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Investing.com -- Prysmian SpA (BIT:PRY) on Thursday reported second-quarter revenue of €6,021m, beating company consensus of €5,604m by 7%, with organic growth of 9.4% exceeding expectations of 8.1%. The company upgraded its full-year 2026 outlook following the stronger-than-expected performance.
Revenue increased 9.4% organically YoY, driven by double-digit growth in Power Grids and Renewable Transmission segments. Adjusted EBITDA reached €730m, 1% above company consensus of €721m, though margins of 12.1% came in below the expected 12.9%.
The company raised its 2026 adjusted EBITDA guidance to €2,800-2,900m, with the midpoint of €2,850m slightly above consensus of €2,845m. Free cash flow guidance was increased to €1,650-1,750m, with the midpoint of €1,700m representing a 27% upgrade compared to consensus of €1,337m.
By segment, Power Grids organic growth accelerated to 13% versus expectations of 10.8%, while Renewable Transmission grew 14% organically. Electrification posted 5.5% organic growth, ahead of the 3.4% consensus, with 9% growth in Industrial & Construction driven primarily by North American data centers. Digital Solutions grew 18% organically, matching expectations.
Renewable Transmission margins improved sequentially to 20.3%, while Power Grids margins of 11.2% showed more limited improvement than expected, impacted by metal premiums. Electrification margins of 8.7% remained subdued due to metals inflation and weak demand in Specialties.
Last twelve months free cash flow stood at €978m, stable YoY. Net debt reached €4,079m, 7% higher than company consensus of €3,810m. The company indicated the upgraded guidance points to stronger cash flow performance in the second half, likely supported by down-payments on Transmission orders.
