Manufacturing Update

Nexans announced the successful completion of an undersea cable sea trial for the Great Sea Interconnector, setting a new world record by installing and testing the 525 kV HVDC mass-impregnated cable at a depth of 3,000 metres beneath the surface. Following recovery of the cable, comprehensive electrical testing and visual inspection confirmed the integrity of the cable system and its ability to perform under extreme deep-water conditions. This trial validates the cable technology for the Crete-Cyprus section of the interconnector, which at approximately 898 km will be the world's longest and deepest HVDC subsea cable. The cables are being manufactured at Nexans' plants in Halden (Norway) and Futtsu (Japan). While the sea trial demonstrates technical readiness, Nexans had earlier formally acknowledged that the delivery schedule is being renegotiated with customer IPTO, pushing the planned completion date into the next decade. The rescheduling follows a period of disruption including IPTO's freezing of €70 million in payments to Nexans in March 2025 and Nexans' cancellation of sub-contractor tenders in December 2025 pending project re-evaluation. Despite these delays, Nexans CEO Julien Hueber reaffirmed in January 2026 that the company remains "fully committed to supporting our customer in bringing this critical infrastructure to completion" and that mitigating steps allow the company to stay on track with its 2028 financial guidance.