Prysmian (PRY) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong organic revenue growth of 5.0% to €5,218 million, with adjusted EBITDA up 14.0% to €601 million and margin expansion to 14.2% at standard metal prices.

• Net profit surged to €253 million, up 63.2% year-over-year, reflecting strong operational performance and lower finance costs.

• Major contract wins and acquisitions, including EGL4, Enedis, Alliander, ACSM, and Channell, strengthened the business portfolio and Digital Solutions segment.

• Strategic focus on data centers, renewables, electrification, and grid enhancement, with innovation and sustainability initiatives advancing.

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

Financial highlights

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

• Net profit for Q1 2026 was €246–253 million, significantly above expectations.

• Free cash flow over the last twelve months totaled €1,191 million, reducing net financial debt to €3,818 million.

• Adjusted EBIT rose to €430 million, and net profit margin improved to 4.7–4.8%.

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

Outlook and guidance

• 2026 guidance confirmed: Adjusted EBITDA €2,625–2,775 million; Free Cash Flow €1,300–1,400 million.

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

• Guidance assumes stable geopolitical and supply chain conditions, and excludes US tariff impacts.

• Ongoing negotiations in Digital Solutions and long-term hyperscaler agreements expected to drive further growth.

• Guidance will be revisited if significant M&A occurs; otherwise, current targets remain.