Prysmian: Q2'26 results due July 30

研报英文原文证据摘录

Prysmian: Q2'26 results due July 30

Deutsche Bank

Research

Rating Company Date

Buy Prysmian 2 July 2026

Forecast Change

Europe

Italy

Reuters Bloomberg Exchange Ticker Price at 1 Jul 2026 (EUR) 143.10

PRY.MI PRY IM MIL PRY

Price Target (EUR) 167.00

Capital Goods

ADR ISIN 52-week range (EUR) 156.90 - 59.34

Electrical Equipment

PRYMY US74440L1061

Q2'26 results due July 30

Valuation & Risks

Nabil Najeeb

Prysmian is due to report its Q2-26 results on 30th July. We expect a solid quarter,

Research Analyst

supported by a return to growth in Transmission and strong data center +44-20-754-17410

momentum in Electrification, helped by positive seasonality. Digital Solutions

should begin to show the benefits of higher fiber pricing, with margins likely to Gael de-Bray, CFA

improve meaningfully QoQ.We forecast Q2 group EBITDA of €699m, supported

+33-1-4495-6562

by organic revenue growth of 8.6%. Our FY26-28 EBITDA estimates rise by 1-4%,

largely reflecting a more positive outlook for Digital Solutions. We expect FY26

Key changes

EBITDA guidance to be upgraded to a new mid-point of around €2.825bn,

DB EPS (EUR) 4.46 to 4.55 ↑ 2.0%

although consensus is already ahead of this level. Potential announcements of

22,227 to

fiber supply agreements with hyperscalers could be a strong catalyst for the Revenue (EURm) ↑ 2.9%

22,866

shares this month, particularly following Prysmian’s recent underperformance

Source: Deutsche Bank

versus US and Asian fiber peers.

Price/price relative

Continued solid underlying momentum 200

We forecast Q2 group sales of €5,788m, with organic growth of 8.6%, a positive

scope impact of 1.8% largely from Channell, and a negative FX impact of 1.2%. We 100

expect group EBITDA of €699m, implying a current margin of 12.1% and a standard

margin of 15.2%. 2024 2025 2026