Nexans: Feedback from sell side meeting

Research evidence excerpt

Nexans: Feedback from sell side meeting

J P M O R G A N Europe Equity Research

30 July 2026

Nexans Neutral

NEXS.PA, NEX FP

Feedback from sell side meeting Price (29 Jul 26):€128.60

Price Target (Dec-27):€160.00

Nexans CEO Julien Hueber, CFO Vincent Piquet, and Head of IR Audrey European Capital Goods

ACBourgeois hosted a sell side meeting in London this afternoon to provide more Akash Gupta

color on the H1’26 results. We summarise our key takeaways below. (44-20) 7742-7978

akash.z.gupta@jpmorgan.com

Phil Buller

• MI cable capacity: Management made the decision in January to postpone the (44-20) 3493-9403

GSI project, primarily to avoid speculation and to trigger customer interest. phil.buller@jpmorgan.com

Nexans now has exclusivity with a customer to fill the MI capacity and is Chitrita C Sinha

working on finalising the order, with management expecting a contract by late (44-20) 7742-7176

September. The project is ~18 months production capacity in size and carries chitrita.sinha@jpmorgan.com

GSI-like profitability despite not being as complex as GSI. MI line is now Jeremy Caspar

secured until mid-2028, and management is working on new projects. (44-20) 3493-5188

jeremy.caspar@jpmorgan.com

• GSI: Management noted that there is a strong push from customers and the J.P. Morgan Securities plc

French government, with a number of European governments also advocating

for the project. The recent rise in energy prices has confirmed the need for Specialist Sales contact details:

Cyprus to have an energy link with Europe to also benefit from renewable Sam Edmunds - Specialist Sales -

energy. European Industrials

(44-20) 7742-8733

• Transmission project execution: Management said that TenneT project sam.edmunds@jpmorgan.com