Prysmian (PRY) Q4 2025 earnings summary

Executive summary

• Achieved record-high adjusted EBITDA (€2,398M), net income (€1,270M), and free cash flow (€1,171M) for FY2025, with strong margin expansion and cash generation driven by organic growth and strategic acquisitions.

• EPS reached €3.31, up 18% year-over-year, reflecting robust profitability.

• Major acquisitions (Encore Wire, Channell, ACSM, Xtera) and portfolio reshaping supported strategic evolution and perimeter growth.

• Sustainability targets exceeded, with sustainability-linked revenues rising and significant GHG emission reductions.

• Free cash flow conversion at 50% of EBITDA, totaling €1.2 billion.

Financial highlights

• FY2025 revenues rose to €19,650M (+5.4% organic growth YoY), with adjusted EBITDA margin at 14.2% (standard metal prices).

• Net income increased to €1,270M, up 74.2% YoY, aided by YOFC stake sale.

• Free cash flow reached €1,171M, with a 5.8% FCF yield, and net financial debt reduced to €3,097M.

• Dividend proposal of €0.90/share (+13% vs. prior year), continuing a trend of increasing shareholder returns.

• EPS at €3.31, up 18% year-over-year, excluding YOFC gains.

Outlook and guidance

• FY2026 adjusted EBITDA guidance set at €2,700M (mid-point), with free cash flow between €1,300M and €1,400M, maintaining a 50% conversion rate.

• Sustainability-linked revenues expected to rise from 44% in 2025 to 47–49% in 2026.

• Dividend to increase from €0.80 to €0.90.

• 2028 targets reaffirmed: adj. EBITDA €2.95–3.15B, FCF €1.5–1.7B, EPS CAGR 15–19%, and sustainability-linked revenues at 55%.

• Guidance assumes stable geopolitical and market conditions, and includes recent acquisitions.