Prysmian Publishes Q3 Results

• Margins improved in Q3, thanks to the business mix and cost containment. Positive performance of the Energy business in Q3, with margin recovery of the Submarine business
• Net Financial Debt continued to improve, thanks to the strong cash generation: €617M Free Cash Flow over the past 12 months
• Confidence in the FY 2020 guidance updated following the Covid-19 pandemic:
• Adjusted EBITDA expected in the range of €800-850M
• Free Cash Flow expected in the range of €200-300M   

“Our results for the first nine months of 2020 confirm Prysmian Group’s resilience in response to the extremely negative effects of the Covid-19 pandemic,” commented Chief Executive Officer Valerio Battista. “Particular mention should be made of the recovery of the organic sales trend in the third quarter across almost all business areas, but especially in Energy. The results at the level of profitability show even greater resilience, with stable margins even in the comparison between the first nine months of 2020 and 2019 and with improvement in the third quarter. The integration with General Cable, which we regard as completed, and which has given rise to a Group with a more balanced geographical presence and an integrated product portfolio, generating synergies of €175 million, contributed to the stability of the business and the company’s financial solidity. The situation remains critical in all geographical areas, yet on the basis of the results at 30 September we can confirm, with confidence, our targets for the entire year as updated following the outbreak of the pandemic.”

Full press release is available here.