Prysmian — Investor Presentation 2025

Jul 31, 2025

PRYSMIAN 1H 2025 INTEGRATED RESULTS

1H 2025 INTEGRATED RESULTS

HIGHLIGHTS & GROUP OVERVIEW

1H 2025 KEY HIGHLIGHTS

CONTINUING MARGINS EXPANSION

1H 2025 BUSINESS HIGHLIGHTS

UNMATCHED SYNERGISTIC PORTFOLIO EXPOSED TO SECULAR MARKET TRENDS

TRANSMISSION

EXCELLENT PERFORMANCE, GROWTH & MARGIN IMPROVEMENT

Capacity expansion, flawless execution and better mix. Backlog at approx. 16 €Bn

GROWTH ACCELERATION AND MARGIN EXPANSION

INDUSTRIAL & CONSTRUCTION

SOLID MARGIN EXPANSION IN Q2

SPECIALTIES

POSITIVE GROWTH IN Q2

Solid performance across businesses besides Automotive and Elevators

DIGITAL SOLUTIONS

SOLID GROWTH AND PROFITABILITY IMPROVEMENT

Results reflecting Channell consolidation from June

1H 2025 ESG HIGHLIGHTS

Extended supply agreement with Alcoa for it's low-carbon aluminum

Successfully deploying E3X coated overhead conductor across the Middle East, in collaboration with GCCIA (Gulf Cooperation Council Interconnection Authority)

1H 2025 INTEGRATED RESULTS

FINANCIAL RESULTS

Pier Francesco Facchini

Prysmian CFO

PROFIT & LOSS STATEMENT

	1H 2025	1H 2024
REVENUES	9 654 ,	7 819 ,
organic growth YoY	4 0%
Adj EBITDA	1 132 ,	869
metal prices % at current on revenues	11 7%	11 1%
standard metal prices % at on revenues	13 8%	12 6%
Adj EBIT	845	676
% on revenues	8 8%	8 6%
Adjustments	2	(68)
items Non monetary	(104)	(16)
EBIT	743	592
% on revenues	7 7%	7 6%
Financial charges	(145)	(53)
EBT	598	539
Taxes	(161)	(129)
% EBT on	26 9%	23 9%
INCOME NET	437	410
Minorities	11	8
GROUP NET INCOME	426	402

ADJ. EBITDA BRIDGE

	Q1	Q2	1H
2024 ADJ EBITDA	412	457	869
Transmission	62	37	99
Grid Power	1	11	12
Electrification	42	81	123
Digital Solutions (ex-share of income) net	8	20	28
share of income net	2	(1)	1
2025 ADJ EBITDA	527	605	132 1 ,
of which effect Forex	4	(22)	(18)

EXCELLENT CASH GENERATION

1H 2025 INTEGRATED RESULTS

2025 OUTLOOK & CLOSING REMARKS

UPGRADING OUTLOOK 2025

Q2 SUMMARY

Excellent performance in Q2, sustained in particular by Transmission and Power Grid

Margins expansion across all segments

Outstanding cash generation at approx. €1 billion LTM

2025 outlook upgraded

ON TRACK FOR 2028 TARGETS

2028 targets

Appendix

FINANCIAL HIGHLIGHTS

		Revenues			Adj EBITDA
	1H 2025		1H 2024		1H	2025	1H 2024
	€M	organic growth	€M		€M	Adj .EBITDA Margin	€M	Adj .EBITDA Margin
TRANSMISSION	486 1 ,	9% 37	084 1 ,		249	16 8%	150	8% 13
POWER GRID	865 1 ,	1 7%	802 1 ,		250	13 4%	238	13 2%
INDUSTRIAL & CONSTRUCTION	3 801 ,	-2 2%	2 500 ,		381	10 0%	224	9 0%
SPECIALTIES	1 551 ,	-0 9%	1 552 ,		148	9 6%	179	11 5%
OTHER	225	0 0%	225		(1)	-0 6%	2	0 8%
ELECTRIFICATION	5 577 ,	-1 7%	4 277 ,		528	9 5%	405	9 5%
DIGITAL SOLUTIONS	726	3 2%	656		105	14 4%	76	11 6%
TOTAL GROUP	9 654 ,	4 0%	819 7 ,		132 1 ,	11 7%	869	11 1%

Adj.EBITDA

1H 2025 1H		2024	1H	2025	1H 2024
	organic growth	€M	€M	Adj .EBITDA Margin	€M	Adj .EBITDA Margin

REVENUES AT STANDARD METAL PRICES

emarket sdir scorage
CERTIFIED

		Revenues current			Standard Revenues
		Revenues €M	Adj . Ebitda €M	Adj . Ebitda margin	Revenues €M	Adj . Ebitda €M	Adj . Ebitda margin
	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%
1H 2025	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 2024	TRANSMISSION	1 084 ,	150	13 8%	1 069 ,	150	14 0%
	POWER GRID	802 1 ,	238	2% 13	614 1 ,	238	8% 14
	ELECTRIFICATION	277 4 ,	405	9 5%	609 3 ,	405	2% 11
	I&C	2 500 ,	224	9 0%	2 046 ,	224	10 9%
	Specialties	1 552 ,	179	11 5%	1 349 ,	179	13 3%
	DIGITAL SOLUTIONS	656	76	11 6%	628	76	12 1%
	TOTAL GROUP	7 819 ,	869	11 1%	6 920 ,	869	12 6%

Standard copper price of €5,500/ton. Standard aluminum price of €1,500/ton. Standard lead price of €2,000/ton.

SOLID FINANCIAL STRUCTURE

Average debt maturity of 4 years (including Revolving Credit Facility)

CURRENT FINANCIAL DEBT MATURITY PROFILE (7)

HYBRID BOND – ACCOUNTING TREATMENT

	Account Debit Credit	Account Debit Credit
	Cash* 1,000	Cash* 1,000	Key terms
Balance	Equity 1,000	Equity 500
Sheet		NFD 500	Issuance Details:
	No financial debt	50% financial debt and 50%	• Type: subordinated
	component (100% treated as equity)	equity	• Maturity : perpetual
			• Non-call period: 5.25 years (callable since 21 Aug 2030)
Profit & Loss	No impact on interest expenses; 100% tax deductible	50% of coupon included in interest expenses	• Reoffer price: 99.466%
			Coupon & Yield
Cash Flow	Interests paid treated as dividend; no impact on Free Cash Flow	50% of coupon paid included in Funds From Operation (FFO)	• Fixed coupon: 5.25% p.a (53m p.a) • Annual yield till the first reset date: 5.375%
EPS	Earnings are adjusted to include interests (net of tax)	Not applicable

PROFIT & LOSS STATEMENT

	2025 1H	2024 1H
REVENUES	9 654 ,	7 819 ,
total growth YoY	23 5%
organic growth YoY	4 0%
Adj EBITDA	1 132 ,	869
metal prices % on revenues at current	11 7%	11 1%
standard metal prices % on revenues at	8% 13	12 6%
of of which share income net	13	9
Adjustments	2	(68)
EBITDA	1 134 ,	801
% on revenues	7% 11	10 2%
Adj EBIT	845	676
% on revenues	8 8%	8 6%
Adjustments	2	(68)
items Non monetary	(104)	(16)
EBIT	743	592
% on revenues	7 7%	7 6%
Financial charges	(145)	(53)
EBT	598	539
Taxes	(161)	(129)
% EBT on	26 9%	23 9%
NET INCOME	437	410
Minorities	11	8
GROUP NET INCOME	426	402
% on revenues	4 4%	5 1%

Adjustments and non monetary items on EBIT

	1H 2025	1H 2024
Non-recurring Items	(2)	(6)
Restructuring	(8)	(48)
/ Non-operating Other (Expenses) Income	12	(14)
adjustments EBITDA	2	(68)
items Non monetary	(104)	(16)
Gain/(loss) derivatives commodities on on	(56)	13
impairment Assets	(8)	-
Share-based compensation	(40)	(29)
adjustments EBIT	(102)	(84)

Financial Charges

	1H 2025	1H 2024
interest Net expenses	(110)	(26)
of which non-cash conv.bond interest exp.	-	(5)
Financial IFRS 16 costs	(8)	(7)
Bank fees amortization	(6)	(3)
Gain/(loss) exchange and derivatives rates on	(22)	(19)
recurring and other effects Non	1	2
financial charges Net	(145)	(53)

STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)

	30-Jun-25	30-Jun-24	31-Dec-24
fixed Net assets	10 469 ,	5 823 ,	10 097 ,
of which: goodwill	025 4 ,	691 1 ,	499 3 ,
working capital Net	1 126 ,	1 290 ,	890
assets/(liabilities) of which: derivatives	(15)	172	81
of which: Operative working capital Net	1 141 ,	1 118 ,	809
Provisions deferred & taxes	(994)	(785)	(1 084) ,
Capital Employed Net	10 601 ,	6 328 ,	9 903 ,
provisions Employee	296	316	310
equity Shareholders'	5 611 ,	4 691 ,	5 297 ,
of which: attributable minority interest to	190	195	210
financial debt Net	4 694 ,	1 321 ,	4 296 ,
Financing Equity Total and	10 601 ,	6 328 ,	9 903 ,

CASH FLOW STATEMENT

12 Months

	30-Jun-25	30-Jun-24	1/7/2024 (from 30/6/2025) to
Adj .EBITDA	1,132	869	2 190 ,
Adjustments	2	(68)	(103)
EBITDA	1,134	801	2,087
Change in provisions others Net &	(42)	11	(53)
gains realized on disposal of equity accounted companies Net	(29)	-	(29)
profit/(loss) Share of of equity-accounted companies net	(13)	(20)	(34)
operations Cash flow from (before WC changes)	1,050	792	1,971
Working Capital changes	(635)	(603)	433
Dividends received	6	3	19
Paid Income Taxes	(161)	(123)	(299)
operations Cash flow from	260	69	2,124
Acquisitions/Disposals	(878)	-	(5 004) ,
cash flow used in operating investing activities Net	(365)	(209)	(940)
cash flow from equity-accounted companies Net	95	-	94
Free Cash Flow (unlevered)	(888)	(140)	(3 ,726)
Financial charges	(95)	(27)	(210)
Cash Flow (levered) Free	(983)	(167)	(3 ,936)
Acquisitions Disposals antitrust impact FCF (levered) excl. and &	(197)	(165)	979
Dividends	(233)	(197)	(238)
Issuing of Hybrid Bond	989	-	989
Purchase of shares treasury	(49)	(36)	(340)
Cash Flow Net	(276)	(400)	(3 ,525)
Financial beginning period Debt of the Net	(4 ,296)	(1 ,188)	(1 ,321)
cash flow Net	(276)	(400)	(3 525) ,
Equity of Convertible Bond 2021 component	-	293	440
increase due NFD IFRS16 to	(103)	(26)	(192)
Other variations	(19)	-	(96)
Financial period Debt end of the Net	(4 ,694)	(1 ,321)	(4 ,694)

Bridge consolidation revenues

A TRULY PUBLIC COMPANY, BASED ON INCLUSION

We innovate to support our customers and to go beyond the value chain

Selection of innovative solutions

SUSTAINABILITY DEVELOPMENT GOALS

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 and Antitrust impact;
• 5) Adjusted EBITDA: EBITDA excluding restructuring, non -operating income/expenses and non -recurring income / expenses
• 6) Slide 1 3: Cash flow operations (before WC changes) of 1,677 €M including tax paid for 299 €M
• 7) Slide 21: Current financial debt maturity profile (excluding debt held by affiliates and debt coming from IFRS 16 - 562 €M and 346 €M respectively - at 30.06.2025):
• 2025: CDP 2021 (75 €M)
• 2029: EIB 2022 (135 €M); CDP 2023 (120 €M); MB
• (150 €M); UCG (150 €M). Encore Wire TL (912 €M);
• 2032: EIB 2024 (198 €M)
• 8) Slide 26: The Prysmian Total includes "other Electrification", not explicitly illustrated, because it is not material, and consider I & C on reporting Bases as per sales. Furthermore, Industrial & Construction figures are here presented as combined basis, as if Encore Wire had been consolidated since 1st January 2024

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 investment solicitation 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 ones required by IFRS.

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