High-Voltage & Subsea Cable

HVDC and extra-high-voltage cable comes from a handful of European and Japanese plants with order books reaching into the 2030s.

Copper / aluminium→Extrusion→HV cable→Interconnector

Tightness score ⓘ

#16 of 56

■ Stable

Supply concentration5

Lead time5

Capex intensity4

Geopolitical exposure3

Pricing power5

Lead time

36–60 mo

Theme 1M

−8.7%

% in uptrend

50%

Metric to watch

Prysmian/Nexans/NKT HV backlog and new factory announcements.

What would prove us wrong

Weakens if HV backlogs fall while grid capex plans hold.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
PRY.MI Prysmian	HV/HVDC and subsea cable leader	Borsa Italiana Italy	€111.8	+4.29%	−6.6%	−12.6%	+30.4%	−28.7%	2026-10-29
NEX.PA Nexans	HV and subsea cable	Euronext France	€132.9	+4.15%	+1.4%	−5.1%	+7.6%	−19.4%	—
NKT.CO NKT	HVDC cable	Nasdaq Copenhagen Denmark	kr 885.0	+1.84%	+2.7%	−8.4%	+10.8%	−20.4%	2026-11-19
5802.T Sumitomo Electric	Optical fiber, HV cable and compound semis	TSE Japan	¥1,555.0	−1.68%	−32.2%	−26.3%	+0.3%	−55.1%	2026-10-30

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