Analyst Coverage and Consensus

Broker	Analyst
Alpha Value	Valentin Mory
BOFA	George Featherstone
BNP Exane	Miguel Borrega
CIC Market Solutions	Eric Lemarie
Credit Suisse	Massimiliano Severi
Equita	Luigi de Bellis
Goldman Sachs	Daniela Costa
HSBC	Sean McLoughlin
JP Morgan	Akash Gupta
Kepler Cheuvreux	Matteo Bonizzoni
Morgan Stanley	Lucie Carrier
Oddo BHF	Jean-François Granjon
Société Générale	Rajesh Singla

€ million

	H1 22		FY 22		FY 23		FY 24
Group	Number of estimates	Estimated	Number of estimates	Estimated	Number of estimates	Estimated	Number of estimates	Estimated
Sales at standard metal(1)	6	3,322	7	6,448	7	6,650	7	6,817
EBITDA(2)	6	262	7	531	7	599	7	664
Net Income from Operations	6	87	7	201	7	237	7	285
ROCE(3)	2	14.9%	4	15.8%	4	17.4%	4	20.1%
Net Debt evolution - End of Period	3	204	7	248	7	152	7	-44
Normalized Free Cash Flow(4)	2	149	7	203	6	256	6	330

(1) Copper reference at €5,000/t (2) Operating Margin (OM) before depreciations (3) 12 month Operating Margin on end of period Capital Employed, restated for Antitruts provision and IFRS 16 (up to 2019) (4) Free Cash Flow excluding strategic capex, disposal of tangible assets, impact of material activity closures and assuming project tax cash out based on completion rate rather than termination

The analysts' consensus estimates for Nexans accessible on this website are provided for informational purposes only and as a courtesy and for the convenience of our investors.

The analysts' consensus estimates are not Nexans-prepared estimates, forecasts, predictions or projections but estimates forecasts, predictions or projections regarding Nexans performance made by these analysts which are theirs alone and do not represent opinions, forecasts or predictions of Nexans or its management.

Nexans does not endorse or approve the analysts' consensus estimates or any underlying analyst's estimate that may have formed part of the analysts' consensus estimates. Nexans is not adopting the analysts’ consensus estimates.

Moreover, investors are warned that reliance on the analysts' consensus estimates as part of their investment decision could result in a loss, especially if Nexans fails to meet the analysts’ consensus estimates. Furthermore, Nexans provides no assurance with regards to the accuracy or correctness of the analysts' consensus estimates.