Key Takeaways
- Nexans denied reports of freezing the Great Sea Interconnector (GSI) project in Cyprus on December 9, 2025.
- The company’s shares rebounded 3.5% on December 10 following a prior 5% drop amid market uncertainty.
- Nexans confirmed continued execution of the €1.4 billion project, having received approximately €250 million in payments.
Nexans shares rebounded 3.5% on December 10, 2025, after the company rejected local media claims of a freeze on the Great Sea Interconnector (GSI) project connecting Cyprus and Greece. The stock had dropped as much as 10% the previous day due to reports alleging tender cancellations. Nexans confirmed it remains fully committed to meeting contractual obligations and progressing with the €1.4 billion infrastructure project as planned.
Nexans Rebound After Denying Cyprus GSI Project Freeze
On December 9, reports in the Cyprus press suggested that Nexans canceled tenders linked to the GSI project following a joint decision between Cyprus and Greece to halt the initiative temporarily during a technical and economic review phase. These claims caused investor concern, leading Nexans’ share price to fall 5% intraday, with losses reaching 10%. However, the company responded with an ad-hoc statement clarifying that no official cancellations had been communicated to bidders and reaffirmed ongoing project execution as per contract milestones.
Nexans highlighted that, while milestone adjustments can occur in projects of such scale, these do not equate to a project suspension. The company emphasized commitment to fully advancing the GSI cable manufacture and installation, key components of this strategic interconnection for regional energy infrastructure.
Financial Progress and Leadership Reassurances
Nexans disclosed it has received almost €250 million to date, representing significant progress toward the total €1.4 billion contract value. Italian contractor Next GeoSolutions corroborated Nexans’ position by confirming no notices of cancellation had been received concerning their role.
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During a recent Q3 earnings conference call, Nexans’ new CEO Julien Huber underscored the absence of any “plan B,” asserting unequivocal dedication to “plan A”—the continued delivery of the GSI project. This stance follows earlier remarks by former CEO Christopher Gueren, who acknowledged ongoing efforts to resolve challenges associated with the GSI while also pointing to a pipeline of other projects.
Market Impact and Sector Outlook
The swift rebound in Nexans shares on December 10 illustrated market relief after management’s clarification quelled fears of a significant disruption. This development contrasts with the uncertainty triggered by unconfirmed reports and underscores investor sensitivity to news about large-scale energy infrastructure projects.
The Great Sea Interconnector holds pivotal importance for the energy transmission network linking Cyprus and Greece, reinforcing regional grid stability and integration. Nexans’ reaffirmed commitment supports confidence within the energy infrastructure sector as the company advances this €1.4 billion initiative through 2026 and beyond.
Rebound: Market Outlook
Nexans’ shares rebounded 3.5% following the denial of the project freeze, reversing the prior downturn that saw up to 10% declines. As of December 10, Nexans continues executing the GSI contract according to schedule, backed by substantial payments nearing €250 million. Investors will be closely monitoring upcoming project milestones and any further developments in this strategically significant cross-border energy link.
