Prysmian S.p.a. · MIL:PRY
Prysmian — Investor Day (March 2025)
138 slides from Prysmian's investor day presentation, Mar 26, 2025
Slide 1: Capital Markets Day 2025
CAPITAL MARKETS DAY 2025 New York City March 26 th, 2025
Slide 2: Agenda
Agenda HIGHLIGHTS ACCELERATING ACCELERATING CLOSING GROWTH VALUE CREATION REMARKS Massimo Battaini Massimo Battaini Pierfrancesco Facchini Massimo Battaini Srini Siripurapu Maria Cristina Bifulco
Slide 3: Highlights
HIGHLIGHTS
Slide 4: 2027 EBITDA Target €2bn
€2bn 2027 EBITDA Target 1
Slide 5: 2024 EBITDA €2.1bn
€2.1bn 2024 EBITDA 2
Slide 6: New Prysmian. New leadership style.
New Prysmian. New leadership style.
Slide 7: Consistently delivering superior performance
CONSISTENTLY DELIVERING SUPERIOR PERFORMANCE
Slide 8: Accelerating Growth
ACCELERATING GROWTH
Slide 9: Adjusted EBITDA CAGR 20%
Adjusted EBITDA (€bn) 0.5 1.5 CAGR 20% 2.1 2.0 Encore Wire 2.5 2.0 CAGR 7% CAGR 6% Draka | General Cable Old Target: 2022-2027 1.5 1.0 0.5 2007 20221 20242 20271 (2023 CMD Target) Margin 10.3% 9.3% 11.6% 10.4%
Slide 10: Strong market demand, agility in M&A, profitability enhancement
STRONG AGILITY PROFITABILITY MARKET IN M&A ENHANCEMENT DEMAND ACTIVITIES
Slide 11: Like no one else in the industry
LIKE NO ONE ELSE IN THE INDUSTRY
Slide 12: Prysmian vs competitors EBITDA
2007 Prysmian 2024 Competitor 1 Competitor 2 Competitor 3 Competitor 4 EBITDA3 0 €bn 0.5 €bn 1.0 €bn 1.5 €bn 2.0 €bn
Slide 13: 3x the first competitor
2007 3x the first competitor 2024 Prysmian2 Competitor 1 Competitor 2 Competitor 3 Competitor 4 EBITDA3 0 €bn 0.5 €bn 1.0 €bn 1.5 €bn 2.0 €bn
Slide 14: Global leader, continuously enhanced portfolio
GLOBAL LEADER, CONTINUOSLY ENHANCED PORTFOLIO
Slide 15: Geographic Reach 2007 2024
Geographic Reach 2007 2024 Global Champion European Centric
Slide 16: Geographic Reach: exposure in North America
Geographic Reach 2007 2024 Exposure in North America Global Champion European Centric
Slide 17: US Exposure 2007 2024
US Exposure 2007 2024 Exposure in North America 10 % Global Champion
Slide 18: US Exposure: pure cable manufacturer
US Exposure 2007 2024 Pure Cable Manufacturer ~50 Exposure in North America % Global Champion
Slide 19: Status 2007 2024: world-class solutions provider
Status 2007 2024 World-Class Solutions Provider Pure Cable Manufacturer Exposure in North America
Slide 20: World-class solutions provider
Status 2007 2024 World-Class Solutions Provider Pure Cable Manufacturer
Slide 21: Extraordinary value creation, accelerated since 2023 CMD
EXTRAORDINARY VALUE CREATION, ACCELERATED SINCE 2023 CMD
Slide 22: Market cap evolution vs competitors
Prysmian Competitor 1 Competitor 4 EURO STOXX 600 ~ €18 bn Market Cap Mar 2025 ~ €9 bn Market Cap CMD Oct 2023 €2.7 bn Market Cap May 2007 2007 2010 2015 2020 2023 2025
Slide 23: Total Shareholder Return Since '23 CMD
~ €18 bn Market Cap Mar 2025 +470% Total Shareholder Return +75% Since ‘23 CMD
Slide 24: Market cap and TSR since '23 CMD
Prysmian Competitor 1 Competitor 4 EURO STOXX 600 ~ €18 bn Market Cap Mar 2025 + 470% + 75% ~ €9 bn Market Cap CMD Oct 2023 TSR Since ‘23 CMD €2.7 bn Market Cap May 2007 2007 2010 2015 2020 2023 2025
Slide 25: Secular tailwinds reshaping the cable industry
SECULAR TAILWINDS RESHAPING THE CABLE INDUSTRY
Slide 26: Accelerating transition to renewable energy
Secular Tailwinds Accelerating transition to renewable energy From 30% to 70% Renewable sources by 2050
Slide 27: Electricity consumption growth
Secular Tailwinds Electricity consumption growth +2x Electricity demand
Slide 28: Power grid enhancement
Secular Tailwinds Power grid enhancement 2x Annual investments
Slide 29: Digital transformation
Secular Tailwinds Digital transformation +2.5x Premises and towers fiberized
Slide 30: Tailwinds mapped to business units
Transmission Electrification Accelerating transition Electricity to renewable energy consumption growth Power grid Digital enhancement transformation Power Grid Digital Solutions
Slide 31: Accelerating Growth 2028 Targets
ACCELERATING GROWTH 2028 TARGETS
Slide 32: From to Ambition
to From Ambition 2 3
Slide 33: From to Ambition
to Ambition 3 From 2
Slide 34: Targets 2028
Targets 2024 2028 Profitability Strong cash flow Superior Solutions enhancement generation shareholder return provider 2.95-3.15 1.5-1.7 15-19% 55% Adj. EBITDA Free cash flow 2024-2028E Solutions (€bn) (€bn) EPS CAGR (as % of Revenue)
Slide 35: Accelerating Growth
ACCELERATING GROWTH
Slide 36: Leadership to drive growth
LEADERSHIP TO DRIVE GROWTH
Slide 37: Leadership to drive growth
Leadership to drive growth Transmission Power Grid Electrification Digital Solution Margin 9.3% 11.3% ~ 12.5% Adjusted EBITDA (€bn) 1.5 1.9 CAGR 12.2% 3.05 CAGR 2024 - 2028 3.0 High 2.5 Double-Digits 2.0 Mid Single-Digits 1.5 Mid Single-Digits 1.0 0.5 Double Digits 2022 2024 2028
Slide 38: Leadership to drive growth: M&A and organic
Leadership to drive growth Margin ~ 12.5% Adjusted EBITDA (€bn) 3.05 3.0 M&A Digital Solution 2.5 Channell Organic €150mln 2.0 Adjusted EBITDA €2.9bn Margin 12% 1.5 1.0 0.5 2028
Slide 39: Transmission
TRANSMISSION Confidential - Not for Public Consumption or Distribution
Slide 40: Market – Tangible Opportunities
Market – Tangible Opportunities EMEA Americas APAC TRANSMISSION Market value (€bn) 4 ~€3bn €13bn €15-20bn 25 Submarine Interconnectors 20 15 Land 10 5 Offshore Wind 2017–2020 2021–2024 2025–2030
Slide 41: Right to succeed. Unmatched.
Right to succeed. Unmatched. TRANSMISSION TECHNOLOGICAL LEADERSHIP FULLY VERTICAL UNIQUE INSPECTION, TECHNOLOGICAL INTEGRATION MAINTENANCE LEADERSHIP AND REPAIR SOLUTION
Slide 42: De-risked growth profile
De-risked growth profile TRANSMISSION CAGR ~ 25-28% Order awarded Better but not included €3bn projects in backlog TSO margin Backlog 90% Capacity €361M expansion EMEA €16bn €11bn 86% €6bn €4bn EBITDA EBITDA Dec Dec Dec Mar 2024 2028 2021 2022 2023 2025
Slide 43: Power Grid
POWER GRID Confidential - Not for Public Consumption or Distribution
Slide 44: Connecting energy to our lives
Connecting energy to our lives POWER GRID Solutions Cable Asset Monitoring High Voltage cables Low & Medium Voltage cables HIGH VOLTAGE SMART GRID ALTERNATE POWER DEVICE AND CURRENT DISTRIBUTION OVERHEAD LINE MONITORING
Slide 45: Growth
Growth POWER GRID Margin 5.4% 11.5% 13.4% Adjusted EBITDA (€bn) 194 390 474 410 2022 2023 2024 CMD Target 2028 2027
Slide 46: Right to succeed. Unmatched.
Right to succeed. Unmatched. POWER GRID TECHNOLOGICAL LEADERSHIP LEADING INNOVATION GLOBAL LEADER & SUSTAINABILITY WITH LOCAL PRESENCE BEYOND THE VALUE CHAIN SCOPE 3 SCOPE 4
Slide 47: Electrification
ELECTRIFICATION Confidential - Not for Public Consumption or Distribution
Slide 48: Everywhere for everyone.
Everywhere for everyone. ELECTRIFICATION I&C Specialties Industrial & Construction Data Centers Renewables OEMs
Slide 49: Unprecedented electricity demand
Unprecedented electricity demand 2030 2050 ELECTRIFICATION 20% Electricity Oil, Bioenergy, Heat, Coal, Gas 45%
Slide 50: Unprecedented electricity demand
Unprecedented electricity demand 2030 2050 ELECTRIFICATION 45% Electricity Oil, Bioenergy, Heat, Coal, Gas 20%
Slide 51: Unprecedented cable demand
Unprecedented cable demand ELECTRIFICATION BOOST FROM NEW APPLICATIONS SHARE OF TOTAL POWER DEMAND – Data centers consumption (GW) FROM DATA CENTERS: 215 89 6% 14% 2020 2030 US Today US 2030
Slide 52: Growth
Growth ELECTRIFICATION UNIQUE INSPECTION, Margin 8.9% MAINTENANCE 9.9% 9.6% AND REPAIR SOLUTION Adjusted EBITDA (€bn) 797 825 931 700 2022 2023 2024 CMD Target 2028 2027
Slide 53: Right to succeed. Unmatched.
Right to succeed. Unmatched. ELECTRIFICATION TECHNOLOGICAL LEADERSHIP INNOVATIVE & UNIQUE SUSTAINABLE SERVICE SOLUTIONS MODEL
Slide 54: Encore Wire: service oriented business model
Encore Wire ELECTRIFICATION Speed to market Operational agility Renewables Industrial ENHANCED ACCESS SERVICE ORIENTED TO ALL ELECTRIFICATION BUSINESS MODEL VERTICALS Increased customer knowledge, experience Residential Data Centers
Slide 55: Encore Wire synergies by 2026
Encore Wire ELECTRIFICATION Run rate synergies by category Multiple sources of synergies achieved by 2026 Organisation ~70% Run rate Pre-Tax EBITDA Synergies €140m Commercial Operations
Slide 56: Digital Solutions
DIGITAL SOLUTIONS Confidential - Not for Public Consumption or Distribution
Slide 57: Chase market demand
Chase market demand DIGITAL SOLUTIONS GB consumption per mobile user GB consumption per household 10x 4x Of premises covered by FTTH Investment in data centers in 2022-2030 80x $330bn
Slide 58: Accelerating Growth
Accelerating Growth DIGITAL SOLUTIONS Margin 13.9% 14.5% 9.4% 12.3% Adjusted EBITDA (€M) 220 271 140 161 290 2021 2022 2023 2024 CMD Target 2028 2027
Slide 59: Right to succeed. Unmatched.
Right to succeed. Unmatched. DIGITAL SOLUTIONS TECHNOLOGICAL LEADERSHIP UNRIVALLED PORTFOLIO PREMIUM FIBER EXPANSION WITH AND OPTICAL INTEGRATED CABLE SOLUTIONS SOLUTIONS
Slide 60: Channell
Channell DIGITAL SOLUTIONS Prysmian’s 2024 REVENUES BREAKDOWN first major By segment USA acquisition in +90% Digital Solutions. → VERTICAL INTEGRATED U.S. MANUFACTURER Vaults Thermoplastic Enclosures OF PASSIVE EQUIPMENT Fiber Optics Metal Enclosures FOR TELECOMMUNICATION Confidential - Not for Publ
Slide 61: Channell: strategic advantages
Channell: strategic advantages DIGITAL SOLUTIONS STRENGTHEN SYNERGIES THANKS POSITIONING AS A TO EXTENDED DIGITAL SOLUTIONS COMMERCIAL REACH PROVIDER EXPOSURE TO INNOVATION NORTH AMERICA
Slide 62: Accelerating Leadership
ACCELERATING LEADERSHIP
Slide 63: Accelerating Growth
Accelerating Growth GROWTH-ORIENTED INNOVATIVE AND SUSTAINABLE SOLUTIONS UNMATCHED TALENTED AND SYNERGISTIC PORTFOLIO COMMITTED PEOPLE
Slide 64: Unmatched synergistic portfolio
Accelerating Growth UNMATCHED SYNERGISTIC PORTFOLIO
Slide 65: Integrated innovative solutions across business units
Transmission Power Grid ADDRESS DIFFERENT MARKET NEEDS INTEGRATED INNOVATIVE SOLUTIONS CAPTURING GROWTH, FASTER THAN COMPETITION Electrification Digital Solutions
Slide 66: Synergistic Portfolio
Synergistic Portfolio Transmission Power Grid Digital Solutions Electrification
Slide 67: Talented and committed people
Accelerating Growth TALENTED AND COMMITTED PEOPLE
Slide 68: Talented and committed people
Talented and committed people M&A-fuelled Diversity and Know-how UNLOCK THE FULL POTENTIAL OF INTEGRATION Culture Know-how Performance driven mindset Draka General Cable
Slide 69: Team play, innovation, passion
TEAM PLAY INNOVATION PASSION
Slide 70: To the world-class solutions provider
Accelerating Growth To the worldclass solutions provider GROWTH-ORIENTED INNOVATIVE AND SUSTAINABLE SOLUTIONS
Slide 71: Growth-oriented innovative and sustainable solutions
Growth-oriented innovative and sustainable solutions 18% 28 % 55% 2010 2024 2028 as % of Revenue
Slide 72: Innovation at Prysmian
INNOVATION AT PRYSMIAN Confidential - Not for Public Consumption or Distribution
Slide 73: Performance on Product Vitality
2007 2024 5 Performance on Product Vitality %
Slide 74: Sustainable innovation with industry leading vitality
2007 2024 Adding focus 24 on sustainable innovation with industry leading 24% New Product and % Solutions Vitality
Slide 75: R&D Centers Worldwide
27 2007 2024 R&D Centers Worldwide 7 R&D Centers In Europe
Slide 76: R&D Centers Worldwide
2007 2024 27 R&D Centers Worldwide
Slide 77: Professionals with world class expertise in all BUs
Professionals 2007 2024 with world class expertise in all BUs. Professionals with expertise 400 in Energy cables
Slide 78: Professionals with world class expertise in all BUs
2007 2024 Professionals with world class expertise in all BUs 1100 Professionals with expertise in Energy cables.
Slide 79: Industry leading 24% New Product and Solutions Vitality
2024 2028 Industry leading 24% New Product and Solutions Vitality 24 %
Slide 80: New Product and Solutions Vitality target of 30%
2024 2028 Leading to a New Product and Solutions Vitality target of 30% in 2028 5 30 %
Slide 81: Our main strength is the strong connection with our customers
OUR MAIN STRENGTH IS THE STRONG CONNECTION WITH OUR CUSTOMERS
Slide 82: Accelerating transformation into a solutions provider
ACCELERATING TRANSFORMATION INTO A SOLUTIONS PROVIDER
Slide 83: From cable manufacturer, to solutions provider
From cable manufacturer, to solutions provider Technologies Systems Ground-breaking Comprehensive technological platforms high-tech solutions Sensing Services Cutting-edge solutions Customer needs at for advanced monitoring the heart of our mission
Slide 84: From cable manufacturer to solutions provider: Technologies
From cable manufacturer, to solutions provider Technologies Systems Sensing Services E PATH CL ADVANTAGE LIFELINE SIROCCO • Low impact solutions • Light-weight & smaller • Fire Safety • 160µm fiber • Circular Economy • Lower losses • Components • Hollow Core fiber • Data transparency • Reduced Carbo
Slide 85: From cable manufacturer, to solutions provider
From cable manufacturer, to solutions provider Technologies Systems Ground-breaking Comprehensive technological platforms high-tech solutions Sensing Services Cutting-edge solutions Customer needs at for advanced monitoring the heart of our mission Confidential - Not for Public Consumption or Distri
Slide 86: From cable manufacturer to solutions provider: Systems
From cable manufacturer, to solutions provider Technologies Systems Sensing Services 525kV DC ULTRA HIGH DEPTH 245kV AC DYNAMIC VESSELS FLEET Land & Submarine Synthetic armors Full suite of components The most advanced P-Laser & XLPE cables & ancillaries to boost floating fleet for extended cable &
Slide 87: From cable manufacturer, to solutions provider
From cable manufacturer, to solutions provider Technologies Systems Ground-breaking Comprehensive technological platforms high-tech solutions Sensing Services Cutting-edge solutions Customer needs at for advanced monitoring the heart of our mission
Slide 88: From cable manufacturer to solutions provider: Sensing
From cable manufacturer, to solutions provider Technologies Systems Sensing Services SUBMARINE TERRESTRIAL BUILDINGS ADDED VALUE • Live Performance • Network monitoring • Safety • Alesea • Fault location • Preventive • Energy consumption • Pry-ID • Intrusion detection maintenance • EV interface • EV
Slide 89: From cable manufacturer, to solutions provider
From cable manufacturer, to solutions provider Technologies Systems Ground-breaking Comprehensive technological platforms high-tech solutions Sensing Services Cutting-edge solutions Customer needs at for advanced monitoring the heart of our mission
Slide 90: From cable manufacturer to solutions provider: Services
From cable manufacturer, to solutions provider Technologies Systems Sensing Services RENEWABLE PLUS SMART INSTALLATION ADVANCED PACKAGING DATA CENTERS HV & MV CABLES JOBSITE PRODUCTIVITY • Cable Reliable energy supply • Accessories Pre-terminated cables • Reel Payoff and secure data • PRY-CAM & Ales
Slide 91: Sustainability at Prysmian
SUSTAINABILITY AT PRYSMIAN Confidential - Not for Public Consumption or Distribution
Slide 92: Sustainability is key to our innovation goals
Sustainability is key to out innovation goals Innovation is key to out sustainability goals Confidential - Not for Public Consumption or Distribution
Slide 93: To sustain our customers growth and innovation
To sustain our customers growth and innovation. Confidential - Not for Public Consumption or Distribution
Slide 94: Aiming for a net gain on the environment and society
Aiming for a net gain on the environment and society. Leaving a lasting mark beyond the value chain. Confidential - Not for Public Consumption or Distribution
Slide 95: Climate / Biodiversity
Accelerating Sustainability Climate Biodiversity Confidential - Not for Public Consumption or Distribution
Slide 96: Accelerating Sustainability: Scope 1&2 growth impact
Accelerating Sustainability SCOPE 1&2 +20% +5.7% +14% 870kton 920kton 1,050kton6 Growth M&A & Organic related Growth Impact More Responsability Same Ambition BASELINE 2019 2022-2023 2024 BASELINE 2019 EVOLUTION Confidential - Not for Public Consumption or Distribution
Slide 97: Accelerating Sustainability: Scope 1&2 reduction
Accelerating Sustainability SCOPE 1&2 1,050kton Carbon Emission Reduction % -37% In line with 1.50C trajectory -60% 90% CO2 reduction BASELINE 2024 2030 2035 Confidential - Not for Public Consumption or Distribution
Slide 98: Accelerating sustainability through innovation
ACCELERATING SUSTAINABILITY THROUGH INNOVATION
Slide 99: SF6 reduction & elimination
SCOPE 1 & 2 SF6 reduction & elimination In operations & new accessories Confidential - Not for Public Consumption or Distribution
Slide 100: Energy Efficiency Acceleration
SCOPE 1 & 2 Energy Efficiency Acceleration Confidential - Not for Public Consumption or Distribution
Slide 101: True impact across the entire value chain
True impact across the entire value chain – Baseline 2019 ~5.2% ~0.4% ~94.4% SCOPE 3 SCOPE 1&2 SCOPE 3 Upstream7 Own Operations Downstream7 ~12,947 ktCO2e 1,050 ktCO2e ~236,073 ktCO2e Confidential - Not for Public Consumption or Distribution
Slide 102: Scope 3 Downstream reduction
Accelerating Sustainability SCOPE 3 DOWNSTREAM SCOPE 3 Downstream BASELINE 2019 236 Mton 2024 -57% SCOPE 3 Downstream 2024 102 Mton Confidential - Not for Public Consumption or Distribution
Slide 103: Grid Decarbonization
SCOPE 3 Grid Decarbonization Confidential - Not for Public Consumption or Distribution
Slide 104: Innovative Solutions
SCOPE 3 Innovative Solutions Confidential - Not for Public Consumption or Distribution
Slide 105: E3X Technology
SCOPE 3 & 4 E3X Technology Up to +25% Ampacity Up to -20% Losses → Reduced Sag & Icing Confidential - Not for Public Consumption or Distribution
Slide 106: Automated splicing machine: from
SCOPE 3 & 4 Automated splicing machine From → Reduced MV network failures 80 % Confidential - Not for Public Consumption or Distribution
Slide 107: Automated splicing machine: to
SCOPE 3 & 4 Automated splicing machine To → Reduced MV network failures 5 % Confidential - Not for Public Consumption or Distribution
Slide 108: Scope 3 Materials
Accelerating Sustainability SCOPE 3 Materials Re-used / Recycled PE Bio-Polymers Low Carbon Aluminum Recycled Copper Confidential - Not for Public Consumption or Distribution
Slide 109: Scope 3 Carbon Emission Reduction
Accelerating Sustainability SCOPE 3 Carbon Emission Reduction % 249 Mton -28% well below 20C pathway SCOPE 3 Baseline 2030 2035 2050 90% CO2 reduction Net Zero Confidential - Not for Public Consumption or Distribution
Slide 110: Scope 3 Carbon Emission Reduction
Accelerating Sustainability SCOPE 3 Carbon Emission Reduction % 249 Mton In line with 1.50C trajectory -65% well below 20C pathway SCOPE 3 Baseline 2030 2035 2050 Net Zero 90% CO2 reduction Confidential - Not for Public Consumption or Distribution
Slide 111: Targets: Scope 1, 2 & 3 Net Zero
Targets SCOPE 1,2 & 3 2050 NET ZERO 2025 2030 2035 2040 2045 2050 Confidential - Not for Public Consumption or Distribution
Slide 112: Targets: Net Zero in line with 1.5°C trajectory
Targets SCOPE 1,2 & 3 Both upstream and downstream 2035 NET ZERO IN LINE WITH 1.50°C TRAJECTORY 2025 2030 2035 2040 2045 2050 Confidential - Not for Public Consumption or Distribution
Slide 113: Climate / Biodiversity
Accelerating Sustainability Climate Biodiversity Confidential - Not for Public Consumption or Distribution
Slide 114: Targets: from Do Not Harm to Net Gain
Targets Achieve biodiversity goal To Net Gain From Do Not Harm Approach
Slide 115: Targets: Net Gain approach
Targets Achieve biodiversity goal To Net Gain Approach From Do Not Harm
Slide 116: Net Gain by 2035
Targets Biodiversity in action Achieve biodiversity goal NET GAIN BY 2035
Slide 117: Sustainable Impact
Sustainable Impact BISCAY BAY ELBA PIOMBINO NEU CONNECT Monitoring the presence Ensure to protect and to prevent Promote the nesting of marine mammals damage to plants along of protected species. during operations. the 40 km submarine route.
Slide 118: Our Holistic approach
Our Holistic approach Climate Circular economy VALUE FOR OUR CUSTOMERS VALUE FOR THE ECOSYSTEM VALUE FOR THE COMMUNITIES Biodiversity Social Impact Confidential - Not for Public Consumption or Distribution
Slide 119: Our Holistic approach: project impacts
Our Holistic approach EGL 1-2 by 2030 NeuConnect Homes powered Homes powered Up to 4M by clean energy Up to 1.5M by clean energy Innovation 13 MtCO2 Net reduction in carbon Up to -90% CO2 avoided emissions emissions over 25 years Wildlife monitoring Bird nesting deterrence → system with AI → & speci
Slide 120: Sustainable Revenues
Accelerating Sustainability Sustainable Revenues Total % of Revenues linked to sustainable solutions 19% 37% 43% 55 % 2022 2023 2024 2028 Confidential - Not for Public Consumption or Distribution
Slide 121: Sustainability targets
Targets Climate Employee Sustainable Biodiversity Share Revenues Net Zero Net Gain +50% 55% By 2035 By 2035 Employees holding by 2028 shares by 2028
Slide 122: Accelerating Value Creation
ACCELERATING VALUE CREATION
Slide 123: Long history of delivery
Long history of delivery CAGR 7% CAGR 20% Adjusted EBITDA 0.5 1.5 2.1 (€bn) 2007 2022 2024 PF2 15% Margin 10.3% 9.3% 11.6% CAGR 6% CAGR 35% 2022-2024 EPS CAGR Free Cash Flow (Levered) 0.2 0.6 1.0 (€bn) 2007 2022 2024
Slide 124: Reinforcing capital efficiency
Reinforcing capital efficiency Cumulative CAPEX (€bn) 2.6 2.5 Encore Wire 2.1 & Channell (0.5) 2.0 1.6 1.5 1.0 0.5 2020 - 2023 2024 – 2027E 2025 – 2028E (CMD Oct. 23) Yearly avg. €400m €530m €650m
Slide 125: Delivering our target
Delivering our target 2024 2025 Guidance 2028 2,950-3,150 2,250 – 2,350 1,927 Adjusted EBITDA (€m) 1,500 – 1,700 >50% Free Cash Flow (€m) 1,011 950 – 1,050 ~52% % EBITDA Conversion into Free Cash Flow ~15-19% EPS DILUTED (REPORTED) 8 2.52 ps 2024-2028E CAGR ~4.40-5.00 ps EPS DILUTED (ADJUSTED)9 2.81
Slide 126: Combining growth and strengthening financial structure
Combining growth and strengthening financial structure ~€5.0bn ~€1.1bn ~€1.3bn ~€2.6bn10 +12% 2024-2028 DPS CAGR 2025-28E Cumulative Dividends Deleverage From 2027 Free Cash Flow ~23% ~1.0 – 1.5 x M&A and/or Enhance of Cumulative Free Run-rate Target Shareholders Remuneration Cash Flow Leverage
Slide 127: Closing Remarks
CLOSING REMARKS
Slide 128: Several Pathways
Several Pathways
Slide 129: Positioning as an electrical and digital solutions provider
Several Pathways Positioning as an electrical and digital solutions provider
Slide 130: Accelerating through agility and flexibility
Several Pathways Accelerating through agility and flexibility
Slide 131: Unmatched innovation and technological leadership
Several Pathways Unmatched innovation and technological leadership
Slide 132: Commitment to delivering performance
Several Pathways Commitment to delivering performance
Slide 133: Targets 2028
Targets 2028 Profitability Strong cash flow Superior Solutions enhancement generation shareholder return provider 2.95-3.15 €1.5-1.7bn 15-19% 55% Adj. EBITDA Free Cash Flow 2024-2028E Solutions (€bn) (€bn) EPS CAGR (as % of Revenue)
Slide 134: Appendix
APPENDIX
Slide 135: Disclaimer
DISCLAIMER This Presentation may contain "forward-looking statements", which includes all statements that do not relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely on a number of assumptions, expectations, projections and pr
Slide 136: Key Assumptions
KEY ASSUMPTIONS Exchange rate Assumed USD/EUR exchange rate at 1.07 Interest rates Europe & US: progressively declining from 2025 onwards Materials and Raw materials Assumed stable metals (CU, AL) and non-metal raw materials prices vs 2024 Assumed no effect from import duties and tariffs in US Assum
Slide 137: Glossary
GLOSSARY Variation of Net Sales compared to same period of previous year, calculated excluding: changes in consolidation SALES ORGANIC GROWTH perimeter, changes in metal prices and exchange rate translation effects Adjusted excluding restructuring expenses, non-operating income/expenses and non-recu
Slide 138: Notes
NOTES 1 2022 and 2027 “Connect to Lead” Target based on comparable perimeter. 2 2024 financials Pro Forma for Encore Wire acquisition. 3 Source: Factset. 4 Assumes worldwide market excluding China and mega projects: Green Vein, Sun Cable (AAPL), Xlink 5 New Product Vitality is revenues calculated on