Prysmian (PRY) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 revenues of €9,654M (up 23.5% year-over-year) and Adjusted EBITDA of €1,132M, with margin expansion across all segments and net profit rising to €437M.

• Major acquisitions included Channell and Encore Wire, enhancing Digital Solutions and Electrification, while YOFC stake was reduced, generating gains.

• Upgraded 2025 outlook reflects robust business momentum, strong cash generation, and successful integration of acquisitions.

• Strategic focus on sustainability, with 43.6%–44% of revenues from sustainable solutions and recycled content at 19.9%–20%.

• Innovation initiatives included hollow core fiber technology, new cable-laying vessel, and renewable energy PPA.

Financial highlights

• H1 2025 revenues reached €9,654M, with 4% organic growth year-over-year.

• Adjusted EBITDA margin at standard metal prices improved to 13.8% from 12.6% year-over-year.

• Group net income for H1 2025 at €426M–€437M, with Q2 contributing €276M.

• Free cash flow (LTM) at €979M–€1B; net financial debt increased to €4,694M due to acquisitions.

• CapEx peaked at €940M in the last 12 months, expected to normalize to €740–750M for the full year.

Outlook and guidance

• FY25 Adjusted EBITDA guidance upgraded to €2,300–2,375M; free cash flow expected at €1,000–1,075M.

• EPS growth expected to exceed 20% for the year.

• Scope 1 & 2 GHG emissions reduction targeted at -38% to -40% vs 2019.

• Guidance assumes stable macroeconomic and geopolitical conditions, excluding antitrust impacts.

• Transmission, power grid, and electrification seen as key drivers for H2 upside.