Post Q2 wrap - remains a core holding in the sector. Reiterate OW with €190 PT

研报英文原文证据摘录

Post Q2 wrap - remains a core holding in the sector. Reiterate OW with €190 PT

J P M O R G A N Europe Equity Research

30 July 2026

Prysmian Overweight

PRY.MI, PRY IM

Post Q2 wrap - remains a core holding in the sector. Price (29 Jul 26):€114.70

Reiterate OW with €190 PT Price Target (Dec-27):€190.00

Prysmian reported solid Q2 results, posting a new quarterly record for EBITDA. European Capital Goods

ACWe expect this new record to be broken in the next quarter, which highlights the Akash Gupta

favorable cycle in all four businesses and underpins a compelling investment case. (44-20) 7742-7978

Driven by electrification and datacenter growth, we continue to forecast superior akash.z.gupta@jpmorgan.com

above sector average earnings growth forecast (~18% Adj EPS CAGR through Jeremy Caspar

2030), and see further pricing in Digital Solutions, M&A and potential dual listing (44-20) 3493-5188

in the US as catalysts in the next six months. Management already expects to reach jeremy.caspar@jpmorgan.com

the upper end of the upgraded guidance and we continue to see potential for upside Phil Buller

to ~€3bn Adj EBITDA this year. The CFO change was unexpected, but appears to (44-20) 3493-9403

phil.buller@jpmorgan.com

be a thoughtful transition, with long-standing CFO Facchini staying until year end

Chitrita C Sinhato ensure a smooth transition, particularly in Nov-Dec which is an important period

(44-20) 7742-7176

for next year budget planning. We maintain our 2026/27E Adj EBITDA and still chitrita.sinha@jpmorgan.com

see ~€1bn Adj EBITDA in Digital Solutions by 2030E. Our 2026/27/28 Adj J.P. Morgan Securities plc

EBITDA forecast is 2%/7%/12% above Bloomberg consensus. We remain

constructive on the stock and reiterate our OW rating. Specialist Sales contact details: