Thank you. Good morning everyone and thank you for joining us today for Nexans full year 2025 results call.

This is Julien speaking. Let's start as usual, inside to a short disclaimer noting that this presentation contains forward-looking statements subject to the usual risks and uncertainties.

Moving to slide 3, before diving into the presentation, I would like to officially welcome and introduce Vincent Piquet who, as recently joined Nexans as our CFO. Vincent brings a wealth of experience from the automotive and industrial sectors and was previously CFO of Ampere at Renault Group.

I am very pleased and we are all very pleased to have him on board. He is fully already engaged with the teams and deeply involved in the preparation of these results and our outlook.

You will have, of course, a chance to hear from him in a moment. Before we move into the results, just a brief technical clarification.

In compliance with IFRS 5, the Industry & Solutions businesses are now classified as discontinued operations in the 2025 consolidated financial statements. This is reflected both in 2025 and in the comparative 2024 figures.

Let me now walk you through the key highlights of our 2025 performance. Let's move to the results, to slide 6.

Yes. So 2025 was a pivotal year for Nexans, marked with an excellent financial performance.

We reached a major step in our portfolio rotation, fully refocusing the group on electrification, and we delivered a strong set of results across all key metrics. The group standard sales, if I start by this, reached €6.1 billion with an organic growth of +8.3% year-on-year, well above our mid-term guidelines and demonstrating strong momentum across all our electrification businesses.

The adjusted EBITDA amounted to €728 million, representing an adjusted EBITDA margin of 11.9% of standard sales. Excluding other activities which mainly consist of metallurgy, our electrification organic growth and EBITDA margin were even stronger, with 11.6% organic growth and a 13.3% adjusted EBITDA margin.

The cash generation was also very solid in 2025 with a cash conversion ratio of 47%, underlying the quality of earnings and strong cash discipline across the board. From a capital efficiency standpoint, ROCE reached 21.3%, confirming value creation power of our business model.

Finally, we ended the year with a sound balance sheet, with a leverage ratio of 0.36 times—Vincent will come back on that later on—and at the same time we continue our M&A activities with two major acquisitions: the one in Canada, Electro Cables, that we conclude in December last year, and the one in Spain, R Celsa, that we also concluded in June mid-year 2025. Moving to page 7, this slide illustrates the consistency of Nexans performance over time.

The adjusted EBITDA has increased steadily, reaching €728 million in '25 with a margin of 11.9%, as I just explained, compared to 10.3% in 2024. This result illustrates the group's strategic focus on operational excellence, selectivity, and value growth driver.

The free cash flow reached €344 million with a cash conversion ratio of 47%, up significantly compared to previous years and higher compared to our mid-term guidelines. A strong performance that illustrates the cash-generative nature of Nexans business model, as well as the strong cash discipline across all business units and the working capital favorable evolution.

The ROCE also continued to improve, reaching 21.3% in 2025 compared to an 18% in '24, reflecting disciplined capital allocation and a strong operational execution. In a consistent manner over the years, Nexans transformation is delivering sustainable growth, improving profitability, and strong cash generation year after year.

Now moving to page 8. As a reminder, during our Capital Markets Day in November 2024, we clearly stated our ambition to become a global electrification pure player fully focused on our three core businesses: Transmission, Grid, and Connect.

In '25, this year marked the final step of our personal rotations, and as announced, we have entered into exclusive negotiation for the disposal of the last part of non-electrification, which is Autoelectric, our automotive wire harnesses activity. This transaction is expected to close mid-year 2026.

With this transaction, Nexans complete its strategic refocus and now is fully dedicated to electrification with a simpler, more focused, and more resilient business profile. Moving to page 9, alongside with the divestment we just explained and you've seen in 2025, we continue to pursue targeted acquisitions to strengthen our electrification footprint.

In 2025, we complete two acquisitions representing around €260 million of cumulative full-year sales. The first acquisition, Electro Cables in Canada, reinforces our positioning in low-voltage cable and high-added solutions.

It brings attractive growth, a robust profitability profile, and supported by a strong industrial footprint in Canada. This acquisition fits very well with our Connect strategy and offer clear opportunities to deploy our operational discipline.

The second acquisition, R Celsa in Spain in Zaragoza area, strengthens our expertise in flexible fire safety solutions, especially in data center and critical buildings—two fast-growing and high value-added segments that we're targeting. The newly industrial capacity that was announced at the time of the acquisition is now up and running and delivering profitable growth, and we're very proud and satisfied with the new team that have effectively put in place this new machine and capacity increase.

What is critical in both cases is not only the asset acquired, but how value is created after closing. In line with our approach, synergies are being deployed through the rollout of our proprietary Shift program, ensuring smooth integration, execution discipline, and value creation.

Taken together, this acquisition illustrates how Nexans use M&A to reinforce its electrification pure player positioning, expand selectivity in key geographies, and replicate its value creation model in a disciplined and repeatable way. Now moving to slide 10 regarding the sustainability.

Let me focus on sustainability, which is fully embedded in the Nexans operating model and group strategy. In 2025, and especially on our decarbonization strategy, Nexans pursued the same trend and exceed its mid-term target for Scope 1 and 2 with -49% of CO2 emissions, mainly driven by energy efficiency solutions implemented on site and significant level of renewable energy usage.

In the meantime, the current performance on Scope 3 was reached, following low-carbon product innovations and circular material integration through our initiative like Cableloop that was launched in France and Spain with our platinum customers, enabled us to reach 880 tons of cable collection during the year. We will explain in the deep dive session how we will expand these solutions.

Through these initiatives, combined with the metallurgy project in Lens that will be commissioned in 2027, or another example on the partnership with RTE, the French TSO, where we have launched the first European closed-loop recycling system for aluminum, we are not only reducing our environmental footprint, but we are also reinforcing supply security and reinforcing a structural competitive advantage on the energy sector. Let's move to slide 12 and go now deeper in the business review regarding the year 2025 performance.

Let me first focus on the fourth quarter, which was particularly strong. In Q4 2025, the group delivered an organic growth of 11.8%, or even 18% excluding other activities, reflecting an exceptional high level of activity, notably in Transmission and in Power Connect.

This Q4 performance was well above our normalized run rate, supported by a combination of strong demand, high project execution intensity, and a favorable phasing effect. Of course, we anticipate a normalization over the first quarter 2026, reflecting a more balanced phasing of projects.

Beyond Q4 dynamics, this strong finish of the year further support the structural improvement of profitability, with a group adjusted EBITDA margin reaching 11.9%, and 13.3% excluding other activities, which was mostly driven by power transmission and power grid, and supported by our selective approach and quality of execution. Overall, 2025 clearly demonstrates Nexans ability to translate long-term electrification trends into profitable growth.

Now let's move business by business, and I will start by Power Transmission, which delivered an exceptional level of organic growth in 2025. Indeed, organic growth reached +29.8%, almost 30% for the full year, accelerating at the 40% rate in the fourth quarter of 2025, reflecting a very high level of activity and a strong execution.

Bear in mind that the last two years we have registered an unusual high-level organic growth thanks to capacity increase, and we should go now back to a normalized level in 2026. The standard sales of Transmission amounted to €1.6 billion compared to €1.2 billion in 2024.

The adjusted EBITDA reached €203 million, with an adjusted EBITDA margin of 12.3%, up from 11.0% compared to the year before. This margin improvement was mainly driven by quality of execution on project and increased efficiency following a full year of operations at the expanded plant in Halden in Norway.

Finally, the adjusted backlog stood at €7.7 billion at year-end, including €1.2 billion of the GSI project, still in phase of rescheduling with our customer. This adjusted backlog provides us a good visibility until 2028.

Now moving to the Power Grid parts. Our Grid business delivered a growth of 5.5% in 2025, in line with our mid-term guidelines and confirming a favorable momentum.

In the fourth quarter, organic growth was +3.5%, reflecting seasonal softness, particularly in winter-sensitive activities and project phasing. Standard sales amounted to €1.3 billion compared to the €1.2 billion in 2024.

The adjusted EBITDA increased to €217 million, which is up by 19% year-on-year, with an EBITDA margin of 16.4%, which is an improvement of 226 points. This strong performance reflects our focus on operational excellence with the continued strength of our accessories activities, increased selectivity in a high-demand environment, as well as some one-off effects linked to some European renewable project that we had in the last part of the year.

Importantly, the business benefits with strong visibility, supported by multiple long-term frame agreement wins with recent contracts such as Enedis, providing increased visibility going forward. If you remember, we have communicated our wins in the contract with Enedis the coming 7 years.

Now let's move to slide 15, finally, Power Connect business, which grew organically by 3.6% year-on-year, in line with our mid-term guidelines. In the fourth quarter, organic growth accelerated by a +10.9%, driven by the delivery of large infrastructure and data center related projects.

Standard sales reached €2.3 billion, which compared to €2.0 billion in 2024. The adjusted EBITDA amounted to €289 million compared to €271 million in '24, and it stood at 12.3% compared to 13.1% last year.

Margin performance reflects strong profitability in advanced offer on platinum customers, while the more conventional part of the business remained under pressure, particularly in Asia-Pacific and in Oceania. Finally, the integration of La Triveneta Cavi in Italy and the rollout of the Shift program continue as planned, with a strong focus on operational and industrial excellence.

Again, let me remind you that Power Connect is a contrasted segment where we have some very strong performer, both in top line and margin, and our objectives to make all business units catch up with the best-in-class. We will now move to the key financial, and Vincent, welcome on board, and over to you now for the financial part.

Thank you, Julien, and good morning everyone. Before going into the details, let me take just a brief moment to say that I'm honored to be here today.

I want to thank Julien and the board for their trust. I've now been working closely with the teams for a few weeks, and I'm very excited about the fundamentals of the business and the road ahead.

With that, let's start with the 2025 revenue bridge. As you can see, group standard sales increased by 10.1% year-on-year, reaching nearly €6.1 billion.

Growth was primarily organic with a strong 8.3% increase, reflecting a solid underlying momentum across the group. Scope effects contributed a further 5.1%, illustrating the growing contribution from our recent acquisitions over the year, mainly R Celsa and LTC full-year contribution.

These positive drivers were partly offset by an unfavorable foreign exchange impact of 3.3%, mainly related to the Turkish lira and the Canadian dollar. On the profitability slide, adjusted EBITDA increased by 27.3% year-on-year, reaching €728 million in 2025, with the margin improving from 10.3% to 11.9% of standard sales.

This evolution reflects the contribution of our electrification businesses, supported by growth and margin improvement. First, Transmission delivered both growth and higher profitability, making it a strong contributor to the group's EBITDA improvement last year.

Grid also recorded a positive year, with strong improvement in profitability year-on-year. In Connect, performance was more contrasted across regions and business units, as described by Julien.

Asia-Pacific and the Nordics were slower, and the process of improving LTC's performance is ongoing, and we also have the impact of a full year versus a few months in 2024. That said, we are confident in our ability to bring LTC up to Nexans' standards.

Overall within Connect, our structural drivers performed well while we remain focused on enhancing the profitability of the rest of the portfolio. The Connect segment includes €26 million of scope effect in the full year of LTC and only 7 months—sorry, the full year of LTC versus only 7 months in 2024, and R Celsa was a 7 months contribution.

In other activities, the variance is mostly driven by negative one-offs recorded in 2024. As expected, metallurgy was impacted by the US tariffs effect in H2 after a strong H1.

It accounts for a negative €6 million of impact on a full-year basis. Overall, this bridge illustrates strong operational leverage in 2025, with EBITDA growth clearly outperforming sales growth and translating into a meaningful margin expansion.

Moving on to net income. As we've just seen, the starting point of the net income progression in 2025 is a very strong increase in adjusted EBITDA from €571 million in 2024 to €728 million in 2025, an increase of 27.3%, well above the 10.1% of growth of our top line and demonstrating our strong operational leverage.

This EBITDA progression is also the main driver of the increase in net income from continuing operations, which reached €219 million, up 31.1% compared to last year. Beyond EBITDA, a few additional elements are worth highlighting.

First, financial expenses decreased significantly, mainly linked to hedging effects, in particular the evolution of the forward spread on the Norwegian krone. At the same time, depreciation and amortization increased to €253 million in 2025 compared to €175 million in 2024, mainly reflecting investments in our Norway transmission plant in Halden.

Net income from discontinued operations increased to €138 million, reflecting gains on disposals linked to AmerCable and Lynceo, as well as the operations operating performance of Industry & Solutions, partially offset by an impairment on Autoelectric as we moved it to discontinued operations. Overall, group net income reached €358 million in 2025, up 26.6% year-on-year, illustrating the strong earnings conversion of the group's operational performance.

Moving now to cash flow and net debt. 2025 was another year of solid free cash flow generation, which reached €344 million compared to a restated amount of €177 million in 2024, translating into a 47% cash conversion rate, above our mid-term guidelines.

This level reflects first the strong performance of adjusted EBITDA, but also a strict cash discipline, as shown by working capital evolution, and also helped by above-average down payments in Power Transmission. CapEx amounted to €383 million, mainly driven by Power Transmission as we continue to execute on the capacity expansions decided in prior years in both Norway and Charleroi in Belgium.

Dividend and others includes the cash impact of our employee share buyback program on top of the dividend payment, and the M&A column mainly reflects the contribution from the closed acquisitions of Electro Cables and R Celsa. It does not include the impact of Autoelectric, as the closing of this transaction is expected mid-2026.

Change in discontinued activities relates to the divestments of Lynceo and AmerCable, as well as a reclassification of our automotive activity under discontinued operations in compliance with IFRS 5 standards. As a result of these transactions, combined with strong cash generation, net debt decreased significantly from €681 million at the end of 2024 to €266 million at the end of 2025.

As you can see, overall the company is in great financial shape. Let me now spend a moment on our financial structure.

At the end of 2025, Nexans benefits from a very solid liquidity position. We have significant cash on hand, complemented by committed and largely undrawn credit facilities.

This gives the group ample headroom to operate comfortably. Our debt structure is well-diversified and fully fixed-rate, which protects us from interest rates volatility and provides good visibility on financing costs.

Importantly, we have no material debt maturity before 2027. From a leverage perspective, Nexans remains very conservatively positioned with a low financial leverage ratio of 0.36 times.

This strength is also reflected in our credit profile with an S&P BB+ rating with stable outlook. It confirms that the group has the financial firepower to pursue targeted M&A, gross CapEx, and continue to deliver shareholder returns.

In fact, shareholder return is a core component of our value creation model. Over the past 3 years, Nexans has delivered a total shareholder return of 59%, and 250% over the past 6 years.

This performance reflects the consistency of our execution over time. As shown here, dividend per share has increased steadily over the past years, reaching a proposed €2.9 per share for 2025, an increase of 11.5% compared to 2024 and another historical record.

This dividend growth is anchored in the group's improved profitability, strong cash generation, and disciplined capital allocation. Our approach remains very clear: we aim to reward shareholders while preserving flexibility to invest in our growth and maintain a sound balance sheet.

Looking ahead, this discipline remains a key area of focus. Our dividend policy is fully aligned with our financial trajectory, with a target payout ratio of at least 30% by 2028, while remaining consistent with our leverage and investment priorities.

With that, I now hand over back to Julien.

Thank you, Vincent. Let me now turn to outlook for 2026.

We expect for 2026 the adjusted EBITDA for full year to be between €730 million to €810 million, and for free cash flow to range between €210 million and €310 million. We expect the first half of 2026 to be softer than the second half, mainly due to project phasing across different segments.

This guidance exclude the contribution of the non-completed acquisition and does not assume the execution of the GSI project in 2026. Overall, and in conclusion, I think that you can see that from the combination of our '26 guidance and dynamic nature of divisional overview that we are excited for the future.

We have successfully transformed into a high-return business with a robust balance sheet, focused on electrification as a global pure player. Nexans will continue to operate with a disciplined financial framework for the benefit of each shareholder, employee, and the broader economy.

Before moving to the Q&A, I would like also to remind you that we will host our business deep dive sessions today, shortly after this session at 10:30 Paris time. We will go deeper into our value creation model, market, and strategic priorities.

We will provide you an additional insight into how we are executing our roadmap. With that, thank you all for your attention.

With Vincent, we'll now be happy to take your questions.

Hi, good morning. Thank you for taking my questions.

I was hoping to ask two related things. The first one, just can you clarify in the guidance on EBITDA between the bottom and the top end?

You're very clear that you've taken off GSI from it, but do you have any contract mitigating the under-capacity that you would potentially have from not executing that? How much is included in the bottom end and in the top end of guidance?

I'll start there, and then I'll ask the follow-up.

Hello Daniela. Thank you for your question.

Clearly, yes, GSI is not included into our guidance, even though we are, as we have communicated early January, that because this project is rescheduled, that we are at the same time launching specific actions both industrially speaking, but as well commercially, in order to offset partly the GSI element. We are actually quoting different project on MI, and a part of it—of course, I cannot display precisely because we are still quoting and we don't know precisely when it will start, but a part of it is inside the guidance.

Sorry,

just to be very clear, on the 730 at the bottom end of guidance, that includes part-mitigation on things that are not yet in the backlog, but in tendering?

Exactly right. We're still quoting on some MI project, and we have considered that some of the things we have a good chance to succeed, but the timing element is not yet clear, we have included some of it, but not fully.

The top end of the guidance is the full compensation of GSI, or not also not fully?

The guidance is not only about Transmission, it's also about different elements. Typically the restart of the European business that has been relatively soft in 2025.

We consider some elements of restart of the activity, specifically in H2: softer in H1, stronger in H2 for the restart of the business, and that's mostly impacting the Connect business.

Got it. Then just a follow-up also in Transmission.

You mentioned that you will have—I guess two other things—normalized level. Just wanted to clarify what should we interpret it as normalized?

Do you think Transmission business top-line wise can be up, or given taking off GSI? Also, can you clarify your comment on the first half versus second half EBITDA?

How should we think about the first half margin for Transmission, given that potentially the mitigations, I would imagine if you're still tendering, fall more into the second half? What type of profitability should we think about between the two halves?

Okay. Overall we foresee an improvement of our EBITDA during the year 2026 in Transmission, with indeed a stronger increase in second half due to the reason we just explained about still quoting for the MI parts.

That's basically the reason why we see a softer in H1, stronger in H2. Maybe Vincent, I don't know if you want to add anything?

No, no, I agree that the timing of the quoting makes it a bit second-half loaded. Beyond Transmission, also the other businesses, we feel very good about Grid.

Connect is, as Julien mentioned, a bit dependent on the improvements of the European market, and we're being cautious in terms of what will happen in the second half. Then finally, I'll mention in terms of explaining the range of the guidance, there's metallurgy, which is quite impacted potentially by tariffs volatility in the US.

We're trying to take that into account in the range we're proposing today.

Okay. You can't comment on Transmission first half versus the second half of '25, for example, just to help us understand how much this underutilization in the first half could mean?

In '26, you mean? The underutilization of the MI line will be manageable in H1 as we're basically working to do some cost actions.

Then in the second half, we're planning on winning a number of short orders and new orders that will fill the line.

Got it. Thank you.

I'll go back in the queue. Thanks.

Yes, hi. Good morning.

I have a few as well. The first one is on your cash flow bridge.

When I look at your full-year cash flow bridge, you have -€371 million for M&A and disposals, and if I compare it with H1, you had €613 million in inflows from divestments. I wanted to ask, this €371 million is only what you paid for two deals and not the disposals, now the disposals have accounted separately?

That's the first one, to ask what that 371 in the cash flow bridge is.

You got it right. We've separated the disposals from the acquisitions, and the way you explained it is the correct way.

Thank you. Then my second one is on M&A.

Clearly you have been quite vocal about your M&A ambition in the press release, but I wanted to ask, what are the area of focus? Maybe you can talk about the regions and business areas.

Can you also talk about the hurdle, because some of the growth business could be quite expensive compared to where you trade. Do you have any hurdle rate that you would like to highlight on which acquisition you want to go ahead and which you will not?

Thank you.

We will deep dive a lot on the M&A on the second part on the deep dive session just after. Basically, our strategy remains very aligned to what we said end of last year.

There is based on three elements. One pillar of the M&A strategy is linked to mid-sized companies, small to mid-sized company in country where we already are in order to create industrial synergies in some market where we are already present.

Second pillar of the strategy is based on slightly bigger size of M&As in new geographies. The third one is based on, let's say, adjacent to cable, basically could be anything like accessories.

That's our strategy, and this doesn't change, it's the same strategy. Having said that, today we are looking specifically some geographies like North America.

The example of Electro we did in December is a good example, but we are looking for other type of target in North America, as well as other part of the world, could be Middle East or the other parts.

Thank you. Lastly, a housekeeping question.

Depreciation and amortization last year was €253 million, and I believe that might be including some one-off there. It was €175 million in 2024.

Can you tell us what shall we expect in 2026 for D&A? Thank you.

It'll stay in line. We're continuing to see the impact of the investment we've made in Norway especially, and that's hitting our P&L.

From a cash standpoint, the major outlays, on par in line roughly with what we've had in 2025, are driven by the third vessel, as well as the investments in Charleroi in Belgium, the land cable plant.

Roughly €250 million D&A in 2026?

Roughly.

Thank you.

Thank you, Akash.

Thank you. Just the first one would be on the free cash flow.

Just can you give us an idea of what do you expect the conversion could get to? You're still investing quite a bit in '26, '27, and it's running at 30% plus at the moment.

What could it get to, the EBITDA conversion of free cash flow in the next few years as the CapEx kind of comes down a little bit? The second question was just on the Grid margin.

Obviously it's very, very strong in the second half. Can you give us an idea of maybe what's the normalized level?

You do talk about some pull-forward of activity or some one-off effect in there. Kind of how should we think about that margin going forward?

Is 17% something you can do again in H2 next year, or maybe that should normalize a bit? Thank you.

Thank you, Lucas, for your question. I'll take the first one on free cash flow conversion.

Free cash flow conversion in general is improving on the flow businesses, but the Transmission business, as you can see, is obviously big and lumpy, and it depends a lot on down payments. We had a bit of a strong year in 2025.

It will continue to improve progressively as we grow all of our businesses, but it's a bit dependent on the down payments we'll get from the different deals in the Transmission business. We're committed to our 2028 guidance on the cash conversion, and we'll continue to drive that in '26 and '27 as well.

Regarding your second question, yes, indeed you have seen the jump in the margin for Grid, moving two points up, 14% to 16% EBITDA margin. We are very pleased with this business.

The demand is very strong. We expect so to, let's say, at the first stage to maintain this level of margin, and it's driven by innovations, driven by accessories that is still growing at a higher margin even.

In order to continue to push, we will need to continue to develop specific verticals, and I will explain at the deep dive session just after the importance of data center that are big driver of margin increase for the Grid parts. I would say, let's say in the coming months, we should be at, let's say, similar level of margin before we acquire new capacity, and we are working on it currently in order to continue to grow and develop this business.

It's a very solid, resilient business and a big part of the result of Nexans.

Thank you.

Thank you. Good morning.

Thank you for taking my questions. Firstly, Vincent, taking maybe a fresh look at margin progression in Transmission, how confident are you on the journey to high teens margins by 2027-2028, and what in your view are the key steps to reaching that level?

Thank you. That's the first question.

Thank you, Sean. It's a very important question.

It's something we spend a lot of time on with the team. We see significant improvement.

You saw it between '24 and '25, and we're still committed to the direction we've given historically of continuous improvement. It's driven by a few things.

First, much better quality of execution. We've invested a lot in the team to drive that quality of execution and not have bad surprises during the execution phase of the project, and we are seeing that investment pay off in 2025.

The margin improvement is driven by this better quality of execution. Second thing, the selectivity we've applied to the deals that we've taken into the backlog is paying off as well.

We're continuing to execute on historical bad cholesterol, if I can say, deals that are hurting our profitability. The new deals we see ahead of us, the ones we're starting to execute on now, are much better in terms of margin accretion, and that gives us very much strong confidence in our ability to get to the high teens in terms of profitability for the Transmission business.

Thank you. If I could touch also on Connect.

You've talked about need for recovery in Europe. You've also talked down APAC in Q4.

Again, can you maybe just walk us through what are the main components of improvement in profitability in Connect in '26? On

Connect, I will take this question. Connect, indeed you've seen a lower margin in second half.

We understand very clearly and we're working on it precisely. It's coming from few elements.

First one is indeed pressure on price in Oceania, specifically in Australia, second half of the year, that has impacted us negatively. We are currently changing things to come back to a normalized level of profitability in this part of the world.

Second is that one of a high contributor of margin in Connect is the Nordics in the north of Europe. I mentioned that in Q3, but it remains in Q3 the same, that the market there has been softer.

We have had less volume, we didn't lose any market share, in fact we even win market share, but the overall market has been very soft in this part of the world, and we expect to see hopefully an improvement, let's say mid-year, second Q2 or mid-year 2026. The third element is, you know that our strategy we did in the M&As is clearly to buy, make some acquisitions at a low multiple, and therefore the margin level of the company that we bought are lower than our average.

They're not yet at a maturity in terms of innovations, technology, verticalizations. All our job is to transform them into a much higher level of profitability.

In the case of 2025, specifically second half, we had a full year effect of LTC, which is not yet at our level we expect from them. They are working hard, we're very satisfied with what they do, but the size of this LTC business has an impact on the overall margin of Connect.

Having said that, all the other—and you know that we are clustering our businesses, different cluster, innovation driver, profit drivers—this business, the top end of our business, which is a large part of organic business, is doing very well both in margin level, both in growth.

Thank you.

Hi. Thanks for taking my question.

I have two actually, I'll ask them one at a time. The first one on the high-voltage demand out through the next decade.

How have recent UK offshore wind auction results and some stronger pledges from the North Sea companies around offshore wind influenced your view of supply and demand in high voltage into the next decade? That'd be the first question.

I will start. I guess you have seen in Hamburg a month ago a big meeting with the politics, energy ministers from seven countries highlighting the need and the importance to deploy offshore wind businesses basically from 2030 to 2040 with an increase of capacity of offshore wind of 15 GW per year for the coming 10 years.

The demand is there and it will come. It's supported by the let's say different states in north of Europe.

We see that this business will continue to grow. So 15 GW per year, it's huge, because you need to keep in mind that currently we have 34 GW already installed, the ramp-up of this business will be extremely important.

Second, interconnections. Here again, there has been a very supportive European Commission to accelerate the interconnect links between countries, funded by European Commissions, and they have communicated—I don't know if you have seen this—but in December.

Basically both businesses of our submarine, both wind offshore and interconnections, are basically positive in the outlook in the next 10 years.

Great. Thank you.

Moving over to the metallurgy business in other activities. How is the continued rise in metal prices influenced your view on kind of the pros and cons of vertical integration in rod production?

Maybe as a follow-up to that, why do you think peers might not be following your footsteps in this regard?

Thanks Scott for the question. The metallurgy business is strategic to us.

We see a lot of advantages of this integration. It's security of supply, which is key.

It's recyclability. We control prices much more.

We have long-term agreements with mining firms that gives us a lot of stability in our supply. We clearly think that strategically it's really important for us to keep this metallurgy business, and we're driving it.

It's obviously quite impacted short term by the movements in the tariffs. It's adapted well.

As I mentioned, after a very strong H1, it had a tough H2, but net-net overall it's been quite neutral. We're managing it strongly and investing in that business.

We think it's very important for us. The rise in the copper price is obviously having an impact.

We're quite protected. We transmit that increase in price to our customers.

We're protecting ourselves and protecting the financials very strictly. We see maybe a long-term impact in terms of copper demand and evolution, but in total for us in the mid-term and short-term, it's really, really strategic.

Having that integrated business actually gives us more levers to react and to adapt to the current volatility in the price and the tariffs.

I will add one point. If you remember that 4 years ago, Nexans has clearly mentioned that by 2026-2027 there will be some kind of scarcity of copper supply.

Now you start to see the impact on the basically tons of copper reaching $13,000 a ton. We anticipate that a few years ago, that's why we have massively invested in our metallurgy and rod breakdown in Lens, because it give us a capability to recycle scrap of copper.

This project is well ongoing, it should be in operation by 2027, and we will have access to the ability of scrap copper, scrap cables already on site in Europe. It will also give us an additional security of supply.

Thank you.

Hi. Morning.

Thanks for taking the question. Could I maybe go with two questions to start with?

The first is digging in again on the Connect business. Maybe it would be helpful if you could give us, as you have previously, what the divisional margin might have been for 2025 if you were to exclude LTC?

I believe you commented on that in first-half results. Equally, could you also help us dig into how big the Asia exposure is or Oceania, which you commented on being weak, when we're trying to judge how the margin in the second half of the year was 11%, the weakest since 2021.

Just trying to get a read if this is an aberration and short-term. Actually, I'll wait for the second question.

Thanks.

For sure if you exclude the M&As on LTC—but R Celsa is the same by the way, because we're just taking over this business—if you exclude the newly acquired businesses which are ongoing in the transformation, the average of EBITDA would be much above, and we will not see any decrease of the percentage of EBITDA. That's why we are putting a lot of effort on focus in order to accelerate the transformation of this business.

We have launched in Q3 and Q4 some innovations for retail and market with a brand [Claro?] and so on.

We are on the way to transform the business, but clearly it has an impact on the overall businesses. On your second question regarding the businesses in Oceania, it's an important business for us, but let's say it's less than 10% of our overall activities in Connect.

Maybe I would say, Chris, also if you take a bit of a step back, we've taken the profitability of that business from mid-single-digit levels to strongly above in the double digits, and there's some ups and downs. We're integrating, as Julien mentioned, businesses that were improving as we're bringing them up to Nexans' level.

If you take a step back and look at the trend over time, clearly it's very positive, and we know how to do this. We've done it in the past, and we'll continue to do it.

We will present you just this next session an example of Reka, which basically we acquired 2.5 years ago, which is exactly at the level we expect, above the average of Nexans in terms of profitability.

Thank you. That's helpful.

The second question, Julien, is maybe related as well, but just looking at the 2028 EBITDA guidance range, that's remained unchanged, and I know that you guys are focusing industrially here, and maybe there could be some further synergies that come through. I just wonder, on your look at the portfolio, if there's been any view as to where you think that the possibilities are on the industrial angle for you guys looking into 2028?

Then as a follow-up, could you also comment as to how much of the GSI contract is currently factored into that 2028 EBITDA guidance for the group? Thank you.

Here you're a little bit on the industrial part. You are already at the second session that I will describe just after.

Basically you're right. It's important for us, our DNA, we are industrial people, our DNA is industries.

We have launched already several actions on the industrial excellence and the operational excellence that will provide us some competitiveness in order to help our business to grow and to continue to grow our EBITDA margin. That's Connect is clearly one element in this.

Regarding the guidance for 2028, indeed we maintain the same guidance of EBITDA, no change in this. We are clear that we will achieve this targets.

We have in this guidance 2028 some utilization of the MI line, of course. Either it will be GSI if this project resume, and we have good hope that it will come back, or we will use other ongoing large project to come in MI, as I think we have explained also recently, that could also replace.

We have the possibility to do either GSI or another one, but it's included in our numbers for 2028.

Just to clarify on that in terms of other projects you're looking at, should we view this as a sort of previously discussed Plan B for GSI, or should we view this more as sort of the Malta-Sicily contract that you signed last year as a small extension and a book-to-ship within the year or within 12 months? How should we kind of look at these projects you're looking to sign currently for the Transmission business?

Thanks.

Regarding MI specifically, it's nothing to do on the Plan B. In all deepwater project requires MI technology.

There are some project queuing today that we will be able to quote. Now that we have announced, and this is why basically I've taken decision to make this communication early January, was to officialize the fact that we have an MI line available.

That triggered some opportunity and discussion with some customers that know that we have now this line available for some time, and therefore we are now discussing with them to basically quote and win this project of MI. MI will be loaded by 2028.

I don't see any problem on that.

Wonderful. Thanks for that.

Thank you.

Hi, yeah. Thanks for taking my questions.

Just staying with GSI for a little bit. First off, and sorry if I didn't catch this, but what is the current status of GSI exactly?

Is the rescheduling now done, and if so, what's the ultimate timeline that you have settled on? Is the cable that has already been manufactured going to be stored until the customer then decides to restart work?

Is there any compensation that Nexans gets for the idle capacity in such cases?

The situation regarding GSI is the same as what we have communicated early January, meaning that there's a rescheduling ongoing with customers, so that we have some very close discussion with customers about different dates to restart the project. This is what we call rescheduling.

There is no date specified yet because there are things ongoing, and I'm sure you understand, these discussion are more at a political level that I will not describe. What is for sure is that all the cable that we have produced and stored today belongs to the customers.

Nexans has no financial impact on this matter. Today we are talking with customers for rescheduling, this is basically it, but there's been no news since the communication we did in early January.

All the cable produced has been paid for, financially we're completely covered. It's being stored.

The customer is obviously working through its own processes and decisions, and we're working with them to see when it can be installed. Financially for us, it's fully neutral now.

Got it, thanks. My second question is on the mitigation measures.

I wonder if you could give us a bit more color on the various mitigation measures that you're considering. Specifically, which if any projects are you hoping to bring forward from the backlog?

I realize you have started some discussions on new projects, but are there any specific new projects that you are looking to win? Finally, how would the margin profiles for repair work differ from those for large interconnecting projects?

I would say the mitigation measures, they have three types of categories. The first one are purely industrial, we are reallocating the workforce, we are reducing some expenses, we're doing what needs to be done in a plant when you have a line which is basically not running.

That's done, that's ongoing, and the reactivity of our teams in Norway has been at a great level. Second is that we have already win some small orders for repairs, because the line is available.

It's an important business of doing the repair, and what matters when you do a repair is the speed. You need first to have a cable available to do the reparation, as well as the vessel available.

We are setting in place an organization to be able to both produce, and we are producing some cable for repairs with our customers, basically they own their cable, this is ongoing. We are setting an organization in order to be extremely reactive in case a cut of cable appears under the sea.

Third is the commercial activities. I'm not going to give you a name of a project because I guess some of my competitors could hear what I'm saying, but indeed we are currently quoting for some project on MI, and we expect to have some answers ahead of Q2 or during Q2 in order to see and hopefully win some of these projects.

Understood. Thank you.

If I could squeeze in a short one, just on the MI workshop that you have in Futtsu in Japan, what's the plan for that?

We have communicated, if you remember, I think it was September-October, the fact that we have basically sold this workshop to a company. We can use it, but it does not cost anything.

When it's idle, when the machine are not loaded, it doesn't cost anything to us. We sold the land, the building, and the machine, but it's available to us as soon as we have some load to do.

No cost for us in Futtsu.

That's great. Thank you very much.

Yes, good morning. Thanks for taking my question.

I've got two small questions. A precision first.

When you talk about your backlog, you mentioned an adjusted backlog in your press release, and I was wondering what kind of adjustment are you talking about here? When I look to the backlog, should I consider that the project within the backlog are 100% secure, or is there anything specific to know here?

A second question about the project you mentioned, you mentioned you are quoting on some new project to mitigate GSI. Are you talking about wind offshore or interconnection project, or similar project in terms of profitability?

We are in the larger project you are currently quoting just to have an idea of the profitability difference between this potential new project and GSI profitability?

Thank you, Eric. I'll take the first one.

The adjusted backlog is basically due to the nature of the type of contracts we enter into the Transmission business. Everything that's in the backlog is executable, it will convert into cash, that's why we put it into the backlog.

The timeline and the exact call-offs by the customers in terms of when it happens have different levels of certainty. There are things that are extremely firm and certain, there are things where the timeline can move a bit more, which is why we use this notion of adjusted backlog.

Overall, what we report as adjusted backlog is, unless there's a major cancellation and change in contract obviously, but it's convertible into cash in the future to drive our cash and profitability.

By the way, it's the same definition of the backlog like we always did, there's been no change on that. I will take the second question regarding the other MI project.

To answer your questions, it is interconnection type of project, specific to MI technology, meaning deepwater type of project. In term of profitability, of course we are quoting, difficult for me to tell you a number, but we are in the similar type of profitability as GSI, yes.

Same technology, same type of margin.

Very clear. Thank you.

Regarding the backlog, how much could be considered as extremely firm project within the backlog?

We don't really communicate on that. We just communicate on adjusted backlog.

Fair enough, thank you. That's right.

Thank you all for your questions and for the discussion we had together. We now look forward to continue this conversation with you in just a few moments during our business deep dive.

We are together with Vincent Piquet and Vincent Dessale. We will go deeper into our value creation model, our markets, and how we are intensifying execution across the group.

Thank you again, and hope to see you very shortly. Thank you.

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Nexans is there. Nexans: electrify the future.

Welcome

Thank you and good morning everyone, and thank you for joining us today. For the ones who were with us earlier for the full year 2025 results presentation, welcome back.

For the ones joining us now, welcome to this Nexans business deep dive. This session follows the Capital Markets Day we held in November 2024.

There are three reasons why we wanted to have today an update of our Capital Markets Day. The first is Nexans has entered into a new phase of leadership.

Second is since early 2026, Nexans has become a pure player in electrification with the planned disposal of Autoelectric. The third, the external environment has evolved significantly over the past 15 months, becoming more complex and more volatile.

Now that Nexans is fully focused on electrification with a simplified portfolio and a clear strategic positioning, we can fully leverage this model and scale what we do best. In this context, we felt it was the right time to step back and explain what differentiate Nexans and how our model allows us to adapt to a more demanding environment while staying fully aligned with our strategy and financial trajectory.

Over the past few years, Nexans has gone through a profound transformation. We reshaped the portfolio, simplified the organization, and strengthened our financial foundation.

Our strategy has not changed. This session today is to explain how we will intensify execution, how we scale what already works across the group, and how we continue to convert electrification growth into margin and solid cash generation.

Let's now move to the today's agenda. I will start by setting the context, where Nexans stands today after the transformation phase and why now is a good time to enter into a phase of intensification.

Then part 2, together with Vincent Dessale, our Chief Market and Commercial Officer, we will then cover our three businesses: Transmission, Grid, and Connect, and explain the key levers we are deploying to intensify performance across the portfolio, building on the structural drivers of value creation in each business. Finally, in part 3, Vincent Piquet, our CFO, will come back to Nexans value creation model and provide further insight into our financial trajectory towards 2028.

Through this session, we will explain how Nexans turn electrification megatrends into value creation with discipline and selectivity. As I mentioned earlier, today Nexans is now a global electrification pure player.

This positioning did not happen overnight. It is the result of deliberate and disciplined choices made over several years.

This slide illustrates very concretely the portfolio rotation we have completed to support this strategic shift. On the top of the slide, you see the acquisitions we have made to strengthen our electrification footprint.

These transactions were highly selective and fully aligned with our strategy. In total, they represent around €1.5 billion of sales and contribute directly to our electrification focus.

Let's take some examples. Vincent will describe later in the presentation how fast we have integrated Reka in Finland and how we have been able to become the number one in the Nordics, maximizing our grid capacity for this region.

As a second example, R Celsa in Spain is providing us today a brand new industrial capacity that start to contribute to the growth we see today to fire safety and data center vertical. On the bottom part of the slide, you see the divestments we have executed over the same period.

It represents around €2.2 billion of sales. Divesting these companies took us a lot of time and resources, but the portfolio rotation is now complete, and Nexans is now fully focused on electrification.

Overall, M&A remains a key driver of growth for Nexans and is at the core of our strategy. We have a strong and active pipeline of opportunities, and we will replicate our value creation model in the same business we integrate with the same discipline in execution, integration, and value delivery.

As I just mentioned, while we have been actively progressing on our portfolio rotations, one of the most tangible outcomes in our transformation has been simplification and the impact it has had on our performance. Since 2021, we have significantly reduced complexity across the group.

We now have much fewer industrial sites, much fewer employees, and we have managed an important reduction of our market segments to address, and we have divided by two our technical processes. This was not simplification for the sake of cost-cutting.

It was about restoring focus, accelerating decision-making, and improving industrial efficiency across the organization. As you can see, the financial impact has been very tangible.

In 4 years from 2021 to 2025, our electrification adjusted EBITDA doubled, electrification ROCE was multiplied by 1.2, and free cash flow almost doubled. This track record clearly demonstrates that the model of simplification works.

Today, Nexans operate with a well-diversified profile, with a balanced contribution from our three core businesses: Transmission, Grid, and Connect, as well as a balanced geographic footprint. Our resilience is not only about diversification, it is very much about selectivity.

We have positioned our group towards the most resilient market. We focus on segments where demand is structurally stronger, investment cycles are more visible, and customers value both performance and reliability about prices.

We supply across sectors, geographies, and customer profile. We are highly selective in the verticals we address, the geography we prioritize, and the customer we serve.

In particular, we keep focusing in platinum customers where our differentiation, our expertise, and our execution capability create the most value. As a result, Nexans is positioned at the intersection of resilient markets, premium demand, and structural profitable growth.

Before moving into the businesses, it's worth pausing briefly on the broader context. On this slide, you see a number of key indicators that illustrate the depth and the durability of electrification trends.

The structural drivers of electrification are stronger than ever. Just let's take two examples in this slide.

Power grids require massive reinforcement after decades of underinvestments, and the energy transitions continue to drive new transmissions and connections capacity. Over the next decade, 80 million km of medium voltage will have to be produced and installed, and that's the equivalent today of the existing grid worldwide capacity.

Another example is the development of AI is driven by an unprecedented expansion of data centers worldwide. These facilities are extremely energy-intensive and require reliable, high-capacity, and resilient power infrastructure.

To put this into perspective, data centers are expected to increase their share of global electricity consumption from around 1.5% today to close to 3% by 2030. This is massive.

These investments are driven by technology, regulation, and security of supply. If we step back and look at our journey in Nexans over the past several years, three distinct phases clearly emerge.

Between 2019 and 2021, Nexans went through a restructuring phase. The priority at that time was to restore profitability and strengthen the balance sheet and fix the fundamental of the group.

From 2021 to 2024, the focus shifted to simplification. We reduced complexity, reshaped the portfolio around electrification.

This was about building a simpler, more focused, and more resilient group. Now as we enter the 2024-2028 period, we move into a phase of amplification, amplifying profitable growth in electrification.

The organic growth we have presented this morning for our 2025 results clearly demonstrates our capability to grow. What is important today is that our positioning as a pure player in electrification will now allow us to enter into a phase of intensification.

Now that the portfolio rotation is complete and that the group is fully focused, we are at a position to scale execution, replicate what works, and deploy our value creation model with much greater intensity. Intensification is not a change of strategy, it's a mindset in the execution.

It means building on what we have already put in place, doing things better, at a greater scale, and with more discipline. Let me pause a moment on this slide because it captured very concretely how we are moving into the next phase of our value creation journey.

Intensify means scaling what already works, with disciplined focus on repeatability. This is done through four concrete pillars that I will describe.

First, commercial excellence. We have spent the full year 2025 to understand deeply, vertical by vertical, where the customer needs, the expectation in term of innovation, technology, and services.

This is what we have called growth pattern. We are now in a position to scale high-value growth pattern in verticals such as data center, fire safety, renewable, or gigafactories.

To do this, we have set a dedicated commercial teams to capture value across the full offering. The head of this sales business development is now part of our ExCom team.

It gives the importance of this pillar. The objective is clear: increase the share of advanced offers, improve mix, and strengthen pricing power.

The second pillar is industrial excellence. This pillar is about to align the industrial footprint to the new requirements of our customer expectation.

Let's take an example. The expectation of our customer in data center, for instance, or in grid project has evolved, and today their focus is to secure enough capacity in a very short period of time to fit with their schedule.

Therefore, we are adjusting our model, which used to be local-for-local model, to now a model called local-to-regional in order to mutualize our industrial footprint and answer positively to our customer expectation. This is how we will secure a profitable growth in the coming years.

At the same time, using advanced Industry 4.0 and automation process will generate structural competitiveness. The third pillar, operational excellence.

This pillar is about scaling operational excellence across the group, with a strong focus on cost competitiveness and organizational efficiency. We continue to deploy cost competitiveness initiatives targeting both direct and indirect costs while making the organization leaner and more agile.

Shift, that you know well, is now amplified by AI, allowing us not only to improve process efficiency and accelerate decision-making, but also to enhance commercial effectiveness and profitable growth. A good illustration of AI deployment is in our AI-based inventory modeling tool, which helps optimizing stock level in order to capture revenue growth while maintaining our cash generation targets.

These initiatives will structurally improve our cost base, strengthen competitiveness, and support consistent performance across all businesses. I will now describe the fourth pillar, which is about M&A excellence.

M&A is a key element of our strategy. Our approach to M&A is very disciplined and highly selective.

More importantly, our strength lies in how we integrate acquisitions and turn them into value creation. We ensure that the businesses we acquire are quickly integrated into our operating model: commercially, industrially, and operationally, using the same tool, process, and discipline, including the Shift.

This allows us to replicate our value creation model quickly, accelerate synergies, and ensure that acquisitions continue to contribute to margin, cash, and return, not just the growth. Taken together, these four pillars define what we call intensify.

They are how we raise performance across the portfolio and ensure that every business progressively catch up with our best-in-class performer. In the next slide, I will show how this framework applies very concretely to Transmission, Grid, and Connect.

This slide captured the operational value creation model. At the heart of this model, you can see the four execution pillars we discussed just earlier.

They form a common and robust foundation across the group. It is critical to understand that this framework is scalable, but not applied mechanically.

Let's take Transmission, for example. In this business, value creation relies far less on M&A and much more on industrial and operational excellence, strict backlog selectivity, and quality of execution.

In Grid and Connect, the same execution framework applies, but with a different balance between the pillars, placing more emphasis on innovations, commercial excellence, and targeted M&A. This slide concludes the first part of today's presentation: our positioning, our strategy, and how we intend to intensify execution.

Let me now hand over to Vincent Dessale, who will describe how intensify will be cascaded to our three businesses. Vincent.

Thank you, Julien. We will indeed spend the coming minutes to address our three segments: so Transmission; Grid, which is the distribution of energy, electricity; and the Connect, in other words the usage, the consumption of electricity.

We will share with you the fundamentals of these three segments, but more important, how Nexans leverage the structural driver of value creation, in other words, our recipe. Last but not least, how Nexans will intensify this structural driver in the coming years.

Let's start by Transmission. Transmission, it's a worldwide market, first element.

It's a long-cycle business, good visibility, supported with very strong needs in terms of electrification. Julien spoke before about renewables, interconnection, energy transition.

In fact, the question is not whether the market is there, the question is how Nexans capture the value of this market and do so in a disciplined and repeatable way. The first element is clearly the quality of execution.

You are managing in this activity a set of projects on multi-years execution. You have to organize the sequence of all these different projects like a little bit a big puzzle, if I can say this.

The quality of execution is a key and measured element. Of course, you have to do it with discipline, coming back to this sequence, this puzzle, and you have also to do it with agility, because in this business you can have from time to time some adjustment to be done due to the execution of the project.

This ability to deliver safely, on time, and at scale is clearly a key differentiator on the market. The second is barrier to entry, and I will illustrate this point later on.

The third one is about selectivity. Julien mentioned it, we have a chance to have a significant pipeline of projects, and we are very selective in the projects that we try to win, taking into account the terms and conditions, the profile of the customer, the technology, and how it fits with our assets.

The last one is mix improvement. That we had in the past a certain number of legacy projects.

These legacy projects are step-by-step leaving the backlog, and we have now in front of us an increased share of, I would say, good and healthy projects. This evolution, the three factors that I have mentioned plus the mix improvement, are seen in the evolution of our performance.

You have seen this morning, and we share it again here today, we have this evolution steadily since 2023, and we are clearly, thanks to the visibility that we have on our backlog, which is a healthy backlog, a trajectory where we are very confident to continue to improve this performance. Coming back now to the barrier to entry.

Here, this point is quite important. Nexans has been during many years having a very strong record in terms of installation length, in terms of depth of installation, in terms of tension.

We are doing this thanks to our teams, our experts, the know-how that we have. We are doing things thanks to the state-of-the-art assets that we have in terms of manufacturing, in terms of testing, in terms of installation, in terms of protection capabilities.

All these elements give us a technical leadership acknowledged by our customers. We were some years ago, for example, the first supplier to deliver the first dynamic solution for the first floating offshore wind farm in the world.

More recently, maybe you have seen in our press release, we have set a world record in terms of installation, in terms of depth of installation, with 2,150 m in a project called Tyrrhenian Link in Italy. What I want to highlight is that this achievement, they are not symbolic.

They represent Nexans know-how and expertise. They represent our capacity to undertake complex projects, but deliver them with reliability.

They represent, in other words, the trust of our customers. Under Intensify, we will scaling this model, and the coming Electra vessel, which will be delivered in the second quarter, will continue to help us to enhance this technological leadership, being able, for example, to lay four cables simultaneously, helping to improve the productivity and giving us a better flexibility in the execution.

Now to conclude the Transmission part, if we look forward, we have two elements: we have a solid backlog, and there is also a solid pipeline, which means that this business, basically you need to manage at the same time short-term and medium-long-term. The short-term is all about agility, what I say before.

You have plenty of projects, this project can have some requests of change of sequence, you can have, for example, a bad weather when you are doing installation, you have to rearrange your organization, your schedules. This agility gives us also some opportunity to integrate in our overall activities some inspection, maintenance, and repair activity.

In other words, this agility help us to capture high-margin opportunities. At the same time, we have to look medium-long-term, which is about preparing the next wave of order intake, which will be the load of our factory starting '28, '29, and beyond.

This again, we will do it thanks to the selectivity, with discipline, and somehow we will try to narrow the pipeline in order to make the right choice. That's also the chance in this business is that the pipeline is very strong, coming from the different usual sources of market.

More or less, you have more than 120,000 km of cables which are expected to be installed between '26 and 2040. In this 120, we consider that 95 are addressable according to our assets, our expertise, and can be converted in a very high-quality backlog.

Under Intensify, we will continue to strengthen this approach, combining efficient processes, quality of execution, commercial agility—three reasons for which our customers select Nexans for the most complex projects. Under Intensify, this visibility, this selectivity will constantly translate into margin and cash, and not only volumes.

Now I will turn to Julien, who will go through the Grid business.

Thank you, Vincent. Let me turn to the Grid part.

I really like this business and the turnaround that the team in Nexans have accomplished over the past years, and I'm even more excited when I see all the potential looking forward in the Grid business. Let me remind you where we come from.

Not so long ago in 2021, 6.7% adjusted EBITDA margin to now more than 16% in 2025. This is a very significant step change in profitability, driven by disciplined execution and portfolio optimization, and that gives us the confidence of our strategy.

Grid is structurally attractive, cash-generative, and relatively low in term of capital intensity. It benefits from a long-term trends linked to grid modernization and the massive deployment and development of renewable that we are seeing since several years and that will continue.

Now let me explain how Nexans capture this value and why the grid is particularly well-positioned going forward. First, the scaling of innovation.

Grid is a business where value is driven by high added-value solutions, from advanced cable design to recycling offers. Nexans is scaling innovation across all its grid business across the world.

Second, regionalization. We are regionalizing our industrial footprint to respond to stronger demand linked to grid modernizations.

The proximity with customers improve our response times, reduce complexity, and enhance service level, all of which support margin and execution quality. Third is pricing power.

Thanks to our ability to address complex customer needs with innovations, customer are willing to pay for performance, reliability, and differentiated solutions, not just for volume. Finally, deployment of the Shift.

Our Shift program plays a key role in Grid by ensuring that best practices are consistent deployed. It allows lower-performing units to progressively catch up with best-in-class performer, improving the overall margin of these plants, discipline, and execution quality.

Over the 3 years, several of our grid units have massively improved their profitability using these four drivers. In Grid, the value creation is driven by three main levers, and I will describe the three of them.

The first lever is basically the expansion of share of wallet with grid operators. In Grid, expansion is driven by multi-year framework agreement with DSOs, which provide visibility and recurring volumes.

We tend to see more and more the extension of duration of this frameworks agreements. A very good illustration of this is the recent 7-year agreement in the framework we have signed earlier in January with Enedis, the French DSO.

More than €600 million contract support the modernization and expansion of the medium-voltage network. We leverage our low-carbon leadership, industrial backup, and competitiveness to extend and secure the duration of these agreements and capture a significant additional volume over time.

Second levers is the expansion into new verticals such as gigafactory, renewable, or data center. If I take the example of the data center, allowing us to capture large-scale project and benefit from a booming market, this vertical will generate a meaningful growth and value driver for Grid in the coming years.

We have the same trend for project in renewable. Both these two elements are important for us.

Third lever is the continuing expansion of innovation in accessories. Accessories are a fast-growing segment across geographies, illustrating the strong need for our customers for more added-value solutions.

We have developed solutions like EasyJect, now powered by AI, significantly improving reliability and reducing installation complexity. This innovation strengthen differentiation, customer preference, and pricing power.

This is a type of solution that brings more value creations over time. Taken together, these three levers explain why and how Grid scales value creations by increasing share of wallet with existing customers, by expanding high-growth verticals, and by innovating to deliver best-in-class customer experience.

Let me start with the objective in Grid. Our ambition is to significantly increase the share of advanced offer in our revenue mix.

By 2028, around 40% of our grid revenue will come from advanced solutions. This reflects a deliberate shift towards differentiation, customer experience, and high value creation.

Second, let me explain how we will achieve this shift. In the business, value creation is driven by our ability to deliver customer experience, such as best-in-class lead time or training customer workforce for accessories installation.

Beyond the cable itself, Nexans leads low-carbon offer with recycled aluminum in order to reduce up to 50% of the CO2 emission. This is already happening in some part of the world with our customers.

Finally, let me highlight how we will intensify this model. We scale advanced offer through mutualization across business units, ensuring that innovation developed in one area can be deployed efficiently across the grid portfolio.

We also rely on dedicated, what we call them, commercial SWAT teams to support complex tender and accelerate penetration of our advanced solution with strategic customers. Where relevant, targeted M&A complement this approach by adding specific capabilities and accelerating the rollout of our high added-value solutions.

Under Intensify, our focus is to scale this approach so that the shift towards advanced solutions translated to margin improvement and long-term value creation in Grid. Let's move now to Connect, Vincent.

Thanks Julien. I will continue with Power Connect.

For this business, you also know it: short-cycle business, primarily local market, with a cash-flow-generative profile and quite limited capital intensity, but again with a very strong dynamic supported to the electrification of our day-to-day needs. We see all of us in our day-to-day that we are increasing our consumption of electricity, could be of course electrical vehicle, but could be also the day-to-day in our different activities.

Here, I would like to start by a key element, and I would like to highlight that Connect is not only a commodity business. Something that we heard on a regular basis, and it's not true.

Our customers and the customer of our customers, because in this market we go often through distribution company, what they are looking for is not a basic cable. They are looking for safety standards, they are looking for energy efficiency, they are looking for compliance with regulation, and they are also looking for productivity when they do the installation of the cables.

Which means that you can bring to this market advanced offers with higher margin profile, and this is clearly the first element of value creation for Nexans. We have worked a lot on this, and I will give you some examples in the next slide.

We are scaling innovative and high added-value solutions. The second is leading vertical technology.

Julien mentioned on Grid some elements. When we speak about verticals in low voltage, we have also here the data center vertical, we have also the fire solution, we have, for example, the premium offer for electricians.

These verticals, that we call internally growth pattern, are also an area that we have identified, and we will scale our solution in these verticals, which are providing a better margin, a higher margin profile. The third element is, and you know it also very well, this is our backbone, the Shift methodology, where we are using not only for integration, but also to move our lower-performing units progressively to catch up with the best-in-class performers.

We have mentioned already in some discussion with you, but we still have a gap between the best-in-class and the lower in class, if I can say this. The last element is for sure the replication of this model through the M&A acquisition, and Vincent will give you a concrete example with the acquisition of Reka that we did 2.5 years ago in Finland.

Taking together, these levers explain why Connect is a business where value creation is progressive and scalable. If we look to our evolution of EBITDA over the last years, we came from 8, now we are in the range of 12, and we are able to do this thanks to this discipline in the transformation, using the different levers that I have shared with you.

Now, I would like to give you a concrete example of value creation, and I have chosen the Mobiway case study. I could have selected other advanced offers like the Cableloop, which is a specific offer dedicated to sustainability and recycling.

I could have chosen also the Protect, which is our fire safety range of product, or the counterfeit solution that we use in a certain geographies. Let's focus on the advanced offer of Mobiway.

What is Mobiway? Basically it's a innovation which started initially in France some years ago, and step-by-step we have complete this range of product.

It's all about supporting the installation of cables. You can say why we have so many solutions?

The rationale is quite simple, is that you don't install cables in buildings in the same way all over the world. The structure of the building are different between Europe, Australia, Nordics, Colombia, just to give some examples.

We design solutions according to the pain points of the end users, and this give us this full range of solutions that we are deploying all over the world in a very scalable and repeatable way. The last one that I want to mention is the one coming on Mobiway that we call POP Connect, which is having a layer of IoT, and here we will bring with this solution additional services through apps to the end user, allowing them to calculate the remaining lengths, allowing them to interface their orders with the web shop of our distributors.

The most important is probably the point regarding the dynamic of this repeatable growth model. If I take Mobiway, since '21 up to now, this range of product has delivered a strong growth with a double-digit CAGR on these 4 years, which is of course significantly higher the CAGR of this segment.

This development of advanced offers, that's the way of course to deliver a better user experience, which by the way give a stickiness to the end user to our solution, you have a kind of recurrent sales, and it's improved the mix value, and it scale our model all over the world. In order to conclude Connect, let's see how we will continue to enhance this positioning in the business.

Our mission is very clear: by '28, we want to have 30% of the Connect revenues which come from this advanced solutions, which means differentiation, pricing power, and profitability. We will do this thanks to three elements.

First one is customer experience. I have explained you in the previous slide the Mobiway range, it's all about solutions, could be also supply chain solutions, could be also services through digital platforms, quite large possibility of activities.

The second is of course technology. I gave the example of the fire safety, for example.

Last but not least, the life-cycle solution, where we are create recurring revenue, and we are create value over the time. In other words, what we are doing is that we are more and more customer and end-customer centric.

In other words, Nexans is acting for sure in a B2B business, but we are thinking B2C in terms of solutions and in terms of customers. This unique position, we will intensify it in the coming years, first of all through the competitiveness by specializing our industrial footprint thanks to the previous acquisition and the coming acquisition that we will do.

We are creating more and more regional organization in terms of industrial footprint. We are creating also regional supply chain hub in order to be faster in the delivery, to have shorter lead time to our customers.

This ensure that this advanced offers are not only differentiation, but they are also competitive. At the same time, we will scale, as I said before, this advanced offers across geographies, and we will continue to roll out this differentiation and advanced offers through the targeted acquisition.

Taking together, this is how Connect will continue to be premium in bracket and bring competitiveness. That's basically the overview of the three businesses that we have shared with Julien, and how we intensify value creation across them.

Now let me now hand over to Vincent Piquet, our CFO, who will take you through this execution framework under, I would say, financial view, and how we will move towards '28. Vincent, the floor is yours.

Thank you, Vincent. In this section, I'll spend more time on how we're going to deliver our 2028 trajectory.

I'll focus first on our value creation engine. The center of the slide, as you can see, is what Julien explained earlier, and it's the engine that we use to drive operational performance through the Shift approach, the application of differentiated processes, and focus on each of our businesses, and this is really the core of the discipline we apply.

To feed that engine, on the left side, we feed it with growth: first, selective organic growth. We focus not just on volume, but on value, and really trying to capture the most value-added parts of the businesses in the geographies and the businesses we're in.

Then second, we do targeted M&A to accelerate that growth on top. Once you put that growth into the engine, the first outcome you get is adjusted EBITDA expansion.

That expansion is the result of the discipline, the operational discipline we put into the engine, and it translates into pricing selectivity, rigor on the industrial aspects, and the focus on value creation at every step of our processes. Then the second outcome is the generation of cash flow.

Obviously cash is critical for us, and we're very focused on the expansion and acceleration of the free cash flow generation. That cash is then used on the right for our capital allocation.

First priority for us is targeted M&A, and I'll spend more time on what we prioritize; shareholder returns, we've had great total shareholder returns performance over the last few years; and then obviously gross CapEx as we reinvest into our selective organic growth through the expansion of our production capacity and the investment in our plants. This model in total is what drives the overall value creation in Nexans, and it may seem a little bit generic, but when we look at the specifics of how we apply the Shift methodology and how we modify the intensity of each of the levers and selectively apply the focus on different parts of the business, it makes it unique, and this is how we transform growth into EBITDA, EBITDA into cash, and cash into long-term value creation with Nexans.

Let me zoom in a little bit on the M&A. We have a strong M&A focus, it's an essential part of our story, and now that the portfolio rotation and the divestments completed, the brain space that this management has on the ability and the focus to do M&A is only going to step up.

We have three clear priorities in our strategy around M&A. The first one is consolidating and reinforcing our existing footprints, and this is where we're looking for bolt-on acquisitions that help us grow and accelerate in markets we know well to reinforce our positions and continue to expand.

Second, it's expansion to new geographies. We're clearly looking at different markets around the world where we're not present today and are looking to expand.

There are a lot of attractive geographies in the US and elsewhere that we're looking at today. Then the third is new technology, new expertise to our portfolio.

We have now a global size, and any new technology and accessories we can feed into that global network and global sales operation, we can accelerate growth of startups and small technology companies that can reinforce the offering that we provide to our customers. Most importantly of all, it's the ability to integrate the acquisitions that also makes a difference with Nexans.

We have a proprietary approach derived from Shift, and we are very, very focused on successfully integrating the acquisitions we make to bring them into the Nexans family and bring them to the best levels of the Nexans performance in terms of value creation. In fact, let me take one example, a very strong example that was referred to earlier today in the conversation.

Reka is a business in the Nordics that was a very strong business, a very good business, but clearly underperforming its potential. What we did is from day one apply our Shift methodology, bringing rigor and discipline to pricing, to operations, and really focusing on the value-accretive parts of the business.

Being part of Nexans gave Reka higher purchasing power, obviously, and we also focused on optimizing its footprint, going from three plants to two and refocusing the priorities in terms of the industrial operations. All of that gives us a business that in three years, two years, doubled its EBITDA, a real success story.

Reka, inside the Nexans family, is now one of the best-in-class in terms of performance, and we're now number one in the Nordics thanks to this acquisition. This is not just an exception or a good story, this is part of our process and the rigor we apply to our acquisition.

This is one more data point in a great track record in the number of acquisitions that we've made over time. Now, if I step back and bring this back to our financial trajectory, this is how we see, and we recommit to achieving the CMD 2024 commitment for 2028 EBITDA.

There are three, our three businesses will contribute. The first one is Power Transmission.

The growth of EBITDA in Transmission is supported by the great backlog that we have. It's about backlog execution, quality of the execution of that backlog, and continuing to capture for the future beyond 2028 the commercial deals and the new volume that will come through.

For Grid and Connect, we see a normative underlying growth rate of these markets that will sustain the EBITDA expansion that we need to achieve. The focus in Grid is really industrial excellence, as we shift from a local-for-local to a local-for-regional approach, as these markets are evolving fast.

The demand is high, driven by in part data centers and other verticals that we focus on. For Power Connect, a lot of volume as well, focusing on the mix premium and the operational excellence, and we're very focused with specific initiatives on driving the competitiveness of that business unit, integrating the acquisitions and driving into the next level as we continue to improve.

For both Grid and Connect, we'll obviously focus on targeted M&As, bolt-ons, geographic, and accessories, as I mentioned before, to juice up the growth and accelerate things even faster and provide the right level of increase in our M&A profit rate in each of the business units. This roadmap is very clear for us, and we are very confident on our ability to achieve the 2028 objectives, and that's why we're able to reconfirm the CMD 2024 guidances on all the different levers.

With this, I'll pass it back to Julien for the conclusion.

Thank you, Vincent. To conclude, let me take a step back and put everything into what we discussed today into perspective.

What you have seen is, first and foremost, the continuation of a strategy. Nexans has been on a clear and consistent path for several years now, focusing on electrification, prioritizing technology and selectivity, and building a model designed for long-term value creation.

Today, Nexans is a pure electrification player, simpler, more focused, and structurally better positioned than ever before. We have completed the portfolio rotations, strengthened our foundation, and built a resilient, diversified platform across Transmission, Grid, and Connect.

This gives us clarity and scale, and this is why we call it, and it's time to intensify. It means intensifying selective growth through commercial and M&A excellence, and intensifying our competitive edge through industrial and operational excellence.

We enter this next phase with strong fundamental, a sound financial structure, and a clear framework to convert electrification growth into sustainable performance, strong cash generation, and long-term value creations. Thank you for your attention.

That ends this first part of the presentation, and now we're happy to take your questions.

Thank you for this update, and thanks for taking my questions. Just a question on integration.

You've talked about speed of integration of M&A being key. Maybe just coming back to LTC that looks like it's been a drag on your margin in '25, can you explain maybe what's happened there, what you've learned from this process, and are there other integration costs that we should look out for in 2026?

That's my first question. Then just a second question quickly on data centers.

If maybe you could give us your current data center exposure and the growth outlook for that segment. Thank you.

Thank you. I will start by your first part of the question regarding integration, speed of M&A in general, and you ask a question specifically about LTC.

LTC is doing very well. We're extremely satisfied with this integration phase.

You understand that the scale of LTC is bigger than Reka that we just explained, it take more time, and we knew that from the start. We are very well online with all the different steps of integrations: purchasing power, Shift methodology, basically quitting what we call the bad cholesterol of customers, and implementing in term of innovations, new product, new packaging into different markets.

We are completely aligned. Simply, the scale of LTC has an different impact compared to others, that's why we have mentioned that this morning.

We are completely online with our integration plan that we said. By the way, we did not mention, but there is other type of acquisition.

We just explained Reka, but Centelsa, if you remember, we did in 2022. We have a similar result of Reka.

We have a recipe, we have a model, we do it with disciplined manner, and we are extremely satisfied with the way it goes with LTC. R Celsa is just starting, but the way it goes with the Italian new acquisitions.

Regarding your second question, I will start maybe, Vincent, if you want to add on. Data center is a very interesting market.

It's very interesting because it force us to change our model if we really wants to be in this market, and we really wants to be in this market. The size of the orders, the magnitude of the size of the orders, the speed to reply, the shorter lead time are different than the usual other type of verticals, it's a different business model.

Therefore, that's why it's give us the willingness to change our model from local-to-local to regional level, because today when you are winning a project, and we are winning some large project in data centers, you cannot just have one plant dedicated for this. You need to put in perspective on a set of different manufacturing units.

That's why we call it mutualizations in order to be able to answer positively, first in term of capacity, but as well in term of shorter lead time. You need these two.

Today our exposure of data center, it depends really from geographies. Typically in the North America, with our Cadence, Yen operations, it represents quite a high number of our business in the Connect space, and this is growing extremely fast.

I would say it's more smaller yet in Europe, but we see this coming, and we are preparing our regional organization in order to enjoy this booming data center that will come in Europe it's already there, but it will grow extremely fast in the next 2-3 years. Our exposure is depending on geographies, but I consider that it will become a key element of our growth looking forward.

Maybe to add why it's difficult to answer precisely to your question is that, as mentioned by Julien, you have, I would say, the large-scale projects where we go directly with the contractors, with the developers, here we can size the percentage. You still have a big part of the business which is going through distribution, and here clearly we don't track and trace the sales of this product, because it goes through the distribution organization.

Indeed, as mentioned by Julien, we have prepared this offer, and because data center is low-voltage, it's Connect product, but it's also Grid product, and for some major hyperscale, it's also high-voltage product. That's why we have to go through this overview.

Thank you.

Yeah. Hi, there.

Thanks. Just following up on the sort of local-to-local and then going local-to-regional, presumably, if I understand that correctly, that should have some sort of synergy benefit and margin tailwinds if you're reducing production and doubling production across different geographies to then supply regionally?

Have I understood that correctly? Thanks.

The local organization we used to have before has a clear benefit that we will keep, which is the entrepreneurship, closeness to customers, that we will keep for sure. Now moving to regional, local-to-regional, it means that we will basically integrate larger business units in order to mutualize faster, in a more efficient way, all available production capacity.

That for sure, it has a few benefits. The first one is clearly the capability to answer quicker and to take faster larger orders in some verticals that we see them extremely active, Grid for example, but as well as in the Connect space.

It will give us an opportunity also to be much more competitive, because we will be able to select the best plant according to the type of portfolio of product that we will address in each of the tenders. It has several benefits that we will capture.

Then, it will also give us an opportunity to scale faster different technology that we have between plants to plants. There is several, I would say, financial benefits in term of competitiveness as well.

You have another element which is critical in this evolution, local to regional, is that we take into account the customer needs, because at the end, to create value, you need to take into account the customer experience. In the case of the Grid, for example, our local customers are more and more interested to have backup solution, what we call internally sister plants.

We qualify different plants for one customer, which give, again as mentioned Julien, backup, but also short answer when it's needed, and flexibility. For Connect, most of our customers are also moving now in regional organization, which means that we are somehow mirroring their organization in order to be to the same scale in terms of discussion and in terms of solution to the market.

Maybe I will add also one more thing. We have done a lot of progress in terms of complexity reduction in terms of SKUs on customer level the past several years.

Moving to a regionalization in our industrial footprint will also give us the capability to specialize further our industrial footprint. I will give you an example.

Today in some plants, I will take some example in France, but could be the same in other countries, we are producing a large portfolio of all the products for this specific country. Now moving to regionalization, we will be able to further specialize the site.

One will be specific for, let's say, fire safety, because he has the best fit in term of industrial capabilities, and the other one will be more specialized for, for example, solar markets, and that you will drive competitiveness.

Thank you. Maybe following up on Connect and just thinking about the margin evolution into 2026, obviously this year was pulled down by a weaker second half, but you commented that you're very happy with La Triveneta Cavi and how that's going on with the integration there, and equally into the second half of the year you expect European recoveries.

What sort of levels should we see in terms of margins on the top end? Obviously last year 2025, they reduced versus where consensus was, but should we be thinking you climb back towards sort of the high 13s levels, like 13.7% upwards, as it was in 2024?

Thanks.

I'll take this one. We don't really give specific guidance at that level, but what's for sure is that the underlying benefits of all the work that's happening on LTC and others will drive benefits.

The part that we don't really control is obviously how fast will the Europe and Nordics market kind of start to pick up again, and that can have a mix effect that will drive the numbers that you're looking for, as well as some other geographies. We talked about Oceania and Australia in 2025.

It remains to be seen what will happen in 2026. All the work we described in terms of operational efficiency, scaling up, this mutualization, the specialization of the plants, all of that will drive an underlying benefit in terms of profitability, and we hope to drive that all the way to the end and to show the strongest possible improvement next year.

I think to add, it's what also we said in the session this morning on the result 2025, despite indeed this evolution of margin, what we call internally the best-in-class, they have not moved in terms of performance. We still have, I would say, these best-in-class in Nexans, which are the one which have applied all the recipe, if I can say this, and this one have been very resilient in terms of percentage of EBITDA, which give us confidence in our model and our capacity, as mentioned by Vincent, to scale the new entrants, the newcomers to the family, and the one which are currently under I would say some pressure like Oceania, mentioned this morning also.

I think let's not forget that in 2025, the European markets in residential was a little bit challenged, I think everybody understand this, and that was basically putting some pressure on some of our businesses. We start to see some progressive recovery, some signals of recovery in Europe, that should help us also in the year 2026.

Thank you. Sorry to belabor this, but last question from me would be maybe over to Vincent on the solution side saying how focused you are on selectivity of contracts.

Clearly at the moment, the market is relatively well booked out for your competitors, but you have availability in '28 to '30 for slots, or you've also supposed this year in '26 got some MI availability after the rescheduling of GSI. How are you feeling on the pricing for these contracts?

What kind of color can you give on sort of the backlog margin development that you could see versus what's currently, yeah, in the backlog? Thanks.

You have several elements to answer to your question. The first one is that the backlog is mechanically healthier year after year because you have these legacy projects which are exiting the backlog.

By definition, we have a trajectory which will continue to go to high teens percentage of EBITDA. That's basically a first element with the actual backlog.

When you look after to the pipeline, it's true that we have some capacity available starting '28. I think here there is no big change, because the customer on the market, the one who we are currently working are the same one as the last 20 years, and I hope they will be the same one for the next 20 years, which means that we have in front of us experts.

We know what are the technical content, and basically here we come back to the selectivity what I explained in this session. Nexans has the capability to take high technical content projects, where usually brings more added value because they are more complex.

When I look to the pipeline, typically what Julien said this morning, you have MI project to come. This MI project is by definition very ultra-depth technology, usually coming with indeed a good margin compared to the average of this business.

When I look to the XLPE part, mainly the offshore wind farm, here you have a little bit of different type of project, and that's why here again we come to selectivity. You have some projects in the pipe where you have typically high tension, long length, in other words, offshore wind farm far away from the coast, and this type of project, that's the ones that we try to select, because we know by definition that they are bringing more added value in the pipeline.

Far, I would say we don't see, I would say, negative elements in the pipeline, but we have exactly the right type of project to select and continue to bring to the backlog healthy performance in terms of EBITDA and good profile in terms of cash.

Thank you for the color. That's it for me.

Thanks.

Yes, hi. Thanks for the question.

My question is on your 2028 targets. When I look at slide number 28, and let's say if we take the midpoint of 2026 guidance, that doesn't assume any further M&A, and we are at 770, and we are aiming for 1150, approximately €400 million kind of increase over next couple of years.

Can you give us how much contribution you are expecting from M&A and how much is organic? For us, then it will be easy to figure out what could be the organic increase.

Thank you. That's the first one.

No, thank you, Akash. I won't give you an exact split, but for sure, we see a path from an organic standpoint to get to a very strong level, and we are using M&As as a way to give us comfort and accelerate the growth.

I would say we need both, and it also depends on the environment and the growth in our markets, which over the next 3 years can be variable. We're very focused on M&As.

It's a key part of our story, and we've been doing quite a few in the past and will continue to be at the right level.

Thank you. My second one is on a couple of data points that you mentioned in Grid and Connect.

I think you said about 40% of segment revenues in Grid will come from advanced offering in '28, and for Connect, that was more than 30%. Can you give us some reference baseline for 2025?

What was the starting point, or if you have for 2024, we can compare what sort of growth you are aiming from these categories?

I will take this one, Akash. Basically, these targets are new.

They're the same target that we, if you recall, announced during the November '24 Capital Markets Day. We're, I would say, halfway, we still have 3 years to go: '26, '27, '28.

We're halfway, we are quite well advanced in this ratio. I would say slightly more advanced in Grid than Connect, and hence you see also the level of margin that we have in Grid and that we report this morning for 2025.

On accessories, it's part of it, the type of, let's say, offers we're dealing with accessories also reinforcing that. Bit more halfway, I would say, without giving you precise number, because it's of course depending country-to-country, but well-positioned, slightly ahead in Grid than Connect.

My last one is on data centers. I guess the market is quite excited about US data center opportunity, given we hear it from other companies that US is seeing by far the highest level of growth.

When we look at your footprint, you have some gaps in US, but you have very strong Canadian footprint. Can you elaborate what kind of opportunities can you address in the US through your Canadian footprint, or will this be an area of bolt-on acquisition to get some exposure down the line?

I think you're right, Akash, for sure. We are already addressing some of the data center market in the US from our Canadian operations, it's already working.

To go faster, to grow faster, and this is our ambition in this verticals, having a footprint in the US will for sure help, and we're working on it currently. For sure, Canadian are really in the driver's seat today, and when we announced not so long ago last December the closing of Electro, it's really to fit with this market.

Not only, but a big driver was to go and develop and grow ourselves and take the benefit of this segment also in the US from our Canadian operation, including the Electro.

Thank you.

Yes, good morning. Just question regarding the M&A.

You mentioned that the M&A remain key for the company, and you mentioned the US, the North America. What do you expect in this region?

Are there some lots of opportunities in this market? In which segment, Grid and Connect?

What about the valuation? I think that the pricing is quite high in the US, how do you appreciate that?

Could you give us some more color about your strategy for the M&A in the North America, and more specifically for the US? Thank you.

Sure. Thank you, Jean-François.

I'll start, and so essentially, you're right. We're focusing on the US.

We see a number of opportunities there. There's the number of acquisitions we could do that would be a perfect fit for us in terms of our track record of integrating and bringing them scale, bringing them scale of purchasing, scale of offerings.

The market is quite wide, and we're pretty confident that we'll be able to find opportunities soon. The focus will be Grid and Connect, to specifically answer that part of your question.

The last thing, in terms of the multiples, you're right, multiples in the US tend to be higher, but also profitability, and that's driven by profitability. It's a bit of a chicken and egg.

We're aware of this, we're looking at it. That's something that makes sense in terms of strategically and driving the right level of synergies and scale further down the road.

Multiples will be higher, but if it's the right fit and the right target, we think it's worth the investment.

Thank you.

Yes, good morning and thanks for the presentation. I've got a first question on CapEx.

You mentioned in one of your slide the regionalization of your industrial footprint. Does it imply some additional CapEx to be done?

In general, in terms of CapEx, could you give us maybe an update on what we should expect in terms of capital expenditures going forward, as it changed since the last Capital Markets Day?

One of the drivers of regionalization is also to maximize and utilize the full industrial footprint we have. When you regionalize an industrial footprint, you tend not to generate any CapEx.

You don't need CapEx for that, this is exactly the opposite. You're maximizing all footprint available in regions for all different markets.

Regionalization will not require specific CapEx. Then regarding the looking-forward CapEx, I think you know that in 2026 we have to basically finish our strategic CapEx around Transmission.

That the Charleroi capacity extension with the Tyrrhenian project is ongoing in 2026, should be reduced by '27. The boat, the third vessel that we have for Transmission, we will receive it by Q2, so that will be also ending.

Looking forward, there will be less strategic CapEx for Transmission, as we have said, and that's exactly we are aligned with what has been said, I think, during the last Capital Markets Day in November '24. We will, let's say, refocus more in Grid and Connect, but regionalization will not cost anything, it's just maximizing the industrial footprint we have.

Also, the orientation regarding industrial excellence is also a way to maximize the output: better speed, less scrap level, higher quality, and so on. That also a way to generate more output with existing machine we have.

Is it reasonable to expect less intensity in terms of CapEx relative to revenues in the future for the group as a whole? In

2027, I would say yes. We are not yet done the full exercise, but for sure there will be less CapEx in Transmission, because now we need to basically use the capacity installed with the double capacity in Halden, the double capacity we'll have in Charleroi, the third vessel.

Now we have already spent some CapEx. It's time to maximize the return.

Overall, yes, there will be some kind of reduction, but we are working on it, and I of course cannot give you exact number today.

Of course. Thank you, that's very clear.

I've got a follow-up one on M&A. You mentioned your ambition in M&A.

Could you give us maybe a target in term of leverage, in term of net debt on EBITDA? What could be your maximum acceptable ratio in term of net debt on EBITDA?

That's an important element, but it's not what will decide what acquisitions we make. We want to stay in a normal leverage for the kind of rating we're at and the size of our company.

We'll be prudent, but we have ample capacity and headroom today to actually do quite a bit. Our balance sheet today, as you saw, is a low leverage and is underlevered, I would argue.

We're going to use that firepower on the right targets, and then we'll keep the leverage in total within what's acceptable on the market today for a company our size and our rating.

Okay. Thank you very much.

If I may, can I ask you a last one, just for precision on your slide number 6, or maybe I missed something during your presentation, but you've got a split on the right of this slide 6 of your 2025 standard sales by end markets. How should we read it?

Should we consider that the larger part correspond to critical buildings? Am I right, just to have an idea of your exposure to data centers, grids, etc., with this chart?

No, it's not in the order of magnitude. We decided not to give precise split of the market, you cannot use it in the order, it's not to be read this.

The big part of us is clearly a Grid business, it's a large part of our business, and then you have inside the different elements, but you cannot read it this way.

The goal is more to show the diversity of our revenue sources and our markets, which makes our profile more resilient.

Understood. Fair enough.

Thank you.

Good morning and thanks again for the time. I'll have two, maybe we start with the first one.

It's just on the Shift kind of model. Obviously, it started for a few years now.

Do you have any numbers to give in maybe how much is left? Let's take out the recent deals that have made where you're working on getting them to kind of best-in-class.

How much is left of maybe the legacy business in Grid and Connect that still needs to go towards the best performers? Because already quite a bit of work has been done under kind of the previous management team, just to see how much can that move the needle still?

Thank you.

I will start to answer to this question. Yes, indeed we are deploying the Shift method since several years across different organizations.

The way we did in the past years was really to basically send a team of six experts for I don't know, several months, deep diving with the teams detail by detail, really doing a lot of crunching of datas, putting in place pricing discipline, and then support the team to transform the business, and then drive the show afterwards. Then move the team to a different country, a different organization again and again.

When you do this, it took us some time to do it, because you don't have 200 people doing this. It's specific teams doing one by one.

What is new here is that we are deploying the Shift AI. What does it mean?

It means that now systematically, without sending a team on site in each of the business, we can have, and this is what we are currently expanding, automatic online constantly a capability to detect if the business is moving the right directions, is following the right pricing, is really pricing up innovation and so on, and not adding complex business, complex product, complex customers. Using the AI basically, it's an accelerator in order to cover much faster all the different units and countries.

That because we have communicated quite a lot in the past years about how we cluster each of the business: with innovation driver, profit driver, and then core performer. I would say let's say half to two thirds of our business are already covered by this, and one third needs to be, let's say, developed and pushed.

Every business we add, LTC, R Celsa, Electro, needs to also add on. Every time we keep on integrating businesses, we need to also transform them and make sure that they are using the same model.

It's a constant work, but for sure the AI will help us to accelerate and make sure that all the countries are really up to speed in term of model.

Maybe to give some additional color on it, you have to think that Shift is not a one-shot action, because as we have explained in some previous call, Shift is a kind of modelization of financial elements, industrial elements, commercial elements. Which means that according to the years, this element can change.

Imagine that you make an investment in one factory, it will change the industrial parameters. You are launching new products, it will change your range of performance in your portfolio.

That's the importance of what Julien mentioned, this Shift AI will allow us to be much more dynamic each time all these parameters, and I can tell you it's quite a lot of parameters that we put in the modelization, are moving in order to be sure that the setup that we have from industrial, commercial, and financial perspective is always the best-in-class for each unit. It's more a kind now of continuous improvement that we are doing thanks to the Shift AI.

Thank you, and just to confirm, about one third that is kind of still need to be lifted would include the recent deals? They would be in that bucket, R Celsa and LTC?

You will get more and more deals, more M&A that it will keep on increasing, and up to us to quickly integrate and use the model, then at a certain point of time we will have less and less business that needs to be going through this model of Shift.

Perfect, thank you. Then the second one is just on the margins in Transmission.

Can you comment a little bit on the legacy projects, how much is really left there? I would have thought because offshore wind projects are done and they would be there, and now we're getting to orders to execute on orders that were signed maybe in years post the inflation kind of era that should have, let's say, better pricing in them.

Is it still a meaningful part of 2026, and should we assume 2027 is completely kind of clean in terms of those legacy orders? Thank you.

Yes, I think here there is no change. We say it in previous communication.

We say that '26 will be the last year with legacy projects, and that you will have a kind of increase in 2027 significant to reach the high-teens percentage of EBITDA. We are exactly in this progression: '23, '24, '25, '26 linear, if I can say this, and then a jump, if I can say this, in '27, '28 to reach the high teens that we have shared with you previously.

We are on track with the approach, and you can say in a simple way, no more legacy at the end of '26.

Thank you. Sorry, just a small one on Charleston and what is happening in the US.

You show in the slide on the overall market that there are opportunities in the US, they're relatively small versus other markets. Can you highlight a little bit what is behind that?

Is it something else than kind of subsea of offshore wind? Is there the plan to use Charleston mostly for European projects, and how do you feel about the factory load there kind of short-term and medium-term?

Thank you.

Charleston is a loaded plant, and as we have been agile to reallocate European project to this plant as soon as the Trump administration has modified basically the project that we planned to initially produce for the US market. Today the plant is loaded, and it will remain loaded, because we have backlog for that.

At the same time, what is interesting to see is the quality of the market in the US is also changing in high-voltage, and I will here mostly talk about land high-voltage. We are today investigating capabilities to also take some benefit of shifting some of the load to the land high-voltage.

We are currently investigating this opportunities. That this will be relatively easy to do for us, because initially this plant of Charleston used to be a plant for land high-voltage, and then some years after we transformed it into submarine.

We will put in competition both submarine project and our land for the US, and we'll see which basically fits better both the profitability and the capability to do. We will investigating also this opportunity.

Great. Thank you.

Hello, can you hear me?

Hello?

Hello, can you hear me?

Now we can hear you, yes.

Sorry. Yes, thanks for follow-up.

I have one question on copper prices. Since the last CMD, we have seen big increase in copper prices.

In November 2024, we were at $9,000-$9,500 per ton, and now we are at $13,000 and potentially it could move higher by the time we get there in 2028. The question I had was that when it comes to impact of copper price movement, especially when they are going up, can you help us understand impact on EBITDA, working capital?

Could there be something positive, given you are vertically integrated into rod? Would higher copper prices be positive for EBITDA that you will generate in that processing, or it has a neutral impact?

Basically, the question is that how should we think about copper price impact on your EBITDA going forward? Thank you.

No, it's an important question. You're right, the prices are continuing to go up.

The good thing is it's fully pass-through for us, every time we lock into a deal with a customer, we basically pass through the price variations to our customers. No direct impact on EBITDA, and there's no lag.

Clearly, we're very well protected, and that's a clear point of attention for us in all of our contracts for a long time now. Then on the cash side, we're working in terms of, obviously it has an impact on just the value of the same amount of stock that you have to process.

The cycle time is such that it's temporary, and we also get more payables, inventory, and the receivables, all of that works kind of in sync. We're pretty much okay from a cash standpoint as well, and we're working through the different aspects in terms of credit lines with our customers and so on.

In total, it's very neutral for us. Because we're vertically integrated, and the comfort it gives us in terms of access to mines, access to the rods themselves, as well as the recycling capabilities that we're developing, we think that over time, as prices continue to go up, this will become an increasingly differentiating factor versus the rest in terms of our ability to secure copper sourcing and making sure that we're able to fulfill our customer needs in terms of cables and wires.

I think this is the important element. The increase of copper puts some scarcity, some difficulty of sourcing in the market.

Our customers know that we are strategically covered with our industrial different rod breakdown that we have because we've got four worldwide, and therefore it's a way for us to benefit from gain of share of wallet, because they know that in a tension moment, with Nexans, they will secure their supply. That's, let's say, indirect element which is positive from the copper increasing.

Just to illustrate, of course it was an exceptional period, but during the COVID period in many countries, we have been the last company to operate thanks to this verticalization, because this verticalization gives us access to the full supply chain, control of the supply chain, and as I said, in many countries we're the last company to operate, and then at that time indeed having a significant number of market share. Verticalization is key.

Basically we can say that there is no financial upside from vertical integration through copper processing in times when copper prices are going up? I would say

there's no additional upside short term, because that's been the case historically. We control our costs probably better, we control our supply better, so that existed before and price is not a direct impact.

Longer term, as scarcity increases, this will be a differentiator, because we'll be able to secure activity, business, markets, customers in a more secure way than the competition.

Here again, I want to add, there is some positive of being vertically integrated. Once again, security of supply, we gain market share, we gain volume, we gain contract because we secure.

Second, that we are also investing into low-carbon copper into our rod breakdown in France. That give us capability to innovate, to provide something which is a technical product that our peers are not able to do, and we are able to price it, we are able to get a premium out of it.

It has a benefit in our strategy to be vertically integrated, and it's coming from innovation, it's coming to secure supply, and we are able to monetize it.

Thank you.

Hi. Just a quick follow-up on M&A from me.

You've reaffirmed your 2028 adjusted EBITDA target, and you've said that M&A is obviously going to be an important part of getting there. We're now in 2026, and you've acknowledged the time that it takes to transform some of these larger acquisitions like LTC.

How are you thinking about the balance between hitting that EBITDA number by 2028 through these acquisitions and hitting the return on capital employed target in that year? Would you be willing to let that ROCE maybe shift out into the future, which would maybe a result of making some of these acquisitions in the higher-margin, higher-multiple spaces?

Thanks.

Thanks for the question, Scott. Clearly for us, what's important is to find the right targets that strategically drive us to the next level.

We're committed to the EBITDA target and the ROCE target, and we'll find the best way to balance this financial objectives in the context of making the right strategic acquisitions to position the company for the medium and long term. The speed at which we can integrate and drive the acquired businesses to Nexans' level also varies on their size, their geography, there's many, many factors to take into account.

EBITDA is kind of the primary objective that we put in terms of guidance, but we are not losing sight on ROCE as well and the use of our capital. We've delivered so far, and we're going to try to continue to deliver on ROCE as well.

If I can add one element, typically the acquisition we did in December on Electro in Canada is a very high level of margin, it will have immediate and direct positive impact in our profitability. When we targeting also some M&As in the Grid segments, Grid we know the need for capacity, and we know that we can immediately use this capacity to some segments, some verticals using our technology, low-carbon, recycled aluminum, and so on, to transform that into value creation.

M&As, even though we are in 2026, we believe that we have the right time to transform them into value creation to hit our number by '28.

Okay.

Yes, thank you for the follow-up question. You mentioned land high-voltage opportunity in the US, and you mentioned this framework agreement with Enedis in France as well.

My question is, should we expect any framework agreement with RTE in France in the high-voltage business?

We have two topics for RTE. Today, the way this customer is acting on the market, they have indeed a land framework agreement which is currently ongoing, and it's ongoing, if I remember well, for the next 2 or 3 years.

After you have indeed the subsea part, what they have done last year, and Nexans won a significant part of it, they did a framework agreement with several offshore wind farm in this framework agreement, so that's the first one. Indeed, with the recent approval of PPE 3, I think it was last Thursday officially, they are now ready to engage the next RFQ, and apparently I would say they will go in the same direction with again a framework agreement on subsea part with again different offshore wind farm within the same RFQ.

Including land high-voltage.

Land is always on a specific area,

okay. Okay.

Thank you. Thank you very much.

Thank you all for your questions and for quality of discussion today. I'm glad that we had this opportunity to walk you through our business and share our conviction about the strength of our positioning in electrification, now that we are a pure player in electrifications.

As you've seen today, our strategy is clear, the structural driver of business continue to strengthen, and our execution remain disciplined. This give us confidence our ability to deliver on the group financial trajectory in the years ahead of us until 2028.

Thank you again for your time and continued interest, and I look forward to speaking with you again when we report our first quarter results of 2026. Thank you all.