Prysmian S.p.a. · MIL:PRY
Prysmian — Prysmian S.P.A. Ord — FY 2025 Earnings Presentation
36 slides from Prysmian's earnings presentation, Feb 26, 2026
Slide 1: FY 2025 Integrated Results
PRYSMIAN FY 2025 INTEGRATED RESULTS 26.2.2026
Slide 2: Highlights & Group Overview
FY 2025 INTEGRATED RESULTS HIGHLIGHTS & GROUP OVERVIEW
Slide 3: 2025 Key Highlights
2025 KEY HIGHLIGHTS Solid Margin Expansion Strong Net Income Excellent Cash Generation 2,398 €M 1,270 €M 1,171 €M Adj. EBITDA Group Net Income FCF 14.2% 3.31 € 5.8% Adj. EBITDA % @std metal EPS6 FCF yield +18% vs. 2024 HIGHEST EVER EBITDA, NET INCOME & CASH GENERATION 3
Slide 4: Accelerating Growth
ACCELERATING GROWTH Through organic and inorganic moves ADJ. EBITDA €M FCF €M Margin @ Std metal 1,600 3,050 2,700 1,350 2,398 1,171 1,011 1,927 1,628 1,488 724 14.2% 559 976 12.9% 11.9% 365 10.6% 8.6% 2021 2022 2023 2024 2025 2026 2028 2021 2022 2023 2024 2025 2026 2028 guidance CMD guidance CMD 4
Slide 5: Accelerating Growth: M&As to reshape leadership
ACCELERATING GROWTH A series of M&As to reshape and strengthen Prysmian’s leadership TRANSMISSION ELECTRIFICATION DIGITAL SOLUTIONS REFOCUSING PORTFOLIO Expanding Leadership Integrating large-scale Growing presence in Disposing in Transmission player with unique service Digital Solutions nonstrategi
Slide 6: Key Sustainability Highlights
KEY SUSTAINABILITY HIGHLIGHTS Consistent and continuous growth in all strategic KPIs Sustainability-linked % of recycled content GHG emissions % of employee revenues reduction shareholders vs baseline 2019 +1.1pp +5.1pp Scope 1&2 43.1% 44.2% 21.3% 37% 50% 40.2% 16.2% Scope 3 of employee shareholders
Slide 7: Transmission: Achieving 2028 Margin Ambition 3 Years Earlier
TRANSMISSION ACHIEVING 2028 MARGIN AMBITION 3 YEARS EARLIER Backlog at over €17 bn (including EGL4). Approx. €2 bn of projects awarded not yet in the backlog Q4 RESULTS FY RESULTS REVENUES ADJUSTED EBITDA +28.7% +8.4% 2,481 Org. Growth 3,262 REVENUES Org Growth 899 181 582 ADJ. EBITDA 794 119 361 14
Slide 8: Power Grid: North America & EMEA Driving Growth
POWER GRID NORTH AMERICA & EMEA DRIVING GROWTH Q4 margin temporarily impacted by metal premium surge affecting Over Head Transmission Line (OHTL) Q4 RESULTS FY RESULTS REVENUES ADJUSTED EBITDA +7.6% +12.8% 3,544 Org. Growth 3,811 REVENUES Org. Growth 961 117 480 474 ADJ. EBITDA 105 864 15.4% 12.1% @
Slide 9: Industrial & Construction: Positive Growth and Margin Expansion
INDUSTRIAL & CONSTRUCTION POSITIVE GROWTH AND MARGIN EXPANSION Solid growth in North America (5.6% YOY Q4) offset by EMEA Q4 RESULTS FY RESULTS REVENUES ADJUSTED EBITDA -0.5% +0.6% 6,151 Org. Growth 7,519 REVENUES Org. Growth 795 1,867 202 ADJ. EBITDA 1,815 185 620 12.9% 13.5% @ Std metal 12.5% 13.4
Slide 10: Specialties: Overall Stable Results in Q4
SPECIALTIES OVERALL STABLE RESULTS IN Q4 Automotive, Elevators and O&G negatively impacting growth Q4 RESULTS FY RESULTS REVENUES ADJUSTED EBITDA -1.7% -2.1% 3,052 Org. Growth 2,983 REVENUES Org. Growth 732 702 310 ADJ. EBITDA 279 59 61 9.6% 10.4% @ Std metal 11.9% 11.1% @ Std metal Q4 2024 Q4 2025
Slide 11: Digital Solutions: Excellent Performance
DIGITAL SOLUTIONS EXCELLENT PERFORMANCE Strong contribution from Channell (consolidated from June 2025) Q4 RESULTS FY RESULTS REVENUES ADJUSTED EBITDA +7.0% +8.4% 1,306 Org. Growth 1,618 REVENUES Org. Growth 268 426 75 ADJ. EBITDA 321 161 40 13.2% 18.3% @ Std metal 12.9% 17.3% @ Std metal Q4 2024 Q4
Slide 12: Financial Results
FY 2025 INTEGRATED RESULTS FINANCIAL RESULTS Pier Francesco Facchini Prysmian CFO
Slide 13: Profit & Loss Statement
PROFIT & LOSS STATEMENT 2025 2024 REVENUES 19,650 17,026 ADJ. EBITDA EVOLUTION [€M] YoY organic growth 5.4% 0.5% Adj.EBITDA 2,398 1,927 % on revenues at current metal prices 12.2% 11.3% ADJ. EBITDA 2024 1,927 % on revenues at standard metal prices 14.2% 12.9% Transmission 227 Adj.EBIT 1,760 1,462 %
Slide 14: Excellent Cash Generation
EXCELLENT CASH GENERATION +1,171 €M Free Cash Flow 1,069 47 ( 1,963 ) 239 ( 956 ) 233 ( 11 ) 765 ( 195 ) ( 675 ) 248 4,296 3,097 31-Dec-24 Acquisition Share Cash flow WC Net Financial Dividend Dividend Hybrid Net cash IFRS 16, FX, 31-Dec-25 net debt Buyback & operations changes Operative Charges rec
Slide 15: 2026 Outlook & Closing Remarks
FY 2025 INTEGRATED RESULTS 2026 OUTLOOK & CLOSING REMARKS
Slide 16: Outlook 2026
OUTLOOK 2026 All business segments supporting 2026 growth. FX headwind ADJ. EBITDA EVOLUTION 2,700 ADJ. EBITDA 2,625 2,775 Mid-point 2,700 2,398 1,350 FCF 1,300 1,400 Mid-point FY OLD 2025 PRYSMIAN Organic CHANNELL Perimeter FOREX Forex FY NEW 2026 2026 CMD 2026 Growth effect guidance CMD target Sus
Slide 17: Closing Remarks
CLOSING REMARKS 1. Excellent performance across all 1 businesses, especially Transmission INCREASING CASH RETURN TO SHAREHOLDERS Dividend proposal to the next AGM: 0.90 €/share +13% 22. Channell smoothly integration progressing 33. Outstanding cash generation at almost €1.2 billion 0.70 0.80 0.90 0.
Slide 18: Appendix
Appendix [e) prysmian 18
Slide 19: On Track for 2028 Targets
ON TRACK FOR 2028 TARGETS Profitability Strong cash flow Superior Sustainability-linked enhancement generation shareholder return revenues 2.95-3.15 1.5-1.7 15-19% 55% Adj. EBITDA (€bn) Free Cash Flow (€bn) 2024-2028E EPS CAGR as a % of total group sales 19
Slide 20: FY Financial Highlights
FY FINANCIAL HIGHLIGHTS Revenues Adj.EBITDA 2025 2024 2025 2024 organic Adj.EBITDA Adj.EBITDA €M €M €M €M growth Margin 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% SPECIALTIE
Slide 21: Q4 Financial Highlights
Q4 FINANCIAL HIGHLIGHTS Revenues Adj.EBITDA Q4 2025 Q4 2024 Q4 2025 Q4 2024 organic Adj.EBITDA Adj.EBITDA €M €M €M €M growth Margin 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% SPECIAL
Slide 22: Revenues at Standard Metal Prices
REVENUES AT STANDARD METAL PRICES Revenues current Revenues Standard Revenues Adj. Ebitda Adj. Ebitda Revenues Adj. Ebitda Adj. Ebitda €M €M margin €M €M 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%
Slide 23: Solid Financial Structure
SOLID FINANCIAL STRUCTURE 3.9 years average debt maturity (including Revolving Credit Facility) CURRENT FINANCIAL DEBT MATURITY PROFILE (9) €M Bank Bond RCF (undrawn) Fixed/Variable rate composition 1,465 1,200 Fixed ~80% 850 Variable 650 ~20% 1,200 345 SUST. LINKED EUROBOND EUROBOND 198 TL 2022 3.6
Slide 24: Profit & Loss Statement
PROFIT & LOSS STATEMENT Adjustments and non monetary items on EBIT 2025 2024 REVENUES 19,650 17,026 2025 2024 YoY total growth 15.4% 10.9% Non-recurring Items (16) (11) YoY organic growth 5.4% 0.5% Restructuring (35) (84) Adj.EBITDA 2,398 1,927 Other Non-operating Income / (Expenses) 341 (78) % on r
Slide 25: Statement of Financial Position (Balance Sheet)
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) (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
Slide 26: Cash Flow Statement
CASH FLOW STATEMENT 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
Slide 27: Prysmian at Glance 2025 Financial Results
PRYSMIAN AT GLANCE 2025 financial results SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY APAC Digital Solutions €19.7 BN €19.7 BN 5% 8.2% LATAM 7% Industrial & Power Grid Construction 19.4% 38.3% Electrification EMEA 55.8% North 48% Specialties 15.2% America 40% Other energy 2.3% Transmiss
Slide 28: Transmission 2025 Sales Breakdown
TRANSMISSION 2025 sales breakdown SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY HVDC North America 14% 7% LATAM Offshore 5% specialities APAC 7% 0% Submarine TLC 1% Submarine Energy Network 75% component HV 3% €3.3 BN €3.3 BN EMEA 88% 28
Slide 29: Power Grid 2025 Sales Breakdown
POWER GRID 2025 sales breakdown SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY HVAC 17% North America 48% Power Overhead lines Distribution 8% EMEA 72% 40% Network component MV 3% €3.8 BN €3.8 BN APAC 4% LATAM 8% 29
Slide 30: Electrification 2025 Sales Breakdown
ELECTRIFICATION 2025 sales breakdown SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY Other energy 4% EMEA OEM & Renewables 39% North America 14% 46% Industrial & Construction Specialties 69% Automotive 4% 27% Oil & Gas 3% Elevators 2% other 4% €11.0 BN APAC LATAM €11.0 BN 6% 9% 30
Slide 31: Digital Solutions 2025 Sales Breakdown
Digital Solutions 2025 sales breakdown SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY MMS EMEA 30% 40% North America 46% Telecom Fiber Solutions 4% 66% €1.6 BN APAC LATAM €1.6 BN 10% 4% 31
Slide 32: Bridge Consolidation Revenues
Bridge consolidation revenues TRANSMISSION POWER GRID INDUSTRIAL & CONSTRUCTION* 712 92 ( 23 ) 271 116 (120 ) ( 39 ) 377 ( 228) Org.growth 3,262 Org.growth Org.growth 2,481 +28.7% 3,544 3,811 7,409 7,519 +7.6% -0.5% FY 2024 Organic Metal Exchange FY 2025 FY 2024 Organic Metal Exchange FY 2025 FY 202
Slide 33: Sustainability Development Goals
SUSTAINABILITY DEVELOPMENT GOALS 20 40 60 80 100 CCC B BB BBB A AA AAA 20 40 60 80 100 86 AA 77 1 2 3 4 5 2 4 6 8 10 10 20 30 40 We are included in 4.4 6.4 17.2 200 150 100 50 20 40 60 80 100 D- D C- C B- B A- A 45 58 A 33
Slide 34: Notes
Notes 1) Adjusted EBITDA margin at the standard metal Encore Wire and Channell Purchase Price 11) Slide 3: FCF Yield = FCF / average market cap 2025 prices calculation takes into account set standard Allocations. The 2025 adjusted EPS also excludes the 12) Slide 6: The FY25 Sustainability Highlights
Slide 35: Disclaimer
Disclaimer ▪ The managers responsible for preparing the forward-looking statements. This document does company's financial reports, A.Brunetti and not represent investment advice or a S.Invernici, declare, pursuant to paragraph 2 of recommendation for the purchase or sale of Article 154-bis of the C
Slide 36: Thank You
THANK YOU The planet’s pathways