JPM | European Industrials Conference: Nexans CEO - Spec Quick Notes

研报英文原文证据摘录

JPM | European Industrials Conference: Nexans CEO - Spec Quick Notes

Specialist Sales J P M O R G A N

16 June 2026

Sam Edmunds

+44 207 742 8733

sam.edmunds@jpmorgan.com

CEO Julien Hueber hosted by Akash Gupta

QUICK CONCLUSION: A strong presentation from Nexans’ CEO. Highlighting both robust demand - but also that the

Company now has the portfolio it wants with the ability to invest both organically and inorganically. The tone regarding European

DC build out is very different to last year when ‘delays’ was the watchword. This is true from both NEX and SU.

• Nexans strategy has to become a pure play Electrification company. This process is now pretty much complete (final disposals

being completed) on the disposal side. The European lessons from both the Middle East conflict and the Ukraine war have

been that Europe needs energy security. It needs better energy and grid infrastructure. Nexans now focused on the acquisition

side to build out the portfolio to drive this strategy. 2 acquisitions announced and more to come.

• GSI contract - announced that the project was postponed and removed it from the guidance. Currently negotiating with other

customers on redeploying the capacity. Mediterranean is a very deep sea so it is specific and valuable capacity. Hopeful there

are other projects where the capacity can be redeployed and give time for GSI to come back.

• GSI now being discussed at the political level. The line will be used for another project. If GSI comes back they will be at the

back of the queue.

• Transmission: 2025, 26 was less very large projects - but the contracts being discussed now are larger contracts and will drive

backlog into the early 2030’s

• Grid Strategy in North America? There is a structural shortage of medium voltage capacity world wide.