Prysmian S.p.A.

Reported Q3 2026 adjusted EBITDA was EUR 851 million, more than EUR 200 million above Q3 2025, with EBITDA margin close to 17% and up about 2 percentage points year over year. Massimo Battaini said the I&C U.S. business posted EUR 304 million of EBITDA in the quarter, with a 17.6% margin overall and legacy Encore/Prysmian plus Encore at a 27% margin; transmission EBITDA was EUR 213 million with a 20% margin and year-over-year growth of 22%; Power Grid organic growth was described as middle single digit to high single digit, with margin at 13.8%; and group organic growth was +13%. Pier Francesco Facchini said nine-month net profit was close to EUR 1 billion, despite last year’s more than EUR 350 million YOFC disposal gain, and said his full-year EPS estimate is around EUR 4.6 per share. Free cash flow over the last 12 months was above EUR 1.4 billion, boosted by about EUR 550 million in euro-equivalent Molex down payment. Guidance was raised/confirmed at a EUR 3.1 billion adjusted EBITDA midpoint for 2026, with EUR 50 million of the uplift tied to Atkore and the balance to business performance; management also said free cash flow guidance improved from EUR 1.7 billion to EUR 1.8 billion. Management said the 2026 capex budget started around EUR 150 million but is expected to exceed EUR 1.1 billion.

Massimo Battaini framed the quarter as Prysmian’s best yet and said the company has moved from a cable maker toward a solutions provider, with 45%-48% of revenue now coming from solution businesses. His tone was highly confident, repeatedly saying the company is beating internal targets early and that the current wave of investment in U.S. capacity, vertical integration, and submarine telecom is intended to support growth for the next three to four years. He emphasized data-center demand, the strategic value of Atkore and Xtera, and the idea that the company’s strong market position and service levels are widening its moat.

Pier Francesco Facchini focused on the profitability and cash flow bridge. He highlighted Q3 adjusted EBITDA of EUR 851 million, margin close to 17%, group net profit close to EUR 1 billion, nine-month performance in line with last year despite the prior-year YOFC gain, and LTM free cash flow above EUR 1.4 billion, helped by the Molex down payment of about EUR 550 million. On guidance, he pointed to a full-year EPS estimate around EUR 4.6 and said the move from EUR 1.7 billion to EUR 1.8 billion in free cash flow reflects stronger EBITDA, somewhat softer metal impact in Q4, and tighter working-capital execution.

Analysts focused on transmission backlog, data-center exposure, Digital Solutions pricing, medium-voltage capacity additions, submarine telecom, Atkore financing, and the U.S. listing topic. Management said transmission backlog was a bit softer because of delayed Italian TSO awards, but that the projects should likely be awarded next year and that the healthy backlog target is around EUR 14 billion versus the current EUR 16.5 billion. On Digital Solutions, management said it is negotiating two additional hyperscaler deals that could be finalized by December or January, with the combined size potentially similar to Molex, and said the optics repricing process is about 75% complete. On Atkore, management said the debt-financing plan is broadly unchanged, the deal closing is ahead of schedule, and the commercial synergies could come faster because the new sales-agent structure is already in place.