The Board of Directors of Prysmian S.p.A. has approved the Group’s consolidated results for the second quarter and first half of 2026.
Prysmian delivered its strongest quarterly performance to date, reporting adjusted EBITDA of €730 million alongside accelerating revenues with 9.4% organic growth. The company’s margin increased to 15.4%, up from 14.5% in Q2 2025.
The company further strengthened its position as the leading cable supplier for data centres following its transformative Molex acquisition and increased capacity within its Digital Solutions business.
Transmission continued to perform exceptionally well, achieving 14.3% organic growth and an outstanding margin of 21.2%, compared with 17.1% in Q2 2025. Power Grid also maintained strong momentum with 13.0% organic growth, while margins improved sequentially to 13.8% compared with the first quarter of 2026.
Industrial & Construction recorded excellent 9.1% organic growth, driven primarily by continued demand from the North American data centre market. Digital Solutions delivered one of the quarter’s standout performances, with organic growth accelerating to 18.0% and margins rising significantly to 23.8%, up from 16.8% in Q2 2025, supported by strong performances in optical cables and Channell.
Prysmian also reached its 2028 New Product and Solution Vitality target of 32% two years ahead of schedule during the first half of 2026. Sustainability-Linked Revenues increased to 45.9% in the first half of the year, representing an improvement of 2.2 percentage points compared with FY2025.
Reflecting its strong performance, Prysmian has upgraded its full-year guidance, increasing expected adjusted EBITDA to between €2.8 billion and €2.9 billion, up from its previous forecast of €2.625 billion to €2.775 billion. The company also raised its Free Cash Flow guidance to between €1.65 billion and €1.75 billion, compared with its previous outlook of €1.3 billion to €1.4 billion.
Looking ahead, Prysmian said it is well positioned to accelerate beyond its 2028 strategic targets and announced that a new Capital Markets Day will be held during the first half of 2027.
Group Revenues in Q2’26 stood at €6,021 million (€4,883 million, Q2’25), with +9.4% organic growth. This was driven by excellent performance across the business, with significant organic growth from Digital Solutions (+18.0%), Power Grid (+13.0%), Transmission (+14.3%) and Industrial & Construction (+9.1%). There was -2.4% organic growth in Specialties.
During the first half of 2026, Prysmian recorded 7.2% organic growth, with revenues increasing to €11.239 billion, compared with €9.654 billion in the first half of 2025.
Second-quarter adjusted EBITDA increased 20.7% to €730 million, up from €605 million in Q2 2025, marking the company’s strongest quarterly performance on record. The overall margin at standard metal prices improved to 15.4%, compared with 14.5% in the same period last year.
Transmission delivered its highest level of profitability to date, with adjusted EBITDA rising to €179 million from €125 million in Q2 2025, while the margin increased to 21.2%, up from 17.1%. Power Grid remained stable, reporting adjusted EBITDA of €135 million, compared with €134 million in Q2 2025, with the margin improving sequentially to 13.8% from the first quarter of 2026.
Industrial & Construction generated adjusted EBITDA of €228 million, with a margin of 13.6%. In Specialties, adjusted EBITDA totalled €67 million, compared with €74 million in Q2 2025, with a margin of 10.8%. Digital Solutions delivered a significant improvement in profitability, with adjusted EBITDA almost doubling to €122 million, while the margin increased by 7.0 percentage points to 23.8%.
For the first half of 2026, adjusted EBITDA rose to €1.331 billion, compared with €1.132 billion in the first half of 2025, while the margin increased to 14.8% from 13.8%. EBITDA also increased to €1.276 billion, up from €1.134 billion in the prior-year period.
Net profit for the first half of 2026 reached €584 million, including €569 million attributable to Group shareholders, compared with €435 million, of which €424 million was attributable to Group shareholders, in the first half of 2025.
Free Cash Flow over the last twelve months to 30 June 2026 remained broadly stable at €978 million, compared with €979 million a year earlier. Net Financial Debt decreased to €4.079 billion, down from €4.694 billion on 30 June 2025.
The reduction in net financial debt primarily reflected €978 million in Free Cash Flow, supported by €2.099 billion in net cash generated from operating activities before changes in working capital. This was partially offset by €210 million of cash used in working capital movements, €703 million in net capital expenditure, €216 million in net finance cost payments, €52 million in passive interest on the hybrid bond, €328 million related to M&A activity, primarily the acquisitions of Channell and ACSM, and €268 million in shareholder dividend payments. The result also benefited from €8 million in dividends received from associates and €580 million in proceeds from the disposal of the company’s stake in YOFC and other asset sales.
Massimo Battaini, Prysmian CEO, commented:
Prysmian has a special advantage – connecting both energy and data. This represents a unique opportunity for us to capture long-term sustainable growth as the vast scale of energy and data infrastructure required to enable the new AI-driven economy is accelerating.
I’m proud that we are maximising this opportunity. Our results confirm not only excellent profitability and growth but also reflect the scale of our own evolution – in only one quarter we generated profit that recently took a full year to achieve.
Looking ahead, the transformation of our Digital Solutions business is underway, as our existing strengths in connectivity and long-haul digital connections are complemented by major deals to enter the ‘inside’ data centre space, enhancing our position in this fast-growing segment. Based on what we have already achieved this year and our confidence in the future, we have significantly upgraded our full-year guidance, and thanks to our strong strategic and operational position, we are well placed to achieve our 2028 targets ahead of schedule. Building on this momentum, we look forward to sharing ambitious new targets at a Capital Markets Day in the first half of 2027.
Original announcement: Prysmian
Image: Courtesy of Prysmian
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