Nexans lifts 2026 core profit goal on strong electrification business, M&A boost (updated)

Nexans SA

29/07/2026 07:21

Adds share more in paragraph 1
By Mathias de Rozario
July 29 (Reuters) - French cable maker Nexans NEXS.PA raised its full-year core profit target on Wednesday, sending its shares 8% higher, driven by better-than-expected performance in its electrification business and acquisitions strengthening its position in North America.
Its recent acquisition of Republic Wire in the U.S. will allow further growth driven by sustained demand across residential, commercial and data centre expansion.
Nexans is still waiting for the start of the rescheduled Great Sea Interconnector project, aimed at creating an electrical interconnection between Greece, Cyprus and Israel, which represented a €1.2 billion backlog for the company.
Expects adjusted EBITDA of €770-840 million ($878-958 million), versus a previous €730-810 million range
Sees free cash flow at €235-325 million, from €210-310 million previously
Half-year EBITDA rises 4.3% from a year ago to €387.7 million
With the acquisition of Electro Cables in Canada and Republic Wire in the U.S., sales in the region grew to around €1 billion from €350 million, CEO said
Secured a new subsea cable contract with Greek grid operator IPTO to connect Greek islands, which will keep its Mass Impregnated production line busy through mid-2028 to temporarily replace the Great Sea Interconnector project
($1 = €0.8771)

(Reporting by Mathias de Rozario in Gdansk, editing by Milla Nissi-Prussak)
((mathias.derozario@thomsonreuters.com))