Slides
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Q3'26 Prysmian's Quarterly Update
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Highlights & Group Overview Massimo Battaini Prysmian CEO
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3 Q3’26 Key Highlights Stronger Growth. Higher Margins. 851€M Adjusted EBITDA 16.8 % Adjusted EBITDA margin 13.1 % Organic growth 46 % Sustainability-linked Revenues -41.7 % GHG emissions LTM (Scope 1&2 ) 2023 2024 2025 2026 540 851 13.1% margin @ Std metal Digital Solutions Electrification Power Grid Transmission 13.8% 16.8% Q3 ADJ. EBITDA €M 644 14.8% Best Quarter to date Acquisitions completed 408 13.1% 11.8%
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4 Unprecedented Progress 3.1 3.05 1.5 2026E 2028 CMD target 2022 ADJ. EBITDA €Bn / margins @ Std metal 1.6 1.9 2023 2024 2.4 2025 10.6% 11.9% 12.9% 14.2% Accelerating growth through organic expansion and strategic M&A CAGR ‘22-’23 CAGR ‘23-’26 +8% +24% ~16% Adj. EBITDA >2x
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5 Reinforcing leadership in strategic markets Atkore & Xtera acquisitions completed Accelerating the evolution into a fully- fledged electrical solutions provider Leveraging Prysmian’s unique service model to deliver superior availability, speed and customer service Integration well underway, with the new commercial organization already in place Expanding leadership in a structurally growing market (unlocking the regional & long-haul repeater segment) Creating an integrated submarine telecom solutions platform Strategic rationale already validated by the EXA Meridian award (~€200M project) Largest cabling solutions provider in the US Reinforcing leadership into submarine telecom Atkore will be consolidated in I&C from November 1, while Xtera will be consolidated in Transmission from October 1
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6 Sustained outperformance TRANSMISSION Projects mix, flawless execution and vertical integration powering performance Euro Millions REVENUES ADJUSTED EBITDA 152 213 Q3 2025 Q3 2026 877 1,088 Q3 2025 Q3 2026 +23.1% Org Growth Q3 RESULTS ADJUSTED EBITDA 152 181 146 179 213 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 ADJ. EBITDA EVOLUTION ADJ. EBITDA 17.8% 20. 0 % @ Std metal 21.2% 20.0% @ Std metal 20.1% 17.8% 20.9%
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7 Solid demand across regions sustaining growth POWER GRID Euro Millions REVENUES ADJUSTED EBITDA 125 135 Q3 2025 Q3 2026 985 1,179 Q3 2025 Q3 2026 +7.5% Org Growth Q3 RESULTS ADJUSTED EBITDA 14.7% 13.8% @ Std metal ADJ. EBITDA EVOLUTION 125 105 107 135 135 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 13.8% 13.8% ADJ. EBITDA @ Std metal 12.4% 14.7% 12.1%
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8 Profitability at scale Euro Millions INDUSTRIAL & CONSTRUCTION Encore Wire’s distinctive operating model and Data Center demand drive profitable growth (North America +23.7%) REVENUES ADJUSTED EBITDA 212 304 Q3 2025 Q3 2026 1,851 2,564 Q3 2025 Q3 2026 +14.2% Org Growth Q3 RESULTS ADJUSTED EBITDA 14.5% 17.6% @ Std metal ADJ. EBITDA EVOLUTION 212 202 196 228 304 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 13.6% 17.6% ADJ. EBITDA @ Std metal 13.0% 14.5% 13.5%
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9 Strengthening the platform for sustainable growth INDUSTRIAL & CONSTRUCTION Scaling Encore Wire’s distinctive business model to cement our leadership position Second copper rod mill • Stronger vertical integration • Superior service and offering • Scaled Commercial synergies M V capacity expansion Metal - C lad capacity for data centers >700 €M investment
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10 Resilient results despite market conditions Euro Millions SPECIALTIES REVENUES ADJUSTED EBITDA 70 67 Q3 2025 Q3 2026 730 837 Q3 2025 Q3 2026 +5.3% Org Growth Q3 RESULTS ADJUSTED EBITDA 11.2% 10.7% @ Std metal ADJ. EBITDA EVOLUTION 70 61 64 67 67 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 10.8% 10.7% ADJ. EBITDA @ Std metal 11.1% 11.2% 10.4% Overall profitability remains resilient, reflecting different end-market dynamics
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11 Outstanding performance, built on competitive advantages DIGITAL SOLUTIONS Euro Millions Unique U.S. fiber platform driving growth & margin expansion, further underpinned by Channell REVENUES ADJUSTED EBITDA 88 134 Q3 2025 Q3 2026 466 566 Q3 2025 Q3 2026 +17.3% Org Growth Q3 RESULTS ADJUSTED EBITDA 19.6% 25.0% @ Std metal 88 75 88 122 134 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 23.8% 25.0% ADJ. EBITDA @ Std metal 20.6% 19.6% 18.3% ADJ. EBITDA EVOLUTION
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12 9M 2026 Innovation & Sustainability Highlights Hollow Core Fiber Industrialization Long-term copper agreement Largest agreement between Prysmian and Aurubis Industrialization underway, ready for data center deployment Reducing carbon footprint of AI infrastructure Low - carbon aluminum to an Amazon data center in Ohio, USA 25.3% Recycled content vs 21.8%, FY25 46.0% Sustainability-linked revenues vs 43.7%, FY25 32.2% vs 28.3%, FY25 New product & solutions vitality
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Financial Results Pier Francesco Facchini Prysmian CFO
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14 Profit & Loss Statement Euro Millions ADJ. EBITDA BREAKDOWN [€M] (7) Q1 Q2 Q3 9M ADJ. EBITDA 2025 527 605 644 1,776 23 54 60 137 (2) 2 8 8 36 16 87 139 42 23 91 156 57 65 47 169 (4) (4) (2) (10) (36) (8) 7 (37) ADJ. EBITDA 2026 601 730 851 2,182 Forex Digital Solutions (ex-YOFC) YOFC Transmission Power Grid Electrification of which I&C 9M 2026 9M 2025 REVENUES 17,656 14,684 YoY organic growth 9.2% Adj.EBITDA 2,182 1,776 % on revenues at current metal prices 12.4% 12.1% % on revenues at standard metal prices 15.5% 14.1% Adjustments (90) 327 Non monetary items (39) (113) EBIT 1,520 1,550 % on revenues 8.6% 10.6% Financial charges (190) (216) EBT 1,330 1,334 Taxes (332) (296) % on EBT 25.0% 22.2% Profit/(loss) from discontinued operations - (2) NET PROFIT 998 1,036 Minorities 21 17 GROUP NET PROFIT 977 1,019
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15 Solid Cash Generation LTM 4,318 2,857 325 847 2,252 286 887 221 4 271 52 134 306 30-Sep-25 Acquisition Capital increase Cash flow operations (before WC changes) WC changes Net Operative Capex Financial Charges Dividend received Dividend paid Hybrid Bond net cash from investments & other asset disposal IFRS 16, FX, Other 30-Sep-26 +€1,434 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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17 Accelerating Growth: Upgrading 2026 Outlook ADJ. EBITDA (€M) FCF (€M) 3,100 Mid-point 3,075 3,125 1,800 Mid-point 1,850 1,750 2,850 Business performance 2026 new guidance ADJ. EBITDA EVOLUTION 3,100 Atkore 2026 previous guidance 3,050 2028 CMD target Sustainability - linked revenues as a % of total group revenues: 47% - 49% Previously: 2,850 Previously: 1,700
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18 Closing Remarks High - quality results across all business segments Best - in - class innovation unlocking sustainable growth Beating 2028 CMD targets 2 years in advance Atkore strengthens U.S. position while Xtera opens path to submarine telecom leadership
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19 Appendix
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20 Q3 Financial Highlights Q3 2025 €M organic growth €M €M Adj.EBITDA Margin €M Adj.EBITDA Margin TRANSMISSION 1,088 23.1% 877 213 19.6% 152 17.3% POWER GRID 1,179 7.5% 985 135 11.5% 125 12.7% INDUSTRIAL & CONSTRUCTION 2,564 14.2% 1,851 304 11.9% 212 11.5% SPECIALTIES 837 5.3% 730 67 8.0% 70 9.6% OTHER 183 0.4% 121 (2) -1.1% (3) -2.5% ELECTRIFICATION 3,584 11.2% 2,702 369 10.3% 279 10.3% DIGITAL SOLUTIONS 566 17.3% 466 134 23.7% 88 18.9% TOTAL GROUP 6,417 13.1% 5,030 851 13.3% 644 12.8% Revenues Adj.EBITDA Q3 2026 Q3 2026 Q3 2025
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21 9M Financial Highlights 9M 2025 €M organic growth €M €M Adj.EBITDA Margin €M Adj.EBITDA Margin TRANSMISSION 2,724 13.2% 2,363 538 19.8% 401 17.0% POWER GRID 3,397 12.0% 2,850 377 11.1% 375 13.2% INDUSTRIAL & CONSTRUCTION 7,120 9.6% 5,652 728 10.2% 593 10.5% SPECIALTIES 2,346 -1.2% 2,281 198 8.4% 218 9.6% OTHER 512 0.1% 346 (3) -0.6% (4) -1.2% ELECTRIFICATION 9,978 6.3% 8,279 923 9.3% 807 9.7% DIGITAL SOLUTIONS 1,557 15.1% 1,192 344 22.1% 193 16.2% TOTAL GROUP 17,656 9.2% 14,684 2,182 12.4% 1,776 12.1% Revenues 9M 2026 9M 2026 9M 2025 Adj.EBITDA
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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 2,724 538 19.8% 2,637 538 20.4% POWER GRID 3,397 377 11.1% 2,831 377 13.3% ELECTRIFICATION 9,978 923 9.3% 7,110 923 13.0% I&C 7,120 728 10.2% 4,938 728 14.7% Specialties 2,346 198 8.4% 1,812 198 10.9% DIGITAL SOLUTIONS 1,557 344 22.1% 1,478 344 23.3% TOTAL GROUP 17,656 2,182 12.4% 14,056 2,182 15.5% 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% 9M 2025 Revenues current Revenues Standard 9M 2026
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9M 2026 Sustainability Highlights 23 41.7% reduction of Scope 1&2 GHG Emissions LTM vs 40.2% in FY 2025 ClimateSocial Innovation 46.0% Sustainability-linked revenues vs 43.7% in FY 2025 25.3% Recycled content in addressable materials vs 21.8% in FY 2025 20.8% Executive women vs 22.6% in FY 2025 41.0% of desk workers women hired vs 48.4% in FY 2025 32.2% New Product & Solutions vitality vs 28.3% in FY 2025
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24 Solid Financial Structure 4.0 Years Average Debt Maturity (Including Revolving Credit Facility) CURRENT FINANCIAL DEBT MATURITY PROFILE (8) Bank Bond RCF (undrawn) €M Fixed/Variable rate composition Not including 1,000M€ Hybrid Bond issued on 21st May 2025 Fixed ~58% Variable ~42% 2026 2027 2028 2029 2030 2031 2032 2033 2034 144 1,497 850 2,225 198 EUROBOND 3.625% 1,200 345 EUROBOND 3.875%
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25 Profit & Loss Statement Adjustments and non monetary items on EBIT Financial Charges Euro Millions (7) 9M 2026 9M 2025 Non-recurring Items (13) (16) Restructuring (47) (16) Other Non-operating Income / (Expenses) (30) 359 EBITDA adjustments (90) 327 Non monetary items (39) (113) Gain/(loss) on derivatives on commodities 28 (44) Assets impairment (13) (8) Share-based compensation (54) (61) EBIT adjustments (129) 214 9M 2026 9M 2025 Net interest expenses (156) (166) Financial costs IFRS 16 (15) (13) Bank fees amortization (7) (8) Gain/(loss) on exchange rates and derivatives (24) (31) Non recurring and other effects 12 2 Net financial charges (190) (216) 9M 2026 9M 2025 REVENUES 17,656 14,684 YoY total growth 20.2% YoY organic growth 9.2% Adj.EBITDA 2,182 1,776 % on revenues at current metal prices 12.4% 12.1% % on revenues at standard metal prices 15.5% 14.1% of which share of net income 5 17 Adjustments (90) 327 EBITDA 2,092 2,103 % on revenues 11.8% 14.3% Adj.EBIT 1,649 1,336 % on revenues 9.3% 9.1% Adjustments (90) 327 Non monetary items (39) (113) EBIT 1,520 1,550 % on revenues 8.6% 10.6% Financial charges (190) (216) EBT 1,330 1,334 Taxes (332) (296) % on EBT 25.0% 22.2% Profit/(loss) from discontinued operations - (2) NET PROFIT 998 1,036 Minorities 21 17 GROUP NET PROFIT 977 1,019 % on revenues 5.5% 6.9%
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26 Statement Of Financial Position (Balance Sheet) Euro Millions (7) (7) 30-Sep-26 30-Sep-25 31-Dec-25 Net fixed assets 11,191 10,439 10,591 of which: goodwill 3,884 3,635 3,645 Net working capital 1,747 1,576 545 of which: derivatives and tax assets/liabilities 171 (43) 109 of which: Operative Net working capital 1,576 1,619 436 Provisions & deferred taxes (1,140) (1,144) (1,080) Net Capital Employed 11,798 10,871 10,056 Employee provisions 270 292 279 Shareholders' equity 8,671 6,261 6,680 of which: attributable to minority interest 226 197 206 Net financial debt 2,857 4,318 3,097 Total Financing and Equity 11,798 10,871 10,056
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27 Cash Flow Statement Euro Millions (7) 30-Sep-26 30-Sep-25 12 Months (from 10/1/2025 to 9/30/2026) Adj.EBITDA 2,182 1,776 2,804 Adjustments (90) 327 (127) EBITDA 2,092 2,103 2,677 Net Change in provisions & others 22 (18) (11) Net gains realized on disposal of fixed assets & equity investments (1) (392) 1 Other not operating non monetary income (25) - (25) Share of net profit/(loss) of equity-accounted companies (5) (17) (7) Cash flow from operations (before WC changes) 2,083 1,676 2,635 Working Capital changes (1,024) (1,115) 286 Dividends received 3 10 4 Paid Income Taxes (318) (202) (385) Cash flow from operations 744 369 2,540 Acquisitions/Disposals (147) (891) (325) Net cash flow used in operating investing activities (562) (440) (887) Cash flow from non-ordinary asset disposals - - 109 Cash flow from investments 25 566 25 Free Cash Flow (unlevered) 60 (396) 1,462 Financial charges (147) (159) (221) Free Cash Flow (levered) (87) (555) 1,241 FCF (levered) excl. Acquisitions & Disposals and antitrust impact 37 (226) 1,434 Dividends (269) (237) (271) Issuance of perpetual Hybrid Bond - 989 - Capital Increase and other equity movements 845 (49) 847 Interests on perpetual Hybrid Bond (52) (13) (52) Net Cash Flow 437 135 1,765 Net Financial Debt beginning of the period (3,097) (4,296) (4,318) Net cash flow 437 135 1,765 NFD increase due to IFRS16 (157) (136) (276) Interests accrued of Hybrid Bond 2025 14 (6) - NFD from acquisitions and disposals (18) (12) (18) Other variations (36) (3) (10) Net Financial Debt end of the period (2,857) (4,318) (2,857)
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2,363 2,724 313 25 1 22 9M 2025 Organic Growth Metal Effect Exchange Rate Perimeter 9M 2026 Org.growth +13.2 % 1,192 1,557 180 33 23 175 9M 2025 Organic Growth Metal Effect Exchange Rate Perimeter 9M 2026 Org.growth + 15.1% TRANSMISSION POWER GRID SPECIALTIES DIGITAL SOLUTIONS 2,850 3,397 344 250 47 9M 2025 Organic Growth Metal Effect Exchange Rate 9M 2026 Org.growth +12.0% Bridge Consolidation Revenues 28Euro Millions ( ) 14,684 17,656 1,355 1,752 208 73 9M 2025 Organic Growth Metal Effect Exchange Rate Perimeter 9M 2026 Org.growth +9.2% INDUSTRIAL & CONSTRUCTION TOTAL PRYSMIAN 5,652 7,120 545 1,031 108 9M 2025 Organic Growth Metal Effect Exchange Rate 9M 2026 Org.growth + 9.6% ( ) ( ) ( ) 2,281 2,346 28 243 27 123 9M 2025 Organic Growth Metal Effect Exchange Rate Perimeter 9M 2026 Org.growth - 1.2 % ( ) ( ) ( )
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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 6.2 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 29
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30 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 15: Cash flow operations (before WC changes) of 2 ,252 €M, including tax paid for 385 €M . 7) Comparative amounts as of September 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 24: Current financial debt maturity profile (excluding debt held by affiliates and debt coming from IFRS 16 – 180 €M and 395 €M respectively - at 30.09.2026): • 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€); TL 2026 (1,500 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); EIB 2024 3rd Tranche 2026 (44 €M); 10) Slide 28: The Prysmian Total includes “other Electrification”, not explicitly illustrated, because it is not material.
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31 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