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Nexans’ 9M 2023 results: strengthening performance and confirming 2023 guidance

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 14/11/2023 Nexans

Nexans, a global leader in advanced cabling and connectivity solutions, has released its financial highlights for the third quarter of 2023, signaling substantial growth and affirming its guidance for the year.
Key points from Nexans' 9M 2023 report include:

Strong Financial Performance: Standard sales amounted to 4,921 million euros in the first nine months of 2023, showcasing a robust organic growth of +3.4% year-on-year, excluding Other Activities.

Generation & Transmission Upsurge: The Generation & Transmission segment demonstrated a remarkable organic growth of +17.8% in the third quarter of 2023. Notably, the Charleston unit experienced a significant upturn, now operating at full capacity.

Investment for Future Demand: Nexans strategically invested in a third cable-laying vessel to meet the escalating demand. Simultaneously, the expansion of the Halden plant in Norway is progressing steadily and is expected to conclude by early 2024.

Strengthened Distribution & Usage: Distribution & Usage segments reaped the rewards of structural improvements driven by the SHIFT and Amplify transformation platforms. These segments benefited from increased investments in renewable energy projects and power grid expansions, especially in Europe and North America.

Guidance Confirmation: Nexans reiterates its 2023 guidance, expecting an EBITDA between 610 and 650 million euros and a Normalized Free Cash Flow ranging from 220 to 300 million euros.

Christopher Guérin, CEO of Nexans, expressed confidence in the company's performance amid global uncertainties, stating, "We are committed to maintaining and enhancing our performance, confirming our full-year guidance even amidst geopolitical and economic uncertainty."

Guérin highlighted the company's achievements, emphasizing the Generation & Transmission segment's remarkable growth and the decision to invest in a state-of-the-art cable-laying vessel to bolster installation capabilities. The Halden plant expansion in Norway remains on track for completion in early 2024.

The report also noted a surge in Non-electrification sales, up +17.7% in the first nine months of 2023, supported by sustained momentum in Automation, Mining, and Automotive Harnesses.

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