Prysmian has reported adjusted EBITDA of €149m for the first nine months of 2022, compared with €124m for the same period in 2021.
The amount includes €62m generated in the third quarter alone.
Improvement in results in the projects segment was down to a “significant increase” in the submarine power cable and system business, in terms of both cable production and installation, Prysmian said.
Developments included the completion of the North Sea Link, between the UK and Norway, as well as the start of cable laying operations at the Vineyard Wind 1 offshore wind project in the US.
In terms of technological highlights, Prysmian completed the qualification process for the first 525 kV extruded submarine full cable system for HVDC applications that will enable to double the maximum transmission capacity of two-core systems up to more than 2.5GW, which will benefit the offshore wind sector, it said.
In the high voltage underground cable and system segment, Prysmian continued to produce the German Corridors’ cables in line with the schedule and was also awarded the SuedOstLink extension project, worth around €700m.
The order book reached the record level of €6.85bn for the first time at 30 September 2022 (€3.2bn order intake YTD), with a further €4.1bn expected to be converted in backlog by 2024.
The main projects secured include the NeuConnect interconnector, which will transfer energy between the UK and Germany, the cabling of DolWin4 and BorWin4 off Germany and the extension of the SuedOstLink project in Germany.