{"slug":"prysmian","name":"프리즈미안","name_en":"Prysmian","ticker":"PRY.MI","updated_at":"2026-07-12T04:00:54.715+00:00","canonical":"https://valuechain.wiki/prysmian","kicker":"전력·광케이블 · 세계 1위","kicker_en":"Power & optical cables · world No.1","lead":"세계 최대 전력·광케이블 제조사다. AI 데이터센터 그리드·HVDC 해저케이블과 광배선 수요로 2025년 매출 197억 유로, 송전 수주잔고 사상 최대 170억 유로를 기록했다.","lead_en":"The world's largest maker of power and optical cables. AI datacenter grid, HVDC subsea links and fiber demand lifted 2025 revenue to EUR 19.7bn with a record EUR 17bn transmission backlog.","segments":{"parts":[{"desc":"그리드·HVDC 해저케이블 (수주잔고 €17B)","name":"Transmission"},{"desc":"배전·변전 그리드 케이블 (북미·EMEA)","name":"Power Grid"},{"desc":"산업·건설 전력배선 (데이터센터)","name":"Electrification"},{"desc":"데이터센터·통신 광케이블","name":"Digital Solutions"}],"total":"€19,650M (FY2025, +15.4%) · 조정 EBITDA €2,398M · 순이익 €1,270M · 송전 수주잔고 €17B(사상 최대)"},"segments_en":{"parts":[{"desc":"Grid and HVDC subsea cables (EUR 17B backlog)","name":"Transmission"},{"desc":"Distribution and substation grid cables (NA, EMEA)","name":"Power Grid"},{"desc":"Industrial and construction wiring (data centers)","name":"Electrification"},{"desc":"Data center and telecom optical fiber","name":"Digital Solutions"}],"total":"EUR 19,650M (FY2025, +15.4%) · adj. EBITDA EUR 2,398M · net EUR 1,270M · transmission backlog EUR 17B (record)"},"returns_yearly":{"2021":13.6,"2022":28.1,"2023":11.4,"2024":66.6,"2025":51.9,"2026":35.4},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[],"analysis":"투자 논점은 전력망 슈퍼사이클의 가시성이다. 프리즈미안의 강점은 매출이 아니라 송전 수주잔고 170억 유로(사상 최대)로, HVDC 해저케이블은 소수 업체 과점이라 그리드 교체·해상풍력·국가간 연계 프로젝트가 수년치 매출을 선확정한다(2026년 영국 EGL4 23억 유로). 두 번째 축은 AI 데이터센터 — 디지털 솔루션(광케이블)·산업배선이 하이퍼스케일러 증설로 성장한다. 원가의 최대 변수인 구리·알루미늄은 표준가 방식으로 대체로 고객에 전가돼, 금속가 변동이 마진에 중립적인 것이 케이블 사업의 구조적 강점이다.","analysis_en":"The thesis is the visibility of the power-grid supercycle. Prysmian's strength is not revenue but a record €17bn transmission backlog — HVDC subsea cable is a tight oligopoly, so grid-replacement, offshore-wind and interconnector projects pre-book years of revenue (e.g. the UK's €2.3bn EGL4 in 2026). The second axis is AI datacenters, where Digital Solutions (optical cable) and industrial wiring grow on hyperscaler build-outs. The biggest cost variable — copper and aluminum — is largely passed through to customers via standard-price mechanisms, so metal-price swings are margin-neutral, a structural strength of the cable business.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"전력망 운영사·National Grid·SP Energy Networks (HVDC 해저케이블)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"EUR","as_of":"2026-02","basis":"단일 HVDC 계약","value":2300000000,"period":"EGL4 계약","basis_en":"single HVDC contract"},"note":"송전 부문(그리드·HVDC 해저케이블)의 최대 고객은 각국 전력망 운영사(TSO)다. 2026년 2월 영국 EGL4(파이프-노퍽 2GW 해저 HVDC) 23억 유로 계약을 SP Energy Networks·National Grid와 체결했고, 송전 수주잔고는 170억 유로로 사상 최대다.","note_en":"The Transmission unit (grid and HVDC subsea cables) sells mainly to national grid operators (TSOs). In Feb 2026 Prysmian signed the EUR 2.3bn EGL4 contract (2GW Fife-Norfolk subsea HVDC) with SP Energy Networks and National Grid; the transmission backlog is a record EUR 17bn.","sources":[{"stance":"confirms","publisher":"한경매거진","publisher_en":"Hankyung Business","kind":"news","lang":"ko","published_at":"2026-04-05","url":"https://magazine.hankyung.com/business/article/202604012818b","title":"프리즈미안 글로벌 넘버원 전선 거인","title_en":"Prysmian, the global No.1 cable giant","excerpt":"프리즈미안은 HVDC 케이블 선두 사업자이며, 2025년 4분기 170억 유로의 역대 최고 수주잔고를 발표했다. 미반영 20억 유로 계약을 감안하면 초고압 사이클은 지속 중이다.","excerpt_en":"Prysmian is the HVDC cable leader and reported a record EUR 17bn backlog in Q4 2025; with over EUR 2bn of orders not yet booked, the high-voltage cycle is still running."},{"stance":"confirms","publisher":"Prysmian","publisher_en":"Prysmian","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PRYSMIAN_2025%20-INTEGRATED%20ANNUAL%20REPORT_0.pdf","title":"통합 연차보고서 2025","title_en":"Integrated Annual Report 2025","excerpt":"프리즈미안은 Transmission, Power Grid, Electrification, Digital Solutions 부문에서 사업한다. 송전 수주잔고는 약 170억 유로다.","excerpt_en":"Prysmian operates in the segments of Transmission, Power Grid, Electrification and Digital Solutions; the transmission order backlog is about EUR 17 billion."},{"stance":"confirms","publisher":"Prysmian","publisher_en":"Prysmian","kind":"ir","lang":"en","published_at":"2026-02-26","url":"https://www.prysmian.com/en/media/press-releases/prysmian-continues-growth-and-margin-expansion-in-q4-25-2025-is-prysmian-s-best-year-yet","title":"Q4·FY25 통합실적 - 2025년 사상 최고","title_en":"Prysmian continues growth and margin expansion in Q4'25 - 2025 is Prysmian's best year yet","excerpt":"송전 부문 4분기 마진은 20.9%로 최고 수준이며 유기적 성장 +8.4%, 수주잔고 170억 유로다.","excerpt_en":"Transmission posted a best-in-class Q4 margin of 20.9%, +8.4% organic growth and a EUR 17 billion backlog."},{"stance":"confirms","publisher":"Prysmian","publisher_en":"Prysmian","kind":"ir","lang":"en","published_at":"2026-02-02","url":"https://www.prysmian.com/en/media/press-releases/prysmian-signs-contract-for-the-delivery-of-eastern-green-link-4","title":"Eastern Green Link 4 공급계약 체결","title_en":"Prysmian signs contract for the delivery of Eastern Green Link 4","excerpt":"프리즈미안은 SP Energy Networks·National Grid와 EGL4 계약을 체결했다. 23억 유로 규모로 640km 케이블, 2GW 해저 HVDC로 스코틀랜드 파이프와 잉글랜드 노퍽을 연결한다.","excerpt_en":"Prysmian signed the EGL4 contract with SP Energy Networks and National Grid, valued at over EUR 2.3 billion, delivering 640km of cable for the 2GW subsea HVDC link between Fife and Norfolk."}]},{"direction":"revenue","counterparty":"하이퍼스케일러·데이터센터 (광케이블·전력배선)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"디지털 솔루션(데이터센터 광케이블)과 산업·건설(전력배선) 부문은 북미 하이퍼스케일러의 AI 데이터센터 증설 수요로 성장한다. 개별 고객명·계약금액은 공개되지 않았다.","note_en":"The Digital Solutions (datacenter fiber) and Electrification (power wiring) units grow on North American hyperscalers' AI datacenter buildout. Individual customer names and contract values are not disclosed.","sources":[{"stance":"mentions","publisher":"야후 파이낸스","publisher_en":"Yahoo Finance","kind":"research","lang":"en","published_at":"2026-06-02","url":"https://finance.yahoo.com/technology/ai/articles/prysmian-prymy-turning-ai-data-185358532.html","title":"프리즈미안, AI 데이터센터 광케이블 수요를 디지털 솔루션 성장으로","title_en":"How Prysmian is turning AI data-center fiber demand into a Digital Solutions growth story","excerpt":"제퍼리스는 디지털 솔루션 부문 매출이 2026~2030년 연 약 20% 성장할 것으로 전망했다. AI 데이터센터용 광섬유 수요가 견인한다.","excerpt_en":"Jefferies projects Digital Solutions revenue to grow about 20% a year from 2026 to 2030, driven by AI datacenter optical-fiber demand."},{"stance":"mentions","publisher":"한경매거진","publisher_en":"Hankyung Business","kind":"news","lang":"ko","published_at":"2026-04-05","url":"https://magazine.hankyung.com/business/article/202604012818b","title":"프리즈미안 글로벌 넘버원 전선 거인","title_en":"Prysmian, the global No.1 cable giant","excerpt":"프리즈미안은 데이터센터 고객에게 전력 케이블과 광케이블을 함께 제안할 수 있어 미국 중저압 전력망 케이블에서 1위 지위를 갖는다.","excerpt_en":"Prysmian can offer both power and optical cables to data center customers and holds the No.1 position in US low/medium-voltage grid cables."},{"stance":"confirms","publisher":"Prysmian","publisher_en":"Prysmian","kind":"ir","lang":"en","published_at":"2026-02-26","url":"https://www.prysmian.com/en/media/press-releases/prysmian-continues-growth-and-margin-expansion-in-q4-25-2025-is-prysmian-s-best-year-yet","title":"Q4·FY25 통합실적 - 2025년 사상 최고","title_en":"Prysmian continues growth and margin expansion in Q4'25 - 2025 is Prysmian's best year yet","excerpt":"산업·건설(Electrification) 부문은 북미 데이터센터 증설에 힘입어 4분기 마진 13.5%로 개선됐다.","excerpt_en":"Electrification (Industrial & Construction) margins improved to 13.5% in Q4, supported by data center expansion in North America."}]},{"direction":"cost","counterparty":"구리 (원자재)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"케이블 원가의 최대 비중은 구리다. 프리즈미안은 구리 표준가 톤당 5,500유로를 적용해 금속가 변동을 실적에서 중화한다. 금속가는 대체로 고객에게 전가된다.","note_en":"Copper is the single largest input cost for cables. Prysmian applies a standard copper price of EUR 5,500/ton to sterilise metal-price swings; metal costs are largely passed through to customers.","sources":[{"stance":"confirms","publisher":"Prysmian","publisher_en":"Prysmian","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PRYSMIAN_2025%20-INTEGRATED%20ANNUAL%20REPORT_0.pdf","title":"통합 연차보고서 2025","title_en":"Integrated Annual Report 2025","excerpt":"프리즈미안은 구리(톤당 5,500유로), 알루미늄(1,500유로), 납(2,000유로) 표준가를 적용해 금속가 변동을 중화한다.","excerpt_en":"Prysmian uses standard prices for copper (EUR 5,500/ton), aluminium (EUR 1,500/ton) and lead (EUR 2,000/ton) to sterilise metal-price fluctuations."}]},{"direction":"cost","counterparty":"알루미늄 (원자재)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"알루미늄은 구리와 함께 핵심 도체 원자재다. 표준가 톤당 1,500유로를 적용한다.","note_en":"Aluminium is a core conductor raw material alongside copper, carried at a standard price of EUR 1,500/ton.","sources":[{"stance":"confirms","publisher":"Prysmian","publisher_en":"Prysmian","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PRYSMIAN_2025%20-INTEGRATED%20ANNUAL%20REPORT_0.pdf","title":"통합 연차보고서 2025","title_en":"Integrated Annual Report 2025","excerpt":"프리즈미안은 알루미늄 표준가 톤당 1,500유로를 적용한다.","excerpt_en":"Prysmian applies a standard aluminium price of EUR 1,500 per ton."}]},{"direction":"cost","counterparty":"광섬유·프리폼 (원자재)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"디지털 솔루션 부문 광케이블의 핵심 원자재는 광섬유·프리폼이다. AI 데이터센터 수요로 소요가 늘고 있다.","note_en":"Optical fiber and preforms are the key raw materials for Digital Solutions cables, with usage rising on AI datacenter demand.","sources":[{"stance":"mentions","publisher":"야후 파이낸스","publisher_en":"Yahoo Finance","kind":"research","lang":"en","published_at":"2026-06-02","url":"https://finance.yahoo.com/technology/ai/articles/prysmian-prymy-turning-ai-data-185358532.html","title":"프리즈미안, AI 데이터센터 광케이블 수요를 디지털 솔루션 성장으로","title_en":"How Prysmian is turning AI data-center fiber demand into a Digital Solutions growth story","excerpt":"프리즈미안은 굴곡 무감 단일모드 광섬유, 초고밀도 리본 케이블, 중공코어 광섬유를 데이터센터용으로 공급한다.","excerpt_en":"Prysmian supplies bend-insensitive single-mode fiber, ultra-high-count ribbon cables and hollow-core fiber for data centers."},{"stance":"confirms","publisher":"Prysmian","publisher_en":"Prysmian","kind":"filing","lang":"en","published_at":"2026-03-01","url":"https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/PRYSMIAN_2025%20-INTEGRATED%20ANNUAL%20REPORT_0.pdf","title":"통합 연차보고서 2025","title_en":"Integrated Annual Report 2025","excerpt":"광학 소재와 프리폼은 광섬유·디지털 솔루션 제품의 핵심 투입재다.","excerpt_en":"Optical materials and preforms are key inputs for fiber and Digital Solutions products."}]}]}