Prysmian: Multiple growth engines drive Q2 momentum

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Prysmian: Multiple growth engines drive Q2 momentum

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Prysmian

Multiple growth engines drive Q2

momentum

Reiterate Rating: BUY | PO: 175.00 EUR | Price: 141.90 EUR

Grid & DC capex continues to drive growth in Q2 02 July 2026

In Q2 we expect Prysmian’s growth momentum to continue, driven by strong demand Equity

across grid infrastructure, transmission and data centres. This is likely to be reflected in

growth and margin expansion across Transmission, Grid, Electrification & Digital Uma Samlin >> Research Analyst

Solutions (DS). We believe the biggest upside vs cons earnings estimates are likely to be MLI (UK)

in DS, where repricing of telecom contracts could drive further earnings uplift (our 26e +44uma.samlin@bofa.com20 7995 1964

DS EBITDA remains 15% above cons, see Fibre deep dive). Our estimates are largely Benjamin Heelan >>

unchanged, with EBITDA estimates in line vs cons in Q2 but 3%/7% above cons for Research Analyst

Merrill Lynch (DIFC)

26/27e, driven by strength in DS and Electrification. PO remains €175, reiterate Buy. +44 20 7996 5723

benjamin.heelan@bofa.com

Robust Grid/Electrification demand continues Alexander Jones, CFA >>

Research Analyst

In Q2 we expect Power Grid trends to remain robust across regions, underpinned by MLI (UK)

continued investment in grid infrastructure. In Electrification, North American data +44 20 7995 5828

alexander.jones2@bofa.com

centre investment likely the key growth driver within Industrial & Construction (I&C),

Aron Ceccarelli >>

where Prysmian continues to benefit from its market leadership, service quality and Research Analyst

delivery capabilities. We expect further capacity expansion and solid pricing to drive MLI (UK) +44 20 7996 3827