Prysmian continues margin expansion and upgrades FY25 guidance

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  • Q2 ORGANIC GROWTH (+3.2%) AND ENHANCED PROFITABILITY WITH ADJ. EBITDA UP 32% TO €605 MILLION (€457 MILLION, Q2’24) AND MARGIN1 AT 14.5% (12.7%, Q2’24)
  • TRANSMISSION CONFIRMS EXCELLENT PERFORMANCE IN Q2 WITH ORGANIC GROWTH AT +22.8% AND STRONG MARGIN AT 17.1.% (14.7%, Q2’24)
  • POWER GRID ATTAINS STRONG ORGANIC GROWTH (+5.2%) AND PROFITABILITY IMPROVEMENT WITH THE MARGIN UP IN Q2 TO 15.6% (14.7%, Q2’24)
  • ELECTRIFICATION WITH SOLID Q2 I&C MARGIN IMPROVEMENT TO 14.1% (10.6%, Q2’24)
  • CHANNELL STRENGTHENS DIGITAL SOLUTIONS PROFITABILITY IN Q2, WITH THE MARGIN RISING TO 16.8% (13.3%, Q2’24) AND ADJUSTED EBITDA INCREASING TO €63 MILLION (€44 MILLION, Q2’24)
  • OUTSTANDING CASH GENERATION WITH FREE CASH FLOW LTM AT €979 MILLION
  • PERCENTAGE OF SUSTAINABLE REVENUES REMAINS SOLID IN 1H (43.6%), WHILE USE OF RECYCLED CONTENT GROWS TO 19.9% (+3.7 P.P. VS. FY24), THANKS TO ONGOING CIRCULAR ECONOMY COMMITMENT
  • FY25 OUTLOOK UPGRADED THANKS TO STRONG YTD PERFORMANCE, TOGETHER WITH CONTRIBUTION FROM CHANNELL, DESPITE EXCHANGE RATE HEADWINDS

 

“Prysmian is continuing to demonstrate excellent progress in its evolution from
cable manufacturer to an energy and digital solutions provider, which is essential in our journey to accelerate profitable
growth. The increase in revenues is testament to our central role, in partnership with customers, to deliver the energy
transition, electrification, and digitalization worldwide, while the strong contribution from both Encore Wire, and
Channell, the latter now fully consolidated following the closing at the beginning of June, underlines the profitable
value creation from our acquisitions. Thanks to our achievements so far this year, we have increased our 2025 guidance,
despite the headwinds arising from exchange rates, and we are also well positioned and focused to deliver the mediumterm targets set out in our ‘Accelerating Growth’ strategy.”


Massimo Battaini


Prysmian CEO

 

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS TABLE

 

 

The Board of Directors of Prysmian S.p.A. has approved the Group’s consolidated results for the second quarter, and the first half of 2025.

Group Revenues in the second quarter stood at €4,883 million, up from €4,132 million in Q2’24 with a 3.2% organic growth. There was positive organic growth in Transmission (+22.8%), Power Grid (+5.2%), Specialties (+2.4%) and Digital Solutions (+2.9%), while in Industrial & Construction the organic growth was negative (-3.2%).

In 1H25, Revenues reached €9,654 million (€7,819 million, 1H24), with a 4.0% organic growth.

Revenues reflect the inclusion of both Encore Wire, which was fully consolidated as of July 1 2024, and Channell, as of June 1 2025, within the perimeter.

Adjusted EBITDA in Q2’25 reached €605 million, up 32% compared to €457 million in Q2’24. The overall margin at standard metal prices was 14.5%, up from 12.7% in Q2’24.

In Q2’25, Transmission continued to significantly grow Adjusted EBITDA, which totaled €125 million (€88 million, Q2’24) and the margin, which stood at 17.1% (14.7%, Q2’24).

In Power Grid, there was also an increase in profitability, with the Adjusted EBITDA up to €134 million, and the margin rising to 15.6% (14.7%, Q2’24).

In Electrification, Industrial & Construction, which includes the contribution of Encore Wire, Adjusted EBITDA increased to €208 million (€110 million Q2’24), while the margin rose by 3.5 p.p. to reach 14.1%. In Specialties, the Adjusted EBITDA was €74 million, with the margin at 11.4%.

Digital Solutions, which also benefited from the contribution from Channell in June, saw an increase in Adjusted EBITDA, which rose to €63 million, and the margin (+3.5 p.p.) to reach 16.8%.

In 1H25, the overall adjusted EBITDA was €1,132 million (€869 million, 1H24) and the margin was 13.8%, up from 12.6% in 1H24.

EBITDA increased in 1H25 to €1,134 million (€801 million, 1H24).

Group Net Profit in 1H25 was €426 million versus €402 million in 1H24. The increase of EBITDA more than offset the higher depreciation and amortization due to the Encore Wire Purchase Price Allocation, the negative impact from fair value change in commodities derivatives, and higher net finance costs following the acquisition of Encore Wire.

Free Cash Flow LTM rose to €979 million, substantially stable versus the Q1’25 LTM and FY24.

Net Financial Debt increased to €4,694 million from €1,321 million at June 30 2024. The increase mainly reflects:

  • the acquisitions of Channell, Encore Wire and Warren & Brown (+€5,004 million);
  • the sale of approximately 8% of the stake in YOFC for €95 million;
  • the conversion of the Convertible Bond completed in July 2024(-€440 million) partially offset by the share buyback launched in June 2024 (+€340 million);
  • the dividend to shareholders paid in April (+€238 million);
  • the issued hybrid bond (-€989 million)
  • the Free Cash Flow earned in the last twelve months for €979 million generated by:
    • €1,677 million in net cash flow provided by operating activities before changes in net working capital;
    • €433 million in net cash flow provided by changes in net working capital;
    • €940 million in cash outflows for net capital expenditure;
    • €210 million in payments of net finance costs;
    • €19 million in dividends received from associates.

 

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