2025 H1 2024 H1 2023 H1 2022 H1 2021 EBITDA (incl. share-based payment expenses - 2021 CMD guidance) 417 404 347 308 222 EBITDA margin (% of standard sales) 11.1% 11.4% 10.4% 9.1% 7.1% IFRS 2 Share-based payment expenses 25 9 7 9 3 ADJUSTED EBITDA 441 412 354 317 2
Slide 31: Balance Sheet and debt covenants
Balance Sheet As of June 30, 2025 In €m JUN 2025 DEC 2024 GEARING RATIO Fixed assets and other non-currentassets 2,963 3,228 Covenant @120% Net debt Gearing(1) of which: goodwill 429 470 44% 37% Deferred tax assets 100 117 NON-CURRENT ASSETS 3,063 3,345 2% Working capital (477) (303) DEBT COVENANTS
Slide 32: Nexans at a glance
Nexans at a glance A global player of the energy transition ELECTRIFICATION BUSINESSES 2024 OUR €7.1bn PURPOSE STANDARD SALES WE ELECTRIFY THE FUTURE 28,500 PWR-TRANSMISSION PWR-GRID PWR-CONNECT OUR PEOPLE VALUES DEDICATED PIONNEERS UNITED 41 OUR COUNTRIES PURPOSE SCALE-UP TO STEP-UP OTHER (MAINLY M
Slide 33: Our strategy: Electrifying the future
Our strategy Electrifying the future Distributed Distributed generation generation (Utility scale) (Private) x6 ELECTRICITY DEMAND GROWTH BETWEEN 2023 Offshore Onshore wind AND 2035 wind Residential Datacenters ~86% Infra- OF CARS WILL BE Solar structures ELECTRIC BY 2035 Hydro Centralized Transmiss
Slide 34: The urgency of Electrification
The urgency of Electrification The beginning of a demand CABLE MARKETS FORECAST super cycle comparable to the 1950-1970’s NET-ZERO TRANSITION GRID RENEWAL & STRENGTHENING SMART & SAFE BUILDINGS ‒ Shift from fossil fuel to renewables ‒ Replace and monitor ageing grids ‒ Supply renovation wave and sma
Slide 35: Diversified end-markets and balanced geographic footprint
Diversified end-markets and balanced geographic footprint 19% 47% 0.3% NORTH AMERICA EUROPE 11% 18% OTHERS 18% OTHERS PWR-TRANSMISSION PWR-TRANSMISSION €7.1Bn 18% €804m 21% PWR-GRID PWR-GRID 2024 SALES 2024 AT STANDARD ADJUSTED EBITDA METAL PRICE 24% 29% 35% NON-ELECTRIFICATION PWR-CONNECT PWR-CONNE
Slide 36: Sustainability: In our compass
Sustainability In our compass SCOPE 3 SCIENCE BASED INITIATIVE (SBTi) TARGETS VS 2019 BASE YEAR EMISSIONS UPSTREAM PURCHASE OF FREIGHT RAW MATERIALS -40% -30% Carbon emissions reduction (in %) SCOPE 1 EMISSIONS DIRECT -30% APPROVED INDUSTRIAL OPERATIONS -38% -42% SCOPE 2 -46% EMISSIONS INDIRECT PURC
Slide 37: Sustainability: Supported by a trendsetter operating model
Sustainability Supported by a trendsetter operating model SCIENCE BASED INITIATIVE (SBTi) TARGETS VS 2019 BASE YEAR -40% -30% Carbon emissions reduction (in %) -30% APPROVED -38% -42% -46% 2019 2024 2028 2030 2050 Good performance and progress to date occurs in stages and cannot be extrapolated line
Slide 38: Glossary
Glossary Adjusted PWR-Transmission backlog: Backlog adjusted for Organic growth: Standard sales growth as a percentage of prior- secured but not yet implemented Subsea, Land and Special year standard sales. Organic growth is a measure of growth Telecom contracts. excluding the impact of changes in t
Slide 39: Financial Calendar and Contact
Financial Calendar and Contact ROADSHOWS & CONFERENCES FINANCIAL CALENDAR HSBC Roadshow (Frankfurt, In person) October 23, 2025: 2025 third-quarter financial information GOLDMAN SACHS Roadshow (US, In person) February 19, 2026: 2025 full-year financial results Roadshow (Canada, In person) ODDO BHF R