Equity Snap: Prysmian (PRY IM) Fibre repurposing drive in Q2

研报英文原文证据摘录

Equity Snap: Prysmian (PRY IM) Fibre repurposing drive in Q2

2 July 2026

Equity Snap: Prysmian (PRY IM) Equities Electrical Equipment

Fibre repurposing drive in Q2 Italy

◆ Q2 growth robust in Transmission, Grid and Digital Solutions, Sean McLoughlin*

where demand is underpinned by hyperscaler commitments Senior Global Industrials Analyst HSBC Bank plc

sean.mcloughlin@hsbcib.com

+44 20 7991 3464

Prysmian (PRY IM, EUR143.10, Buy, TP EUR170.00)

Stacey Sun*

(Priced as of 01 Jul 2026) Global Industrials Analyst

HSBC Bank plc

On a sell side group call, Prysmian stated Q2 is progressing in line with previous stacey.sun@hsbc.com

guidance. We present feedback by division: +44 203 2685810

Digital Solutions: Repurposing of fibre capacity from broadband to hyperscaler * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

customers at a strong pricing premium is driving double-digit y-o-y organic growth not registered/ qualified pursuant to FINRA regulations

and strong adjusted EBITDA margin expansion expectations in Q2. Prysmian is in a

late stage of finalising long-term fibre supply framework agreements with

hyperscalers for up to USD5bn and intends to issue a press release ahead of H1

results (29 July) detailing this and upgraded capacity expansion plans. Prysmian

believes that having US fibre capacity is a strategic advantage given fibre shortages

in the US. Whilst Prysmian has limited its exposure to the military fibre market

(largely used for drones), current high military fibre demand (c100m f-km annually) is

exacerbating the fibre supply shortage for the booming data centre market. Prysmian

expects to repurpose nearly all its optical cable exposure (c 60% of divisional sales)

and combined with increased capacity, sees divisional margin levels in the mid-term