18 Going Green, Going Digital: the twin transitions SOLID SALES AND STRONG MARGIN IMPROVEMENT in the first half of 2023 FULL-YEAR 2023 guidance upgraded ADJUSTED EBITDA seen at €1.575-1.675 Bln vs €1.375-1.525 Bln range announced in March FREE CASH FLOW seen at €550- 650 Mln vs €450-550 Mln announced in March ROBUST BUSINESS PERFORMANCE fueled by energy transition and electrification 1H SALES REACH €8.003 Bln, Organic growth at 4.8% ADJUSTED EBITDA grew by 25.6% to €878 Mln, margins reach 11% (up from 8.8% in 1H 2022) GROUP NET PROFIT increased 56.4% to €405 Mln STRONG CASH GENERATION with LTM Free Cash Flow at €567 Mln CAPITAL MARKETS DAY scheduled for October 5 Valerio Battista Chief Executive Officer “Sales growth and, above all, the significant profitability improvement for the first half of 2023 are mainly attributable to our well-balanced business portfolio, both in terms of products offered and geographies. The Group also confirmed its ability to seize the opportunities offered by the energy transition and electrification processes, which require power transmission and distribution grid hardening and development. Worthy of mention is also the strong growth of cash flows from positive business performance and profitability. This allows the Group to support its investments and consolidate its leadership and competitive advantage, at a time when our sector plays an increasingly central and strategic role. The nearly €5.4 billion new orders acquired in the first half of the year clearly confirm the trust that the market places in us. In light of all of the above, we significantly upgrade our guidance for the full year 2023.”
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