Prysmian’s projects division has reported €210m in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the first nine months of 2023, compared with €149m for the same period in 2022.
The company said “flawless execution” and projects with higher margins, executed during the first nine months of 2023, drove solid results improvements.
Sales amounted to €1.8bn, with a “strong +23.9% organic growth and a sound margins expansion”.
In the period Prysmian completed Vineyard Wind 1 project (US) and the Viking Link, the world’s longest onshore and offshore HVDC interconnector linking the power grids of the UK and Denmark.
In the high voltage underground segment, Prysmian continued to produce the German Corridors cables in line with the schedule set.
The record portfolio of around €20bn orders (backlog and orders with solid commitment) ensures longer visibility on future performances, with around €13bn in new orders awarded in 2023, including preferred bidder agreements.
The robust backlog, including only projects with notice to proceed, amounts to €10bn.
The energy division’s sales are supported by the growth drivers of the energy transition and decarbonisation, such as the expansion and upgrade of power grids, energy generation from renewable sources, the development of electric mobility and of clouding.
Adjusted EBITDA improved to €914m in the first nine months of 2023, compared with €761m for the same period of 2022.