Prysmian, revenues of 5.218 billion in the quarter

A positive start to the year for Prysmian, which closed the first quarter with €5.218bn in revenue, up 5% organically from €4.771bn in the same period last year. Adjusted Ebitda reached 601 million (slightly below analysts' consensus) versus 527 in 1Q2025, with the margin of the Transmission business, one of Prysmian's main growth drivers, exceeding 20%. The overall margin at standard metal prices, which significantly impacted certain business areas in the period0, was 14.2%, up from 13.1% in the same period last year. Net profit was EUR 253 million compared to EUR 155 million in the first quarter of last year. Free cash flow was EUR 1.191 billion. Net debt decreased from EUR 4.884 billion to EUR 3.818 billion. The guidance of an adjusted Ebitda of between EUR 2.625bn and EUR 2.775bn and free cash flow of between EUR 1.3bn and EUR 1.4bn was confirmed.

"Prysmian has made significant progress in the first quarter of the year," commented CEO Massimo Battaini. "Continued organic growth, increased margins and strong cash generation are the starting point of a trend that will continue through 2026. The geopolitical events that took place at the beginning of the year have further reinforced the central role of our solutions in addressing the most complex global challenges. Prysmian plays a key role in ensuring energy security, helping to accelerate the adoption of cost-competitive clean energy, modernising infrastructure through interconnections, upgrading power grids and supporting general global electrification processes, including the high demand for power from data centres.

In the details of the individual business areas, Transmission, in the opinion of the directors, Adjusted Ebitda is well positioned to exceed the result achieved in 2025 by 25%, with a strong increase in subsequent quarters. Double-digit organic growth is expected for the current year, in line with the progress in project execution. Revenues stood at EUR 754 million, broadly in line with EUR 743 million in the first quarter of last year. The backlog amounted to about EUR 17 billion (to which a further EUR 2 billion of orders in progress should be added).

Power Grid recorded accelerated growth and the margin continued to suffer from the temporary impact of higher metal costs, with an improvement expected starting in the second quarter. Revenues increased to 1.012 billion (+16.2% organic growth). Adjusted Ebitda was EUR 107 million.

In the Electrification segment, the Industrial&Construction segment recorded a strong increase in growth and profitability in the first quarter, mainly driven by a strong performance in North America driven by demand from data centres, with revenues of EUR 2.16 billion. Specialties continued to be negatively impacted by the Automotive, Elevators and O&G businesses, while profitability remained broadly stable; revenues were 696 million, down 6.1%.