Prysmian’s projects business reported €129m in adjusted EBITDA in the first half of 2023, compared with €87m the same period in 2022).
The good performance in terms of organic growth and the profitability improvement reported by Prysmian’s projects business are mainly attributable to the “full utilisation of production assets and the flawless and accurate execution of the orders underway”.
Compared to the first half of 2022, the mix of the projects that entered the execution phase proved more profitable.
The installation of Viking Link between the UK and Denmark, the world’s longest submarine interconnection, was successfully completed.
In the first half of 2023, the project’s business acquired approximately €5.4bn in new orders.
The order book hit a record €9.1bn, excluding the Eastern Green Link 2 (EGL2) and Eastern Green Link 1 (EGL1) submarine cable interconnections between Scotland and England, for which Prysmian was selected as preferred bidder and finalised agreements to assure its production capacity.
In the high-voltage submarine cables sub-segment, the major projects acquired in H1 2023 included two orders announced at year-start, namely the Biscay Gulf project, the €800 million submarine power interconnection between France and Spain, and the two IJmuiden Ver Alpha and Nederwiek 1 projects worth approximately €1.8bn overall for the connection of offshore wind farms in the Netherlands.
The solid project pipeline in the interconnection and offshore wind farm sectors “confirms the Group’s ability to seize the opportunities offered by a fast-growing market, building on the energy transition drivers,” stated Prysmian.
In Prysmian’s energy and infrastructure business adjusted EBITDA increased to €446m, compared with €344m in H1 2022.