He speaks not only/He not only speaks

Yes, they mean the same. The main thought is:

He / speaks / English. . . . but (He / Speaks) / French

But . . .
the "not only" can be an adjectives that modifies "English" (1)
or an adverb that modifies "speaks." (2)

Thanks, Sullyfish.

I've reproduced the first sentence in full because it is incomplete in my earlier post for easily reference of other members. I'm doing this because I cannot edit the post as you've replied to my query.

1. He speaks not only English, but also French.
2, He not only speaks English, but also French.

Are both sentences correct?

Many thanks.