2Q26 results: In line, but softer margins on higher sales. Guidance upgraded, but might not be enough for the bulls

研报英文原文证据摘录

2Q26 results: In line, but softer margins on higher sales. Guidance upgraded, but might not be enough for the bulls

Update

July 30, 2026 06:22 AM GMT

Morgan Stanley & Co. International plc+MPrysmian SpA | Europe Max R Yates

Equity Analyst

2Q26 results: In line, but softer Max.Yates@morganstanley.comSara Chemello +44 20 7425-1917

Research Associate

Sara.Chemello@morganstanley.com +44 20 7425-2931

margins on higher sales.

Prysmian SpA (PRY.MI, PRY IM)

Capital Goods | ItalyGuidance upgraded, but might

Stock Rating Equal-weight

Industry View In-Line

Price target €140.00not be enough for the bulls Shr price, close (Jul 29, 2026) €114.70

52-Week Range €157.25-65.98

Mkt cap, curr (mn) €32,834

AlphaSignals Earnings Reaction Net debt (12/26e) (mn)* €2,278

EV, curr (mn)* €36,164

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month * = GAAP or approximated based on GAAP

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Prysmian's 2Q26 EBITDA was 1.2% ahead of company consensus. Sales were

~7.4% ahead, but EBITDA margins missed consensus by 80bps.

Revenue growth in Power grids (13%) and Industrial and construction (data

center) surprised positively versus expectations. Digital Solutions accelerating.

Electrification EBITDA margins are soft, with I&C margins -160bps YOY in current

metals (-50bps in constant). Not helpful for the margin sustainability debate.

Guidance raised on EBITDA to €2.8-2.9bn (covers c'sus at €2.85bn). May not be

enough, given we think buyside expectations are elevated on this stock.

Valuation. Now lower at 10.5x 2027e EV/EBITA, vs sector at 13.5x (~20% discount

vs -15% historically). In DC exposed names, we still prefer OW-rated ENR.

Conclusion.