Nexans: revenue up 21.4% in third quarter, annual objectives confirmed
Nexans' standard revenue reached €1,698.2 million in the third quarter of 2026, up 21.4% year-on-year, of which 9.0% organic growth and 9.6% scope effect related to acquisitions. The cablemaker published these figures on October 22, 2026 and confirmed its annual outlook, as revised in July 2026. It targets adjusted EBITDA between €770 and €840 million. Quarter growth is driven by two segments. PWR-Grid shows organic growth of 14.8% and PWR-Connect of 10.5%. Meanwhile, PWR-Transmission, the high-voltage transmission activity, declined 4.0% organically, with an adjusted order book of €7.8 billion, up 0.7% compared to June 30, 2026. This publication comes as Nexans shares fell 11.5% over one month at the close of October 21, 2026.
Revenue of €4,946.7 million over nine months, up 10.1%
Over the first nine months of 2026, the group's standard revenue stood at €4,946.7 million, compared to €4,492.2 million a year earlier, on a 2025 basis adjusted according to IFRS 5 standard as part of the portfolio rotation. The 10.1% increase breaks down into 3.9% organic growth, 5.6% scope effect and 0.6% currency effect. The latter stems mainly from the Norwegian krone, partially offset by the US and Canadian dollars. The scope effect reflects three acquisitions: Republic Wire in the United States (contribution since June 2026), Electro Cables in Canada (since January 2026) and Cables RCT in Spain (since June 2025). Electrification activities, which comprise the three PWR segments, totaled €4,345.6 million, up 12.9%, of which 5.3% organic. The Other Activities segment (12% of revenue, essentially copper wire sales) declined 5.2% organically over nine months, but grew 24.7% in the third quarter alone. The group explains this variance by a weak comparison base: the third quarter of 2025 had recorded organic decline of 6.3%, after a first half 2025 driven by US customers who anticipated their copper orders ahead of tariff implementation.
PWR-Grid and PWR-Connect accelerate, PWR-Transmission declines
PWR-Grid (22% of revenue) achieved €1,065.8 million over nine months, with organic growth of 8.1%. In the third quarter, organic growth of 14.8% exceeds the group's medium-term target, which aims for average annual organic growth in single digits, mid-range. Nexans cites European seasonality, typically more favorable in the second and third quarters, new production capacities, framework agreements with network operators, data center demand in North America and solar projects in South America, Turkey and Morocco. The group will invest approximately €62 million in the coming years to increase its medium-voltage accessories production capacity in Europe, where it is currently saturated, and in the United States, at the Republic Wire site. PWR-Connect (43% of revenue) reaches €2,124.7 million over nine months, up 21.9%, of which 8.3% organic and 14.5% scope effect. In the third quarter, the segment grew 36.0%, of which 10.5% organic, with signs of recovery in Europe according to the group. During its half-year publication on July 29, 2026, Nexans had mentioned approximately €23 million in expected synergies at steady state within three years with Republic Wire. PWR-Transmission (23% of revenue) stands at €1,155.0 million, with organic decline of 1.4% over nine months and 4.0% in the third quarter, compared to -6.2% in the second quarter 2026. The comparison base remains elevated: +33.3% organic growth in the third quarter 2025 and +40.0% in the fourth. The group indicates that the segment's organic growth should return to a level in line with its medium-term objectives in 2027.
2026 outlook confirmed and bridge credit refinanced by €500 million bond
In September 2026, Nexans placed a €500 million bond issue, with a 5-year maturity, at a fixed annual rate of 4.25%. The proceeds refinance the bridge credit of the same amount subscribed on April 27, 2026 with BNP Paribas and Société Générale to finance the Republic Wire acquisition. The group also announced on October 14, 2026 the appointment of Stéphane Artaud, from Saint-Gobain, to the position of Chief Operating Officer, with a seat on the executive committee as of November 1, 2026. Chief Executive Officer Julien Hueber stated: "we maintain a measured approach, aware that quarterly performance reflects the pace and mix of our activities". The 2026 outlook is confirmed: adjusted EBITDA of €770 to €840 million and free cash flow of €235 to €325 million. It incorporates Republic Wire's contribution since June 1, 2026, excludes execution of the Great Sea Interconnector project this year and any future acquisitions. The results for fiscal year 2026 will be published on February 24, 2027.
