Prysmian raises guidance after acquisitions

The first half of Prysmian confirms a strong growth in margins (+32% adjusted Ebitda, to 605 million), thanks to the contribution of all business areas and of the newly acquired Channel, and the strong cash generation capacity of the Italian cable manufacturer (almost one billion of free cash flow in the first half of the year), which raises its guidance for the full year 2025, despite the negative impact of US exchange rates: now the forecast of Prysmian, which in the first six months filed organic growth of 3.2%, is to close the year with an adjusted Ebitda between 2.3 and 2.375 billion.

"Prysmian continues to demonstrate the progress it has made in its evolution from a cable manufacturer to a provider of energy and digital solutions," explained CEO Massimo Battaini. "The increase in revenues confirms the centrality of our role in fostering the energy transition, electrification and digital transformation worldwide, while the contribution of Encore Wire and Channell, the latter fully consolidated following the recent closing in June, testifies to the value created by our acquisitions. Thanks to the results achieved this half-year, we have decided to revise our guidance for 2025 upwards. A picture made even more favourable by the Trump administration's recent decisions on copper tariffs. "We are immune to the tariffs on copper announced last night by the US administration because all the material we use comes from our supply chains that we have in the US thanks to our presence in the country," Battaini pointed out, also pointing out that the White House's decision to "extend the 50% tariffs also on importers of finished copper cables and not only on raw material as was in the forecast until now means" a competitive advantage "compared to importers of cables from countries like Mexico or India, but the tariffs will be imposed on all copper imports. Thanks to this we are now in a much stronger position than before. And we hope that this principle of tariffs also being imposed on finished products will also be applied to aluminium imports'.

In detail, Prysmian reported group net profit for the first half of the year of €426 million compared to €402 million in the first six months of 2024, while EBITDA rose to €1.13 billion from €801 million a year ago. The results reflect the inclusion of Encore Wire, fully consolidated as of 1 July 2024, and Channell, consolidated as of 1 June 2025, in the scope. Revenues for the period amounted to EUR 9.65 billion from EUR 7.81 billion a year ago, with organic growth of 4.%. For the second quarter alone, net profit was 276 million versus 217 million a year ago, while adjusted ebitda was 605 million versus 457 million in Q2 2024. Revenues for the period were 4.88 billion compared to 4.13 billion in Q2 2024 with organic growth of 3.2%. Positive organic growth in Transmission (+22.8%), Power Grid (+5.2%), Specialties (+2.4%) and Digital Solutions (+2.9%), while organic growth in Industrial & Construction was negative (-3.2%).