Prysmian (PRY.MI): Digital stepping up, expect 2026 guidance raise

研报英文原文证据摘录

Prysmian (PRY.MI): Digital stepping up, expect 2026 guidance raise

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07 Jul 2026 00:00:00 ET │ 17 pages

Prysmian (PRY.MI)

Digital stepping up, expect 2026 guidance raise

CITI'S TAKE

Prysmian reports 2Q26 results on 29th July. We see consensus expectations

as well-underpinned, thanks to good progress in rebalancing the mix in

Digital Solutions towards hyperscaler, driving pricing benefits. Adj. EBITDA Buy

of €733m looks realistic in our view, 1% ahead of consensus. We think Price (06 Jul 26 09:59) €142.85

management will likely raise 2026 guidance to €2,825-2,925m adj.

Target price €146.00EBITDA, supported by Digital, though this would only bracket updated

consensus. We continue to see the near-term risk-reward as positive. Expected share price return 2.2%

Between now and 2Q results, we expect Prysmian to announce its long- Expected dividend yield 0.8%

awaited hyperscale fibre supply deal (we expect value of €5bn) and thus its

Expected total return 3.0%40-50% fibre capacity expansion. Combined with potential for M&A, we

see the story as still appealing despite the strong run YTD (+64%). Market Cap €43,117M

US$49,311M

Inside 2Q26 results — We model €733m of adj. EBITDA, 1% above consensus.

Consensus has risen, particularly in Digital, and actually the main area of difference

for us versus consensus is in Electrification, where we are slightly more optimistic on

I&C margin given positive trends from Southwire’s pricing catalogue and continued Price Performance

healthy datacentre trends.

(RIC: PRY.MI, BB: PRY IM)

2026 guidance — Prysmian’s current adj. EBITDA guidance stands at €2,625-

2,775m. Investors generally expect a guidance raise at results. We see a new range of

€2,825-2,925m adj. EBITDA as reasonable. This embeds a strong uplift in Digital