Cable maker Prysmian raises full-year outlook after Q3 beats forecasts (updated)

Prysmian

29/10/2026 07:41

Adds details on results, outlook, context and background on Atkore acquisition
MILAN, Oct 29 (Reuters) - Italy's Prysmian PRY.MI raised full-year forecasts on Thursday, citing strong performance and the contribution from its Atkore acquisition, after third-quarter results beat expectations.  
The world's largest cable maker also announced that it would expand production capacity in the United States
It now expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of €3.075 billion to 3.125 billion ($3.43-3.49 billion) this year, up from its previous forecast of €2.8-2.9 billion
Free cash flow is now forecast at €1.75 billion to 1.85 billion, compared with an earlier forecast of €1.65 billion to 1.75 billion
Earlier this month, Prysmian finalised the $3.8 billion acquisition of US electrical products maker Atkore, to capitalise on rising demand linked to electrification and AI-driven infrastructure
Prysmian said on Thursday it would build a second rod mill at the Texas plant of its US unit Encore Wire. It is part of a €700 million investment plan to expand the site's capacity
The capacity expansion will help Prysmian tap into growing US demand in its Industrial & Construction business, including form data centres 
In the third quarter, Prysmian's adjusted EBITDA rose 32.1% to €851 million, topping a €793 million company-provided analyst consensus. Revenue grew 13% to €6.42 billion, also beating analyst consensus
The company said it would hold a capital markets day in the first half of next year
($1 = 0.8959 euros)

 (Reporting by Giulio Piovaccari and Harishankar Manoj; Editing by Sonia Cheema, Gianluca Semeraro and Emelia Sithole-Matarise)
 ((giulio.piovaccari@thomsonreuters.com))