JPM | Industrial Strength Morning Messages: Babcock FY, Tariffs on Chinese PHEV’s? Assa, FLS previews, Synthomer IMS

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JPM | Industrial Strength Morning Messages: Babcock FY, Tariffs on Chinese PHEV’s? Assa, FLS previews, Synthomer IMS

s catalysts to support the share price. Prysmian is on JPM's positive Catalyst Watch for H1 results.

2. Nexans -Detailed notes from the J.P. Morgan European Industrials Conference- Akash Gupta here We hosted Nexans CEO

Julien Hueber for a fireside chat at our European Industrial Conference last week and joined meetings that also featured CFO

Vincent Piquet. The overall message was upbeat, with management highlighting growth opportunities from grids and

datacenters, and potential for additional M&A in North America. Following the pause in execution of the Great Sea

Interconnector (GSI) project earlier this year, management expects to fill the capacity of the MI cable line in early Q3, which

bodes well with guidance of a strong H2 vs. H1. On the construction side, Southern Europe is doing well but headwinds

remain in the Nordics. The company will update the guidance with its H1 results to account for the acquisition of Republic

Wire.

3. European Chemicals -Weekend Chemical Reactions- Chetan Udeshi here

4. FLSmidth - Early look at Q2’26 Results: Strong Pipeline but Expect Back-end Loaded Year- Chitrita C Sinha here

FLSmidth is to report its Q2’26 results on August 19th. We are incrementally more positive on the Mining pipeline coming out

of our JPM Industrials Conference last week (see feedback here). The company still sees a pick-up in end 2026/2027 as likely

and as such, has already booked a sizeable order for which they cannot provide further details until a downpayment has been

received. Into Q2, we are 1% above on orders. However, on sales and Adj. EBITA we are 2% and 7% below, respectively, as

the year is more back-end loaded in both Service and PC&V.