Slides
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Q2'26 Prysmian's Quarterly Update
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Highlights & Group Overview Massimo Battaini Prysmian CEO
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3 Q2’26 Key Highlights Growth Acceleration & Margin Expansion. Best-yet quarter 730€M Adjusted EBITDA 15.4 % Adjusted EBITDA % 9.4 % Organic growth 45.9 % Sustainability-linked Revenues -42.0 % GHG emissions LTM (Scope 1&2 ) & Hyperscalers Unlocking The Next Wave Of Growth
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4 Outstanding progress, like never before ADJ. EBITDA EVOLUTION €M 605 730693 699 Q2 2025 Q2 2026FY 2018 1H 2022 What took 1 year now takes 1 quarter… ADJ. EBITDA 15.4% @ Std metal 14.5% 10.4% 6.9%
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5 Digital Solutions transforms: long-term data center deals unlock growth Data center sales in Optical Non data center sales in Optical Current revenues Incremental revenues Transformative deals More than doubling capacity in the US Digital Solutions business MMS Optical Connectivity Shifting Optical exposure towards data centers & long - term visibility Long-term visibility, customer commitments and access to the Inside Data centers market over €10 billion 2025 2026 2027 2028 2029 2030 2031 2031 1.1 €bn
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6 Excellent Performance TRANSMISSION Best-in-class margin and solid order intake in Q2. Backlog at €17Bn Euro Millions REVENUES ADJUSTED EBITDA 125 179 Q2 2025 Q2 2026 743 882 Q2 2025 Q2 2026 +14.3% Org Growth Q2 RESULTS ADJUSTED EBITDA 125 152 181 146 179 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 ADJ. EBITDA EVOLUTION ADJ. EBITDA 17.1% 21.2% @ Std metal 20.1% 21.2% @ Std metal 20.9%17.1% 17.8%
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7 Outstanding double-digit growth across all regions POWER GRID Euro Millions +1.40p.p margin enhancement from Q1; Positive trajectory expected to continue REVENUES ADJUSTED EBITDA 134 135 Q2 2025 Q2 2026 991 1,206 Q2 2025 Q2 2026 +13.0% Org Growth Q2 RESULTS ADJUSTED EBITDA 15.6% 13.8% @ Std metal ADJ. EBITDA EVOLUTION 134 125 105 107 135 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 12.4% 13.8% ADJ. EBITDA @ Std metal 12.1%15.6% 14.7%
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8 Growth acceleration and solid profitability Euro Millions INDUSTRIAL & CONSTRUCTION Strong data center driving organic growth (+13.4% in Q2 in North America) and margin expansion REVENUES ADJUSTED EBITDA 208 228 Q2 2025 Q2 2026 1,878 2,396 Q2 2025 Q2 2026 +9.1% Org Growth Q2 RESULTS ADJUSTED EBITDA 14.1% 13.6% @ Std metal ADJ. EBITDA EVOLUTION 208 212 202 196 228 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 13.0% 13.6% ADJ. EBITDA @ Std metal 13.5%14.1% 14.5%
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9 Resilient profitability despite market conditions Euro Millions SPECIALTIES REVENUES ADJUSTED EBITDA 74 67 Q2 2025 Q2 2026 774 813 Q2 2025 Q2 2026 -2.4% Org Growth Q2 RESULTS ADJUSTED EBITDA 11.4% 10.8% @ Std metal ADJ. EBITDA EVOLUTION 74 70 61 64 67 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 11.1% 10.8% ADJ. EBITDA @ Std metal 10.4%11.4% 11.2%
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10 Excellent Performance, Margin Improvement & Growth acceleration DIGITAL SOLUTIONS Euro Millions Optical business and Channell unlock outstanding growth and margins. Major strides underway as Digital Solutions transforms REVENUES ADJUSTED EBITDA 63 122 Q2 2025 Q2 2026 387 540 Q2 2025 Q2 2026 +18.0% Org Growth Q2 RESULTS ADJUSTED EBITDA 16.8% 23.8% @ Std metal 63 88 75 88 122 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 20.6% 23.8% ADJ. EBITDA @ Std metal 18.3%16.8% 19.6% ADJ. EBITDA EVOLUTION
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11 1H 2026 Innovation Highlights Hollow Core Fiber to make AI Data Centers more sustainable New burial tool for submarine cables 25.0% Recycled content 45.9% Sustainability- linked revenues 32.1% vs 28.3%,FY25 vs 21.8%,FY25 New product and solutions vitality 2 years in advance Beating 2028 target vs 43.7%,FY25
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Financial Results Pier Francesco Facchini Prysmian CFO
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13 Profit & Loss Statement Euro Millions ADJ. EBITDA BREAKDOWN [€M] 1H 2026 1H 2025 REVENUES 11,239 9,654 YoY organic growth 7.2% Adj.EBITDA 1,331 1,132 % on revenues at current metal prices 11.8% 11.7% % on revenues at standard metal prices 14.8% 13.8% Adjustments (55) 2 Non monetary items (14) (104) EBIT 906 741 % on revenues 8.1% 7.7% Financial charges (117) (145) EBT 789 596 Taxes (205) (161) % on EBT 26.0% 27.0% NET PROFIT 584 435 Minorities 15 11 GROUP NET PROFIT 569 424 Q1 Q2 1H ADJ. EBITDA 2025 527 605 1,132 23 54 77 (2) 2 - 36 16 52 42 23 65 57 65 122 (4) (4) (8) (36) (8) (44) ADJ. EBITDA 2026 601 730 1,331 Forex Digital Solutions (ex-YOFC) YOFC Transmission Power Grid Electrification of which I&C (7)
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14 Solid Cash Generation LTM 4,694 4,079 328 2,099 210 703 216 8 268 52 580 295 30-Jun-25 Acquisition 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 30-Jun-26 +€978 M Free Cash Flow net debt net debt ( ) ( ) ( ) Euro Millions
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2026 Outlook & Closing Remarks Prysmian CEO Massimo Battaini
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16 Accelerating Growth: Upgrading 2026 Outlook PREVIOUS OUTLOOK 47% - 49% 2,700 Mid-point 2,625 2,775 1,350 Mid-point 1,300 1,400 as a % of total group revenues Sustainability - linked revenues ADJ. EBITDA (€M) 47% - 49% FCF (€M) 2,850 Mid-point 2,800 2,900 1,700 Mid-point as a % of total group revenues 1,750 1,650
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17 Closing Remarks Best - yet quarterly performance underlines success of Accelerating Growth strategy Prysmian cements its leadership as a one - stop shop for data centers Acceleration beyond 2028 targets New CMD in 1H27 Investing for growth Increasing 2026 capex to unlock growth & value creation
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18 Appendix
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19 Q2 Financial Highlights Q2 2025 €M organic growth €M €M Adj.EBITDA Margin €M Adj.EBITDA Margin TRANSMISSION 882 14.3% 743 179 20.3% 125 16.9% POWER GRID 1,206 13.0% 991 135 11.2% 134 13.6% INDUSTRIAL & CONSTRUCTION 2,396 9.1% 1,878 228 9.5% 208 11.1% SPECIALTIES 813 -2.4% 774 67 8.2% 74 9.6% OTHER 184 0.0% 110 (1) -0.5% 1 0.9% ELECTRIFICATION 3,393 5.5% 2,762 294 8.7% 283 10.3% DIGITAL SOLUTIONS 540 18.0% 387 122 22.6% 63 16.1% TOTAL GROUP 6,021 9.4% 4,883 730 12.1% 605 12.4% Revenues Adj.EBITDA Q2 2026 Q2 2026 Q2 2025
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20 1H Financial Highlights 1H 2025 €M organic growth €M €M Adj.EBITDA Margin €M Adj.EBITDA Margin TRANSMISSION 1,636 7.3% 1,486 325 19.9% 249 16.8% POWER GRID 2,218 14.5% 1,865 242 10.9% 250 13.4% INDUSTRIAL & CONSTRUCTION 4,556 7.4% 3,801 424 9.3% 381 10.0% SPECIALTIES 1,509 -4.3% 1,551 131 8.7% 148 9.6% OTHER 329 0.0% 225 (1) -0.3% (1) -0.6% ELECTRIFICATION 6,394 3.9% 5,577 554 8.7% 528 9.5% DIGITAL SOLUTIONS 991 13.8% 726 210 21.2% 105 14.4% TOTAL GROUP 11,239 7.2% 9,654 1,331 11.8% 1,132 11.7% Revenues 1H 2026 1H 2026 1H 2025 Adj.EBITDA
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21 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 1,636 325 19.9% 1,573 325 20.7% POWER GRID 2,218 242 10.9% 1,851 242 13.1% ELECTRIFICATION 6,394 554 8.7% 4,621 554 12.0% I&C 4,556 424 9.3% 3,210 424 13.2% Specialties 1,509 131 8.7% 1,184 131 11.1% DIGITAL SOLUTIONS 991 210 21.2% 941 210 22.3% TOTAL GROUP 11,239 1,331 11.8% 8,986 1,331 14.8% TRANSMISSION 1,486 249 16.8% 1,467 249 17.0% POWER GRID 1,865 250 13.4% 1,621 250 15.4% ELECTRIFICATION 5,577 528 9.5% 4,436 528 11.9% I&C 3,801 381 10.0% 2,965 381 12.9% Specialties 1,551 148 9.6% 1,301 148 11.4% DIGITAL SOLUTIONS 726 105 14.4% 691 105 15.1% TOTAL GROUP 9,654 1,132 11.7% 8,215 1,132 13.8% 1H 2025 Revenues current Revenues Standard 1H 2026
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1H 2026 Sustainability Highlights 22 42.0% reduction of Scope 1&2 GHG Emissions LTM vs 40.2% in FY 2025 ClimateSocial Innovation 45.9% Sustainability-linked revenues vs 43.7% in FY 2025 25.0% Recycled content in addressable materials vs 21.8% in FY 2025 21.1% Executive women vs 22.6% in FY 2025 41.4% of desk workers women hired vs 48.4% in FY 2025 32.1% New Product & Solutions vitality vs 28.3% in FY 2025
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23 Solid Financial Structure 3.4 Years Average Debt Maturity (Including Revolving Credit Facility) CURRENT FINANCIAL DEBT MATURITY PROFILE (8) Bank Bond RCF (undrawn) €M Fixed ~74% Variable ~26% Fixed/Variable rate composition 2026 2027 2028 2029 2030 2031 2032 2033 2034 100 1,494 850 725 198 1,200 EUROBOND 3.625% 1,200 345 EUROBOND 3.875% Not including 1,000M€ Hybrid Bond issued on 21st May 2025
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1H 2026 1H 2025 REVENUES 11,239 9,654 YoY total growth 16.4% YoY organic growth 7.2% Adj.EBITDA 1,331 1,132 % on revenues at current metal prices 11.8% 11.7% % on revenues at standard metal prices 14.8% 13.8% of which share of net income 3 13 Adjustments (55) 2 EBITDA 1,276 1,134 % on revenues 11.4% 11.7% Adj.EBIT 975 843 % on revenues 8.7% 8.7% Adjustments (55) 2 Non monetary items (14) (104) EBIT 906 741 % on revenues 8.1% 7.7% Financial charges (117) (145) EBT 789 596 Taxes (205) (161) % on EBT 26.0% 27.0% NET PROFIT 584 435 Minorities 15 11 GROUP NET PROFIT 569 424 % on revenues 5.1% 4.4% 24 Profit & Loss Statement Adjustments and non monetary items on EBIT Financial Charges Euro Millions 1H 2026 1H 2025 Net interest expenses (101) (110) Financial costs IFRS 16 (10) (8) Bank fees amortization (3) (6) Gain/(loss) on exchange rates and derivatives (13) (22) Non recurring and other effects 10 1 Net financial charges (117) (145) 1H 2026 1H 2025 Non-recurring Items (11) (2) Restructuring (40) (8) Other Non-operating Income / (Expenses) (4) 12 EBITDA adjustments (55) 2 Non monetary items (14) (104) Gain/(loss) on derivatives on commodities 32 (56) Assets impairment (12) (8) Share-based compensation (34) (40) EBIT adjustments (69) (102) (7)
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25 Statement Of Financial Position (Balance Sheet) Euro Millions (7) (7) 30-Jun-26 30-Jun-25 31-Dec-25 Net fixed assets 11,017 10,560 10,591 of which: goodwill 3,864 4,018 3,645 Net working capital 1,774 1,110 545 of which: derivatives and tax assets/liabilities 163 (62) 109 of which: Operative Net working capital 1,611 1,172 436 Provisions & deferred taxes (1,128) (1,071) (1,080) Net Capital Employed 11,663 10,599 10,056 Employee provisions 271 296 279 Shareholders' equity 7,313 5,609 6,680 of which: attributable to minority interest 220 190 206 Net financial debt 4,079 4,694 3,097 Total Financing and Equity 11,663 10,599 10,056
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26 Cash Flow Statement Euro Millions (7) 30-Jun-26 30-Jun-25 12 Months (from 7/1/2025 to 6/30/2026) Adj.EBITDA 1,331 1,132 2,597 Adjustments (55) 2 233 EBITDA 1,276 1,134 2,830 Net Change in provisions & others 15 (16) (20) Net gains realized on disposal of fixed assets & equity investments - (29) (361) Other not operating non monetary income (25) - (25) Share of net profit/(loss) of equity-accounted companies (3) (13) (9) Cash flow from operations (before WC changes) 1,263 1,076 2,415 Working Capital changes (1,066) (661) (210) Dividends received 3 6 8 Paid Income Taxes (210) (161) (318) Cash flow from operations (10) 260 1,895 Acquisitions/Disposals (137) (878) (328) Net cash flow used in operating investing activities (303) (365) (703) Cash flow from non-ordinary asset disposals - - 109 Cash flow from investments - 95 471 Free Cash Flow (unlevered) (450) (888) 1,444 Financial charges (78) (95) (216) Free Cash Flow (levered) (528) (983) 1,228 FCF (levered) excl. Acquisitions & Disposals and antitrust impact (390) (197) 978 Dividends (262) (233) (268) Issuance of perpetual Hybrid Bond - 989 - Share buyback and other equity movements - (49) 2 Interests on perpetual Hybrid Bond - - (13) Net Cash Flow (790) (276) 949 Net Financial Debt beginning of the period (3,097) (4,296) (4,694) Net cash flow (790) (276) 949 NFD increase due to IFRS16 (107) (103) (259) Interests accrued of Hybrid Bond 2025 (25) (6) (39) NFD from acquisitions and disposals (17) (12) (17) Other variations (43) (1) (19) Net Financial Debt end of the period (4,079) (4,694) (4,079)
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1,486 1,636 109 29 2 14 1H 2025 Organic Growth Metal Effect Exchange Rate Perimeter 1H 2026 Org.growth +7.3 % 726 991 101 20 31 175 1H 2025 Organic Growth Metal Effect Exchange Rate Perimeter 1H 2026 Org.growth + 13.8% TRANSMISSION POWER GRID SPECIALTIES DIGITAL SOLUTIONS 1,865 2,218 270 150 67 1H 2025 Organic Growth Metal Effect Exchange Rate 1H 2026 Org.growth +14.5% Bridge Consolidation Revenues 27Euro Millions ( ) 9,654 11,239 697 1,089 302 101 1H 2025 Organic Growth Metal Effect Exchange Rate Perimeter 1H 2026 Org.growth +7.2% INDUSTRIAL & CONSTRUCTION TOTAL PRYSMIAN 3,801 4,556 283 626 154 1H 2025 Organic Growth Metal Effect Exchange Rate 1H 2026 Org.growth + 7.4% ( ) ( ) ( ) ( ) 1,551 1,509 66 152 41 87 1H 2025 Organic Growth Metal Effect Exchange Rate Perimeter 1H 2026 Org.growth - 4.3 % ( ) ( ) ( )
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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 17.6 77 10 20 30 40 A D- D C- C B- B A- A Sustainability Development Goals We are included in 28
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29 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. 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 13: Cash flow operations (before WC changes) of 2 ,099 €M, including tax paid for 318 €M . 7) Comparative amounts as of June 30, 2025 and December 31, 2025 have been modified compared with the figures originally published, following completion of the purchase price allocation of Channell and other reclassifications.. 8) Slide 22: Current financial debt maturity profile (excluding debt held by affiliates and debt coming from IFRS 16 - 200€M and 396 €M respectively - at 30.06.2026): • 2027: TL 2022 ESG Linked (1,200 €M) • 2029: EIB 2022 (135 €M); CDP 2023 (120 €M); MB (150 €M); UCG ESG Linked (150 €M). Encore Wire TL (939 €M); • 2030: Revolving 2023 ESG Linked (1,000 M€); Revolving 2025 (200 €M); • 2031: Eurobond 3.875% (650 M€); CDP 2026 (75 M€); • 2032: EIB 2024 1st Tranche 2024 (198 €M) • 2033: EIB 2024 2nd Tranche 2025 (145 €M); EIB 2025 (200€M) • 2034: EIB 2026 (100€M) 10) Slide 24: The Prysmian Total includes “other Electrification”, not explicitly illustrated, because it is not material.
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30 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