Prysmian (PRY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached €5,218 million, up 9.4% year-over-year, with organic growth of 5.0%, margin expansion, and strong free cash flow generation.

• Adjusted EBITDA rose 14.0% to €601 million, with margin at 14.2%, and net profit surged to €253 million, reflecting strong operational performance and lower finance costs.

• Major growth drivers included Digital Solutions and Transmission, supported by robust data center demand, innovation breakthroughs, and new long-term hyperscaler agreements.

• Strategic acquisitions (ACSM, Alesea, Channell, Encore Wire, Xtera) and significant contract wins (EGL4, Enedis, Alliander) strengthened the business portfolio.

• Innovation and sustainability advanced with the launch of the world's first negative-carbon cable, new 525kV HVDC cables, and increased recycled content.

Financial highlights

• Revenues increased to €5,218 million from €4,771 million year-over-year (+5.0% organic growth), with adjusted EBITDA margin at 14.2%.

• Net profit rose to €253 million, up 63.2% year-over-year, and free cash flow over the last twelve months reached €1,191 million.

• Net financial debt decreased by €1,066 million to €3,818 million, supported by strong cash generation and asset disposals.

• Adjusted EBIT rose to €430 million, and net profit margin improved to 4.8%.

• Net working capital ratio to annualized revenues improved to 6.3% from 7.8%.

Outlook and guidance

• FY26 guidance confirmed: Adjusted EBITDA expected between €2,625–2,775 million; Free Cash Flow between €1,300–1,400 million.

• Sustainability-linked revenues projected at 47–49% of total group revenues.

• Guidance assumes stable geopolitical and supply chain conditions, excluding US tariff impacts and major disruptions.

• Ongoing negotiations in Digital Solutions to unlock further data center growth.

• Expects continued double-digit organic growth in Power Grid and Transmission, with margin recovery as cost pass-through lags resolve.