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    Prysmian announces robust performance in the first quarter

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    In the first quarter, Prysmian’s specialties division recorded €85 million in adjusted EBITDA, up from €78 million in the same period last year. This growth was primarily driven by double-digit year-on-year expansion in the renewables sector, resulting in a margin increase to 11.1%.

     

    Additionally, the transmission segment saw adjusted EBITDA rise to €62 million, compared to €54 million in Q1 2023, accompanied by a solid margin improvement to 13.0% from 11.2% in the previous year.

     

    Furthermore, Prysmian secured the Notice to Proceed for the Amprion Frame Agreement and EGL 2 projects, both of which were awarded in 2023. This development elevated the total backlog to over €18 billion.

     

    In the first quarter of 2024, Prysmian’s power grid business saw a notable increase in adjusted EBITDA, reaching €115 million, compared to €73 million in Q1 2023. This improvement was accompanied by a robust margin enhancement to 13.5% “sustained by structural markets trends (grid enhancement), in particular in North America”.

     

    Prysmian CEO, Massimo Battaini, said “Prysmian has had a solid start to 2024. The first quarter results highlight an outstanding profitability, driven by the strong performance of the power grid and transmission segments, while the order backlog stands at over €18bn.”

     

    “These achievements demonstrate that Prysmian’s commitment to accelerating the energy transition globally, together with its solutions which meet the highest environmental standards, are continuing to deliver positive results. My first year as Prysmian’s CEO is also marked by the signing acquisition of Encore Wire.”

     

    “This transaction is a unique opportunity to further grow and strengthen our position in North America, enhancing the diversification of our business and creating value for all stakeholders.”

     

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