Prysmian (PRY) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly performance in Q2 2026 with Adjusted EBITDA of €730 million, a margin of 13.4–15.4%, and 9.4% organic growth, marking the best quarter to date.

• Digital Solutions transformation and major long-term data center and optical contracts, including the €5.5 billion Molex deal, are driving substantial incremental revenues and US capacity expansion.

• Sustainability-linked revenues reached 46%, with a 42% reduction in Scope 1 & 2 emissions since 2019.

• Net financial debt decreased to €4,079 million, reflecting strong free cash flow and asset disposals.

• Major acquisitions (ACSM, Channell, Alesea) and significant contract wins strengthened the project backlog.

Financial highlights

• Q2 2026 revenues were €6,021 million (+9.4% organic), with Adjusted EBITDA of €730 million (margin 12.1–15.4%).

• 1H 2026 revenues totaled €11,239 million (+7.2% organic), Adjusted EBITDA was €1,331 million (margin 11.8–14.8%).

• Group net profit for 1H 2026 was €569 million, up from €424 million in 1H 2025.

• Free cash flow guidance raised to €1,650–1,750 million, with LTM FCF at €978 million.

• Dividend of €0.90 per share paid, totaling €258 million.

Outlook and guidance

• Upgraded 2026 Adjusted EBITDA guidance to €2,800–2,900 million, with high confidence in reaching the upper end.

• Free cash flow guidance raised to €1,650–1,750 million, supported by contract down payments and improved working capital.

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

• Capital Markets Day scheduled for H1 2027 to update on strategy and targets.

• Increased capex planned to unlock further growth and value creation.