Strong results driven by energy transition and electrification

Business Highlights

• Strong sales growth and significant profitability increase in the Projects business driven by smooth execution and projects with higher margin. €13BN new orders awarded Year To Date
• Vineyard Wind 1, the first utility scale offshore wind farm in the USA, successfully completed
• Sound profitability improvement in the Energy Business. Grid hardening keeps driving Power Distribution and Overhead Lines
• Positive performance across all cable applications drives margins improvements in the Industrial & NWC Business
• Volume slowdown in Telecom, mainly driven by US market

Key Financial Highlights

• Sales at €11,825M, organic growth at +1.5%
• Adjusted EBITDA up to €1,286M (+13.7% vs 9M 2022)
• Margins sharply up to 10.9% vs 9.4% in 9M 2022
• Group net profit increase to €575M (+33.4%)
• Strong cash generation with LTM Free Cash Flow at €729M[1]

The Board of Directors of Prysmian S.p.A. has approved today the Group's consolidated results for the first nine months of 2023.

“The sound margins improvement achieved in the first nine months further proves the Group’s resilience thanks to our complete and balanced business portfolio, well exposed to the secular drivers of the electrification and the energy transition,” commented CEO Valerio Battista. “The road to keep growing and delivering good results is clearly drawn by the high-quality of the order backlog combined with our recognised cost control mindset. This means extended visibility on future performance. Our strong focus on execution is paying back and paves the way to achieving the targeted yearly results,” concluded Battista.