Prysmian entered 2024 with a clear plan that we took to the financial community at the end of 2023. At the close of 2024, we announced that we will need to return to the financial community once again, because we have put the Company in a position where we were reaching our medium-term targets in advance.
This is a story of Passion, Innovation and Team Play. Prysmian is passionate about growing – it is in our DNA. We absorb innovation, and we work together. Nothing epitomises this more strongly than our acquisition of Encore Wire, the largest in the history of Prysmian. Encore Wire has an innovative business model, meeting demand in a rapid, customer focused way. It makes us richer from a cultural and service perspective, and the strong culture that we have built over the years, viewing diversity as a strength, has enabled us to go far beyond what other companies can do when it comes to bringing in new colleagues from acquisitions and enabling them to make an immediate impact.
This has also been a story of milestone achievements. From the world record installation under the sea, to the longest ever interconnector – we are pushing the boundaries of what can be achieved from a technological point of view. When we say we want to move from cable maker to solutions provider, we have seen huge progress. Prysmian is adopting new ways of working, exploring challenges and opportunities in partnership with customers and is pushing itself to not stand complacent with where it is today, because the role of the leader is to always look at what comes next.
We raised our outlook mid-year, and I am proud to say that we met this target. We have grown in both sales and profitability across the year. Sales exceeded €17 billion, the adjusted EBITDA at €1,927 million. Our free cash flow is at €1,011 million. These are considerable achievements and underline the huge journey Prysmian has been on in terms of scale and size. At the same time, these results have also been driven by considerable achievements in sustainability, reducing carbon emissions and driving products and solutions which have a positive impact on people and society. This is essential – not only are we making a positive impact but it also drives sustainable growth.
Prysmian is not only in great health, but it is also hungry for more success. I would like to thank all our shareholders worldwide for their trust in our journey, and above all, the Board of Directors for their role in challenging, and supporting the entire management team.
I cannot, of course, close my annual letter to you without mentioning our 33,000+ employees worldwide. It is their passion, their dedication and their team play which enables our success as we prepare to accelerate in 2025, and beyond.
Massimo Battaini
Chief Executive Officer, Prysmian
