Adjusted EBITDA in Prysmian’s projects business grew to €243m in 2022, from €210m in 2022.
Results for the business were partly driven by the submarine power cable and system sub-segment, which recorded a high operating level, supported by execution of projects in the order book.
The key projects underway in the reporting period included the interconnector link between Great Britain and Denmark (Viking Link), two offshore wind farm projects in Turkey, as well as offshore wind projects in France and in the United States, in addition to the contracts for the sole provision of cables for connecting offshore wind farms.
In 2022, Prysmian also completed – ahead of schedule – the world’s longest submarine power interconnection, between Great Britain and Norway.
In 2022 the group acquired new projects for an amount of about €3.4bn, bringing the total of its order book to €6.6bn in December 2022.
The €1.8bn IJmuiden project secured in March 2023 increases the total backlog to €8.4bn.
Adjusted EBITDA for the Prysmian group jumped by 52.5% to €1.5bn million.
Prysmian CEO Valerio Battista said: “Technology innovation, an efficient and effective supply chain and a customer-centric focus allowed us to fully seize the opportunities offered by the current energy transition, electrification and digitalisation trends, enabling us to report record results that exceeded all our expectations.
“The strong sales growth was accompanied by the jump of over 50% in net profit and cash generation and debt reduction, with a debt ratio to adjusted EBITDA falling below 1x and further reinforcing our financial structure.
“The positive start to 2023 confirms the competitive positioning achieved and enables us to set the goal for 2023 of consolidating our 2022 record performance.”