Nexans: Postcard from Oslo

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Nexans: Postcard from Oslo

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Nexans

Postcard from Oslo

Reiterate Rating: NEUTRAL | PO: 160.00 EUR | Price: 154.40 EUR

Site visit on the new cable laying vessel Electra 19 June 2026

We attended the site visit on Nexans new vessel Electra in Oslo. The €380m, fully Equity

bespoke vessel materially upgrades installation capability versus legacy assets (c.30%

higher capacity, faster laying speeds) which could enhance project economics and

Key Changessupport Transmission margin expansion from H2’26, with bookings already secured

through late 2028. Also, we see potentials on DC opportunities to support growth in (EUR) Previous Current

Connect. As a result, we raise our EBITDA 2027 estimates by c4% on higher LV volume Price Obj. 150.00 160.00

and pricing. Our new PO is €160 (prior €150), still based on EV/EBITA of c11x '27E, and

we reiterate our Neutral rating on fair valuation and margin risks. Uma Samlin >>

Research Analyst

MLI (UK)

+44 20 7995 1964Management confident in DC growth potential uma.samlin@bofa.com

Beyond subsea, Nexans CEO commented that DC demand is accelerating faster than

Benjamin Heelan >>

expected, with project sizes scaling up significantly globally (from 200/300MW to now Research Analyst

1GW) and customers prioritising higher-spec, ESG-compliant solutions. Combined with Merrill Lynch (DIFC) +44 20 7996 5723

US capacity expansion (Republic Wire), the group appears well positioned to capture benjamin.heelan@bofa.com

structural growth in DC in both the US and now Europe and is confident to reach c10% Alexander Jones, CFA >>

of total DC exposure of sales in a few years (from 0% today). ResearchMLI (UK) Analyst

+44 20 7995 5828

Transmission MI project tendering ongoing alexander.jones2@bofa.com