Prysmian

Investor Presentation • Oct 30, 2025

PRYSMIAN 9M 2025 INTEGRATED RESULTS

30.10.2025

9M 2025 INTEGRATED RESULTS

HIGHLIGHTS & GROUP OVERVIEW

GROWTH ACCELERATION AND MARGINS EXPANSION. Q3'25 BEST QUARTER EVER

OUTSTANDING PERFORMANCE

Backlog at approx. 16 €Bn. Approx. 3 bn of projects awarded not yet in the backlog

GROWTH ACCELERATION AND SOLID MARGIN

North America and EMEA driving growth

POSITIVE GROWTH AND MARGIN EXPANSION

Excellent performance in North America (10% YOY in Q3), partly offset by other geographies

OVERALL STABLE RESULTS IN Q3

Automotive and Elevators negatively impacting growth

EXCELLENT PERFORMANCE

Sound contribution from Channell (consolidated from June)

-39% reduction of Scope 1&2 GHG Emissions LTM

vs 37% in FY 2024

9M 2025 ESG HIGHLIGHTS

ambition

vs 19.2% in FY 2024

9

ambition

9M 2025 INTEGRATED RESULTS

FINANCIAL RESULTS

PROFIT & LOSS STATEMENT

emarket sdir storage
CERTIFIED
•

	9M 2025	(7) 9M 2024
REVENUES	14,684	12,362
YoY organic growth	5.7%	(1.4%)
Adj.EBITDA	1,776	1,409
% on revenues at current metal prices	12.1%	11.4%
% on revenues at standard metal prices	14.1%	13.0%
Adj.EBIT	1,344	1,086
% on revenues	9.2%	8.8%
Adjustments	323	(140)
Non monetary items	(113)	(56)
EBIT	1,554	890
% on revenues	10.6%	7.2%
Financial charges	(216)	(133)
EBT	1,338	757
Taxes	(297)	(167)
% on EBT	22.2%	22.1%
NET INCOME	1,039	590
Minorities	17	15
GROUP NET INCOME	1,022	575

ADJ. EBITDA BRIDGE

	Q1	Q2	Q3	9M
2024 ADJ EBITDA	412	457	540	409 1 ,
Transmission	62	37	60	159
Grid Power	1	11	6	18
Electrification	42	81	(5)	118
of which I&C	59	98	1	158
Digital Solutions (ex-YOFC)	8	20	46	74
YOFC	2	(1)	(3)	(2)
ADJ EBITDA 2025	527	605	644	1 776 ,
of which effect Forex	4	(22)	(27)	(45)

9M 2025 INTEGRATED RESULTS

2025 OUTLOOK & CLOSING REMARKS

UPGRADING OUTLOOK 2025

2025 ADJ. EBITDA GUIDANCE EVOLUTION

Q3 SUMMARY

• Excellent performance, with further margin expansion at 14.8%
• Sound execution and order intake in Transmission
• Channell acquisition driving margins expansion
• North America and Transmission driving outlook upgrade

Appendix

ON TRACK FOR 2028 TARGETS

2028 targets

Profitability enhancement

Strong cash flow generation

Superior shareholder return

Solutions provider

Adj. EBITDA (€bn) Free Cash Flow (€bn) 2024-2028E EPS CAGR Solutions (as % of Revenue)

9M FINANCIAL HIGHLIGHTS

Revenues

	9M	2025	9M 2024	9M 2025		9M 2024
	€M	organic growth	€M	€M	Adj .EBITDA Margin	€M	Adj .EBITDA Margin
TRANSMISSION	2 363 ,	38 3%	687 1 ,	401	17 0%	242	14 4%
POWER GRID	2 850 ,	6 0%	2 680 ,	375	13 2%	357	13 3%
INDUSTRIAL & CONSTRUCTION	5 652 ,	-0 9%	4 336 ,	593	10 5%	435	10 0%
SPECIALTIES	2 281 ,	-1 6%	2 320 ,	218	9 6%	251	10 8%
OTHER	346	0 0%	354	(4)	-1 2%	3	0 9%
ELECTRIFICATION	8 279 ,	-1 1%	010 7 ,	807	9 7%	689	9 8%
DIGITAL SOLUTIONS	1 192 ,	6 6%	985	193	16 2%	121	12 3%
TOTAL GROUP	14 684 ,	5 7%	12 362 ,	1 776 ,	12 1%	1 409 ,	11 4%

Adj.EBITDA

9M 2025		9M 2024		9M 2025		9M	2024
€M	organic growth	€M		€M	Adj .EBITDA Margin	€M	Adj .EBITDA Margin

Q3 FINANCIAL HIGHLIGHTS

	Q3	2025	Q3 2024	Q3	2025	Q3	2024
	€M	organic growth	€M	€M	Adj .EBITDA Margin	€M	Adj .EBITDA Margin
TRANSMISSION	877	39 0%	603	152	17 3%	92	15 3%
POWER GRID	985	14 8%	878	125	12 7%	119	13 6%
INDUSTRIAL & CONSTRUCTION	1 851 ,	2 0%	1 836 ,	212	11 5%	211	11 5%
SPECIALTIES	730	-3 0%	768	70	9 6%	72	9 4%
OTHER	121	0 0%	129	(3)	-2 5%	1	0 8%
ELECTRIFICATION	2 702 ,	0 3%	2 733 ,	279	10 3%	284	10 4%
DIGITAL SOLUTIONS	466	3% 13	329	88	18 9%	45	7% 13
TOTAL GROUP	030 5 ,	9 2%	4 543 ,	644	12 8%	540	9% 11

Revenues Adj.EBITDA

Q3 2025		Q3 2024		Q3 2025				Q3	2024
€M	organic growth	€M		€M	Adj .EBITDA Margin	€M	Adj .EBITDA Margin

		Revenues current			Revenues		Standard
		Revenues €M	Adj . Ebitda €M	Adj . Ebitda margin	Revenues €M	Adj . Ebitda €M	Adj . Ebitda margin
	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%
9M 2025	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%
	TRANSMISSION	1 687 ,	242	14 4%	1 674 ,	242	14 5%
	POWER GRID	2 680 ,	357	3% 13	2 396 ,	357	9% 14
	ELECTRIFICATION	010 7 ,	689	9 8%	830 5 ,	689	11 8%
9M	I&C	4 336 ,	435	10 0%	3 505 ,	435	12 4%
2024	Specialties	2 320 ,	251	10 8%	1 999 ,	251	12 6%
	DIGITAL SOLUTIONS	985	121	12 3%	941	121	12 9%
	TOTAL GROUP	12 362 ,	1 409 ,	11 4%	10 842 ,	1 409 ,	13 0%

Average debt maturity of 3.9 years (including Revolving Credit Facility)

CURRENT FINANCIAL DEBT MATURITY PROFILE (8)

HYBRID BOND – ACCOUNTING TREATMENT

Balance
Sheet

Account	Debit	Credit
Cash*	1,000
Equity		1,000

No financial debt component (100% treated as equity)

Profit & Loss

No impact on interest expenses; 100% tax deductible

Cash Flow

Interests paid treated as dividend; no impact on Free Cash Flow

EPS

Earnings are adjusted to include interests (net of tax)

Account	Debit	Credit
Cash*	1,000
Equity		500
NFD		500

50% financial debt and 50% equity

50% of coupon included in interest expenses

50% of coupon paid included in Funds From Operation (FFO)

Not applicable

Key terms

Issuance Details:

• Type: subordinated
• Maturity : perpetual
• Non-call period: 5.25 years (callable since 21 Aug 2030)
• Reoffer price: 99.466%

Coupon & Yield

• Fixed coupon: 5.25% p.a (53m p.a)
• Annual yield till the first reset date: 5.375%

PROFIT & LOSS STATEMENT

	9M 2025	(7) 9M 2024
REVENUES	14 684 ,	12 362 ,
total growth YoY	18 8%	4 5%
organic growth YoY	5 7%	(1 4%)
Adj EBITDA	776 1 ,	409 1 ,
% metal prices on revenues at current	12 1%	11 4%
standard metal prices % on revenues at	14 1%	13 0%
of which share of income net	17	15
Adjustments	323	(140)
EBITDA	2 099 ,	269 1 ,
% on revenues	3% 14	10 3%
Adj EBIT	1 344 ,	1 086 ,
% on revenues	9 2%	8 8%
Adjustments	323	(140)
items Non monetary	(113)	(56)
EBIT	1 554 ,	890
% on revenues	10 6%	7 2%
Financial charges	(216)	(133)
EBT	1 338 ,	757
Taxes	(297)	(167)
% EBT on	22 2%	22 1%
Profit/(loss) from discontinued operations	(2)	-
NET INCOME	1 039 ,	590
Minorities	17	15
GROUP NET INCOME	1 022 ,	575
% on revenues	7 0%	4 7%

Adjustments and non monetary items on EBIT

	9M 2025	(7) 9M 2024
Non-recurring Items	(16)	(7)
Restructuring	(16)	(59)
/ Non-operating Other (Expenses) Income	355	(74)
adjustments EBITDA	323	(140)
items Non monetary	(113)	(56)
Gain/(loss) derivatives commodities on on	(44)	(8)
impairment Assets	(8)	-
Share-based compensation	(61)	(48)
adjustments EBIT	210	(196)

Financial Charges

	9M 2025	9M 2024
interest Net expenses	(166)	(85)
of which non-cash conv.bond interest exp.	-	(5)
Financial IFRS 16 costs	(13)	(10)
Bank fees amortization	(8)	(5)
Gain/(loss) exchange and derivatives rates on	(31)	(36)
recurring and other effects Non	2	3
financial charges Net	(216)	(133)

STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)

	30-Sep-25	(7) 30-Sep-24	31-Dec-24
fixed Net assets	10 348 ,	9 410 ,	10 097 ,
of which: goodwill	4 012 ,	3 274 ,	3 499 ,
working capital Net	1 586 ,	1 887 ,	890
assets/(liabilities) of which: derivatives	43	121	81
of which: Operative working capital Net	1 543 ,	1 766 ,	809
Provisions deferred & taxes	(1 060) ,	(1 056) ,	(1 084) ,
Capital Employed Net	10 874 ,	10 241 ,	9 903 ,
provisions Employee	292	314	310
equity Shareholders'	6 264 ,	4 885 ,	5 297 ,
of which: attributable minority interest to	197	194	210
financial debt Net	4 318 ,	5 042 ,	4 296 ,
Financing Equity Total and	10 874 ,	10 241 ,	9 903 ,

12 Months

CASH FLOW STATEMENT

	30-Sep-25	(7) 30-Sep-24	Months 12 1/10/2024 (from to 30/9/2025)
Adj .EBITDA	1,776	1,409	2 294 ,
Adjustments	323	(140)	290
EBITDA	2,099	1,269	2,584
Change in provisions others Net &	(52)	(30)	(22)
Net gains realized on disposal of equity accounted companies	(392)	-	(392)
profit/(loss) Share of of equity-accounted companies net	(17)	(31)	(27)
operations Cash flow from (before WC changes)	1,638	1,208	2,143
Working Capital changes	(1 077) ,	(586)	(26)
Dividends received	10	16	10
Paid Income Taxes	(202)	(195)	(268)
flow from operations Cash	369	443	1,859
Acquisitions/Disposals	(891)	(4 089) ,	(928)
flow Net cash used in operating investing activities	(440)	(445)	(779)
cash flow from equity-accounted companies Net	566	(1)	566
Free Cash Flow (unlevered)	(396)	(4,092)	718
Financial charges	(159)	(75)	(226)
Cash Flow (levered) Free	(555)	(4,167)	492
FCF (levered) excl. Acquisitions & Disposals and antitrust impact	(226)	(73)	859
Dividends	(237)	(200)	(239)
Issuing of Hybrid Bond	989	-	989
Share buy-back	(49)	(166)	(210)
Hybrid Bond - Interest Payments	(13)	-	(13)
Cash Flow Net	135	(4,533)	1,019
Financial beginning period Debt of the Net	(4,296)	(1,188)	(5,042)
cash flow Net	135	(4 ,533)	1,019
Equity of Convertible Bond 2021 component	-	733	-
increase due NFD IFRS16 to	(136)	(54)	(197)
accrued of Hybrid Bond Interests 2025	(6)	-	(6)
from acquisitions and disposals NFD	(12)	-	(12)
Other variations	(3)	-	(80)
Financial period Debt end of the Net	(4,318)	(5,042)	(4,318)

INDUSTRIAL & CONSTRUCTION*

Bridge consolidation revenues

DIGITAL SOLUTIONS

SUSTAINABILITY DEVELOPMENT GOALS

We are included in

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, -operating income/expenses and non -recurring income / expenses
• 6) Slide 1 2: Cash flow operations (before WC changes) of 1,880 €M including tax paid for 268 €M
• 7) The September 2024 figures have been restated due to definition of the purchase price allocation for Encore Wire.
• 8) Slide 21: Current financial debt maturity profile

(excluding debt held by affiliates and debt coming from IFRS 16 - 180 €M and 346 €M respectively 30.09.2025):

• 2029: EIB 2022 (135 €M); CDP 2023 (120 €M); MB (150 €M); UCG (150 €M). Encore Wire TL (911 €M);
• 2032: EIB 2024 1st Tranche (198 €M)
• 2033: EIB 2024 2nd Tranche (145 €M)
• 9) 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

• 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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