Slides
Page 1
30.10.2025 PRYSMIAN 9M 2025 INTEGRATED RESULTS
Page 2
HIGHLIGHTS & GROUP OVERVIEW 9M 2025 INTEGRATED RESULTS
Page 3
3 9M 2025 KEY HIGHLIGHTS GROWTH ACCELERATION AND MARGINS EXPANSION. Q3’25 BEST QUARTER EVER ADJ. EBITDA 540 518 527 605 644 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 14.8% @ Std metal 13.8% 12.7% 13.1% 14.5% 1,776 €M 14.1 % Adj. EBITDA Adj. EBITDA % at standard metal prices Org. growth Group Net Income GHG emissions LTM (Scope 1&2 vs 2019) 1,022 €M 9.2 % Q3 - 39 % % of recycled content 20.7 % 5.7 % 9M 9M RESULTS
Page 4
4 OUTSTANDING PERFORMANCE TRANSMISSION Backlog at approx. 16 €Bn. Approx. 3 bn of projects awarded not yet in the backlog REVENUES ADJUSTED EBITDA 92 152 Q3 2024 Q3 2025 603 877 Q3 2024 Q3 2025 Org. Growth Euro Millions Q3 RESULTS 9M RESULTS ADJUSTED EBITDA 15.3% 17.8% 242 401 9M 2024 9M 2025 14.5% 17.3% 2,3631,687 Org. Growth REVENUES ADJ. EBITDA @ Std metal @ Std metal
Page 5
5 GROWTH ACCELERATION AND SOLID MARGIN POWER GRID 119 125 Q3 2024 Q3 2025 878 985 Q3 2024 Q3 2025 Euro Millions REVENUES ADJUSTED EBITDA Org. Growth Q3 RESULTS 15.2% 14.7% 9M RESULTS 357 375 9M 2024 9M 2025 14.9% 15.2% 2,8502,680 Org. Growth REVENUES ADJ. EBITDA @ Std metal @ Std metal North America and EMEA driving growth
Page 6
6 POSITIVE GROWTH AND MARGIN EXPANSION 211 212 Q3 2024 Q3 2025 1,836 1,851 Q3 2024 Q3 2025 Euro Millions INDUSTRIAL & CONSTRUCTION REVENUES ADJUSTED EBITDA Org. Growth Q3 RESULTS 14.5% 14.5% 9M RESULTS 435 593 9M 2024 9M 2025 12.4% 13.4% 5,6524,336 Org. Growth REVENUES ADJ. EBITDA Excellent performance in North America (10% YOY in Q3), partly offset by other geographies @ Std metal @ Std metal
Page 7
7 OVERALL STABLE RESULTS IN Q3 72 70 Q3 2024 Q3 2025 768 730 Q3 2024 Q3 2025 Euro Millions SPECIALTIES REVENUES ADJUSTED EBITDA Org. Growth Q3 RESULTS 11.1% 11.2% 9M RESULTS 251 218 9M 2024 9M 2025 12.6% 11.4% 2,2812,320 Org. Growth REVENUES ADJ. EBITDA Automotive and Elevators negatively impacting growth @ Std metal @ Std metal
Page 8
8 EXCELLENT PERFORMANCE DIGITAL SOLUTIONS 45 88 Q3 2024 Q3 2025 329 466 Q3 2024 Q3 2025 Euro Millions REVENUES ADJUSTED EBITDA Org. Growth Q3 RESULTS 14.3% 19.6% 9M RESULTS 121 193 9M 2024 9M 2025 12.9% 16.9% 1,192985 Org. Growth REVENUES ADJ. EBITDA Sound contribution from Channell (consolidated from June) @ Std metal @ Std metal
Page 9
9 9M 2025 ESG HIGHLIGHTS -39% reduction of Scope 1&2 GHG Emissions LTM vs 37% in FY 2024 Climate ambition Social ambition Circular economy 44.4% revenues linked to sustainable solutions vs 43.1% in FY 2024 20.7% recycled content on PE jacket and copper vs 16.2% in FY 2024 20.5% Executive women vs 19.2% in FY 2024 44.2% of desk workers women hired vs 47.5% in FY 2024 Data refers to Prysmian perimeter only (excluding Channell)
Page 10
FINANCIAL RESULTS 9M 2025 INTEGRATED RESULTS Pier Francesco Facchini Prysmian CFO
Page 11
PROFIT & LOSS STATEMENT 11Euro Millions ADJ. EBITDA BRIDGE (7) 9M 2025 9M 2024 REVENUES 14,684 12,362 YoY organic growth 5.7% (1.4%) Adj.EBITDA 1,776 1,409 % on revenues at current metal prices 12.1% 11.4% % on revenues at standard metal prices 14.1% 13.0% Adj.EBIT 1,344 1,086 % on revenues 9.2% 8.8% Adjustments 323 (140) Non monetary items (113) (56) EBIT 1,554 890 % on revenues 10.6% 7.2% Financial charges (216) (133) EBT 1,338 757 Taxes (297) (167) % on EBT 22.2% 22.1% NET INCOME 1,039 590 Minorities 17 15 GROUP NET INCOME 1,022 575 Q1 Q2 Q3 9M ADJ. EBITDA 2024 412 457 540 1,409 62 37 60 159 1 11 6 18 42 81 (5) 118 59 98 1 158 8 20 46 74 2 (1) (3) (2) ADJ. EBITDA 2025 527 605 644 1,776 of which Forex effect 4 (22) (27) (45) Digital Solutions (ex-YOFC) YOFC Transmission Power Grid Electrification of which I&C
Page 12
12 SOLID CASH GENERATION 5,042 4,318 928 210 1,880 26 779 226 10 239 970 566 294 30-Sep-24 Acquisition Share Buy- Back Cash flow operations (before WC changes) WC changes Net Operative Capex Financial Charges Dividend received Dividend paid Hybrid Bond Net cash flow from YOFC disposal IFRS 16, FX, Other 30-Sep-25 +859 €M Free Cash Flow net debt net debt ( ) ( ) ( ) ( ) Euro Millions
Page 13
2025 OUTLOOK & CLOSING REMARKS 9M 2025 INTEGRATED RESULTS
Page 14
14 UPGRADING OUTLOOK 2025 2,400 Mid-point 2,375 2,425 1,025 1,125 1,075 Mid-point -38% / -40% GHG EMISSIONS Scope 1&2 2025 vs. 2019 ADJ. EBITDA 2025 TARGET (€M) FCF 2025 TARGET (€M) FY OLD PRYSMIAN CHANNELL FOREX 2,300±50 2024 actual FEBRUARY 2025 Initial guidance ~ 2,340±40 JULY 1st guidance upgrade 2,400±25 1,927 TODAY 2nd guidance upgrade 2025 ADJ. EBITDA GUIDANCE EVOLUTION
Page 15
15 Q3 SUMMARY Excellent performance, with further margin expansion at 14.8% Sound execution and order intake in Transmission Channell acquisition driving margins expansion North America and Transmission driving outlook upgrade
Page 16
Appendix 16
Page 17
17 ON TRACK FOR 2028 TARGETS 2028 targets Profitability enhancement Strong cash flow generation Superior shareholder return Solutions provider Adj. EBITDA (€bn) Free Cash Flow (€bn) 2024 - 2028E EPS CAGR Solutions (as % of Revenue)
Page 18
18 9M FINANCIAL HIGHLIGHTS 9M 2024 €M organic growth €M €M Adj.EBITDA Margin €M Adj.EBITDA Margin TRANSMISSION 2,363 38.3% 1,687 401 17.0% 242 14.4% POWER GRID 2,850 6.0% 2,680 375 13.2% 357 13.3% INDUSTRIAL & CONSTRUCTION 5,652 -0.9% 4,336 593 10.5% 435 10.0% SPECIALTIES 2,281 -1.6% 2,320 218 9.6% 251 10.8% OTHER 346 0.0% 354 (4) -1.2% 3 0.9% ELECTRIFICATION 8,279 -1.1% 7,010 807 9.7% 689 9.8% DIGITAL SOLUTIONS 1,192 6.6% 985 193 16.2% 121 12.3% TOTAL GROUP 14,684 5.7% 12,362 1,776 12.1% 1,409 11.4% Revenues 9M 2025 9M 2025 9M 2024 Adj.EBITDA
Page 19
19 Q3 FINANCIAL HIGHLIGHTS Q3 2024 €M organic growth €M €M Adj.EBITDA Margin €M Adj.EBITDA Margin TRANSMISSION 877 39.0% 603 152 17.3% 92 15.3% POWER GRID 985 14.8% 878 125 12.7% 119 13.6% INDUSTRIAL & CONSTRUCTION 1,851 2.0% 1,836 212 11.5% 211 11.5% SPECIALTIES 730 -3.0% 768 70 9.6% 72 9.4% OTHER 121 0.0% 129 (3) -2.5% 1 0.8% ELECTRIFICATION 2,702 0.3% 2,733 279 10.3% 284 10.4% DIGITAL SOLUTIONS 466 13.3% 329 88 18.9% 45 13.7% TOTAL GROUP 5,030 9.2% 4,543 644 12.8% 540 11.9% Revenues Adj.EBITDA Q3 2025 Q3 2025 Q3 2024
Page 20
20 REVENUES AT STANDARD METAL PRICES Standard copper price of €5,500/ton. Standard aluminum price of €1,500/ton. Standard lead price of €2,000/ton. Revenues €M Adj. Ebitda €M Adj. Ebitda margin Revenues €M Adj. Ebitda €M Adj. Ebitda margin TRANSMISSION 2,363 401 17.0% 2,319 401 17.3% POWER GRID 2,850 375 13.2% 2,475 375 15.2% ELECTRIFICATION 8,279 807 9.7% 6,618 807 12.2% I&C 5,652 593 10.5% 4,430 593 13.4% Specialties 2,281 218 9.6% 1,917 218 11.4% DIGITAL SOLUTIONS 1,192 193 16.2% 1,141 193 16.9% TOTAL GROUP 14,684 1,776 12.1% 12,553 1,776 14.1% TRANSMISSION 1,687 242 14.4% 1,674 242 14.5% POWER GRID 2,680 357 13.3% 2,396 357 14.9% ELECTRIFICATION 7,010 689 9.8% 5,830 689 11.8% I&C 4,336 435 10.0% 3,505 435 12.4% Specialties 2,320 251 10.8% 1,999 251 12.6% DIGITAL SOLUTIONS 985 121 12.3% 941 121 12.9% TOTAL GROUP 12,362 1,409 11.4% 10,842 1,409 13.0% 9M 2024 Revenues current Revenues Standard 9M 2025
Page 21
SOLID FINANCIAL STRUCTURE 21 Average debt maturity of 3.9 years (including Revolving Credit Facility) Fixed ~80% Variable ~20% 2027 2028 2029 2030 2031 2032 2033 1,466 850 650 198 Fixed/Variable rate composition CURRENT FINANCIAL DEBT MATURITY PROFILE (8) Bank Bond Sust. linked RCF (undrawn) 1,200 €M SUST. LINKED TL 2022 EUROBOND 3.625% EUROBOND 3.875% 1,000 Not including 1,000M€ Hybrid Bond issued on 21st May 2025 145
Page 22
22 HYBRID BOND – ACCOUNTING TREATMENT * Gross amounts, not including issuance fees (11M Eur) Key terms Issuance Details: • Type: subordinated • Maturity : perpetual • Non-call period: 5.25 years (callable since 21 Aug 2030) • Reoffer price: 99.466% Coupon & Yield • Fixed coupon: 5.25% p.a (53m p.a) • Annual yield till the first reset date: 5.375% Balance Sheet Cash Flow Account Debit Credit Cash* 1,000 Equity 1,000 Account Debit Credit Cash* 1,000 Equity 500 NFD 500 No financial debt component (100% treated as equity) 50% financial debt and 50% equity Interests paid treated as dividend; no impact on Free Cash Flow 50% of coupon paid included in Funds From Operation (FFO) EPS Profit & Loss No impact on interest expenses; 100% tax deductible Earnings are adjusted to include interests (net of tax) 50% of coupon included in interest expenses Not applicable
Page 23
9M 2025 9M 2024 REVENUES 14,684 12,362 YoY total growth 18.8% 4.5% YoY organic growth 5.7% (1.4%) Adj.EBITDA 1,776 1,409 % on revenues at current metal prices 12.1% 11.4% % on revenues at standard metal prices 14.1% 13.0% of which share of net income 17 15 Adjustments 323 (140) EBITDA 2,099 1,269 % on revenues 14.3% 10.3% Adj.EBIT 1,344 1,086 % on revenues 9.2% 8.8% Adjustments 323 (140) Non monetary items (113) (56) EBIT 1,554 890 % on revenues 10.6% 7.2% Financial charges (216) (133) EBT 1,338 757 Taxes (297) (167) % on EBT 22.2% 22.1% Profit/(loss) from discontinued operations (2) - NET INCOME 1,039 590 Minorities 17 15 GROUP NET INCOME 1,022 575 % on revenues 7.0% 4.7% 23 PROFIT & LOSS STATEMENT Adjustments and non monetary items on EBIT Financial Charges Euro Millions 9M 2025 9M 2024 Non-recurring Items (16) (7) Restructuring (16) (59) Other Non-operating Income / (Expenses) 355 (74) EBITDA adjustments 323 (140) Non monetary items (113) (56) Gain/(loss) on derivatives on commodities (44) (8) Assets impairment (8) - Share-based compensation (61) (48) EBIT adjustments 210 (196) 9M 2025 9M 2024 Net interest expenses (166) (85) of which non-cash conv.bond interest exp. - (5) Financial costs IFRS 16 (13) (10) Bank fees amortization (8) (5) Gain/(loss) on exchange rates and derivatives (31) (36) Non recurring and other effects 2 3 Net financial charges (216) (133) (7) (7)
Page 24
24 STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) Euro Millions (7) 30-Sep-25 30-Sep-24 31-Dec-24 Net fixed assets 10,348 9,410 10,097 of which: goodwill 4,012 3,274 3,499 Net working capital 1,586 1,887 890 of which: derivatives assets/(liabilities) 43 121 81 of which: Operative Net working capital 1,543 1,766 809 Provisions & deferred taxes (1,060) (1,056) (1,084) Net Capital Employed 10,874 10,241 9,903 Employee provisions 292 314 310 Shareholders' equity 6,264 4,885 5,297 of which: attributable to minority interest 197 194 210 Net financial debt 4,318 5,042 4,296 Total Financing and Equity 10,874 10,241 9,903
Page 25
25 CASH FLOW STATEMENT Euro Millions (7) 30-Sep-25 30-Sep-24 12 Months (from 1/10/2024 to 30/9/2025) Adj.EBITDA 1,776 1,409 2,294 Adjustments 323 (140) 290 EBITDA 2,099 1,269 2,584 Net Change in provisions & others (52) (30) (22) Net gains realized on disposal of equity accounted companies (392) - (392) Share of net profit/(loss) of equity-accounted companies (17) (31) (27) Cash flow from operations (before WC changes) 1,638 1,208 2,143 Working Capital changes (1,077) (586) (26) Dividends received 10 16 10 Paid Income Taxes (202) (195) (268) Cash flow from operations 369 443 1,859 Acquisitions/Disposals (891) (4,089) (928) Net cash flow used in operating investing activities (440) (445) (779) Net cash flow from equity-accounted companies 566 (1) 566 Free Cash Flow (unlevered) (396) (4,092) 718 Financial charges (159) (75) (226) Free Cash Flow (levered) (555) (4,167) 492 FCF (levered) excl. Acquisitions & Disposals and antitrust impact (226) (73) 859 Dividends (237) (200) (239) Issuing of Hybrid Bond 989 - 989 Share buy-back (49) (166) (210) Hybrid Bond - Interest Payments (13) - (13) Net Cash Flow 135 (4,533) 1,019 Net Financial Debt beginning of the period (4,296) (1,188) (5,042) Net cash flow 135 (4,533) 1,019 Equity component of Convertible Bond 2021 - 733 - NFD increase due to IFRS16 (136) (54) (197) Interests accrued of Hybrid Bond 2025 (6) - (6) NFD from acquisitions and disposals (12) - (12) Other variations (3) - (80) Net Financial Debt end of the period (4,318) (5,042) (4,318)
Page 26
1,687 2,363 645 49 18 9M 2024 Organic Growth Metal Effect Exchange Rate 9M 2025 Org.growth +38.3 % 985 1,192 65 8 33 167 9M 2024 Organic Growth Metal Effect Exchange Rate Perimeter 9M 2025 Org.growth + 6.6% TRANSMISSION POWER GRID SPECIALTIES DIGITAL SOLUTIONS 2,680 2,850 160 83 73 9M 2024 Organic Growth Metal Effect Exchange Rate 9M 2025 Org.growth +6.0% Bridge consolidation revenues 26Euro Millions ( ) 13,614 14,684 783 457 337 167 9M 2024 Organic Growth Metal Effect Exchange Rate & other Perimeter 9M 2025 Org.growth +5.7% INDUSTRIAL & CONSTRUCTION* TOTAL PRYSMIAN* 5,588 5,652 50 243 129 9M 2024 Organic Growth Metal Effect Exchange Rate 9M 2025 Org.growth - 0.9% ( ) ( ) *9M 2024 including Encore Wire. For further info please refer to note 3 at slide 28 ( ) ( ) ( ) 2,320 2,281 37 71 73 9M 2024 Organic Growth Metal Effect Exchange Rate & other 9M 2025 Org.growth - 1.6 % ( ) ( )
Page 27
20 40 60 80 100 4.4 86 1 2 3 4 5 66 200 150 100 50 CCC B BB BBB A AA AAA 6.4 AA 2 4 6 8 10 58 20 40 60 80 100 20 40 60 80 100 17.2 77 10 20 30 40 A- D- D C- C B- B A- A SUSTAINABILITY DEVELOPMENT GOALS We are included in 27
Page 28
28 Notes 1) Adjusted EBITDA margin at the standard metal prices calculation takes into account set standard prices for copper (€5,500 per ton), aluminum (€1,500 per ton) and lead (€2,000 per ton) over a period of years to remove the volatility from market fluctuations in metal prices. 2) Revenues are reported at current metal prices 3) Organic growth is 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 sales in the corresponding 2024 period on a pro - forma base. 4) FCF excluding Acquisitions & Disposals and Antitrust impact; 5) Adjusted EBITDA: EBITDA excluding restructuring, non - operating income/expenses and non - recurring income / expenses 6) Slide 1 2 : Cash flow operations (before WC changes) of 1,880 €M including tax paid for 268 €M 7) The September 2024 figures have been restated due to definition of the purchase price allocation for Encore Wire. 8) Slide 21: Current financial debt maturity profile (excluding debt held by affiliates and debt coming from IFRS 16 - 180 €M and 346 €M respectively - at 30.09.2025): • 2029: EIB 2022 (135 €M); CDP 2023 (120 €M); MB (150 €M); UCG (150 €M). Encore Wire TL (911 €M); • 2032: EIB 2024 1 st Tranche (198 €M) • 2033: EIB 2024 2 nd Tranche (145 €M) 9) Slide 26: The Prysmian Total includes “other Electrification”, not explicitly illustrated, because it is not material, and consider I & C on reporting Bases as per sales. Furthermore, Industrial & Construction figures are here presented as combined basis, as if Encore Wire had been consolidated since 1st January 2024
Page 29
29 Disclaimer ▪ The managers responsible for preparing the company's financial reports, A.Brunetti and S.Invernici , declare, pursuant to paragraph 2 of Article 154 - bis of the Consolidated Financial Act, that the accounting information contained in this presentation corresponds to the results documented in the books, accounting and other records of the company. ▪ Certain information included in this document is forward looking and is subject to important risks and uncertainties that could cause actual results to differ materially. The Company's businesses include its Transmission, Power Grid, Electrification and Digital Solutions Operating Segments, and its outlook is predominantly based on its interpretation of what it considers to be the key economic factors affecting these businesses. ▪ Any estimates or forward - looking statements contained in this document are referred to the current date and, therefore, any of the assumptions underlying this document or any of the circumstances or data mentioned in this document may change. Prysmian S.p.A. expressly disclaims and does not assume any liability in connection with any inaccuracies in any of these estimates or forward - looking statements or in connection with any use by any third party of such estimates or forward - looking statements. This document does not represent investment advice or a recommendation for the purchase or sale of financial products and/or of any kind of financial services. Finally, this document does not represent an investment solicitation in Italy, pursuant to Section 1, letter (t) of Legislative Decree no. 58 of February 24, 1998, or in any other country or state. ▪ In addition to the standard financial reporting formats and indicators required under IFRS, this document contains a number of reclassified tables and alternative performance indicators. The purpose is to help users better evaluate the Group's economic and financial performance. However, these tables and indicators should not be treated as a substitute for the standard ones required by IFRS.
Page 30
THANK YOU The planet’s pathways