Italian cable maker Prysmian lifts profit outlook after Q2 beat
Prysmian's Financial Performance and Strategic Developments
Q2 Earnings and Upgraded Profit Forecast
July 30 (Reuters) - Italian cable maker Prysmian raised its full-year profit forecast on Thursday, citing surging demand from data centre operators, after its second-quarter adjusted core profit beat market expectations.
The company, which last week unveiled a landmark supply agreement with U.S.-based Molex, expects full-year adjusted earnings before interest, taxes, depreciation and amortisation in a range of €2.8 billion to €2.9 billion ($3.2 billion to $3.3 billion), up from its previous forecast of €2.63 billion to €2.78 billion.
CEO Statement and Strategic Positioning
"Thanks to our strong strategic and operational position, we are well placed to achieve our 2028 targets ahead of schedule," CEO Massimo Battaini said in a statement.
Regional Performance and Market Dynamics
The Milan-based company has been among the beneficiaries of a favourable supply-demand balance in North America, which accounts for around 40% of its revenue.
The world's largest cable maker posted a 20.7% jump in its second-quarter adjusted EBITDA to €730 million, ahead of a company-provided consensus of €721 million.
Investment Plans and Shareholder Returns
Prysmian has earmarked around €2.6 billion through 2028 for acquisitions and enhanced shareholder returns.
Battaini said the company would hold a capital markets day in the first half of 2027.
Leadership Changes
In a separate statement on Thursday, Prysmian appointed Iveco's Anna Tanganelli as CFO from November 1, succeeding long-serving finance chief Pier Francesco Facchini, who will leave at the end of 2026 to pursue other opportunities.
Additional Information
($1 = 0.8733 euros)
(Reporting by Romolo Tosiani in Gdansk and Sumedha Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Matt Scuffham)
