Group 1 - Nexans has a liquidity contract with NATIXIS ODDO BHF, with assets reported as of December 31, 2025 [1] - The liquidity contract is in accordance with AMF decision no. 2018-01 and decision no. 2021-01 [1] - The company reported 27,951 shares and EUR 6,018,379.66 in cash as part of its liquidity account [4] Group 2 - Nexans generated €7.1 billion in standard sales in 2024 [2] - The company employs approximately 28,500 people across 41 countries [2] - Nexans is committed to achieving Net-Zero emissions by 2050, aligning with the Science Based Targets initiative (SBTi) [2]

Core Insights - Eni S.p.A.'s chemical unit, Versalis, and Prysmian S.p.A. are collaborating to create a circular economy for plastic cable scrap, focusing on reducing and recycling plastic waste [1][4] Group 1: Collaboration and Objectives - The partnership aims to gather plastic waste from Prysmian's manufacturing processes and decommissioned cables, converting it into new plastic polymers through a chemical recycling process [1][9] - The initiative underscores both companies' commitment to sustainability and reducing environmental impact, with a pilot project expected to commence in the second half of 2026 in Italy [4][9] Group 2: Recycling Technology - Prysmian will send collected plastic scrap to Versalis' Mantua plant, where it will be processed using the proprietary Hoop® technology, converting plastic into pyrolysis oil for new polymers [2][9] - The Hoop® technology allows for approximately 60% of cross-linked polyethylene (XLPE) to be recycled without loss of quality, enabling the production of new industrial cables [3][9] Group 3: Industry Impact - This innovative approach represents a significant advancement in recycling capabilities for industrial cables, promoting sustainability within the industrial sector and enhancing the circular economy [4][3]

Core Viewpoint - Nexans has entered exclusive negotiations with Motherson for the sale of its wiring harness business, Autoelectric, for an enterprise value of €207 million, marking the final step in its transformation into a pure electrification player [1][2][3] Company Overview - Nexans is a global leader in sustainable electrification, focusing on advanced cable solutions and services that support the transition to a low-carbon future [9][11] - The company operates in 41 countries with a workforce of 28,500 and generated €7.1 billion in standard sales in 2024 [11] - Nexans is committed to achieving net-zero emissions by 2050 and is recognized as a climate action leader [11] Business Details - Autoelectric, based in Floss, Germany, specializes in designing and manufacturing wiring harness and vehicle wiring system solutions for the automotive industry, generating approximately €749 million in annual sales in 2024 with nearly 14,000 employees [2][3] - The divestment of Autoelectric completes Nexans' strategic shift away from non-electrification activities, aligning with its "Sparking Electrification" strategy [3] Transaction Insights - The acquisition by Motherson is seen as a strategic fit, allowing Autoelectric to grow under a new owner with strong ties to the automotive industry [3] - The transaction is subject to customary regulatory approvals and is expected to be completed by mid-2026 [3] Financial Implications - The proposed sale will classify Autoelectric as "Assets Held for Sale" in Nexans' 2025 consolidated financial statements, impacting the classification of the Industry and Solutions Businesses as discontinued operations [4][5] - The 2025 guidance has been adjusted to reflect the exclusion of discontinued operations, with the new adjusted EBITDA guidance ranging from €710 million to €760 million [6][7]

Core Insights - Nexans has completed the acquisition of Electro Cables Inc., a Canadian manufacturer of low-voltage cable systems, to enhance its presence in North America's growing market [1][2] - The acquisition is expected to be EPS accretive from the first year and is fully financed in cash [2] - Electro Cables generated approximately €125 million in revenue over the twelve months ending July 2025, aligning with Nexans' strategy to focus on electrification [2] Company Strategy - The acquisition supports Nexans' strategy to accelerate growth in North America, particularly in infrastructure, data center, and energy sectors [1][2] - Nexans aims to build a platform for sustainable electrification across North America through this strategic fit with Electro Cables [3] Company Overview - Nexans operates in 41 countries with a workforce of 28,500 and generated €7.1 billion in standard sales in 2024 [5] - The company is committed to achieving Net-Zero emissions by 2050 and expanding energy access through its initiatives [5]

Core Insights - LS Cable & System is investing an additional $689 million to establish a manufacturing campus in Chesapeake, Virginia, which will enhance domestic supply chains and create 430 jobs [4][8] - The facility will focus on advanced manufacturing capabilities, including rod production from recycled copper, magnet wire manufacturing, and rare-earth magnet production for various applications [3][8] - The project aims to reduce reliance on Chinese suppliers by establishing a domestic supply chain for magnetic copper wire and rare earth magnets [8] Investment and Economic Impact - The investment builds on a previous $680 million project for a high-voltage direct current submarine cable manufacturing facility, which is expected to be operational by Q1 2028 [4][5] - Virginia's Governor approved a $7.3 million grant and a performance-based grant of $1.5 million to support the new project [6] - The Virginia Talent Accelerator program will assist in job creation by providing training and recruitment tailored to the company's needs [7]

Core Viewpoint - Nexans is actively executing the Great Sea Interconnector project as per contractual obligations and defined milestones, despite recent rumors in Cypriot media [1][2] Group 1: Project Execution - Nexans confirms that it continues to fulfill its contractual obligations for the Great Sea Interconnector project [1] - The company has received substantial payments since the project's commencement, which have facilitated the manufacturing of the interconnector cable [2] - Nexans has eliminated any financial exposure related to potential project adjustments due to these payments [2] Group 2: Company Overview - Nexans is a global leader in sustainable electrification, focusing on systems that support the transition to a low-carbon future [3] - The company has over 140 years of history and operates through three core businesses: PWR Transmission, PWR Grid, and PWR Connect [4] - Nexans is committed to achieving Net-Zero emissions by 2050 and expanding energy access through its foundation [5] - In 2024, Nexans generated €7.1 billion in standard sales and operates in 41 countries with a workforce of 28,500 [5]

Core Insights - Nexans has appointed Vincent Piquet as Chief Financial Officer, effective January 19, 2026, who will join the Executive Committee and be based in Paris [1][4]. Group 1: Appointment Details - Vincent Piquet brings extensive experience in finance, including operational performance optimization and strategic transformation, with exposure to Board-level matters and investor relations [2]. - His career includes significant roles at Renault Group and GE, where he held various financial leadership positions across multiple countries [3]. Group 2: Company Overview - Nexans is a global leader in sustainable electrification, focusing on advanced cable solutions and services that support the transition to a low-carbon future [4][5]. - The company operates in 41 countries with a workforce of 28,500 and reported €7.1 billion in standard sales for 2024 [6]. - Nexans is committed to achieving Net-Zero emissions by 2050 and is recognized for its climate action initiatives [6].

Core Viewpoint - Prysmian has officially launched a $63.8 million expansion project at its Du Quoin, Illinois plant, enhancing its commitment to the local community and marking its 60th anniversary [1] Company Expansion - The expansion project has added 100,000 square feet to the existing facility [1] - The project has created 80 new jobs, contributing to local employment [1] Community Commitment - The ceremony highlighted Prysmian's longstanding commitment to Southern Illinois and the greater Perry County community [1]

Summary of Ningbo Orient Wires & Cables (NBO) Conference Call Company Overview - **Company**: Ningbo Orient Wires & Cables (603606.SS) - **Industry**: Offshore Wind Power and Cable Manufacturing Key Financial Highlights - **3Q25 Net Profit**: Rmb441 million, representing a **53.1% year-over-year (yoy)** increase and a **129.6% quarter-over-quarter (qoq)** increase [1][2][13] - **Revenue**: Rmb3,066 million in 3Q25, up **16.5% yoy** and **34.2% qoq** [2][12] - **Gross Profit Margin**: Increased to **22.3%**, up **1.3 percentage points (ppts) yoy** and **6.6 ppts qoq** [2][13] - **Backlog**: Rmb19.5 billion as of October 18, 2025, with Rmb11.7 billion from submarine and high-voltage land cable orders [3][14] Market Dynamics - **Offshore Wind Demand**: China aims to add at least **15GW of offshore wind capacity annually from 2026 to 2030**, nearly double the average of **8GW per year from 2021 to 2025** [1][4] - **Installed Capacity Targets**: The goal is to reach **1,300GW by 2030**, **2,000GW by 2035**, and **5,000GW by 2060**, significantly higher than previous targets [4] Order and Delivery Insights - **Strong Order Flow**: NBO's backlog increased by **1.1 times yoy** with a significant portion from high-margin products [3][14] - **Delivery Expectations**: Anticipated increased deliveries in **4Q25 and 2026**, including exports for the Inch Cape Offshore wind project in the UK [3][18] Earnings Forecast - **Earnings Revision**: 2025-2027 earnings estimates raised by **4-8%** due to higher submarine cable sales [1] - **Target Price**: Increased to **Rmb81.00/share**, representing a **37% upside** from the current price of **Rmb66.20** [6][9] Additional Insights - **Cost Reduction**: The unit capital expenditure (capex) for offshore wind projects decreased to **Rmb9,000-12,500/kW** in 2024, down from **Rmb9,500-14,000/kW** in 2023 [29] - **Competitive Pricing**: The average levelized cost of electricity (LCOE) for new offshore wind power has reduced to **Rmb0.3/kWh**, making it competitive with market tariffs [29] Conclusion - NBO is positioned to benefit from the accelerating demand for offshore wind power in China, supported by a robust order backlog and favorable market conditions. The company's financial performance in 3Q25 reflects strong growth, and future earnings are expected to improve further due to increased submarine cable sales and project deliveries.

Trade - The U.S. and South Korea agreed to reduce tariffs on U.S. imports of Korean auto and auto parts from 25% to 15%, aligning them with Japanese competitors [2] - South Korean manufacturers of wood products and pharmaceuticals will benefit from the lowest tariffs, while aircraft parts and generic drugs will face zero tariffs [2] - South Korean chipmakers will maintain competitive parity with Taiwanese competitors, and additional market openings for agricultural products like rice and beef were successfully defended [3] Investment - A $350 billion investment fund will be split into $200 billion in cash, paid in phased installments capped at $20 billion per year, to stabilize the dollar-won onshore market [4] - The remaining $150 billion will focus on shipbuilding cooperation, including guarantees and investments by South Korean companies, aimed at reducing burdens on the foreign exchange market [5] - LS Group, a South Korean cable manufacturer, committed to investing $3 billion by 2030 for U.S. power-grid infrastructure [6] - HD Hyundai, a South Korean shipbuilder, will collaborate with Cerberus Capital Management on a $5 billion investment project to enhance American shipyards and supply chains [7]