Nexans: Detailed notes from the J.P. Morgan European Industrials Conference

Research evidence excerpt

Nexans: Detailed notes from the J.P. Morgan European Industrials Conference

J P M O R G A N Europe Equity Research

22 June 2026

Nexans Neutral

NEXS.PA, NEX FP

Detailed notes from the J.P. Morgan European Price (19 Jun 26):€158.80

Industrials Conference Price Target (Jun-27):€140.00

We hosted Nexans CEO Julien Hueber for a fireside chat at our European Industrial European Capital Goods

ACConference last week and joined meetings that also featured CFO Vincent Piquet. Akash Gupta

The overall message was upbeat, with management highlighting growth (44-20) 7742-7978

opportunities from grids and datacenters, and potential for additional M&A in akash.z.gupta@jpmorgan.com

North America. Following the pause in execution of the Great Sea Interconnector J.P. Morgan Securities plc

(GSI) project earlier this year, management expects to fill the capacity of the MI Jeremy Caspar

cable line in early Q3, which bodes well with guidance of a strong H2 vs. H1. On (44-20) 3493-5188

jeremy.caspar@jpmorgan.com

the construction side, Southern Europe is doing well but headwinds remain in the J.P. Morgan Securities plc

Nordics. The company will update the guidance with its H1 results to account for

Phil Buller

the acquisition of Republic Wire. We summarise our detailed notes below. (44-20) 3493-9403

phil.buller@jpmorgan.com

J.P. Morgan Securities plc

• CEO Priorities & M&A Pipeline. The new CEO was promoted to the role in Chitrita C Sinha

October last year, when previous CEO Christopher Guerin unexpectedly left

(44-20) 7742-7176

the company. Three early focus areas that stand out: industrial excellence and chitrita.sinha@jpmorgan.com

competitiveness through automation, operational excellence including time- J.P. Morgan Securities plc

to-service and AI deployment, and an acceleration of M&A.