Slides
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26.2.2026 PRYSMIAN FY 2025 INTEGRATED RESULTS
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HIGHLIGHTS & GROUP OVERVIEW FY 2025 INTEGRATED RESULTS
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3 2025 KEY HIGHLIGHTS S olid Margin Expansion Strong Net Income Excellent Cash Generation 2,398 €M Adj. EBITDA 14.2% Adj. EBITDA % @std metal 1,171 €M FCF 5.8% FCF yield 3.31 € EPS6 1,270 €M Group Net Income HIGHEST EVER EBITDA, NET INCOME & CASH GENERATION +18% vs. 2024
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4 Through organic and inorganic moves ACCELERATING GROWTH 976 1,488 1,628 1,927 2,398 2,700 3,050 2021 2022 2023 2024 2025 2026 guidance 2028 CMD 8 .6% 11 .9% 12 .9% 10 .6% 14 .2% Margin @ Std metal ADJ. EBITDA €M 365 559 724 1,011 1,171 1,350 1,600 2021 2022 2023 2024 2025 2026 guidance 2028 CMD FCF €M
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5 ACCELERATING GROWTH A series of M&As to reshape and strengthen Prysmian’s leadership Growing presence in Digital Solutions Disposing nonstrategic assets Automotive DIGITAL SOLUTIONS REFOCUSING PORTFOLIO Expanding Leadership in Transmission TRANSMISSION Integrating large-scale player with unique service ELECTRIFICATION 2026 2026 2024 20242025 2025/20262025
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6 KEY SUSTAINABILITY HIGHLIGHTS Consistent and continuous growth in all strategic KPIs GHG emissions reduction % of employee shareholders Sustainability-linked revenues % of recycled content 50% of employee shareholders 46% in 2024 43.1% 44.2% 2024 2025 +1.1pp 16.2% 21.3% 2024 2025 +5.1pp vs baseline 2019 2024 2025 54% 59.7% 37% 40.2% Scope 1&2 Scope 3
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7 ACHIEVING 2028 MARGIN AMBITION 3 YEARS EARLIER TRANSMISSION Backlog at over €17 bn (including EGL4). Approx. €2 bn of projects awarded not yet in the backlog REVENUES ADJUSTED EBITDA 119 181 Q4 2024 Q4 2025 794 899 Q4 2024 Q4 2025 +8.4% Org Growth Euro Millions Q4 RESULTS FY RESULTS ADJUSTED EBITDA 14.5% 20.9% 361 582 FY 2024 FY 2025 14.5% 18.3% 3,2622,481 +28.7% Org. Growth REVENUES ADJ. EBITDA @ Std metal @ Std metal
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8 NORTH AMERICA & EMEA DRIVING GROWTH POWER GRID 117 105 Q4 2024 Q4 2025 864 961 Q4 2024 Q4 2025 Euro Millions REVENUES ADJUSTED EBITDA +12.8% Org. Growth Q4 RESULTS 15.4% 12.1% FY RESULTS 474 480 FY 2024 FY 2025 15.0% 14.4% 3,8113,544 +7.6% Org. Growth REVENUES ADJ. EBITDA @ Std metal @ Std metal Q4 margin temporarily impacted by metal premium surge affecting Over Head Transmission Line (OHTL)
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9 POSITIVE GROWTH AND MARGIN EXPANSION 185 202 Q4 2024 Q4 2025 1,815 1,867 Q4 2024 Q4 2025 Euro Millions INDUSTRIAL & CONSTRUCTION REVENUES ADJUSTED EBITDA +0.6% Org. Growth Q4 RESULTS 12.9% 13.5% FY RESULTS 620 795 FY 2024 FY 2025 12.5% 13.4% 7,5196,151 -0.5% Org. Growth REVENUES ADJ. EBITDA Solid growth in North America (5.6% YOY Q4) offset by EMEA @ Std metal @ Std metal
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10 OVERALL STABLE RESULTS IN Q4 59 61 Q4 2024 Q4 2025 732 702 Q4 2024 Q4 2025 Euro Millions SPECIALTIES REVENUES ADJUSTED EBITDA -2.1% Org. Growth Q4 RESULTS 9.6% 10.4% FY RESULTS 310 279 FY 2024 FY 2025 11.9% 11.1% 2,9833,052 -1.7% Org. Growth REVENUES ADJ. EBITDA Automotive, Elevators and O&G negatively impacting growth @ Std metal @ Std metal
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11 EXCELLENT PERFORMANCE DIGITAL SOLUTIONS 40 75 Q4 2024 Q4 2025 321 426 Q4 2024 Q4 2025 Euro Millions REVENUES ADJUSTED EBITDA +8.4% Org. Growth Q4 RESULTS 13.2% 18.3% FY RESULTS 161 268 FY 2024 FY 2025 12.9% 17.3% 1,6181,306 +7.0% Org. Growth REVENUES ADJ. EBITDA Strong contribution from Channell (consolidated from June 2025) @ Std metal @ Std metal
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FINANCIAL RESULTS FY 2025 INTEGRATED RESULTS Pier Francesco Facchini Prysmian CFO
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13 ADJ. EBITDA EVOLUTION [€M] PROFIT & LOSS STATEMENT ADJ. EBITDA 2024 1,927 227 24 176 205 127 (8) Forex (75) ADJ. EBITDA 2025 2,398 Digital Solutions (ex-YOFC) YOFC Transmission Power Grid Electrification of which I&C Euro Millions 2025 2024 REVENUES 19,650 17,026 YoY organic growth 5.4% 0.5% Adj.EBITDA 2,398 1,927 % on revenues at current metal prices 12.2% 11.3% % on revenues at standard metal prices 14.2% 12.9% Adj.EBIT 1,760 1,462 % on revenues 9.0% 8.6% Adjustments 290 (173) Non monetary items (122) (83) EBIT 1,928 1,206 % on revenues 9.8% 7.1% Financial charges (274) (225) EBT 1,654 981 Taxes (358) (233) % on EBT 21.6% 23.8% Profit/(loss) from discontinued operations (2) - NET INCOME 1,294 748 Minorities 24 19 GROUP NET INCOME 1,270 729
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14 EXCELLENT CASH GENERATION 4,296 3,097 1,069 47 1,963 195 765 233 11 239 956 675 248 31-Dec-24 Acquisition Share Buyback & other equity movements Cash flow operations (before WC changes) WC changes Net Operative Capex Financial Charges Dividend received Dividend paid Hybrid Bond Net cash flow from YOFC & other assets disposal IFRS 16, FX, Other 31-Dec-25 +1,171 €M Free Cash Flow net debt net debt ( ) ( ) ( ) ( ) Euro Millions ( )
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2026 OUTLOOK & CLOSING REMARKS FY 2025 INTEGRATED RESULTS
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16 FY OLD PRYSMIAN CHANNELL FOREX FY NEW 2026 CMD 2,398 2025 Organic Growth 2026 guidance ADJ. EBITDA EVOLUTION Sustainability - linked revenues ADJ. EBITDA 47% - 49% 2,700 ForexPerimeter effect FCF OUTLOOK 2026 All business segments supporting 2026 growth. FX headwind 2,700 Mid-point 2,625 2, 775 1,350 Mid-point 1,300 1,400 as a % of total group sales The 2026 guidance does not take into account any potential impact from US tariffs 2026 CMD target $1.07$1.17$1.13
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17 CLOSING REMARKS 1. Excellent performance across all businesses, especially Transmission 2. Channell integration progressing smoothly 3. Outstanding cash generation at almost €1.2 billion 4. Consistent return to shareholders 0.60 0.70 0.80 0.90 2023 2024 2025 2026 Dividend proposal to the next AGM: 0.90 €/share 1 2 3 4 INCREASING CASH RETURN TO SHAREHOLDERS +13%
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Appendix 18
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19 ON TRACK FOR 2028 TARGETS 2.95-3.15 Profitability enhancement Strong cash flow generation Superior shareholder return Sustainability-linked revenues Adj. EBITDA (€bn) 1.5-1.7 Free Cash Flow (€bn) 15-19% 2024 - 2028E EPS CAGR 55% as a % of total group sales
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20 FY FINANCIAL HIGHLIGHTS 2024 €M organic growth €M €M Adj.EBITDA Margin €M Adj.EBITDA Margin TRANSMISSION 3,262 28.7% 2,481 582 17.8% 361 14.6% POWER GRID 3,811 7.6% 3,544 480 12.6% 474 13.4% INDUSTRIAL & CONSTRUCTION 7,519 -0.5% 6,151 795 10.6% 620 10.1% SPECIALTIES 2,983 -1.7% 3,052 279 9.4% 310 10.2% OTHER 457 0.0% 492 (6) -1.4% 1 0.1% ELECTRIFICATION 10,959 -0.8% 9,695 1,068 9.7% 931 9.6% DIGITAL SOLUTIONS 1,618 7.0% 1,306 268 16.6% 161 12.4% TOTAL GROUP 19,650 5.4% 17,026 2,398 12.2% 1,927 11.3% Revenues 2025 2025 2024 Adj.EBITDA
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21 Q4 FINANCIAL HIGHLIGHTS Q4 2024 €M organic growth €M €M Adj.EBITDA Margin €M Adj.EBITDA Margin TRANSMISSION 899 8.4% 794 181 20.2% 119 15.0% POWER GRID 961 12.8% 864 105 10.9% 117 13.5% INDUSTRIAL & CONSTRUCTION 1,867 0.6% 1,815 202 10.8% 185 10.2% SPECIALTIES 702 -2.1% 732 61 8.7% 59 8.1% OTHER 111 0.0% 138 (2) -1.7% (2) -2.0% ELECTRIFICATION 2,680 -0.1% 2,685 261 9.7% 242 9.0% DIGITAL SOLUTIONS 426 8.4% 321 75 17.6% 40 12.5% TOTAL GROUP 4,966 4.3% 4,664 622 12.5% 518 11.1% Revenues Adj.EBITDA Q4 2025 Q4 2025 Q4 2024
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22 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 3,262 582 17.8% 3,188 582 18.3% POWER GRID 3,811 480 12.6% 3,343 480 14.4% ELECTRIFICATION 10,959 1,068 9.7% 8,760 1,068 12.2% I&C 7,519 795 10.6% 5,918 795 13.4% Specialties 2,983 279 9.4% 2,506 279 11.1% DIGITAL SOLUTIONS 1,618 268 16.6% 1,552 268 17.3% TOTAL GROUP 19,650 2,398 12.2% 16,843 2,398 14.2% TRANSMISSION 2,481 361 14.6% 2,495 361 14.5% POWER GRID 3,544 474 13.4% 3,154 474 15.0% ELECTRIFICATION 9,695 931 9.6% 8,008 931 11.6% I&C 6,151 620 10.1% 4,943 620 12.5% Specialties 3,052 310 10.2% 2,613 310 11.9% DIGITAL SOLUTIONS 1,306 161 12.4% 1,248 161 12.9% TOTAL GROUP 17,026 1,927 11.3% 14,905 1,927 12.9% 2024 Revenues current Revenues Standard 2025
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SOLID FINANCIAL STRUCTURE 23 3.9 years average debt maturity (including Revolving Credit Facility) Fixed ~80% Variable ~20% 2026 2027 2028 2029 2030 2031 2032 2033 1,465 850 650 198 Fixed/Variable rate composition CURRENT FINANCIAL DEBT MATURITY PROFILE (9) Bank Bond RCF (undrawn) 1,200 €M SUST. LINKED TL 2022 EUROBOND 3.625% EUROBOND 3.875% 1,200 Not including 1,000M€ Hybrid Bond issued on 21st May 2025 345
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2025 2024 REVENUES 19,650 17,026 YoY total growth 15.4% 10.9% YoY organic growth 5.4% 0.5% Adj.EBITDA 2,398 1,927 % on revenues at current metal prices 12.2% 11.3% % on revenues at standard metal prices 14.2% 12.9% of which share of net income 19 24 Adjustments 290 (173) EBITDA 2,688 1,754 % on revenues 13.7% 10.3% Adj.EBIT 1,760 1,462 % on revenues 9.0% 8.6% Adjustments 290 (173) Non monetary items (122) (83) EBIT 1,928 1,206 % on revenues 9.8% 7.1% Financial charges (274) (225) EBT 1,654 981 Taxes (358) (233) % on EBT 21.6% 23.8% Profit/(loss) from discontinued operations (2) - NET INCOME 1,294 748 Minorities 24 19 GROUP NET INCOME 1,270 729 % on revenues 6.5% 4.3% 24 PROFIT & LOSS STATEMENT Adjustments and non monetary items on EBIT Financial Charges Euro Millions 2025 2024 Net interest expenses (215) (145) of which non-cash conv.bond interest exp. - (5) Financial costs IFRS 16 (19) (15) Bank fees amortization (10) (16) Gain/(loss) on exchange rates and derivatives (37) (54) Non recurring and other effects 7 5 Net financial charges (274) (225) 2025 2024 Non-recurring Items (16) (11) Restructuring (35) (84) Other Non-operating Income / (Expenses) 341 (78) EBITDA adjustments 290 (173) Non monetary items (122) (83) Gain/(loss) on derivatives on commodities (24) 19 Assets impairment (8) (44) Share-based compensation (90) (58) EBIT adjustments 168 (256)
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25 STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) Euro Millions (8) 31-Dec-25 31-Dec-24 Net fixed assets 10,593 10,099 of which: goodwill 3,647 3,492 Net working capital 545 858 of which: derivatives and tax assets/liabilities 109 56 of which: Operative Net working capital 436 802 Provisions & deferred taxes (1,082) (1,054) Net Capital Employed 10,056 9,903 Employee provisions 279 310 Shareholders' equity 6,680 5,297 of which: attributable to minority interest 206 210 Net financial debt 3,097 4,296 Total Financing and Equity 10,056 9,903
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26 CASH FLOW STATEMENT Euro Millions 31-Dec-25 31-Dec-24 Adj.EBITDA 2,398 1,927 Adjustments 290 (173) EBITDA 2,688 1,754 Net Change in provisions & others (51) - Net gains realized on disposal of fixed assets (390) - Share of net profit/(loss) of equity-accounted companies (19) (41) Cash flow from operations (before WC changes) 2,228 1,713 Working Capital changes 195 465 Dividends received 11 16 Paid Income Taxes (269) (261) Cash flow from operations 2,165 1,933 Acquisitions/Disposals (1,069) (4,126) Net cash flow used in operating investing activities (765) (784) Cash flow from non-ordinary asset disposals 109 - Cash flow from investments 566 (1) Free Cash Flow (unlevered) 1,006 (2,978) Financial charges (233) (142) Free Cash Flow (levered) 773 (3,120) FCF (levered) excl. Acquisitions & Disposals and antitrust impact 1,171 1,011 Dividends (239) (202) Issuance of perpetual Hybrid Bond 989 - Share buyback and other equity movements (47) (327) Interests on perpetual Hybrid Bond (13) - Net Cash Flow 1,463 (3,649) Net Financial Debt beginning of the period (4,296) (1,188) Net cash flow 1,463 (3,649) Equity component of Convertible Bond 2021 - 733 NFD increase due to IFRS16 (255) (115) Interests accrued of Hybrid Bond 2025 (20) - NFD from acquisitions and disposals (12) - Other variations 23 (77) Net Financial Debt end of the period (3,097) (4,296)
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Transmission 16.6% Power Grid 19.4% Digital Solutions 8.2% Industrial & Construction 38.3% Specialties 15.2% Other energy 2.3% Electrification 55.8% €19.7 BN EMEA 48% North America 40% LATAM 7% APAC 5% Transmission 24% Power Grid 20% Industrial & Construction 33% Specialties 12% Digital Solutions 11% 17.8% 12.6% 10.6% 9.4% 16.6% 12.2% Transmission Power Grid Industrial & Construction Specialties Digital Solutions Total Group SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY Adj. EBITDA MARGIN Adj. EBITDA BY BUSINESS €2,398 M PRYSMIAN AT GLANCE 2025 financial results 27 €19.7 BN
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TRANSMISSION 2025 sales breakdown HVDC 14% Offshore specialities 7% Submarine TLC 1% Network component HV 3% Submarine Energy 75% North America 7% LATAM 5% APAC 0% EMEA 88% €3.3 BN €3.3 BN 28 SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY
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HVAC 17% Overhead lines 8% Network component MV 3% Power Distribution 72% SALES BREAKDOWN BY BUSINESS €3.8 BN SALES BREAKDOWN BY GEOGRAPHY POWER GRID 2025 sales breakdown 29 North America 48% LATAM 8% APAC 4% EMEA 40% €3.8 BN
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North America 46% LATAM 9% APAC 6% EMEA 39% SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY ELECTRIFICATION 2025 sales breakdown €11.0 BN 30 Industrial & Construction 69% Other energy 4% OEM & Renewables 14% Automotive 4% Oil & Gas 3% Elevators 2% other 4% Specialties 27% €11.0 BN
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North America 46% LATAM 4% APAC 10% EMEA 40% Telecom Solutions 66% Fiber 4% MMS 30% SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY Digital Solutions 2025 sales breakdown €1.6 BN €1.6 BN 31
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2,481 3,262 712 92 23 FY 2024 Organic Growth Metal Effect Exchange Rate FY 2025 Org.growth +28.7 % 1,306 1,618 92 12 57 265 FY 2024 Organic Growth Metal Effect Exchange Rate Perimeter FY 2025 Org.growth + 7.0% TRANSMISSION POWER GRID SPECIALTIES DIGITAL SOLUTIONS 3,544 3,811 271 116 120 FY 2024 Organic Growth Metal Effect Exchange Rate FY 2025 Org.growth +7.6% Bridge consolidation revenues 32Euro Millions ( ) 18,284 19,650 984 671 554 265 FY 2024 Organic Growth Metal Effect Exchange Rate & other Perimeter FY 2025 Org.growth +5.4% INDUSTRIAL & CONSTRUCTION* TOTAL PRYSMIAN* 7,409 7,519 39 377 228 FY 2024 Organic Growth Metal Effect Exchange Rate FY 2025 Org.growth - 0.5% ( ) ( ) *FY 2024 including Encore Wire. For further info please refer to note 3 at slide 34 ( ) ( ) ( ) 3,052 2,983 52 94 111 FY 2024 Organic Growth Metal Effect Exchange Rate & other FY 2025 Org.growth - 1.7 % ( ) ( )
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20 40 60 80 100 4.4 86 1 2 3 4 5 45 200 150 100 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 33
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34 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 of investments, Antitrust impact and cash flow from non - ordinary asset disposals . 5) Adjusted EBITDA: EBITDA excluding restructuring, non - operating income/expenses and non - recurring income / expenses 6) Slide 3: EPS calculated on a fully diluted basis and adjusted to exclude the amortization of intangible assets related to the Purchase Price Allocation of acquisitions completed to date, as well as the effect of the inventory step up reversal related to the Encore Wire and Channell Purchase Price Allocations. The 2025 adjusted EPS also excludes the impact of gains from the sale of YOFC shares and from the disposal of the Amsterdam site. 7) Slide 14: Cash flow operations (before WC changes) of 1,963 €M, including tax paid for 269 €M . 8) The comparative data as of 31 December 2024 have been restated for PPA W&B and other reclassifications. 9) Slide 23: Current financial debt maturity profile (excluding debt held by subsidiaries and debt coming from IFRS 16 - 150 €M and 393 €M respectively - at 31.12.2025): • 2029: EIB 2022 (135 €M); CDP 2023 (120 €M); MB (150 €M); UCG (150 €M). Encore Wire TL (910 €M); • 2030: Revolving 2023 (1,000 M€); Revolving 2025 (200 €M); • 2032: EIB 2024 1 st Tranche (198 €M) • 2033: EIB 2024 2 nd Tranche (145 €M); EIB 2025 (200€M) 10) Slide 32: The Prysmian Total includes “other Electrification”, not explicitly illustrated, because it is not material, and considers Industrial & Construction (I&C) on a reporting basis as per sales. Furthermore, I&C figures are here presented as combined basis, as if Encore Wire had been consolidated since 1st January 2024. 11) Slide 3: FCF Yield = FCF / average market cap 2025 12) Slide 6: The FY25 Sustainability Highlights exclude the contribution from Channell
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35 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 invitation to invest 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 tables and indicators required by IFRS.
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THANK YOU The planet’s pathways