Nexans Reports Record 2024 Performance, Launches New Strategy
Cable systems manufacturer Nexans announced a significant increase in its 2024 financial results, surpassing previous objectives, and unveiled its new "Sparking Electrification with Tech solutions" strategy for 2025-2028.
PARIS – Cable systems maker Nexans has reported its financial results for the fiscal year 2024, showing strong performance that exceeded the company's targets. Standard sales reached €7.1 billion, an increase of 8.7% on a reported basis and 5.1% organically, compared to 2023.
The company's electrification business, particularly in power transmission, saw robust growth of 13.0% organically. In the fourth quarter, overall organic growth was 8.3%, with the electrification segment growing by 15.6%.
Adjusted EBITDA hit a record high of €804 million, up 21.0% year-on-year, resulting in an adjusted EBITDA margin of 11.4%. Net income for the year was €283 million, a 27% increase from the previous year. Nexans also proposed a 13% increase in its dividend for 2024.
The company has also initiated its new strategic roadmap for 2025-2028, titled "Sparking Electrification with Tech solutions." This follows the "Winds of Change" program, which saw Nexans become a dedicated electrification player. The company's order backlog for power transmission and subsea cables stands at a record €7.4 billion.