Q2'26Prysmian's
Quarterly Update
Highlights &
Group Overview
Massimo Battaini
Prysmian CEO
3Q2’26 Key Highlights Growth Acceleration & Margin Expansion. Best -yet quarter
730€M
Adjusted EBITDA
15.4 %
Adjusted EBITDA %
9.4 %
Organic growth45.9 % Sustainability -linked Revenues
-42.0 %
GHG emissions LTM (Scope 1&2 )
&Hyperscalers
Unlocking The Next Wave Of Growth
4Outstanding progress, like never before
ADJ. EBITDA EVOLUTION €M
605 730 693 699
Q2 2025 Q2 2026 FY 2018 1H 2022
What took 1 year now takes 1 quarter …ADJ. EBITDA
15.4%
@ Std metal
14.5%
10.4%
6.9%
5Digital Solutions transforms: long -term data center deals unlock growth Data center sales in Optical Non data center sales in OpticalCurrent
revenuesIncremental
revenues Transformative deals More than doubling capacity in the US Digital Solutions business MMS
Optical
ConnectivityShifting Optical exposure towards
data centers
& long
-
term visibilityLong -term visibility, customer commitments and access to the Inside Data centers marke t
over
€10
billion
2025 2026 2027 2028 2029 2030 2031 2031 1.1 €bn
6Excellent PerformanceTRANSMISSION
Best -in-class margin and solid order intake in Q2. Backlog at €17Bn
Euro MillionsREVENUES ADJUSTED EBITDA
125179
Q2 2025 Q2 2026743882
Q2 2025 Q2 2026+14.3%
Org Growth
Q2 RESULTS
ADJUSTED EBITDA
125152181
146179
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
ADJ. EBITDA EVOLUTION
ADJ. EBITDA
17.1%
21.2% @ Std metal 20.1% 21.2%@ Std metal
20.9% 17.1%
17.8%
7Outstanding double -digit growth across all regionsPOWER GRID Euro Millions+1.40p.p margin enhancement from Q1; Positive trajectory expected to continue
REVENUES ADJUSTED EBITDA
134 135
Q2 2025 Q2 20269911,206
Q2 2025 Q2 2026+13.0%
Org Growth
Q2 RESULTS
ADJUSTED EBITDA
15.6%
13.8% @ Std metal
ADJ. EBITDA EVOLUTION
134125
105 107135
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
12.4% 13.8%ADJ. EBITDA
@ Std metal
12.1% 15.6%
14.7%
8Growth acceleration and solid profitability
Euro MillionsINDUSTRIAL & CONSTRUCTION
Strong data center driving organic growth (+13.4% in Q2 in North America) and margin expansion
REVENUES ADJUSTED EBITDA
208228
Q2 2025 Q2 20261,8782,396
Q2 2025 Q2 2026+9.1%
Org Growth
Q2 RESULTS
ADJUSTED EBITDA
14.1%
13.6% @ Std metal
ADJ. EBITDA EVOLUTION
208 212202196228
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
13.0% 13.6%ADJ. EBITDA
@ Std metal
13.5% 14.1%
14.5%
9Resilient profitability despite market conditions
Euro MillionsSPECIALTIES
REVENUES ADJUSTED EBITDA
7467
Q2 2025 Q2 2026774813
Q2 2025 Q2 2026-2.4%
Org Growth
Q2 RESULTS
ADJUSTED EBITDA
11.4%
10.8% @ Std metal
ADJ. EBITDA EVOLUTION
7470
616467
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
11.1% 10.8%ADJ. EBITDA
@ Std metal
10.4% 11.4%
11.2%
10Excellent Performance, Margin Improvement & Growth accelerationDIGITAL SOLUTIONS Euro MillionsOptical business and Channell unlock outstanding growth and margins. Major strides underway as Digital
Solutions transforms
REVENUES ADJUSTED EBITDA
63122
Q2 2025 Q2 2026387540
Q2 2025 Q2 2026+18.0%
Org Growth
Q2 RESULTS
ADJUSTED EBITDA
16.8%
23.8% @ Std metal 6388
7588122
Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
20.6% 23.8%ADJ. EBITDA
@ Std metal
18.3% 16.8%
19.6%
ADJ. EBITDA EVOLUTION
111H 2026 Innovation Highlights Hollow Core Fiber to make AI Data Centers
more sustainable
New burial tool for submarine cables25.0 %
Recycled content
45.9 %
Sustainability -
linked revenues
32.1 %
vs 28.3%,FY25vs 21.8%,FY25 New product and
solutions vitality
2 years
in advanceBeat ing 2028 targetvs 43.7%,FY25
Financial Results
Pier Francesco Facchini
Prysmian CFO
13Profit & Loss Statement
Euro Millions
ADJ. EBITDA BREAKDOWN
[€M]
1H 2026 1H 2025
REVENUES 11,239 9,654
YoY organic growth 7.2%
Adj.EBITDA 1,331 1,132
% on revenues at current metal prices 11.8% 11.7% % on revenues at standard metal prices 14.8% 13.8% Adjustments (55) 2 Non monetary items (14) (104)
EBIT 906 741
% on revenues 8.1% 7.7% Financial charges (117) (145)
EBT 789 596
Taxes (205) (161) % on EBT 26.0% 27.0%
NET PROFIT 584 435
Minorities 15 11
GROUP NET PROFIT 569 424
Q1 Q2 1H
ADJ. EBITDA 2025 527 605 1,132
23 54 77 (2) 2 -
36 16 52 42 23 65 57 65 122 (4) (4) (8) (36) (8) (44) ADJ. EBITDA 2026 601 730 1,331ForexDigital Solutions
(ex-YOFC)
YOFCTransmission
Power Grid
Electrification
of which I&C (7)
14Solid Cash Generation LTM
4,694
4,079 328 2,099 210 703 216 8 268 52 580 295 30-Jun-25 Acquisition Cash flow
operations
(before WC
changes)WC
changesNet
Operative
CapexFinancial
ChargesDividend
receivedDividend
paidHybrid
BondNet cash flow from YOFC &
other assets
disposalIFRS 16, FX,
Other30-Jun-26
+€978 M Free Cash Flow net debt net debt( ) ( ) ( )
Euro Millions
2026 Outlook &
Closing Remarks
Prysmian CEOMassimo Battaini
16Accelerating Growth : Upgrading 2026 Outlook
PREVIOUS OUTLOOK
47% -49%2,700
Mid-point
2,625
2,775
1,350
Mid-point
1,300
1,400
as a % of total group revenues
Sustainability
-
linked revenues
ADJ. EBITDA
(€M)
47% -49%
FCF (€M)
2,850
Mid-point
2,800
2,900
1,700
Mid-point
as a % of total group revenues
1,750
1,650
17Closing Remarks
Best
-
yet quarterly performance underlines success of Accelerating Growth strategy Prysmian cements its leadership as a one -
stop shop for data centers Acceleration beyond 2028 targets New CMD in 1H27 Investing for growth Increasing 2026 capex to unlock growth & value creation
18
Appendix
19Q2 Financial Highlights
Q2 2025
€Morganic
growth€M €MAdj.EBITDA
Margin€MAdj.EBITDA
Margin
TRANSMISSION 882 14.3% 743 179 20.3% 125 16.9%
POWER GRID 1,206 13.0% 991 135 11.2% 134 13.6%
INDUSTRIAL & CONSTRUCTION 2,396 9.1% 1,878 228 9.5% 208 11.1%
SPECIALTIES 813 -2.4% 774 67 8.2% 74 9.6%
OTHER 184 0.0% 110 (1) -0.5% 1 0.9%
ELECTRIFICATION 3,393 5.5% 2,762 294 8.7% 283 10.3%
DIGITAL SOLUTIONS 540 18.0% 387 122 22.6% 63 16.1%
TOTAL GROUP 6,021 9.4% 4,883 730 12.1% 605 12.4%Revenues Adj.EBITDA
Q2 2026 Q2 2026 Q2 2025
201H Financial Highlights
1H 2025
€Morganic
growth€M €MAdj.EBITDA
Margin€MAdj.EBITDA
Margin
TRANSMISSION 1,636 7.3% 1,486 325 19.9% 249 16.8%
POWER GRID 2,218 14.5% 1,865 242 10.9% 250 13.4%
INDUSTRIAL & CONSTRUCTION 4,556 7.4% 3,801 424 9.3% 381 10.0%
SPECIALTIES 1,509 -4.3% 1,551 131 8.7% 148 9.6%
OTHER 329 0.0% 225 (1) -0.3% (1) -0.6%
ELECTRIFICATION 6,394 3.9% 5,577 554 8.7% 528 9.5%
DIGITAL SOLUTIONS 991 13.8% 726 210 21.2% 105 14.4%
TOTAL GROUP 11,239 7.2% 9,654 1,331 11.8% 1,132 11.7%Revenues
1H 2026 1H 2026 1H 2025Adj.EBITDA
21Revenues at Standard Metal Prices Standard copper price of €5,500/ton. Standard aluminum price of €1,500/ton. Standard lead price of €2,000/ton.
Revenues
€MAdj. Ebitda
€MAdj. Ebitda
marginRevenues
€MAdj. Ebitda
€MAdj. Ebitda
margin
TRANSMISSION 1,636 325 19.9% 1,573 325 20.7%
POWER GRID 2,218 242 10.9% 1,851 242 13.1%
ELECTRIFICATION 6,394 554 8.7% 4,621 554 12.0%
I&C 4,556 424 9.3% 3,210 424 13.2%
Specialties 1,509 131 8.7% 1,184 131 11.1%
DIGITAL SOLUTIONS 991 210 21.2% 941 210 22.3%
TOTAL GROUP 11,239 1,331 11.8% 8,986 1,331 14.8%
TRANSMISSION 1,486 249 16.8% 1,467 249 17.0%
POWER GRID 1,865 250 13.4% 1,621 250 15.4%
ELECTRIFICATION 5,577 528 9.5% 4,436 528 11.9%
I&C 3,801 381 10.0% 2,965 381 12.9%
Specialties 1,551 148 9.6% 1,301 148 11.4%
DIGITAL SOLUTIONS 726 105 14.4% 691 105 15.1%
TOTAL GROUP 9,654 1,132 11.7% 8,215 1,132 13.8%1H
2025Revenues current Revenues Standard 1H
2026
1H 2026 Sustainability Highlights 2242.0% reduction of Scope 1&2 GHG Emissions LTM vs 40.2% in FY 202 5Climate SocialInnovation45.9% Sustainability -linked revenues vs 43.7% in FY 2025 25.0% Recycled content in addressable materials vs 21.8% in FY 202 5 21.1% Executive women vs 22.6% in FY 202541.4% of desk workers women hired vs 48.4% in FY 202532.1% New Product & Solutions vitality vs 28.3% in FY 2025
23Solid Financial Structure 3.4 Years Average Debt Maturity (Including Revolving Credit Facility)
CURRENT FINANCIAL DEBT MATURITY PROFILE
(8)
Bank
Bond
RCF (undrawn)
€M
Fixed
~74%
Variable
~26%
Fixed/Variable rate composition 2026 2027 2028 2029 2030 2031 2032 2033 20341001,494 850 725
1981,200
EUROBOND
3.625%1,200
345
EUROBOND
3.875%
Not including 1,000M€ Hybrid Bond issued on 21st May 2025
1H 2026 1H 2025
REVENUES 11,239 9,654
YoY total growth 16.4% YoY organic growth 7.2%
Adj.EBITDA 1,331 1,132
% on revenues at current metal prices 11.8% 11.7% % on revenues at standard metal prices 14.8% 13.8% of which share of net income 3 13 Adjustments (55) 2
EBITDA 1,276 1,134
% on revenues 11.4% 11.7%
Adj.EBIT 975 843
% on revenues 8.7% 8.7% Adjustments (55) 2 Non monetary items (14) (104)
EBIT 906 741
% on revenues 8.1% 7.7% Financial charges (117) (145)
EBT 789 596
Taxes (205) (161) % on EBT 26.0% 27.0%
NET PROFIT 584 435
Minorities 15 11
GROUP NET PROFIT 569 424
% on revenues 5.1% 4.4%24Profit & Loss Statement Adjustments and non monetary items on EBIT
Financial Charges
Euro Millions
1H 2026 1H 2025
Net interest expenses (101) (110) Financial costs IFRS 16 (10) (8) Bank fees amortization (3) (6) Gain/(loss) on exchange rates and derivatives (13) (22) Non recurring and other effects 10 1 Net financial charges (117) (145)
1H 2026 1H 2025
Non-recurring Items (11) (2) Restructuring (40) (8) Other Non-operating Income / (Expenses) (4) 12 EBITDA adjustments (55) 2 Non monetary items (14) (104) Gain/(loss) on derivatives on commodities 32 (56) Assets impairment (12) (8) Share-based compensation (34) (40) EBIT adjustments (69) (102) (7)
25Statement Of Financial Position (Balance Sheet )
Euro Millions
(7) (7)
30-Jun-26 30-Jun-25 31-Dec-25 Net fixed assets 11,017 10,560 10,591 of which: goodwill 3,864 4,018 3,645 Net working capital 1,774 1,110 545 of which: derivatives and tax assets/liabilities 163 (62) 109 of which: Operative Net working capital 1,611 1,172 436 Provisions & deferred taxes (1,128) (1,071) (1,080) Net Capital Employed 11,663 10,599 10,056 Employee provisions 271 296 279 Shareholders' equity 7,313 5,609 6,680 of which: attributable to minority interest 220 190 206 Net financial debt 4,079 4,694 3,097 Total Financing and Equity 11,663 10,599 10,056
26Cash Flow Statement
Euro Millions
(7) 30-Jun-26 30-Jun-2512 Months (from 7/1/2025 to
6/30/2026)
Adj.EBITDA 1,331 1,132 2,597
Adjustments (55) 2 233
EBITDA 1,276 1,134 2,830
Net Change in provisions & others 15 (16) (20) Net gains realized on disposal of fixed assets & equity investments - (29) (361) Other not operating non monetary income (25) - (25) Share of net profit/(loss) of equity-accounted companies (3) (13) (9) Cash flow from operations (before WC changes) 1,263 1,076 2,415 Working Capital changes (1,066) (661) (210) Dividends received 3 6 8 Paid Income Taxes (210) (161) (318) Cash flow from operations (10) 260 1,895 Acquisitions/Disposals (137) (878) (328) Net cash flow used in operating investing activities (303) (365) (703) Cash flow from non-ordinary asset disposals - - 109 Cash flow from investments - 95 471 Free Cash Flow (unlevered) (450) (888) 1,444 Financial charges (78) (95) (216) Free Cash Flow (levered) (528) (983) 1,228 FCF (levered) excl. Acquisitions & Disposals and antitrust impact (390) (197) 978 Dividends (262) (233) (268) Issuance of perpetual Hybrid Bond - 989 -
Share buyback and other equity movements - (49) 2 Interests on perpetual Hybrid Bond - - (13) Net Cash Flow (790) (276) 949 Net Financial Debt beginning of the period (3,097) (4,296) (4,694) Net cash flow (790) (276) 949 NFD increase due to IFRS16 (107) (103) (259) Interests accrued of Hybrid Bond 2025 (25) (6) (39) NFD from acquisitions and disposals (17) (12) (17) Other variations (43) (1) (19) Net Financial Debt end of the period (4,079) (4,694) (4,079)
1,486
1,636
109 29
2 14
1H 2025
Organic
Growth
Metal
Effect
Exchange
Rate
Perimeter
1H 2026
Org.growth
+7.3
% 726
991 101
20 31
175
1H 2025
Organic
Growth
Metal
Effect
Exchange
Rate
Perimeter
1H 2026
Org.growth
+
13.8%
TRANSMISSION
POWER GRID
SPECIALTIES
DIGITAL SOLUTIONS
1,865
2,218
270 150
67
1H 2025
Organic
Growth
Metal
Effect
Exchange
Rate
1H 2026
Org.growth
+14.5%Bridge Consolidation Revenues 27 Euro Millions( )
9,654
11,239
697
1,089
302 101
1H 2025
Organic
Growth
Metal
Effect
Exchange
Rate
Perimeter
1H 2026
Org.growth
+7.2%
INDUSTRIAL & CONSTRUCTION
TOTAL PRYSMIAN
3,801
4,556
283 626
154
1H 2025
Organic
Growth
Metal
Effect
Exchange
Rate
1H 2026
Org.growth
+ 7.4%( ) ( ) ( ) ( )
1,551
1,509
66 152
41 87
1H 2025
Organic
Growth
Metal
Effect
Exchange
Rate
Perimeter
1H 2026
Org.growth
-
4.3 %( ) ( ) ( )
20 40 60 80 100
4.486
1 2 3 4 5
45200 150 100 50CCC B BB BBB A AA AAA
6.4AA
2 4 6 8 10 5820 40 60 80 10020 40 60 80 100
17.677
10 20 30 40
AD- D C- C B- B A- A
Sustainability Development Goals We are included in 28
29Notes
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.
4) FCF excluding Acquisitions, Disposals of investments, Antitrust impact and cash flow from non -
ordinary asset disposals .
5) Adjusted EBITDA: EBITDA excluding restructuring, non -
operating income/expenses and non -
recurring
income / expenses 6) Slide 13: Cash flow operations (before WC changes)
of 2
,099
€M, including tax paid for 318 €M .
7) Comparative amounts as of June 30, 2025 and December 31, 2025 have been modified compared with the figures originally published, following completion of the purchase price allocation of Channell and other reclassifications..
8) Slide 22: Current financial debt maturity profile (excluding debt held by affiliates and debt coming from IFRS 16 -
200€M and 396 €M respectively -
at
30.06.2026):
• 2027: TL 2022 ESG Linked (1,200 €M) •
2029: EIB 2022 (135 €M); CDP 2023 (120 €M); MB
(150 €M); UCG ESG Linked (150 €M). Encore Wire TL
(939 €M);
• 2030: Revolving 2023 ESG Linked (1,000 M€);
Revolving 2025 (200 €M);
• 2031: Eurobond 3.875% (650 M€); CDP 2026 (75
M€);
• 2032: EIB 2024 1st Tranche 2024 (198 €M) • 2033: EIB 2024 2nd Tranche 2025 (145 €M); EIB 2025
(200€M)
•
2034: EIB 2026 (100€M)
10) Slide 24: The Prysmian Total includes “other Electrification”, not explicitly illustrated, because it is not material.
30Disclaimer
▪ 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 invitation to invest 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 tables and indicators required by IFRS.
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