Prysmian strategy builds on subsea grids, shares track European utilities

By Stefan Krueger, Long-Term & Business Model desk. Reviewed prior to publication on 2026-06-29, 14:21.

Prysmian (IT0004176001) remains a key player on Borsa Italiana as Europe pours capital into power grids and subsea links. The Milan-based cable specialist competes directly with Nexans and NKT in high-voltage projects that connect offshore wind clusters and interconnect national grids, according to sector coverage by Reuters and other market commentators.Reuters analysis on European grid upgrades

Energy transition underpins demand

Across Europe, utilities and transmission system operators are accelerating investment in cross-border and offshore grid infrastructure, which directly increases demand for Prysmian's high-voltage submarine and underground cables.Financial Times report on cable makers and grids Projects such as interconnectors in the North Sea or Mediterranean typically run into the hundreds of millions of euros and span several years from award to commissioning.

Sector peers Nexans and NKT report similarly strong order intake in subsea and offshore wind-related grid connections, underscoring that the entire European cable segment is structurally tied to the energy transition. For Prysmian, this translates into an order book visibility that can stretch beyond three to four years on major high-voltage contracts, according to analyst overviews on MarketScreener.MarketScreener company profile and consensus

Long-term strategy and capital intensity

Prysmian's strategy centers on high-value segments such as submarine interconnectors, export cables for offshore wind parks and high-voltage direct current (HVDC) systems, which require significant engineering expertise and dedicated production assets. These projects typically demand specialized manufacturing plants with long-lead equipment and strict quality standards, as reflected in industry reports on European cable capacity additions.Bloomberg coverage on cable capacity

At the same time, the business is capital intensive: expanding subsea cable manufacturing and laying vessel fleets can require cumulative investments in the high hundreds of millions of euros over multi-year cycles. Analysts at major houses such as Goldman Sachs and UBS highlight that balance sheet discipline and contract execution are critical for sustaining returns in this environment, given the size and complexity of individual projects.Goldman Sachs energy transition capital goods study

How Prysmian makes its money

Prysmian generates revenue from a wide portfolio of cables and systems, with a particular emphasis on high-voltage submarine and underground solutions for utilities and grid operators. These include export cables for offshore wind farms, cross-border interconnectors and HVDC links, alongside medium-voltage distribution and low-voltage building and telecom cables.

Where the stock trades today

The Prysmian shares (IT0004176001) most recently traded on Borsa Italiana at around 57 euros, based on late-June data from Milan order-book quotations.

This article is for informational purposes only and does not constitute investment advice, investment recommendation or an invitation to buy or sell securities. All information is based on sources believed to be reliable, but no guarantee is given for its accuracy or completeness.