Prysmian (PRY) investor relations material

Executive summary

• Q3 adjusted EBITDA hit a record €851m, up 32.1% YoY; organic revenue growth accelerated to 13.1% and margin at standard metal prices reached 16.8%, versus 14.8%.

• 9M revenue rose 20.2% to €17.656bn, with 9.2% organic growth; adjusted EBITDA increased 22.9% to €2.182bn.

• 2026 adjusted EBITDA and free cash flow guidance rose to €3.075bn–€3.125bn and €1.75bn–€1.85bn; 2028 CMD targets were exceeded two years early.

• Atkore and Xtera acquisitions expand U.S. electrification and submarine telecom capabilities; data-center demand is driving growth and capacity investment.

Financial highlights

• Q3 revenue was €6.417bn, up 13.1% organically; adjusted EBITDA was €851m versus €644m YoY. At current metal prices, Q3 adjusted EBITDA margin was 13.3% versus 12.8%.

• 9M adjusted EBITDA was €2.182bn versus €1.776bn; reported EBITDA was €2.092bn versus €2.103bn, including €90m net adjustments versus €327m positive adjustments in 9M25.

• 9M EBIT was €1.520bn and net profit €998m, including €977m attributable to owners; 9M25 net profit included a gain exceeding €350m from the YOFC stake disposal.

• Q3 Group net profit was €408m; FY26 EPS estimate was ~€4.6 per share.

Outlook and guidance

• FY26 adjusted EBITDA guidance increased to €3.075bn–€3.125bn from €2.8bn–€2.9bn; free cash flow guidance rose to €1.75bn–€1.85bn from €1.65bn–€1.75bn.

• Q4 adjusted EBITDA is expected to exceed Q3 for the first time, supported by I&C demand and seasonal Transmission strength.

• Sustainability-linked revenue is forecast at 47%–49% of FY26 revenue; guidance includes Atkore and Xtera and assumes no major geopolitical escalation, extreme input-price moves or significant supply-chain disruption.

• Digital Solutions is expected to grow 15%–20% annually over five to six years; margin targets rise to 26%+ next year, 27%–28% in 2028 and 28%–30% by 2029–30.