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Adj Ebitda at €1,628M (+9.4% vs 2022), with improving margins at 10.6% (9.3% in 2022)
Group net profit increase to €529M (€504M in 2022)
Strong cash generation with Free Cash Flow at €724M (+29.5% vs 2022)
RECORD BACKLOG IN TRANSMISSION OF €18 BILLION
INCREASED 2030 EMISSION REDUCTION AMBITION (SCOPE 1&2) TO 55-60% FROM 47%[1]
PROPOSED DIVIDEND INCREASE TO €0.70 PER SHARE (+16.7% VS 2022)
FY 2024 OUTLOOK:
Adj Ebitda expected in the range of €1,575M–€1,675M
Free Cash Flow expected in the range of €675M–€775M
Scope 1&2 GHG emission reduction of 36% and Scope 3 reduction of 13% vs 2019
Valerio Battista, Chief Executive Officer (CEO), commented: “The sound margins expansion and the strong cash generation achieved in 2023 confirmed Prysmian’s resilience and the market leading position, thanks to our complete and balanced portfolio well exposed to the structural trends of the electrification and the energy transition. In a challenging environment, we achieved once again an excellent performance and ensured value creation to all our stakeholders. 2023 was my last year as CEO of Prysmian, and I am incredibly proud of the company we have built over the past 20 years, a strong organisation that is leading the industry, and that has the technology and resources to capitalize on exciting market opportunities and breaking new records year after year”
Massimo Battaini, CEO-designate, stated: “At our Capital Markets Day we laid out our “Connect, to Lead” strategy aimed at capitalizing on the Group’s leading market position to seize the opportunities presented by current market trends. We have reshaped our business into four new segments, effective from 1st January 2024 to better capture these opportunities. We continue to be at the forefront of innovation, thanks to our unparalleled R&D capabilities and our deep understanding of the evolving market dynamics. In light of our solid backlog across all segments, we are confident of achieving 2024 targets and are well on track to deliver the mid-term targets outlined at the CMD. I look forward to driving this company and our great team to the next level and to strengthening our role as global cabling solution provider leading the Energy Transition and Digital Transformation”.
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[1] 1 -47% GHG emission reduction target approved by SBTi in June 2023. The range 55-60% is the new target proposed by Prysmian in line with the trajectory to net zero at 2035.
