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1Q 2021 Financial Results

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1Q 2021 Financial Results 1Q 2021 Financial Results Milan, 13 May 2021 1Q 2021 Financial Appendix Highlights Results 2 1Q 2021: A Solid Start of the Year SOLID START OF THE YEAR: +4.6% Organic Growth* PROJECTS: EXECUTION & INTAKE Strong recovery of Telecom and Energy Business demand driven by construction and renewables Sofia offshore wind project award worth over 200 €M RESILIENT MARGINS: 7.6% Adj EBITDA Margin Completion of Crete-Peloponnese Solid volume trend, cost efficiency and price management to balance raw interconnection materials cost inflation. The new vessel “Leonardo Da Negative forex impact (-14 €M). Vinci” to enter in operation in Q3, on time for Viking installation SOUND FREE CASH FLOW GENERATION 553 €M of FCF LTM excluding antitrust cash-out © Prysmian Group 2021 * Organic growth YoY ex Projects 3 1Q 2021 Financial highlights SALES ADJ. EBITDA FREE CASH FLOW SALES ORGANIC GROWTH* ADJ. EBITDA ADJ. EBITDA MARGIN FCF LTM NET DEBT 2,810 €M +4.6% 213 €M 7.6% 553 €M 2,325 €M SOLID ORGANIC GROWTH RESILIENT MARGINS FREE CASH FLOW +11.4% Telecom, with strong sequential Energy Business margins higher than pre- improvement Covid 19 level, despite raw material 553 €M of FCF LTM excluding antitrust increase +3.5% E&I, mainly driven by construction cash-out Sound volume in Telecom and strong +3.5% Industrial & NWC driven by OEM efficiency measures and renewables Negative forex impact (-14 €M) © Prysmian Group 2021 * Organic growth ex Projects 4 Sound performance in Energy and Telecom; phasing affecting Projects Projects Energy Telecom TOTAL 347 314 -7.9% 1,888 2,114 +3.4% 352 382 +11.4% 2,587 2,810 +3.0% E&I Industrial & NWC Sales Sales ( ) 1,239 1,400 +3.5% 598 648 +3.5% 14 forex 197 75 68 213 58 45 49 48 36 29 10.4% 9.3% 5.5% 5.3% 7.5% 7.6% 13.6% 15.2% Adj. EbitdaAdj. Adj. EbitdaAdj. 1 Q 2 0 2 0 1 Q 2 0 2 1 1 Q 2 0 2 0 1 Q 2 0 2 1 1 Q 2 0 2 0 1 Q 2 0 2 1 1 Q 2 0 2 0 1 Q 2 0 2 1 7.6% 7.6% 1 Q 2 0 2 0 1 Q 2 0 2 1 HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS Phasing affecting results, with Solid organic growth in T&I Strong organic growth in Strong sequential improvement improvement expected in H2, and Overhead, partially Renewables & Network mainly driven by German Cost efficiency measures partly Q1 2021 organic growth offset by PD (normalizing in Components, positive Corridors North America as expected, offsetting price pressure and Elevators and Automotive other headwinds Submarine backlog further after 2020 strong growth) increased to 1.8 €Bn (total Positive carry-over from YOFC Projects: 3.8 €Bn backlog) 2020 actual results (4 €M) © Prysmian Group 2021 Euro Millions, % on Sales 5 Energy and Telecom: a promising recovery path ENERGY TELECOM 2021 2019 2019 2021 2020 2020 Monthly volume evolution baseline: Jan 2019 Optical cable business only in Telecom © Prysmian Group 2021 6 Energy Business: Higher than Pre-Covid levels EMEA NORTH AMERICA 2021 2021 2019 2019 2020 2020 APAC 2019 130 2021 2020 100 70 LATIN AMERICA 2021 130 2020 GROUP 2021 110 2019 2019 2020 90 Jan Feb Mar Monthly Volume Evolution baseline: Jan 2019 E&I + Industrial © Prysmian Group 2021 7 Energy Business better than Pre-pandemic level E&I Industrial & NWC Total Energy -3.4%* +3.5%* -0.3%* +3.5%* -2.4%* +3.4%* * Organic growth 1,310 1,400 1,239 648 2,114 599 598 1,967 1,888 Sales 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 2019 2020 2021 2019 2020 2021 2019 2020 2021 75 69 68 126 112 113 41 45 49 5.2% 5.5% 5.3% 6.9% 7.5% 7.6% 5.7% 6.0% 6.0% Adj. EbitdaAdj. 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 2019 2020 2021 2019 2020 2021 2019 2020 2021 © Prysmian Group 2021 Euro Millions, % on Sales 8 A global recovery: the value of a wide geographical presence EMEA* NORTH AMERICA* LATIN AMERICA* ASIA PACIFIC* TOTAL GROUP 1,070 1,192 +3.9% 840 868 -0.9% 172 226 +27.9% 158 210 +14.1% 2,587 2,810 +4.6%* Sales Sales 213 95 87 197 29 Projects 58 36 52 21 13 18 1 Regions Ebitda Ebitda 6 184 161 4.9% 4.9% 11.3% 10.0% 8.0% 9.6% 0.4% 8.5% Adj. Adj. Adj. Adj. 1 1 Q 2 0 2 0 1 Q 2 0 2 1 1 Q 2 0 2 0 1 Q 2 0 2 1 1 Q 2 0 2 0 1 Q 2 0 2 1 1 Q 2 0 2 0 1 Q 2 0 2 1 7.2% 7.4% 1 Q 2 0 2 0 1 Q 2 0 2 1 HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS Recovery led by Energy Stable results in local currency Sound performance mainly Solid results led by full (construction and renewables) recovery of Covid-19 impact Sound trend in O&M, driven by construction and 1Q 2021 Organic growth and volume in Telecom Renewables and Optical Cable Telecom excluding Projects segment PD normalizing as expected, Share of net income after 2020 onshore wind (14) €M total Group forex impact subsidies spurring growth © Prysmian Group 2021 (*) excluding Projects business Euro Millions, % on Sales 9 Main takeaways and priorities ENERGY TELECOM PROJECTS Keep protecting Leveraging on volume Solid market outlook: profitability: coping with rebound and cost focus on tendering activity A CABLE SOLUTIONS and smooth execution cost inflation and raw actions to balance price PROVIDER material availability pressure WITH A 2021 OUTLOOK: INCREASED CONFIDENCE IN THE GUIDANCE Complete and balanced business portfolio 2021 ADJ. EBITDA 870 Wide geographical presence TARGET (€M) 940 Wide and integrated customer base 2021 FCF FCF before acquisition ± TARGET (€M) & disposals ~ 300 20% © Prysmian Group 2021 10 1Q 2021 Financial Appendix Highlights Results © Prysmian Group 2021 11 Profit and Loss Statement Euro Millions 1Q 2021 1Q 2020 Adj. EBITDA Bridge SALES 2,810 2,587 Q1 YoY total growth 8.6% YoY organic growth 3.0% ADJ. EBITDA 2020 197 Adj.EBITDA 213 197 Projects (7) % on sales 7.6% 7.6% Energy 13 of which share of net income 6 1 Telecom (ex-share of net income) 5 Adjustments (14) (14) share of net income 5 EBITDA 199 183 ADJ. EBITDA 2021 213 % on sales 7.1% 7.1% of which Forex effect (14) Adj.EBIT 135 117 % on sales 4.8% 4.5% Adjustments (14) (14) Financial Charges Special items 2 (45) EBIT 123 58 % on sales 4.4% 2.2% 1Q 2021 1Q 2020 Financial charges (13) (27) Net interest expenses (23) (23) (5) (2) EBT 110 31 of which non-cash conv.bond interest exp. % on sales 3.9% 1.2% Financial costs IFRS 16 (1) (1) Taxes (32) (11) Bank fees amortization (1) (1) % on EBT 29.1% 35.5% Gain/(loss) on exchange rates and derivatives (3) (1) NET INCOME 78 20 Non recurring and other effects 15 (1) % on sales 2.8% 0.8% Net financial charges (13) (27) Minorities 2 (3) GROUP NET INCOME 76 23 % on sales 2.7% 0.9% © Prysmian Group Group 2021 2021 12 Statement of financial position (Balance Sheet) Euro Millions 31 Mar 2021 31 Mar 2020 31 Dec 2020 Net fixed assets 5,110 5,258 4,971 of which: goodwill 1,607 1,612 1,508 Net working capital 1,071 1,122 523 of which: derivatives assets/(liabilities) 171 (61) 91 of which: Operative Net working capital 900 1,183 432 Provisions & deferred taxes (597) (737) (579) Net Capital Employed 5,584 5,643 4,915 Employee provisions 511 487 506 Shareholders' equity 2,748 2,550 2,423 of which: attributable to minority interest 171 180 164 Net financial debt 2,325 2,606 1,986 Total Financing and Equity 5,584 5,643 4,915 ©© Prysmian Group Group 2021 2021 1313 Cash Flow Euro Millions NET DEBT EVOLUTION +441 €M Free Cash Flow ( 813 ) 78 ( 36 ) 84 ( 36 ) 137 ( 9 ) 70 221 90 ( 255 ) 112 76 2,606 2,325 31-mar-20 Cash flow WC Restruct, non Antitrust Net Operative Financial Paid income Dividend Dividend Acquisitions Proceed & IFRS 16 Other 31-mar-21 operations changes operating & Capex Charges taxes received paid Reimbursment (before WC other of Convertible changes) adjustments bonds ©© Prysmian Group Group 2021 2021 1414 1Q 2021 Financial Appendix Highlights Results 15 Energy and Telecom: a recovery path to pre-pandemic levels ENERGY E&I 1.7% 1.8% 3.4% 3.4% 2.8% 3.5% -1.1% 1.0% -2.7%-2.4% -4.5%-3.4% -4.2%-4.9% -4.4%-4.0% GROUP -16.1% -17.0% 3.1% 4.6% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 2.4% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 19 19 19 19 20 20 20 20 21 19 19 19 19 20 20 20 20 21 -1.7% -3.9% -5.4% -5.2% -4.8% INDUSTRIAL & NWC TELECOM -17.0% 9.8% 11.4% 3.5% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 0.7% 19 19 19 19 20 20 20 20 21 6.0% -0.4% -1.6% -5.2% -0.3% -4.1% -7.2% -4.5% -3.8% -9.7% -10.0% -15.9% -19.0% -21.1% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 19 19 19 19 20 20 20 20 21 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 19 19 19 19 20 20 20 20 21 © Prysmian Group 2021 Organic growth y-o-y; excluding Projects segment 16 A global recovery EMEA 3.9% 2.0% 1.8% NORTH AMERICA 4.7% -4.4% -4.2% 3.8% 3.3% -4.7%-4.9% -7.4% 0.0% -1.0% -0.9% -6.2% -18.1% -7.9% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 19 19 19 19 20 20 20 20 21 ASIA PACIFIC -14.6% 14.1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 19 19 19 19 20 20 20 20 21 1.6% 1.0% GROUP -0.5% -1.8% 4.6% -9.3% -9.2% 3.1% 2.4% -9.7% LATIN AMERICA -20.5% -1.7% 27.9% -3.9% -5.4% -4.8% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 -5.2% 19 19 19 19 20 20 20 20 21 7.3% 5.6% 1.4% -0.1% -17.0% -5.0% -0.9% -13.4% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 19 19 19 19 20 20 20 20 21 -27.3% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 19 19 19 19 20 20 20 20 21 © Prysmian Group 2021 Organic growth y-o-y; excluding Projects segment 17 1Q 2021 Financial highlights Euro Millions, % on Sales SALES ADJUSTED EBITDA (1) +3.0%* ( 14 ) 2,587 2,810 197 forex 213 7.6% 7.6% 1Q 2020 1Q 2021 1Q 2020 1Q 2021 REPORTED OPERATIVE NET WORKING CAPITAL (2) REPORTED NET FINANCIAL DEBT 2,606 1,183 1,986 2,325 900 432 4.3% 11.4% 8.0% DEC-20 MAR-20 MAR-21 DEC-20 MAR-20 MAR-21 © Prysmian Group 2021 * Organic growth 18 Profit and Loss Statement Euro Millions 1Q 2021 1Q 2020 SALES 2,810 2,587 YoY total growth 8.6% YoY organic growth 3.0% Adj.EBITDA 213 197 % on sales 7.6% 7.6% of which share of net income 6 1 Adjustments (14) (14) Adjustments and Special
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