Prysmian (PRY) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 and nine-month results with organic revenue growth of 9.2% in Q3 and Adjusted EBITDA up 19.3% year-over-year, driven by strong Transmission and North America performance, and successful Channell integration.

• Upgraded FY25 outlook with higher Adjusted EBITDA and Free Cash Flow targets, reflecting robust order intake, margin expansion, and continued execution.

• Net profit increased to €1,039 million, supported by a €354 million gain from the YOFC stake sale.

• Major acquisitions, including Channell Commercial Corporation, enhanced Digital Solutions segment growth and margin.

• GHG emissions (Scope 1 & 2) reduced by 39% versus baseline; recycled content in cables rose to 21%.

Financial highlights

• Revenues for the nine months reached €14,684 million, up 18.8% year-over-year, with Q3 organic growth of 9.2%.

• Adjusted EBITDA for 9M25 was €1,776 million (14.1% margin at standard metal prices), with Q3 Adjusted EBITDA at €644 million (14.8% margin).

• Group net income nearly doubled year-over-year to €1,022 million, with EPS at €3.50 basic.

• Net financial debt reduced to €4,318 million from €5,042 million a year earlier.

• Free cash flow (LTM) at €859 million, expected to recover further in Q4.

Outlook and guidance

• FY25 Adjusted EBITDA guidance raised to €2,375–2,425 million, with free cash flow guidance at €1,025–1,125 million.

• GHG emissions (Scope 1 & 2) targeted to be reduced by 38–40% vs. 2019.

• Transmission, Power Grid, and Electrification in North America are key drivers for the upgraded guidance.

• Guidance assumes stable geopolitical and market conditions.

• On track for 2028 targets: Adjusted EBITDA €2.95–3.15 billion, FCF €1.5–1.7 billion, EPS CAGR 15–19%.