Agreement with Molex to Accelerate Data Center Growth in Digital Solutions

研报英文原文证据摘录

Agreement with Molex to Accelerate Data Center Growth in Digital Solutions

Italy | Capital Goods

Prysmian EquityJulyResearch20, 2026

FIRST VIEWAgreement with Molex to Accelerate Data

RATING BUYCenter Growth in Digital Solutions

PRICE €125.35^

Conclusion

The deal comes in well ahead of expectations and prior comments from PRICE TARGET | % TO PT €178.00 | +42%

mgmt. Prysmian now expects to double capacity (vs. prior talks for about 52W HIGH-LOW €157.25 - €62.36

50%) and the agreement includes €5.5bn with Molex but visibility on FLOAT (%) | ADV MM (USD) 99.7% | 132.82

€10bn in total cumulative incremental revenues by 2035 (vs. €5bn+ frame MARKET CAP €36.2B | $41.4B

mentioned before), including €1.1bn per annum from 2031. The capex TICKER PRY IM

^Prior trading day's closing price unless otherwise

spend is in line with numbers discussed before at €1.25bn by 2031 for the noted.

capacity increase across Europe and the US. We expect mgmt to provide

more details on the impact near-term during results. The partnership with

Molex allows Prysmian to fix its gap in connectivity solutions offering

for data centers and better penetrate the white-space. Given the recent

weakness in the shares and the broad AI theme, we see the size and

longevity of the agreement as highly positive and bringing more confidence

in the optical story in Digital Solutions.

Detail

Prysmian announced a major acceleration of its data centre strategy,

signing a 10-year optical cable supply agreement with Molex worth up

to €5.5bn, including a €550m upfront payment. The deal forms part of a

broader set of agreements with hyperscalers and data centre infrastructure

providers expected to generate over €10bn of incremental revenue through

2035 versus the 2025 baseline, with annual revenues reaching up to €1.1bn