European Industrials: Feedback from recent investor meetings

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European Industrials: Feedback from recent investor meetings

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European Industrials

Feedback from recent investor meetings

Price Objective Change

We hosted PRY, ELUX & WRT1V in the past weeks 26 May 2026

We hosted management from Prysmian, Electrolux and Wartsila in recent weeks, Equity

attracting strong investor interest. Feedback from US investors was particularly Europe

constructive on PRY given sustained strong demand in fibre and fibre optic cable Industrials

demand, with further hyperscaler-related announcements potentially providing earnings

upside. We also note that a potential US listing is viewed by investors as significant BenjaminResearch AnalystHeelan >>

driver of further re-rating, with PRY trading at a discount to US peers. Investor feedback Merrill Lynch (DIFC)

for Wartsila was more mixed with scepticism on pricing, while feedback for Electrolux +44benjamin.heelan@bofa.com20 7996 5723

was largely focused on the weaker consumer demand and upcoming rights issue.

Alexander Jones, CFA >>

Research Analyst

MLI (UK)Prysmian: structural fibre demand drives further upsides +44 20 7995 5828

We hosted the Prysmian mgmt team for investors meetings in New York this week. The alexander.jones2@bofa.com

discussions were centred around potential opportunities in fibre and optic cable Uma Samlin >>

expansion, and the pricing dynamics in a market with sustained supply shortages. (see Research Analyst

note, Management feedback from NYC) We think Prysmian is well placed to capture MLI+44 (UK)20 7995 1964

significant growth and margin opportunities in fibre capacity expansion (>50%) and uma.samlin@bofa.com

expect the upcoming hyperscaler agreements (>€5bn) to materialise in coming months. Aron Ceccarelli >>