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First Half 2021 Financial Results

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First Half 2021 Financial Results First Half 2021 Financial Results Milan, 28 July 2021 1H 2021 Financial ESG Appendix Highlights Results 2 1H 2021 Key highlights LEONARDO DA VINCI SOLID PERFORMANCE CONTINUED IN Q2: +16.9% org. growth* The world’s most advanced cable-laying vessel Strong recovery of Telecom and Energy Business driven by T&I, OEM & entering in operation to support the Energy Renewables and Automotive Transition RESILIENT MARGINS: 7.8% Adj EBITDA Margin Solid volume trend, cost efficiency and price management to balance raw materials cost inflation. Negative forex impact (-22 €M). NEW ORDERS ACCELERATING IN PROJECTS BUSINESS More than 1.2 €Bn of new orders in H1 Highest carousel capacity in the market Highest pulling/towing capacity in its class Deepest power cable installations up to 3,000 meters © Prysmian Group 2021 * Organic growth YoY ex Projects 3 More than 1.2 €Bn of new orders in H1 1 2 SOO Green HVDC Underground Link (~ 900 $M cables) Sofia offshore wind project (~ 240 €M) The biggest single project ever awarded to Prysmian 440 km of HVDC submarine export cables and 15 km of land cables for the 1.4 GW Sofia Offshore Wind Farm project 3 Turkish Crossing (~140 €M) Two HV submarine power cable links, one between Europe and Asia, the other across the Izmit Gulf in Asia 4 Ibiza – Formentera link (~ 46 €M) Two HVAC 132 kV three-core export submarine power cables with XLPE insulation © Prysmian Group 2021 4 1H 2021 Financial highlights SALES ADJ. EBITDA FREE CASH FLOW SALES ORGANIC GROWTH* ADJ. EBITDA ADJ. EBITDA MARGIN FCF LTM NET DEBT 6,034 €M 10.5% 470 €M 7.8% 447 €M 2,387 €M SOLID ORGANIC GROWTH RESILIENT MARGINS FREE CASH FLOW +15.5% Telecom, recovery confirmed by a Energy Business Adj. EBITDA higher than strong Q2 (19.6%) pre-Covid 19 level 447 €M of FCF LTM excluding antitrust +10% E&I, mainly driven by T&I (38.5% in Resilient margins despite raw material and acquisition cash-out Q2) increase thanks to efficiency initiatives +9.3% Industrial & NWC driven by OEM & Sound volume and strong efficiency Renewables and Automotive measures in Telecom Negative forex impact (-22 €M) © Prysmian Group 2021 * Organic growth ex Projects 5 Sound performance in Energy and Telecom; Projects improving Projects Energy Telecom TOTAL 708 681 -3.5% 3,580 4,551 +9.5% 697 802 +15.5% 4,985 6,034 +8.5% E&I Industrial & NWC Sales Sales ( ) 2,362 3,048 +10.0% 1,122 1,349 +9.3% 22 forex 419 169 147 470 123 101 90 99 8 80 76 3 11.4% 11.1% 6.2% 5.5% 8.0% 7.3% 14.5% 15.4% Adj. EbitdaAdj. Adj. EbitdaAdj. 1 H 2 0 2 0 1 H 2 0 2 1 1 H 2 0 2 0 1 H 2 0 2 1 1 H 2 0 2 0 1 H 2 0 2 1 1 H 2 0 2 0 1 H 2 0 2 1 8.4% 7.8% 1 H 2 0 2 0 1 H 2 0 2 1 HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS Recovery started in Q2, with Solid organic growth in T&I, Strong organic growth in Improvement confirmed by acceleration expected in H2, partially offset by Overhead OEM, Automotive & strong Q2 (+19.6%), supported 1H 2021 organic growth driven by Submarine and German and PD (normalizing in North Network Components, by sound volume trend Corridors execution America, after 2020 strong positive Elevators and especially in the US. Share of net income growth) Backlog at 3,820 M€ Renewables. Cost efficiency measures and mix partly offsetting price Intense tendering activity ongoing pressure © Prysmian Group 2021 Euro Millions, % on Sales 6 Energy and Telecom: recovery path ENERGY TELECOM 2021 2019 2019 2020 2021 2020 Monthly volume evolution baseline: Jan 2019 Optical cable business only in Telecom © Prysmian Group 2021 7 Energy Business recovery at Pre-pandemic level with better margins E&I Industrial & NWC Total Energy -10.6%* +10.0%* -8.4%* +9.3%* -9.6%* +9.5%* * Organic growth 3,048 1,248 1,349 4,551 2,763 2,362 1,122 4,135 3,580 Sales 1H 1H 1H 1H 1H 1H 1H 1H 1H 2019 2020 2021 2019 2020 2021 2019 2020 2021 271 169 259 Adj. Ebitda % 159 147 238 98 99 at constant 90 metal price vs. 1H 2020 6.9% 8.1% 7.2% 5.8% 6.2% 5.5% 7.9% 8.0% 7.3% 6.3% 6.6% 6.0% Adj. EbitdaAdj. 1H 1H 1H 1H 1H 1H 1H 1H 1H 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 2,046 2,584 +11.3% 1,567 1,810 +4.8% 316 487 +32.5% 348 472 +11.3% 4,277 5,353 +10.5%* Sales Sales 199 470 419 Projects 166 76 150 80 32 99 46 8 25 16 Regions Ebitda Ebitda 3 394 4.9% 5.8% 12.7% 9.1% 7.7% 9.5% 4.6% 6.9% 339 Adj. Adj. Adj. Adj. 1 H 2 0 2 0 1 H 2 0 2 1 1 H 2 0 2 0 1 H 2 0 2 1 1 H 2 0 2 0 1 H 2 0 2 1 1 H 2 0 2 0 1 H 2 0 2 1 8.4% 7.8% 1 H 2 0 2 0 1 H 2 0 2 1 HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS Adj. Ebitda recovery led by Forex affecting results (15 €M), Excellent performance mainly Solid results led by full Energy (mainly construction) by almost half of the YoY delta driven by construction and recovery of Covid-19 impact, and Telecom mainly driven by China 1H 2021 Organic growth Sound trend in OEM, T&I, Telecom, notwithstanding excluding Projects segment Strong organic growth in Q2 in Renewables and Optical Cable negative forex impact (5 €M) Share of net income E&I (+28.2%) and Telecom PD normalizing after 2020 (+18.9%) onshore wind subsidies spurring (22) €M total Group forex impact in 1H 2021 growth © Prysmian Group 2021 (*) excluding Projects business Euro Millions, % on Sales 9 Upgrading 2021 outlook PREVIOUS 2021 GUIDANCE NEW 2021 GUIDANCE 2021 ADJ. EBITDA 870 2021 ADJ. EBITDA 920 TARGET (€M) 940 TARGET (€M) 970 2021 FCF FCF before acquisition ± 2021 FCF FCF before acquisition TARGET (€M) & disposals ~ 300 20% TARGET (€M) & disposals ~ 300 ±20% KEY ASSUMPTIONS Solid demand continuing in ENERGY and TELECOM; accelerating delivery trend in PROJECTS as expected © Prysmian Group 2021 Assuming no relevant Covid disruption on current trend; Assumed no cash-out related to Antitrust rulings and related claims; Negative impact from Forex: cumulated effect 2020A-2021E approx. 55 €M 10 Resilience and Growth: the strategic fit of each segment and regions Adj. EBITDA evolution (€M) Cash conversion 1,007 by Business 940 932 945 840 505 ENERGY 83% ENERGY 440 395 372 PROJECTS PROJECTS 66% 298 295 274 TELECOM 214 247 265 TELECOM 228 63% GROUP 186 2017 2018 2019 2020 2021 guidance GROUP 73% mid-point by Geography 534 513 491 FCF & Dividends EMEA 370 352 NORTH AM. 244 245 354 FCF 1,338 €M LATAM 102 98 101 68 APAC DIVIDEND 407 €M 64 73 62 48 2017 2018 2019 2020 2021 guidance Cumulated 2017-2020 mid-point © Prysmian Group 2021 11 1H 2021 Financial ESG Appendix Highlights Results © Prysmian Group 2021 12 Profit and Loss Statement Euro Millions 1H 2021 1H 2020 Adj. EBITDA Bridge SALES 6,034 4,985 Q1 Q2 1H YoY total growth 21.0% YoY organic growth 8.5% ADJ. EBITDA 2020 197 222 419 Adj.EBITDA 470 419 Projects (7) 3 (4) % on sales 7.8% 8.4% Energy 13 20 33 of which share of net income 9 5 Adjustments (26) (12) Telecom (ex-share of net income) 5 12 17 EBITDA 444 407 share of net income 5 - 5 % on sales 7.4% 8.2% ADJ. EBITDA 2021 213 257 470 Adj.EBIT 312 253 of which Forex effect (14) (8) (22) % on sales 5.2% 5.1% Adjustments (26) (12) Special items (8) (68) Financial Charges EBIT 278 173 1H 2021 1H 2020 % on sales 4.6% 3.5% Net interest expenses (40) (38) Financial charges (40) (55) of which non-cash conv.bond interest exp. (7) (5) EBT 238 118 % on sales 3.9% 2.4% Financial costs IFRS 16 (2) (3) Taxes (74) (42) Bank fees amortization (4) (3) % on EBT 31.1% 35.6% Gain/(loss) on exchange rates and derivatives (7) (10) NET INCOME 164 76 Non recurring and other effects 13 (1) % on sales 2.7% 1.5% Net financial charges (40) (55) Minorities 2 (2) GROUP NET INCOME 162 78 % on sales 2.7% 1.6% © Prysmian Group Group 2021 2021 13 Statement of financial position (Balance Sheet) Euro Millions 30 Jun 2021 30 Jun 2020 31 Dec 2020 Net fixed assets 5,061 5,153 4,971 of which: goodwill 1,596 1,590 1,508 Net working capital 1,129 1,088 523 of which: derivatives assets/(liabilities) 190 - 91 of which: Operative Net working capital 939 1,088 432 Provisions & deferred taxes (578) (711) (579) Net Capital Employed 5,612 5,530 4,915 Employee provisions 485 499 506 Shareholders' equity 2,740 2,515 2,423 of which: attributable to minority interest 168 181 164 Net financial debt 2,387 2,516 1,986 Total Financing and Equity 5,612 5,530 4,915 ©© Prysmian Group Group 2021 2021 1414 Cash Flow Euro Millions NET DEBT EVOLUTION +335 €M Free Cash Flow ( 859 ) ( 36 ) 85 52 ( 22 ) 159 ( 9 ) 127 223 81 ( 121 ) 112 79 2,516 2,387 30-Jun-20 Cash flow WC Restruct, non Antitrust Net Operative Financial Paid income Dividend Dividend Acquisitions Proceed & IFRS 16 Other 30-Jun-21 operations changes operating & Capex Charges taxes received paid Reimbursment (before WC other of Convertible changes) adjustments bonds ©© Prysmian Group Group 2021 2021 1515 1H 2021 Financial ESG Appendix Highlights Results 16 Sustainability in Prysmian Group DNA From Public company to People company PUBLIC COMPANY Constituted by a broad shareholder base and committed to ensure the highest international standards of governance: 67% of Board members are independent / 42% are women.
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