Prysmian – Prysmian to exceed 2028 financial targets two years early, raises 2026 guidance again after its best quarter to date

• Highest-ever quarterly Adjusted EBITDA at €851 million (+32.1%); organic growth accelerates to 13.1%. Margin reaches 16.8%1 (14.8%, Q3’25)
• Excellent performance of Transmission continues with the margin at 20.0% (17.8%, Q3’25) and 23.1% organic growth
• Strong demand across regions supports Power Grid organic growth (+7.5%)
• Industrial & Construction: Encore Wire’s distinctive service model and data center demand power organic growth (+14.2%) and profitability (17.6% margin vs. 14.5%, Q3’25)
• Digital Solutions margin expands to 25.0% (19.6%, Q3’25) with continued organic growth (+17.3%). Outstanding performance built on the competitive advantage from U.S. fiber production and acceleration from Channell
• Sustainability-driven innovation lifts New Product and Solution Vitality to 32.2%, exceeding the 2028 strategic target (32%), supported by new solutions that improve data center efficiency
• 2026 guidance raised again thanks to high-quality performance across all businesses and contribution from Atkore:
  • Adjusted EBITDA between €3,075 million and €3,125 million
    • previously between €2,800 million and €2,900 million
  • Free Cash Flow between €1,750 million and €1,850 million
    • previously between €1,650 million and €1,750 million
• Prysmian to beat 2028 Adjusted EBITDA and Free Cash Flow targets two years ahead of schedule
• Prysmian expands Encore Wire site in Texas. Board approval for second copper rod mill

 

1Prysmian reports the Adjusted EBITDA margin at standard metal prices in its press releases. This decision has been made to enhance the understanding and comparison of results across different periods. The calculation of standard metal prices takes into account standard prices for copper (€5,500 per metric ton), aluminum (€1,500 per metric ton) and lead (€2,000 per metric ton) to remove volatility from market fluctuations in metal prices. All references to margins in this press release refer to the Adjusted EBITDA margin at standard metal prices unless otherwise stated.

 

Massimo Battaini, Prysmian CEO: “This was Prysmian’s best quarter to date, and the high quality of these results gives us the confidence to raise our full-year guidance again. This milestone comes as we exceed our 2028 targets two years ahead of schedule, reflecting progress driven by a mix of organic growth and strategic acquisitions to reinforce our leadership in long-term growth markets.

One of Prysmian’s great strengths is the breadth of our businesses. We connect countries through submarine power links, upgrade electricity grids and supply the solutions that are enabling digital infrastructure. Today we are even stronger. Atkore is extending our product portfolio and commercial footprint for customers in the U.S. and Xtera is opening a path to leadership in submarine telecom. These additions build on our proven ability to turn scale, proprietary knowhow and deep customer relationships into sustained growth and increased profitability.

Connecting what’s next starts with our people. They drive innovation in partnership with our customers and suppliers. Our collaboration with Amazon and Rio Tinto on low-carbon aluminum cables for data centers demonstrates the significant impact that we can achieve together. This winning combination of talent, technology and partnership makes Prysmian exceptional.”

 

* Organic growth. 

** Comparative figures for the period ending on September 30, 2025, have been adjusted from those previously published following completion of the Purchase Price Allocation (PPA) of Channell.

 

Milan, October 29, 2026 – The Board of Directors of Prysmian S.p.A. has approved the Group’s consolidated results for the third quarter and first nine months of 2026.

Group Revenues stood at €6,417 million in Q3’26 (€5,030 million, Q3’25), with +13.1% organic growth. There was growth across all business lines, with positive contributions from Transmission (+23.1%), Power Grid (+7.5%), Industrial & Construction (+14.2%), Specialties (+5.3%) and Digital Solutions (+17.3%).

Revenues reached €17,656 million in the first nine months of the year, up from €14,684 million at 9M25, with +9.2% organic growth.

Adjusted EBITDA rose to €851 million, an increase of 32.1% (€644 million, Q3’25). This is Prysmian’s best performance in a single quarter.

The overall margin at standard metal prices was 16.8%, up from 14.8% in Q3’25.

Transmission continued to deliver best-in-class profitability, with the margin reaching 20.0% (17.8%, Q3’25) and Adjusted EBITDA at €213 million (€152 million, Q3’25).

Power Grid’s Adjusted EBITDA rose to €135 million, and the margin was 13.8% (14.7%, Q3’25).

Industrial & Construction’s Adjusted EBITDA rose to €304 million, with the margin reaching 17.6% (14.5%, Q3’25).

In Specialties, Adjusted EBITDA was €67 million (€70 million, Q3’25), and the margin was 10.7%.

Profitability also accelerated in Digital Solutions, with Adjusted EBITDA at €134 million and the margin at 25.0% (19.6%, Q3’25).

In 9M26, Adjusted EBITDA rose to €2,182 million (€1,776 million, 9M25), while the margin was 15.5% (14.1%, 9M25).

EBITDA in 9M26 was €2,092 million (€2,103 million, 9M25).

Net profit in 9M26 was €998 million (€977 million attributable to Group shareholders) versus €1,036 million (€1,019 million attributable to Group shareholders) in 9M25. The decrease, which was partially offset by improved operating performance in 2026, reflects a one-off gain from the sale of YOFC in 2025.

Free Cash Flow LTM3 stood at €1,434 million on September 30, 2026 (€859 million, September 30, 2025).

3 Free Cash Flow excluding acquisitions, disposals of investments, antitrust impact and cash flow from non-ordinary assets.

Net Financial Debt stood at €2,857 million on September 30, 2026 (€4,318 million on September 30, 2025). This mainly reflects:

• Free Cash Flow of €1,434 million, comprising:
  • €2,252 million net cash flow provided by operating activities (before changes in net working capital);
  • €286 million cash generated by changes in working capital;
  • €887 million cash outflows for net capital expenditure;
  • €221 million of net finance costs paid;
  • €4 million of dividends received from associates;
• €52 million of coupon payments on the hybrid bond;
• €134 million of proceeds from investment and non-ordinary asset disposals;
• M&A activities totaling €325 million, mainly relating to the acquisitions of Channell and ACSM;
• €271 million in shareholder dividends;
• €847 million from the capital increase.

 

BUSINESS OVERVIEW (QUARTER)

 

 

(NINE MONTHS)

 

 

Transmission 

Transmission continued to deliver excellent profitability and organic growth, supported by its project mix, flawless project delivery and vertical integration.

Q3’26 Revenues stood at €1,088 million, up from €877 million in Q3’25 (+23.1% organic growth). Adjusted EBITDA increased to €213 million, up from €152 million in Q3’25. The margin was 20.0%.

9M26 Revenues were €2,724 million (€2,363 million, 9M25) with +13.2% organic growth. Adjusted EBITDA was €538 million, and the margin was 20.4%, an increase of 3.1 p.p. compared with 9M25.

On October 13, 2026, Prysmian closed the acquisition of Xtera to accelerate the development of its submarine telecom business. Xtera will be included in the Transmission segment and will be fully consolidated from October 2026.

As of October 29, 2026, the backlog stands at approximately €16.5 billion. Additional awarded projects worth approximately €2 billion have yet to be included in the backlog. The backlog now includes the contribution from Xtera.

 

 

Power Grid 

Strong demand drives growth in Power Grid. 

Third-quarter Revenues grew to €1,179 million (+7.5% organic growth). Adjusted EBITDA was €135 million (€125 million, Q3’25). The margin was 13.8% (14.7%, Q3’25).

9M26 Revenues were €3,397 million (€2,850 million, 9M25). Adjusted EBITDA was €377 million (€375 million, 9M25), and the margin was 13.3% (15.2%, 9M25).

 

 

Electrification 

Industrial & Construction 

Encore Wire’s distinctive service model and data center demand accelerated profitable growth.

Q3’26 Revenues grew significantly to €2,564 million, up from €1,851 million in Q3’25 (+14.2% organic growth), including double-digit growth in North America (+23.7% organic growth). Adjusted EBITDA also grew to €304 million (€212 million, Q3’25). The margin was 17.6% (14.5%, Q3’25).

9M26 Revenues reached €7,120 million (+9.6% organic growth). Adjusted EBITDA rose to €728 million (€593 million, 9M25), and the margin rose by 1.3 p.p. to reach 14.7%.

On October 19, 2026, Prysmian closed the acquisition of Atkore. Atkore will be reported in the Industrial & Construction segment and will be fully consolidated for the months of November and December.

Atkore will accelerate Prysmian’s evolution into a fully-fledged electrical solutions provider, bringing together its complementary portfolio with Prysmian’s unique service model to deliver superior service and solutions. As of October 29, 2026, the integration is already underway, with the new commercial organization in place.

Specialties 

Specialties returned to organic growth, with resilient profitability. 

Third-quarter Revenues stood at €837 million (+5.3% organic growth). Adjusted EBITDA was €67 million (€70 million, Q3’25). The margin was 10.7% (11.2%, Q3’25).

Nine-month Revenues totaled €2,346 million (-1.2% organic growth). Adjusted EBITDA was €198 million (€218 million, 9M25). The margin was 10.9%, compared with 11.4% in 9M25.

 

 

Digital Solutions 

Digital Solutions continued to deliver organic growth and enhanced profitability thanks to Prysmian’s competitive advantage in vertically integrated fiber production in the U.S. and the contribution from Channell.

Third-quarter Revenues rose significantly to €566 million (+17.3% organic growth). Adjusted EBITDA reached €134 million, up from €88 million in Q3’25. The margin was an outstanding 25.0%, an increase of 5.4 p.p. compared with Q3’25.

Nine-month Revenues rose to €1,557 million (+15.1% organic growth). Adjusted EBITDA rose to €344 million (€193 million, 9M25), and the margin rose by 6.4 p.p. to 23.3%.

 

 

INNOVATION & SUSTAINABILITY HIGHLIGHTS4

Prysmian announced the first deployment of low-carbon aluminum inside a data center, a breakthrough for sustainable cable deployment. The low-carbon aluminum cables were manufactured at Prysmian’s plant in Sedalia, Missouri, in partnership with Rio Tinto, and will be deployed inside an Amazon data center in Ohio.

Prysmian has begun the industrialization of Hollow Core Fiber, having established the processes, supply chain and quality controls needed for manufacturing at scale in its Eindhoven, Netherlands, plant. The fiber meets all specifications required by major hyperscalers and will help improve the long-term sustainability of data center clusters by reducing their use of land, water, and energy.

In the first nine months of the year, Sustainability-linked Revenues stood at 46.0% of total Revenues (43.7%, FY25) thanks to a positive impact across all regions and businesses.

New Product and Solution Vitality has already exceeded the 32% target previously set for 2028, reaching 32.2% (28.3%, FY25). The increase was supported by solutions that improve data center efficiency.

As of September 30, 2026, Scope 1 and 2 GHG emissions were 41.7% below the 2019 baseline over the previous twelve months, compared with a 40.2% reduction at FY25. The improvement was driven mainly by greater use of renewable energy in Europe and more efficient natural gas consumption.

Recycled content as a percentage of addressable materials5 rose to 25.3% (21.8%, FY25) thanks to the increased use of recycled copper, including in the EGL2 project.

The percentage of women in executive positions was 20.8% (22.6%, FY25), while the percentage of women hired as desk workers was 41.0% (48.4%, FY25).

 

4 Starting from Q1’26, Prysmian will report Innovation & Sustainability Highlights, in line with its strategy, organization and corporate governance. 

5 Share of recycled content with respect to total purchases of the following materials: copper, PE for jackets, steel and lead. 

6 Except for Sustainability-linked Revenues, all ESG metrics exclude Channell and the newly acquired entities ACSM, Alesea and Verrillon.

 

 

OUTLOOK 

Thanks to the excellent performance in the first nine months of 2026, and the contribution from Atkore, which will be consolidated for the final two months of the year, Prysmian is raising its 2026 guidance as follows: 

• Adjusted EBITDA in the range of €3,075 million to €3,125 million 
  • previously between €2,800 million and €2,900 million
• Free Cash Flow in the range of €1,750 million to €1,850 million 
  • previously between €1,650 million and €1,750 million
• Sustainability-linked Revenues expected in the range of 47%-49% of total Group Revenues

This guidance assumes no escalation in the current geopolitical situation and excludes extreme dynamics in the prices of production factors and significant supply chain disruptions. Forecasts are based on the Company’s business perimeter (also including the acquisitions of Atkore and Xtera), the current EUR/USD exchange rate assumed for the final quarter of the year, and do not include impacts on cash flows related to antitrust issues.

Prysmian will hold a Capital Markets Day within the first half of 2027 to update the market on its strategy and medium-term targets.

 

 

BOARD OF DIRECTORS APPROVES SECOND COPPER ROD MILL AS PART OF AN OVER €700 MILLION INVESTMENT PROGRAM AT ENCORE WIRE PLANT IN TEXAS

Prysmian’s Board of Directors has approved an investment for a second rod mill at the Encore Wire plant in McKinney, Texas. The investment is part of a more than €700 million investment program to expand capacity at the site.

In addition to the second rod mill, the program includes four medium-voltage production lines and increased production capacity for metal-clad cables used in data centers.

The expansion will strengthen Prysmian’s vertical integration, including in copper, and support its distinctive, market-leading service model in the United States.

 

 

EVENTS AFTER SEPTEMBER 30, 2026 

For significant events that took place after September 30, 2026, please refer to the dedicated section of the corporate website www.prysmian.com.

 

 

CONFERENCE CALL 

Results for the third quarter of 2026 will be presented to the financial community during a conference call today at 10:00 CET. The webcast can be accessed via the link below:

Webcast link: 

https://edge.media-server.com/mmc/p/wnvzqimo 

A recording of the conference call will be available on the Group’s website at www.prysmian.com. The presentation materials will be available today in the Investor Relations section of the Prysmian website at www.prysmian.com, and can also be viewed on the Borsa Italiana website at www.borsaitaliana.it and in the central storage mechanism at www.emarketstorage.com.

 

 

Prysmian’s Financial Report as of September 30, 2026, approved by the Board of Directors on October 28, 2026, will be available to the public by the end of October at the Company’s registered office in Via Chiese 6, Milan. It will also be made available, at the same time, on the corporate website www.prysmian.com, on the website of Borsa Italiana S.p.A. www.borsaitaliana.it, and in the Company’s authorized central storage mechanism at www.emarketstorage.com. This document may contain forward-looking statements relating to future events and future operating, economic and financial results of Prysmian. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Therefore, actual results may differ materially from those reflected in forward-looking statements due to a variety of factors. The managers responsible for preparing corporate accounting documents (Stefano Invernici and Alessandro Brunetti) hereby declare, pursuant to Article 154-bis, paragraph 2, of Italy’s Unified Financial Act, that the accounting information contained in this press release corresponds to the underlying documents, accounting books and records.

EBITDA means the operating result gross of the effect of the change in the fair value of derivatives on commodities, other items measured at fair value, amortization, depreciation, and write-downs. This indicator makes it possible to present the Group’s operating profitability situation before the main non-monetary items. Adjusted EBITDA means the EBITDA described above, calculated before charges and income relating to corporate reorganizations, charges and income considered to be of a non-recurring nature, as indicated in the consolidated income statement, as well as other non-operating income and expenses. This indicator makes it possible to present the Group’s operating profitability before the main non-monetary items, without the economic effects of events considered unrelated to the current management of the Group itself.

Organic growth means the growth in Revenues calculated net of changes in the scope of consolidation, changes in metal prices and exchange rate effects.

Revenues at standard metal prices means the Revenues determined considering standard metal prices. Standard metal prices are defined as follows: standard copper price of €5,500 per metric ton; standard aluminum price of €1,500 per metric ton; standard lead price of €2,000 per metric ton. Standard metal prices are kept at constant value for multiple periods to improve the comparability of sales and Adjusted EBITDA margins over time. From a managerial perspective, this approach neutralizes fluctuations in metal prices over time.

Net financial debt is an indicator of the financial structure, determined by the sum of the following items: – Borrowings from banks and other lenders – non-current portion – Borrowings from banks and other lenders – current portion – Derivatives on financial transactions recorded as Non-current derivatives and classified under Long-term financial receivables – Derivatives on financial transactions recorded as Current derivatives and classified under Short-term financial receivables – Derivatives on financial transactions recorded as Non-current derivatives and classified under Long-term financial payables – Derivatives on financial transactions recorded as Current derivatives and classified under Short-term financial payables – Medium/long-term financial receivables recorded in Other non-current receivables – Loan arrangement fees recorded in Other non-current receivables – Short-term financial receivables recorded in Other current receivables – Short-term financial payables recorded in Other current payables – Loan arrangement fees recorded in Other current receivables – Financial assets at amortized cost – Financial assets at fair value through profit or loss – Financial assets at fair value through other comprehensive income – Cash and cash equivalents.

 

 

 

ANNEX A 

Consolidated Statement of Financial Position

 

 

 

Consolidated Income Statement

 

 

Consolidated Statement of Comprehensive Income

 

 

Consolidated Statement of Cash Flows

 

 

 

 

ANNEX B 

Reconciliation table between the Group’s Net result, EBITDA and Adjusted EBITDA

 

 

Statement of Cash Flows with reference to change in net financial position

 

 

Revenues bridge