06:05 AM - Price Sensitive Prysmian starts the year positively with revenue growth, solid margins and outstanding cash generation

PRESS RELEASE - Q1 2025 INTEGRATED RESULTS

PRYSMIAN STARTS THE YEAR POSITIVELY WITH REVENUE GROWTH, SOLID MARGINS AND OUTSTANDING CASH GENERATION

• ORGANIC GROWTH AT 5% IN Q1'25. ADJ. EBITDA GROWS BY +27.9% TO C527 MILLION INCLUDING THE CONTRIBUTION FROM ENCORE WIRE. SOLID MARGIN1 AT 13.1% (12.4%, Q1'24)

• EXCELLENT PERFORMANCE IN TRANSMISSION, WITH OUTSTANDING ORGANIC GROWTH (+57.2%) AND PROFITABILITY IMPROVEMENT (16.9% MARGIN VS. 13.1% Q1'24)

• ROBUST MARGIN IN POWER GRID CONFIRMED (15.2% VS. 14.8%, Q1'24)

• RECOVERY IN ELECTRIFICATION IS UNDERWAY WITH THE I&C MARGIN REACHING 11.6%

• DIGITAL SOLUTIONS MAKES A POSITIVE START TO THE YEAR WITH AN INCREASE IN REVENUES (+3.4% ORGANIC GROWTH) AND PROFITABILITY (13.2% MARGIN VS. 10.8% Q1'24)

• EXCELLENT CASH GENERATION WITH THE FREE CASH FLOW LTM REACHING APPROX. C1 BILLION

• PERCENTAGE OF SUSTAINABLE REVENUES REMAINS SOLID (42.9%), WHILE THE USE OF RECYCLED CONTENT GROWS BY 2.6 P.P. VS. Q1'24 TO 18.8%, THANKS TO STRONG CIRCULAR ECONOMY COMMITMENT

• FY 2025 OUTLOOK CONFIRMED. ACQUISITION OF CHANNELL COMMERCIAL CORPORATION ON TRACK WITH THE CLOSING EXPECTED WITHIN THE SECOND QUARTER

  Massimo Battaini, Prysmian CEO, said: "Prysmian closed the first quarter of the year with solid margins, together with outstanding cash generation, and during this quarter we also shared our medium-term targets at the Capital Markets Day in March, setting the direction for organic growth driven by our long-term evolution from cable manufacturer to solutions provider. These set of results demonstrate continued progress towards our strategic targets, as seen by the excellent performance in the Transmission business, together with the continuous improvement in Digital Solutions, which will be further enhanced by the acquisition of Channell, that is on track to close in the second quarter. The results that we have achieved also allow us to confirm our 2025 guidance, despite the uncertain macroeconomic scenario, as we focus on accelerating growth and profitability in the months ahead." FINANCIAL HIGHLIGHTS

  (in million euros)	Q1 2025	Q1 2024	Change %
  Revenues2	4,771	3,687	5.0%
  Adjusted EBITDA	527	412	27.9%
  Group Net Profit	150	185	-18.9%
  Net Financial Debt	4,884	1,693	N.M.
  Free Cash Flow3	998	827	20.7%

  1 Starting from Q1'25 Prysmian will report in the press release the Adjusted EBITDA margin at standard metal prices. This decision has been made to enhance the understanding and comparison of results across different periods. The calculation of standard metal prices takes into account standard prices for copper (C5,500 per ton), aluminium (C1,500 per ton) and lead (C2,000 per ton) to remove the volatility from market fluctuations in metal prices. All references to margins in this press release refer to the Adjusted EBITDA margin at standard metal prices unless otherwise stated.

  2 Change % as organic growth. Growth in revenues calculated net of changes in the scope of consolidation, changes in metal prices and exchange rate effects. As per 2025 organic growth calculation, Encore Wire has not been considered a change in scope of consolidation, so the organic growth has been calculated by including Encore Wire's revenues in the corresponding 2024 period on a pro-forma base.

  3 FCF LTM (last twelve months) excluding Acquisitions & Disposals and Antitrust impact.

  This press release is available on the company website at https://www.prysmian.com and in the mechanism for the central storage of regulated information provided by Teleborsa S.r.l. at https://www.emarketstorage.com.

  Milan, May 8, 2025 - The Board of Directors of Prysmian S.p.A. has approved the Group's

  consolidated results for the first quarter of 2025.

  Group Revenues4 stood at C4,771 million in Q1'25, up from C3,687 million in Q1'24 with a +5.0% organic growth. This growth was mainly driven by Transmission, together with the positive contribution from Digital Solutions, which more than offset the performance of Power Grid and Electrification. Adjusted EBITDA reached C527 million, up 27.9% compared to C412 million in Q1'24. The overall margin was up 0.7 p.p. to 13.1% (12.4%, Q1'24).

  The Transmission business doubled its Adjusted EBITDA to C124 million in Q1'25 (C62 million,

  Q1'24), with an improved margin at 16.9% (13.1%, Q1'24).

  Power Grid continued to deliver solid profitability, with the Adjusted EBITDA at C116 million, and the margin at 15.2% (14.8%, Q1'24).

  In Electrification, the Adjusted EBITDA of Industrial & Construction, which includes the contribution of Encore Wire from Q3'24, rose to C173 million, (C114 million, Q1'24) and the margin was 11.6% versus 11.3% in Q1'24.

  There was sequential improvement in Specialties, with the Adjusted EBITDA reaching C74

  million.

  Digital Solutions enhanced profitability, with the Adjusted EBITDA at C42 million (C32 million,

  Q1'24) and the margin at 13.2% (10.8%, Q1'24).

  EBITDA increased to C507 million (C393 million, Q1'24). Net profit was C155 million (C150 million attributable to Group shareholders) versus C190 million (C185 million attributable to Group shareholders) in Q1'24. The C35 million decrease was mainly due to higher depreciation and amortization (also including the effect of Encore Wire purchase price allocation), a negative change in commodity derivatives at fair value and higher net finance costs following the acquisition of Encore Wire. These effects were partially offset by the increased EBITDA and lower taxes. Free Cash Flow LTM rose to C998 million, substantially in line with the Free Cash Flow of the full year 2024 (C1,011 million). Net Financial Debt increased to C4,884 million from C1,693 million on March 31 2024. The increase mainly reflects:

  • the acquisition of Encore Wire and Warren & Brown (+C4,126 million);

  • the conversion of the Convertible Bond completed in July 2024(-C733 million) partially offset by the share buyback launched in June 2024 (+C376 million);

  • the dividend to shareholders paid in April 2024 (+C193 million);

  • the Free Cash Flow earned in the last twelve months for C998 million generated by:

    • C1,557 million in net cash flow provided by operating activities before changes in net working capital;

    • C479 million in net cash flow provided by changes in net working capital;

    • C847 million in cash outflows for net capital expenditure;

    • C210 million in payments of net finance costs;

    • C19 million in dividends received from associates.

4 In this press release, Prysmian continues to report revenues only at current metal prices.

BUSINESS OVERVIEW QUARTERLY VIEW

(in million euros) REVENUES Adjusted EBITDA
Revenues at current metal prices						Margins at standard metal prices		Margins at current metal prices
	Q1 2025	Q1 2024 Org. Growth		Q1 2025	Q1 2024	Margin Q1 2025	Margin Q1 2024	Margin Q1 2025	Margin Q12024
TRANSMISSION	743	474	57.2%	124	62	16.9%	13.1%	16.6%	13.0%
POWER GRID	874	852	-2.2%	116	115	15.2%	14.8%	13.3%	13.5%
ELECTRIFICATION	2,815	2,049	-1.9%	245	203	11.0%	11.4%	8.7%	9.9%
INDUSTRIAL C CONSTRUCTION.	1,923	1,193	-1.0%	173	114	11.6%	11.3%	9.0%	9.5%
SPECIALTIES	777	762	-4.3%	74	85	11.5%	12.6%	9.5%	11.1%
DIGITAL SOLUTIONS	339	312	3.4%	42	32	13.2%	10.8%	12.5%	10.4%
TOTAL GROUP	4,771	3,687	5.0%	527	412	13.1%	12.4%	11.0%	11.2%

TRANSMISSION

Transmission started the year with outstanding organic growth and an improvement in profitability due to smooth project execution and enhanced project mix.

Revenues grew significantly to reach C743 million, up from C474 million at Q1'24 (+57.2% organic growth).

The Adjusted EBITDA doubled from C62 million in Q1'24 to C124 million in Q1'25. The margin also improved to reach 16.9% (13.1%, Q1'24).

The backlog stood at C17 billion, substantially stable compared to FY24.

POWER GRID

Power Grid continued to deliver robust performance. Revenues stood at C874 million (-2.2% organic growth).

The Adjusted EBITDA was C116 million, in line with Q1'24. The margin was 15.2%, up from 14.8% in Q1'24.

ELECTRIFICATION Industrial & Construction

Following a slow start to the year in January and February, there was a solid rebound in March.

Revenues were C1,923 million in Q1'25, compared to C1,193 million in Q1'24 (-1.0% organic growth).

The Adjusted EBITDA stood at C173 million (C114 million, Q1'24), while the margin was 11.6%. The results include Encore Wire, which has been fully consolidated as of Q3'24.

Specialties

In Specialties there was a sound sequential improvement across almost all businesses in the first quarter.

Revenues reached C777 million (-4.3% organic growth).

The Adjusted EBITDA was C74 million, up from C59 million in Q4'24, while down compared to C85 million in Q1'24. The margin was 11.5% (12.6%, Q1'24).

DIGITAL SOLUTIONS

Digital Solutions made a positive start to the year.

Revenues grew to C339 million, up from C312 million in Q1'24 (+3.4% organic growth).

The Adjusted EBITDA increased to C42 million, rising 30.2% year-on-year. The margin was 13.2%, an increase of 2.4 p.p..

The acquisition of Channell, which will enhance Prysmian's Digital Solutions business through connectivity solutions, is on track and expected to close within Q2'25.

SUSTAINABILITY HIGHLIGHTS

The Q1'25 results confirm Prysmian's firm commitment to decarbonization, as well as its social and environmental targets. These targets were upgraded at the recent Capital Markets Day in New York City.

Scope 1&2 GHG emissions reductions versus the 2019 baseline were steady with FY24 at -37%.

The percentage of revenues linked to sustainable solutions stood at 42.9%, substantially stable compared with FY24 (43.1%).

In line with Prysmian's focus on the circular economy, there was a continued increase in the percentage of recycled content, which rose to 18.8% (16.2%, FY24) driven by North America, in particular due to the contribution from Encore Wire.

From a social perspective, the percentage of women in executive positions was in line with FY24 at 19.5%, while the percentage of women desk workers hired was 45.2% (47.5% FY24).

KPI	Q1 2025	FY 2024	Change
% of reduction of Scope 1 and 2 GHG emissions vs baseline 2019*	-37.0%	-37.0%	0.0%
% of revenues linked to sustainable solutions	42.9%	43.1%	-0.2%
% of recycled content on PE jacket and copper	18.8%	16.2%	2.6%
% of executive women (job grade ≥ 20)	19.5%	19.2%	0.3%
% of desk workers women hired	45.2%	47.5%	-2.3%

*Calculation based on the data from the last twelve months.

OUTLOOK

Prysmian confirms the 2025 guidance, announced in February 2025, with:

• Adjusted EBITDA in the range of C2,250-C2,350 million;

• Free cash flow in the range of C950-C1,050 million;

• Scope 1&2 GHG emission reductions in the range of -38% and -40% vs 2019.

This guidance excludes the future contribution from the acquisition of Channell, which is expected to close within the first half of the year. These goals assume no material changes in the geopolitical situation, in addition to excluding extreme dynamics in the prices of production factors or significant supply chain disruptions (including impacts from tariffs). The forecasts are based on the Company's current business perimeter assuming a EUR/USD exchange rate of 1.06, and do not include impacts on cash flows related to Antitrust issues.

EVENTS AFTER 31 MARCH 2025

For significant events that took place after 31st March 2025, please refer to the dedicated section on the corporate website https://www.prysmian.com.

ADDITIONAL RESOLUTIONS MADE BY THE BOARD OF DIRECTORS

Please be advised that the Board of Statutory Auditors of Prysmian S.p.A., appointed at the Shareholders' Meeting held on April 16 2025, during a meeting chaired by Stefano Sarubbi, verified that the Standing Auditors (Stefano Sarubbi, Cecilia Andreoli and Nadia Valenti) all meet the independence requirements set out in art. 148, paragraph 3 of the Consolidated Finance Act and art. 2, Recommendation 7, of the Corporate Governance Code.

The Board of Directors has therefore acknowledged the communication from the Board of Statutory Auditors regarding the positive outcome of these checks and the existence of the independence requirements for the Statutory Auditors.

CONFERENCE CALL

The results of the first quarter of 2025 will be presented to the financial community during a conference call today at 10:00 CET. Below you will find the link to access the webcast:

Webcast link

https://edge.media-server.com/mmc/p/6yw5bejt

A recording of the conference call will be subsequently available on the Group's website: https://www.prysmian.com. The documentation used during the presentation will be available today in the Investor Relations section of the Prysmian website at https://www.prysmian.com and can be viewed on the Borsa Italiana website https://www.borsaitaliana.it and in the central storage mechanism at https://www.emarketstorage.com.

Prysmian

Prysmian is a global cabling solutions provider leading the energy transition and digital transformation. By leveraging its wide geographical footprint and extensive product range, its track record of technological leadership and innovation, and a strong customer base, the company is well-placed to capitalize on its leading positions and win in new and growing markets. Prysmian's business strategy perfectly matches key market drivers by developing resilient, high-performing, sustainable and innovative cable solutions in the segments of Transmission, Power Grid, Electrification and Digital Solutions. Prysmian is a public company listed on the Italian Stock Exchange, with almost 150 years of experience, over 33,000 employees, 107 plants and 27 R&D centers in over 50 countries, and over C17 billion of revenues in 2024.

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Cristina Bifulco	Jonathan Heywood	Media Relations
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