MILAN, Italy — Prysmian today reported its second-quarter 2026 financial results.
Massimo Battaini, Prysmian CEO: “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 maximizing 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 center space, enhancing our position in this fastgrowing 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.”
FINANCIAL HIGHLIGHTS
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.
Group Revenues in Q2’26 stood at €6,021 million (€4,883 million, Q2’25) [USD 6,940 million (USD 5,629 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.
In the first half of the year, there was +7.2% organic growth, reaching €11,239 million [USD 12,955 million], up from €9,654 million [USD 11,128 million] at 1H25.
Adjusted EBITDA rose to €730 million [USD 841 million], up 20.7% versus €605 million [USD 697 million] in Q2’25. This is Prysmian’s strongest-ever performance in a single quarter.
The overall margin at standard metal prices was 15.4%, up from 14.5% in Q2’25.
Transmission set its best-yet level of profitability with a 21.2% margin (17.1%, Q2’25) and Adjusted EBITDA at €179 million (€125 million, Q2’25) [USD 206 million (USD 144 million, Q2’25)].
Power Grid remained substantially stable with Adjusted EBITDA at €135 million (€134 million, Q2’25) [USD 156 million (USD 154 million, Q2’25)] and the margin at 13.8%, a sequential improvement from Q1’26.
Industrial & Construction’s Adjusted EBITDA was €228 million [USD 263 million], with the margin at 13.6%.
In Specialties, Adjusted EBITDA was €67 million (€74 million, Q2’25) [USD 77 million (USD 85 million, Q2’25)], and the margin was 10.8%.
Digital Solutions saw a significant acceleration in profitability with Adjusted EBITDA almost doubling to €122 million [USD 141 million], and the margin growing by 7.0 p.p. to reach 23.8%.
In 1H26, Adjusted EBITDA rose to €1,331 million (€1,132 million, 1H25) [USD 1,534 million (USD 1,305 million, 1H25)], while the margin was 14.8% (13.8%, 1H25).
EBITDA in 1H26 rose to €1,276 million (€1,134 million, 1H25) [USD 1,471 million (USD 1,307 million, 1H25)].
Net profit in 1H26 was €584 million (€569 million attributable to Group shareholders) [USD 673 million (USD 656 million attributable to Group shareholders)] versus €435 million (€424 million attributable to Group shareholders) [USD 501 million (USD 489 million attributable to Group shareholders)] in 1H25.
Free Cash Flow LTM on June 30, 2026, was substantially stable at €978 million [USD 1,127 million], compared with €979 million [USD 1,128 million] as of the same period in 2025.
Net Financial Debt decreased to €4,079 million [USD 4,702 million] on June 30, 2026 (€4,694 million on June 30, 2025) [USD 5,411 million on June 30, 2025].
The decrease mainly reflects:
- Free Cash Flow for €978 million [USD 1,127 million] generated by
- €2,099 million [USD 2,420 million] net cash flow provided by operating activities (before changes in net working capital);
- €210 million [USD 242 million] net cash used by changes in net working capital;
- €703 million [USD 810 million] cash outflows for net capital expenditure;
- €216 million [USD 249 million] payments of net finance costs;
- €8 million [USD 9 million] dividends received from associates;
- the passive interest from hybrid bond at €52 million [USD 60 million] ;
- proceeds from the sale of the stake in YOFC and other disposals for €580 million [USD 669 million] ;
- M&A activities (+€328 million) [USD 378 million], mainly the acquisition of Channell and ACSM;
- the dividend for shareholders (+€268 million) [USD 309 million].