Nexans reported improved financial results in 2025, reflecting sustained demand for subsea power transmission systems serving offshore wind developments and cross-border interconnection projects.
The company’s power transmission division, which supplies high-voltage subsea cables for offshore wind farm connections and cross-border links, recorded organic growth of nearly one third in 2025, reaching €1.66 billion in standard sales. In the fourth quarter, organic growth in this segment was 40%, reflecting a concentration of installation activity.
A key milestone during the year was the completion of the Tyrrhenian Link subsea cable installation in Italy. The project set a record installation depth of 2,150 metres for a 500 kilovolt high-voltage direct current cable. At year-end, adjusted backlog in the power transmission segment stood at €7.7 billion, largely related to subsea interconnection and offshore wind projects, providing visibility through 2028.
A third cable-laying vessel, the Nexans Electra, is scheduled to enter service in mid-2026, adding installation capacity for complex offshore wind and long-distance interconnector projects.
Across the group, Nexans generated €6.1 billion in standard sales in 2025, with organic growth of 8.3%. Adjusted earnings before interest, taxes, depreciation and amortisation reached €728 million, up 27% year-on-year, corresponding to a margin of 11.9% of standard sales. The power grid segment, supplying onshore transmission and distribution networks, recorded an adjusted earnings before interest, taxes, depreciation and amortisation margin of 16.4%, supported by demand for accessories and selected renewable energy projects in Europe.
As part of its portfolio realignment towards electrification infrastructure, Nexans entered exclusive negotiations in December 2025 to sell its automotive wiring harness business, Autoelectric, to Samvardhana Motherson International for an enterprise value of €207 million. The transaction is expected to close in mid-2026 and follows earlier disposals of Amercable and Lynxeo.
During 2025, Nexans also acquired Cables RCT in Spain and Electro Cables in Canada, both active in low-voltage cables, strengthening its position in grid connection and building electrification.
For 2026, Nexans expects adjusted earnings before interest, taxes, depreciation and amortisation of between €730 million and €810 million, and free cash flow of between €210 million and €310 million. The company indicated that the first half of the year is likely to be softer than the second. Guidance excludes any contribution from the planned Autoelectric sale and does not assume execution of the Great Sea Interconnector project during the year.
