Italy's Prysmian posts quarterly core profit below estimates, but confirms 2026 guidance (updated)

Prysmian SpA

30/04/2026 06:55

Adds share move in para 2, media call comments in para 4,6, analysts on para 8, revenues in para 9, dual listing comments in para 10

By Enrico Sciacovelli

April 30 (Reuters) - Italy's Prysmian PRY.MI, the world's largest cable maker, confirmed its outlook on Thursday, as it looked to benefit from upcoming deals with artificial intelligence hyperscalers and other clients tied to data centres, despite missing first-quarter adjusted core profit expectations.

Shares fell around 6% at market open post-results, before reversing to a 0.6% gain.

Prysmian said in a statement it is currently negotiating long-term deals with customers for future growth in data centres, especially in the "inside" data centre space.

     "We are close to striking some long-term deals with hyperscalers," CEO Massimo Battaini added in a media call.

The company stuck to its 2026 outlook, with core profit expected in a range of 2,625 million to 2,775 million euros ($3.06 billion-$3.24 billion).

Battaini said during the media call Prysmian is confident to "significantly beat the midpoint" of its guidance, adding it could raise its targets in the upcoming months.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 601 million euros in the quarter, missing analysts' average estimate of 612 million euros, flagging a 36 million-euro hit from adverse foreign exchange moves.

Momentum was positive for its Transmission and Digital Solution segments with margins growing by 3.2% and 7.4%, respectively, from the same period last year.

Analysts at Jefferies and J.P. Morgan expect margins to accelerate in the coming quarters, as growth drivers such Transmission and data center demand kick in.

Revenues came in at 5.22 billion euros in the quarter, beating a company-compiled consensus of 5.10 billion euros.

On the long-standing plans for a dual-listing on Wall Street, Battaini said in the media call that the ideal opportunity would be to combine it with an M&A deal in the U.S.

($1 = 0.8576 euros)

(Reporting by Enrico Sciacovelli, Editing by Subhranshu Sahu and Harikrishnan Nair)

((Enrico.Sciacovelli@thomsonreuters.com; +48587720309;))