JPM | Industrial Strength Morning Messages: Welcome to Q3, Schneider acquisition, Previews, Big Vestas Orders

Research evidence excerpt

JPM | Industrial Strength Morning Messages: Welcome to Q3, Schneider acquisition, Previews, Big Vestas Orders

Specialist Sales J P M O R G A N

01 July 2026

2028 estimates (vs. €140 prior based on 2027E). We now forecast 2028 Adj EBITDA of €1,033mn, which is slightly below

the bottom end of 2028 target of €1,075mn. Therefore, in our view, further M&A would be needed to secure the medium term

guidance. Table 1 and 2 in the note summarise our Q1 expectations and Table 3 summarises the changes to our estimates.

Click here to see the feedback from our European Industrial conference where on June 16 we hosted Nexans CEO Julien

Hueber and CFO Vincent Piquet.

7. Smiths Group -Completion of Smiths Detection sale- Chitrita C Sinha here: Our Take: Smiths has announced the

completion of the sale of its Detection business, which was first announced on December 3. There are three incrementally

new takewaways: 1) the deal has completed slightly earlier than H2’26; 2) the net cash proceeds of £1.9bn are ahead of the

previously guided £1.85bn. This is due to lower transaction costs than anticipated; 3) The return of the £1.5bn will be entirely

by share buyback rather than a combination of a buyback and special dividend/tender. This will complete in CY27. Overall,

we see this as a slight positive given the uncertainty on timings and method of cash return to shareholders.

8. Trelleborg - Early look at Q2’26: Consensus slightly too high into the print; FX supportive for FY numbers- Chitrita C Sinha

hereWe update our model to incorporate takeaways from the pre-silent call with the company (June 30), top-down data and

peer reporting ahead of Q2 results on July 16. While we have made very limited changes to our underlying estimates, we are

below consensus on organic growth (4.4% vs.