JPM | European Industrials Conference: Prysmian CEO - Spec Quick Notes

研报英文原文证据摘录

JPM | European Industrials Conference: Prysmian CEO - Spec Quick Notes

Specialist Sales J P M O R G A N

17 June 2026

JPM | European Industrials Conference: Prysmian CEO - Spec Quick

Notes

Sam Edmunds

+44 207 742 8733

sam.edmunds@jpmorgan.com

CEO Massimo Battaini hosted by Akash Gupta

QUICK CONCLUSION: The business continues to enjoy very strong demand across the portfolio. Investors will look forward

to the next CMD which the Company says will be in 6-9 months - likely after they have announced a significant deal.

• Top down - how do you see the balance between revenue opportunities from DC build out vs. inflationary risk? Co will host a

new CMD in the next 2-3 quarters because we need to update the 2028 targets and give the market some visibility on targets

into the 2030’s

• CMD will show significant capital expenditure to drive the growth of the Company.

• Digital Solutions: you have flagged $1.2bn capacity expansion - what is the gating factor to formally launch the program?

Waiting for signature of contracts. Have an MoU with one customer and full contracts expected in coming weeks. At that

stage the Co will not guide on EBITDA impact (will leave to CMD) but details of the capex program will be given.

• Fibre Optic - spot prices have risen significantly - how do you balance the short term price opportunity vs customer

relationships? Prysmian will look after its customers - so will not reprice on spot rates - but the framework agreements will

allow the Company to lock in future margins - so price indexed to costs.

• Capacity expansion - what gives you confidence that the industry is not adding too much capacity? See the risk as being too

conservative on capacity. Discussions with hyperscalers would have justified 2x vs the current capacity expansion.