Nexans posted their full year 2024 results on 19 February 2025. DirectorsTalk caught up with Richard Turner, CEO of Tekmar Group Plc (LON:TGP) to get his reaction to Nexans’ record-breaking 2024 performance.
“Great to see Nexans reporting such strong results this week – their record subsea driven adjusted backlog of €7.4bn highlights the positive market environment for Tekmar. We look forward to building our relationship with Nexans, including through our recently announced three-year framework agreement with our subsidiary RYDER.” Richard Turner, CEO of Tekmar Group Plc
- 2024 standard sales of €7.1 billion (current sales of €8.5 billion), up +8.7% on a reported basis and +5.1% organically
- Acceleration in Electrification businesses, up +13.0% organically in 2024, reflecting early-bird investment and unabated focus on value-added solutions
- Q4 2024 standard sales of €1.9 billion, up +8.3% organically driven by all businesses
- A performance-driven journey beyond 2024 objectives and “Winds of Change” 2021-2024 Capital Markets Day targets:
- All-time high adjusted EBITDA of €804 million, up +21.0% year-on-year, and adjusted EBITDA margin at 11.4%
- Outstanding Normalized free cash flow at €454 million and 56% normalized cash conversion
- Outperformance of ROCE in Electrification businesses at 26.3%
- Record subsea-driven PWR-Transmission adjusted backlog standing at €7.4 billion
- Successful deployment of the Electrification Pure Player strategy: Completion of the La Triveneta Cavi acquisition, divestment of AmerCable early 2025, and business separation of Lynxeo within the Non-electrification business
- Net income at €283 million, up +27% versus 2023
- Strong balance sheet: net debt at €681 million and 0.85x leverage ratio
- Attractive return to shareholders: proposed dividend for 2024 of €2.60 per share, up +13%
- Initiation of 2025-2028 strategic roadmap “Sparking Electrification with Tech solutions” with a new Executive Committee and structure to drive the next chapter forward
- Full-year 2025 guidance announced
- Adjusted EBITDA of between €770 and 850 million
- Free Cash Flow of between €225 and 325 million
Today, Nexans, a global leader in the design and manufacturing of cable systems to power the world, published its financial statements for the fiscal year 2024, as approved by the Board of Directors at its meeting on February 18, 2025 chaired by Jean Mouton. Commenting on the Group’s performance, Christopher Guérin, Nexans’ Chief Executive Officer, said:
“In 2024, Nexans once again demonstrated its ability to deliver profitable and sustainable performance in a dynamic market environment. The Group set a new financial record, underscoring the success of its structural transformation and long-term strategic execution.
2024 also marks the successful completion of our 2021-2024 equity story “Winds of Change”, a period in which Nexans fundamentally transformed into a pure player in electrification. As we move to our next chapter up to 2028 “Sparking Electrification with tech solutions”, we are building on this solid foundation with a renewed ambition: to accelerate our growth, drive innovation, and lead the energy transition with sustainable and high-value solutions. Our commitment remains unchanged—creating long-term value for all our stakeholders. “
Nexans S.A (NEX) plays a pivotal role in the global electrification sector, offering comprehensive cable and connectivity solutions across various industries. With a strategic focus on sustainable energy and significant investments in infrastructure, Nexans is well-positioned to support the world’s transition to cleaner and more efficient energy systems.
