19 reached €8.003 billion in 1H 2023, achieving organic growth of 4.8%. The Projects business recorded particularly strong organic sales growth of 23.5%, thanks to significant execution progress in offshore wind farm interconnection and cabling projects. The 3.4% organic growth of sales in the Energy business was driven by utilities’ focus on grid hardening and rising demand for wind turbine and solar panel cables. The telecom segment meanwhile saw a 5.2% fall in organic sales mainly due to the decline in the American market. increased by 25.6% to €878 million, with the ratio to sales significantly improving to 11.0% compared to 8.8% for 1H 2022. The Projects business chiefly benefited from the most profitable mix of projects that entered their execution phase in 1H 2023 (Adjusted EBITDA margin at 11.0%). In the Energy business, the strong demand for Power Distribution and Renewables cables allowed the Group to support the price levels with an ensuing profitability benefit (Adjusted EBITDA margin at 10.4%). With regard to Telecom, the Group’s profitability remained substantially stable in 1H 2023 (Adjusted EBITDA margin at 14.8%), despite a volume slowdown chiefly in the North American market. grew to €828 million (€665 million in 1H 2022) including net expenses for company reorganization, net non-recurring expenses and other net non-operating expenses totaling €50 million (€34 million in 1H 2022). r os e to €636 million compared to €423 million in 1H 2022, while Net Profit attributable to owners of the parent rose to €405 million compared to €259 million for the same period of 2022 (+56.4%). declined to €2.065 billion at the end of June 2023 (€2.330 billion at 30 June 2022). The Group was able to translate the sharp profitability increase into cash flows, recording Free Cash Flow at €567 million in the past 12 months. This was thanks to: \ €1.603 billion operating cash flows (before changes in net working capital); \ €160 million cash flows absorbed by the increasing net working capital; \ €498 million cash outflows in net capital investments; \ €327 million taxes paid; \ €61 million net finance expense; \ €10 million dividends received from associates. Group Sales Net Financial Debt Adjusted EBITDA EBITDA Operating Income Financial highlights Prysmian Group expects growing results in the Energy segment in 2023, with a slowdown in the sectors linked to the construction market following last year’s excellent performance. Businesses linked to grid hardening, renewables and industrial applications are expected to expand. In the high-voltage underground and submarine cables and systems business, the Group aims to confirm its leadership on a market that is expected to grow, driven by the development of offshore wind farms and interconnections in support of the energy transition. Thanks to the level achieved by its order book, which exceeded €9 billion, the Group can fully exploit the potential of both its actual and new planned assets, such as the submarine cable plant in Brayton Point, Massachusetts, the increased production capacity in Europe and the new cable-laying vessel Mona Lisa that will join the Leonardo Da Vinci. For the Projects segment, the Group expects results to grow in 2023 compared to the previous year, thanks to the level of its order book, a solid execution, a better mix of the projects under execution, and the full use of the submarine cable business’s capacity. Demand in the Telecom segment is meanwhile affected by a temporary slowdown in the US market, with growth drivers that remain solid in the medium/long term thanks to digitalization. INSIGHT | Financial Highlights
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