Prysmian has reported a 12% increase in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) to €725m in the first nine months of 2021, compared with the same period last year.
Adjusted EBITDA for the projects segment, which includes offshore wind, was €124m compared to €130m for the first nine months of 2020, with a ratio to sales of 11.5% compared to 12.3% for the same period of 2020.
As of 30 September 2021, the order book exceeded €4bn for the first time ever, said Prysmian.
The order intake for the segment amounted to €2.3bn year-to-date, due to the acquisition of several major projects including the cabling of the Sofia, Gode Wind and Borkum Riffgrund 3 offshore wind farms.
There was a further boost in recent weeks with the €630m project for cabling the Coastal Virginia Offshore Wind Farm, the largest submarine cable project ever awarded in the USA, said Prysmian.
Adjusted EBITDA for Prysmian’s energy business improved to €423m (€355m for the same period of 2020), “driven by resumed volumes and the efficiencies achieved”.
The energy segment’s power distribution market returned to normal levels, following the slowdown recorded in the first two quarters of the year compared to the peak reached in 2020, which was driven by the North American onshore wind industry, Prysmian stated.