Prysmian S.p.a. · MIL:PRY
Prysmian — Q3 2026 Earnings Presentation
32 slides from Prysmian's earnings presentation, October 2026
Slide 1: Prysmian's Quarterly Update Q3'26
Prysmian's Quarterly Update Q3'26
Slide 2: Highlights & Group Overview
Highlights & Group Overview Massimo Battaini Prysmian CEO
Slide 3: Q3'26 Key Highlights
Q3’26 Key Highlights Stronger Growth. Higher Margins. Q3 ADJ. EBITDA €M 851 851€M 46 % Sustainability-linked Adjusted EBITDA 644 Revenues 540 16.8 % Adjusted EBITDA -41.7 % GHG emissions LTM 408 Digital Solutions Electrification margin (Scope 1&2 ) Power Grid Transmission 13.1 % Organic growth Acqui
Slide 4: Unprecedented Progress
Unprecedented Progress Accelerating growth through organic expansion and strategic M&A > 2x Adj. EBITDA CAGR ‘23-’26 3.1 3.05 +24% CAGR ‘22-’23 2.4 +8% 1.9 ~16% 1.5 1.6 14.2% 12.9% 11.9% 10.6% 2022 2023 2024 2025 2026E 2028 CMD target ADJ. EBITDA €Bn / margins @ Std metal 4
Slide 5: Reinforcing leadership in strategic markets
Reinforcing leadership in strategic markets Atkore & Xtera acquisitions completed Accelerating the evolution into a fully- Expanding leadership in a structurally fledged electrical solutions provider growing market (unlocking the regional & long-haul repeater segment) Leveraging Prysmian’s unique se
Slide 6: Transmission: Sustained outperformance
TRANSMISSION Sustained outperformance Projects mix, flawless execution and vertical integration powering performance Q3 RESULTS REVENUES ADJUSTED EBITDA ADJ. EBITDA EVOLUTION +23.1% Org Growth 1,088 213 213 ADJ. EBITDA 181 179 877 152 152 146 17.8% 20.0% @ Std metal 17.8% 20.9% 20.1% 21.2% 20.0% @ S
Slide 7: Power Grid: Solid demand across regions sustaining growth
POWER GRID Solid demand across regions sustaining growth Q3 RESULTS REVENUES ADJUSTED EBITDA +7.5% ADJ. EBITDA EVOLUTION Org Growth 1,179 135 135 135 125 ADJ. EBITDA 985 125 107 105 14.7% 13.8% @ Std metal 14.7% 12.1% 12.4% 13.8% 13.8% @ Std metal Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3'25 Q4'25 Q1'26 Q2
Slide 8: Industrial & Construction: Profitability at scale
INDUSTRIAL & CONSTRUCTION Profitability at scale Encore Wire’s distinctive operating model and Data Center demand drive profitable growth (North America +23.7%) Q3 RESULTS REVENUES ADJUSTED EBITDA +14.2% ADJ. EBITDA EVOLUTION Org Growth 2,564 304 304 ADJ. EBITDA 1,851 212 228 212 202 196 14.5% 17.6%
Slide 9: Strengthening the platform for sustainable growth
INDUSTRIAL & CONSTRUCTION Strengthening the platform for sustainable growth Scaling Encore Wire’s distinctive business model to cement our leadership position >700 €M investment • Stronger vertical integration • Superior service and offering • Scaled Commercial synergies Metal-Clad Second copper MV
Slide 10: Specialties: Resilient results despite market conditions
SPECIALTIES Resilient results despite market conditions Overall profitability remains resilient, reflecting different end-market dynamics Q3 RESULTS REVENUES ADJUSTED EBITDA ADJ. EBITDA EVOLUTION +5.3% Org Growth 837 70 67 67 70 67 61 64 ADJ. EBITDA 730 11.2% 10.7% @ Std metal 11.2% 10.4% 11.1% 10.8
Slide 11: Digital Solutions: Outstanding performance, built on competitive advantages
DIGITAL SOLUTIONS Outstanding performance, built on competitive advantages Unique U.S. fiber platform driving growth & margin expansion, further underpinned by Channell Q3 RESULTS REVENUES ADJUSTED EBITDA ADJ. EBITDA EVOLUTION +17.3% Org Growth 566 134 134 122 ADJ. EBITDA 466 88 88 88 75 19.6% 25.0%
Slide 12: 9M 2026 Innovation & Sustainability Highlights
9M 2026 Innovation & Sustainability Highlights Sustainability-linked revenues Reducing carbon footprint of 46.0% AI infrastructure Low-carbon aluminum to an vs 43.7%, FY25 Amazon data center in Ohio, USA New product & solutions vitality Hollow Core Fiber 32.2% Industrialization Industrialization un
Slide 13: Financial Results
Financial Results Pier Francesco Facchini Prysmian CFO
Slide 14: Profit & Loss Statement
Profit & Loss Statement (7) 9M 2026 9M 2025 ADJ. EBITDA BREAKDOWN [€M] REVENUES 17,656 14,684 YoY organic growth 9.2% Q1 Q2 Q3 9M Adj.EBITDA 2,182 1,776 ADJ. EBITDA 2025 527 605 644 1,776 % on revenues at current metal prices 12.4% 12.1% % on revenues at standard metal prices 15.5% 14.1% Transmissio
Slide 15: Solid Cash Generation LTM
Solid Cash Generation LTM +€1,434 M Free Cash Flow 325 ( 847 ) ( 2,252 ) 306 271 52 ( 134 ) 221 (4 ) 887 4,318 ( 286 ) 2,857 30-Sep-25 Acquisition Capital Cash flow WC Net Operative Financial Dividend Dividend Hybrid net cash from IFRS 16, 30-Sep-26 net debt increase operations changes Capex Charges
Slide 16: 2026 Outlook & Closing Remarks
2026 Outlook & Closing Remarks Massimo Battaini Prysmian CEO
Slide 17: Accelerating Growth: Upgrading 2026 Outlook
Accelerating Growth: Upgrading 2026 Outlook 3,100 ADJ. EBITDA EVOLUTION ADJ. EBITDA 3,075 3,125 (€M) Mid-point 3,100 3,050 Previously: 2,850 Atkore 2,850 Business performance 1,800 FCF (€M) 1,750 Mid-point 1,850 2026 2026 2028 previous new CMD Previously: 1,700 guidance guidance target Sustainabilit
Slide 18: Closing Remarks
Closing Remarks Atkore strengthens U.S. position High-quality results across all while Xtera opens path to business segments submarine telecom leadership Best-in-class innovation unlocking Beating 2028 CMD targets sustainable growth 2 years in advance 18
Slide 19: Appendix
Appendix 19
Slide 20: Q3 Financial Highlights
Q3 Financial Highlights Revenues Adj.EBITDA Q3 2026 Q3 2025 Q3 2026 Q3 2025 organic Adj.EBITDA Adj.EBITDA €M €M €M €M growth Margin 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% SP
Slide 21: 9M Financial Highlights
9M Financial Highlights Revenues Adj.EBITDA 9M 2026 9M 2025 9M 2026 9M 2025 organic Adj.EBITDA Adj.EBITDA €M €M €M €M growth Margin 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
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 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% 9M I
Slide 23: 9M 2026 Sustainability Highlights
9M 2026 Sustainability Highlights 32.2% New Product & Solutions vitality vs 28.3% in FY 2025 46.0% Sustainability-linked revenues vs 43.7% in FY 2025 Innovation 25.3% Recycled content in addressable materials 41.0% of desk workers women hired vs 21.8% in FY 2025 vs 48.4% in FY 2025 20.8% Executive w
Slide 24: Solid Financial Structure
Solid Financial Structure 4.0 Years Average Debt Maturity (Including Revolving Credit Facility) CURRENT FINANCIAL DEBT MATURITY PROFILE (8) €M Bank Bond RCF (undrawn) Fixed/Variable rate composition 2,225 1,497 Variable Fixed ~42% ~58% 1,200 850 EUROBOND EUROBOND 3.625% 3.875% 345 198 144 2026 2027
Slide 25: Profit & Loss Statement
Profit & Loss Statement (7) Adjustments and non monetary items on EBIT 9M 2026 9M 2025 REVENUES 17,656 14,684 9M 2026 9M 2025 YoY total growth 20.2% YoY organic growth 9.2% Non-recurring Items (13) (16) Adj.EBITDA 2,182 1,776 Restructuring (47) (16) % on revenues at current metal prices 12.4% 12.1%
Slide 26: Statement Of Financial Position (Balance Sheet)
Statement Of Financial Position (Balance Sheet) (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
Slide 27: Cash Flow Statement
Cash Flow Statement (7) 12 Months 30-Sep-26 30-Sep-25 (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 no
Slide 28: Bridge Consolidation Revenues
Bridge Consolidation Revenues TRANSMISSION POWER GRID INDUSTRIAL & CONSTRUCTION 313 25 1 22 ( 47 ) 1,031 ( 108 ) 250 344 545 Org.growth 2,724 Org.growth 3,397 Org.growth 7,120 2,363 +13.2% 2,850 5,652 +12.0% +9.6% 9M 2025 Organic Metal Exchange Perimeter 9M 2026 9M 2025 Organic Metal Exchange 9M 202
Slide 29: 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 6.2 17.6 200 150 100 50 20 40 60 80 100 D- D C- C B- B A- A 45 58 A 29
Slide 30: Notes
Notes 1) Adjusted EBITDA margin at the standard metal 30.09.2026): prices calculation takes into account set standard • 2029: EIB 2022 (135 €M); CDP 2023 (120 €M); MB prices for copper (€5,500 per ton), aluminum (€1,500 (150 €M); UCG ESG Linked (150 €M). Encore Wire TL per ton) and lead (€2,000 per
Slide 31: 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 32: Thank You
Thank You The planet’s pathways