Procurement Other

On 9 December 2025 Nexans confirmed it had cancelled tenders for subcontractor works on the Great Sea Interconnector project, sending written notices to companies that had expressed interest, on the grounds that the project could not proceed as originally intended pending re-evaluation. The cancellation followed the 12 November 2025 joint Greek-Cypriot decision in Athens to update the project's economic and technical parameters and reflected the unresolved status of the March 2025 freeze of approximately €70 million in IPTO payments to Nexans. Up until August 2025, Nexans had received up to €250 million from IPTO/ADMIE to cover completed cable manufacturing work, which the company stated had eliminated financial risk from project adjustments. Nexans stopped short of declaring an outright withdrawal from the GSI, telling companies that the project would be re-evaluated and that a revised programme would follow before any new tenders are issued. The cancellation triggered a sharp share-price decline on the Paris exchange and prompted Nexans's subsequent 6 January 2026 formal statement confirming that a rescheduling of activities was ongoing with IPTO and that the impact would push the planned delivery beyond the previously targeted late-2029 to early-2030 window, while reaffirming that the rescheduling would not affect Nexans's 2028 financial guidance thanks to advance payments already received against cables in inventory.