Prysmian released a strong print as we had expected, supported by all the divisions but Telecom. The FY23 guidance was raised to far beyond our already-high expectations on both profitability and cash generation. The CMD scheduled for 5 October and focused on capital allocation will be a key short-term catalyst. We will need to upgrade our forecasts for FY23 but will remain somewhat cautious on FY24 due to the low visibility on Energy & Infrastructure volumes and pricing sustainability.