Prysmian Q2‘26: Profit, though historic, in-line, no DS ‘blow-out‘

研报英文原文证据摘录

Prysmian Q2‘26: Profit, though historic, in-line, no DS ‘blow-out‘

30 July 2026

Alasdair Leslie

+44 20 7762 4952

European Capital Goods alasdair.leslie@bernsteinsg.com

Prysmian SpA Om Kela

+44 20 7550 2192

Rating om.kela@bernsteinsg.com

Outperform Nicholas Witting

Price Target +44 20 7762 1411

nicholas.witting@bernsteinsg.com

PRY.IM 110.00 EUR Specialist Sales

James Brady

+44 20 7762 5272

james.brady@bernsteinsg.com

Prysmian Q2'26: Profit, though historic, in-line, no DS 'blow-out'

Prysmian has released its Q2 results ahead of its conference call to be held at 10am CEST.

Close Date 29 Jul 2026

Headline view: We think investors should react slightly positively to these results. PRY.IM Close Price (EUR) 114.70

Performance was largely in-line with expectations, and there was no large beat in Digital Price Target (EUR) 110.00

Solutions, though consensus had grinded 6% higher on adj. EBITDA since the start of the Upside/(Downside) (4)%

month. Upgraded guidance is positive, especially for FCF, though adj. EBITDA even at the top 52-Week Range 157.25/65.98

end of the new range is only slightly ahead of consensus. We expect the weak run into the EDME 1,601.43

results (-21% over the last month) may offer some support to the shares. FYE Dec

Div Yield 0.8%

Positives: (1) Organic sales come in ahead of expectations. Revenue growth of 9.4% Market Cap (EUR) (M) 34,621

LFL was +120bps ahead of consensus, bolstered by Power Grid (LFL 13.0%, +220bps EV (EUR) (M) 38,695

vs cons) and Electrification (LFL 5.5%, +210bps vs cons). Absolute topline beat by 6%. Performance YTD 1M 6M 12M

(2) Guidance upgraded on FCF and adj. EBITDA. The FCF guidance upgrade was most Absolute (%) 32.8 (20.8) 15.6 71.7

impressive, up >25% at the midpoint to €1,700m, and c.+20% ahead of FY26 consensus.