The new Nexans model is powering performance and resilience

Our financial performance

Since 2018, Nexans has undertaken an in-depth transformation, building a leaner, more customer centric and profitable Group. The successful deployment of the New Nexans operating model, has enabled the Group to unlock value and set strong financial footing.


2022: Record year for strong profitable growth


(1) EBITDA on standard sales

(2) 2018 data pre IFRS 16 and new copper standard price implementation

(3) Normalized Free Cash Flow is calculated as Free Cash-Flow excluding Strategic Capex, disposal proceeds of tangible assets, impact of material activity closures and assuming project tax cash-out based on completion rate rather than termination.

(4) NCCR (Normalized cash conversion ratio) defined as Normalized Free Cash Flow / EBITDA – NFCF excludes strategic capex, PP&E divestment, one off-charge in working capital and material structuring plans cash out.

(5) 12-month Operating Margin on end of period Capital Employed, excluding antitrust provision, including annual contribution from Centelsa.


All time high EDITDA, Normalised FCF and ROCE performance


Continued focus on growth driven by value and successful transformation platform


Enhanced liquidity and solid balance sheet maintained


Increased shareholder return with a proposed dividend return of €2.10 per share.

Nexans 2022 Earnings - A record year!


S&P’s decision to upgrade Nexans’ credit rating outlook reflects Nexans’ largely successful transformation since 2019 and its value growth strategy. It also highlights the Group’s resilience and ability to strengthen its balance sheet in line with its ambition to become a pure player in electrification.

 Jean-Christophe Juillard
Group Deputy CEO and Chief Financial Officer

2024 Targets: Scale-up in value

(1) NCCR (Normalized Cash Conversion Ratio) defined as Normalized Free Cash Flow / EBITDA – NFCF excludes strategic capex, PP&E divestment, one off-change in working capital and material restructuring plans cash out. Segment NCCR computed after allocation of Group mutualized costs

(2) Excluding potential goodwill and PPA assets arising from M&A / Assuming Nexans cumulated depreciation ratios for acquired fixed assets

By 2024, Nexans will become a 6 to 7 billion euros standard sales pure Electrification player, with higher profitability – EBITDA expected between 10% to 12% of sales and stronger cash generation between 500 to 600 million euros before M&A and equity operations.
On its existing Electrification portfolio, the Group aims to generate standard sales of 3.5 to 3.7 billion euros and an EBITDA margin of 11% to 13% compared to 8% to 10% in 2021. The related EBITDA improvement is expected between +50 to +150 bps.
Nexans will also maintain strict financial discipline with a leverage ratio of less than 2.5. Over the next three years, the Group’s cash generation before M&A is expected between 500 and 600 million euros to finance capex investments, raise shareholder returns to achieve a dividend pay-out ratio above 20% and become debt-free by 2024.