Equity Snap: Nexans (NEX FP) H1 margin resilience

研报英文原文证据摘录

Equity Snap: Nexans (NEX FP) H1 margin resilience

30 June 2026

Equity Snap: Nexans (NEX FP) Equities Electrical Equipment

H1 margin resilience France

◆ Grid growth profile in Q2 looks strong and Transmission Sean McLoughlin*

margin in H1 is improving despite GSI delays Senior Global Industrials Analyst HSBC Bank plc

sean.mcloughlin@hsbcib.com

+44 20 7991 3464

Nexans (NEX FP, EUR146.60, Buy, TP EUR180.00)

Stacey Sun*

(Priced as of 25 Jun 2026) Global Industrials Analyst

HSBC Bank plc

Nexans hosted a sell-side group call with CFO Vincent Piquet. We present key stacey.sun@hsbc.com

feedback by division from the company in this note. +44 203 2685810

PWR-Transmission: Nexans expects negative y-o-y organic growth in Q2 and a flat * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

H1, with margins improving y-o-y even excluding the delayed Great Sea not registered/ qualified pursuant to FINRA regulations

Interconnector (GSI) project. The newly launched Elektra installation vessel is driving

confidence on higher margins in H2-26, with Nexans reiterating its ambition to reach

a high-teens margin in Transmission by 2028.

Nexans reiterated that 2026 guidance assumes “no GSI” at the low point and no new

mass impregnated (MI) cable activity. Nexans has been filling the MI line with smaller

maintenance orders and is targeting a medium-sized contract with potential Q4-26

production timing. More broadly, Nexans expects improving subsea tender activity

(with MI projects concentrated in the Mediterranean region) and is well placed as the

only supplier with available MI capacity in 2026/27 for 2028/29 delivery.

PWR-Grid: Nexans expects H1 strength in topline and margin, with industry capacity

close to saturated amid sustained demand activity.