Prysmian (PRY) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached €4,771 million, up 29.4% year-over-year, with adjusted EBITDA at €527 million, a 27.9% increase, driven by strong Transmission and Digital Solutions performance and the Encore Wire consolidation.

• Organic EBITDA growth was 5%, with Transmission segment excelling and margin improving to 13.1% from 12.4% in Q1 2024.

• Net profit attributable to shareholders was €150 million, down from €185 million, mainly due to higher depreciation, amortization, and finance costs post-acquisitions.

• Free cash flow (LTM) reached €998 million, and sustainable revenues were 42.9%, with recycled copper content improving, especially in the U.S.

• Major acquisitions included Channell Commercial Corporation (expected to close Q2 2025) and Warren & Brown Technologies, enhancing Digital Solutions.

Financial highlights

• Adjusted EBITDA margin at standard metal prices improved to 13.1% from 12.4% year-over-year.

• Group net income was €150 million, impacted by higher financial charges and temporary negative fair value on metal derivatives.

• Net financial debt rose to €4,884 million, mainly due to the Encore Wire and Warren & Brown acquisitions.

• Free cash flow (LTM) was €998 million, supported by strong operating cash flow.

• Basic EPS was €0.52, down from €0.68 in Q1 2024.

Outlook and guidance

• 2025 guidance confirmed: Adjusted EBITDA €2,250–2,350 million, free cash flow €950–1,050 million, and Scope 1 & 2 GHG emission reduction of 38–40% vs. 2019.

• Guidance excludes Channell acquisition contribution and assumes stable macro/geopolitical conditions.

• Channell acquisition expected to close in Q2 2025, with full impact in H2 guidance revision.

• Transmission remains a key growth pillar, targeting €3 billion+ by 2028.

• Forex headwinds possible if current exchange rates persist, but business trends and perimeter changes are positive.