Italian cable maker Prysmian 
PRY on Wednesday forecast its core profit to reach up to 3.15 billion euros ($3.40 billion) in the next three years, up 64% from 2024, boosted in part by its acquisition of U.S. connectivity device manufacturer Channell.
Prysmian agreed to buy Channell Commercial Corp for up to $1.15 billion on Tuesday, which will expand the Milanese group’s footprint in North America, its most profitable market.
The company is targeting adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to rise in a range of 2.95 billion euros to 3.15 billion euros in 2028, from 1.92 billion euros in 2024, with the Channell acquisition set to contribute 150 million euros to its earnings, the world’s largest cable maker said in a statement.
The company, which supplies power and telecom cables, expects an annual profit growth rate of 12.2% from 2024 to 2028.
Prysmian added that it expects to generate between 1.5 billion euros and 1.7 billion euros in free cash flow in 2028, up from 1.01 billion euros in 2024.
It plans to distribute about 1.1 billion euros in dividends over 2025-2028, it said.
($1 = 0.9264 euros)