Prysmian’s specialities business reported €85m in adjusted earnings before interest, tax depreciation and amortisation (EBITDA) compared with €78m in Q1 2023.
Double digit year-on-year growth in renewables helped the specialties business achieve the positive result, which included margin expansion at 11.1%.
Adjusted EBITDA in the transmission segment rose to €62m (€54m Q1 2023) with solid margin improvement to 13.0% (11.2% in 1Q23).
Prysmian received the Notice to Proceed for Amprion Frame Agreement and EGL 2 (both projects awarded in 2023), bringing the total backlog up to over €18bn.
Adjusted EBITDA in Prysmian’s power grid business rose to €115m in Q1 2024 (€73m Q1 2023) with strong margin improvement at 13.5% “sustained by structural markets trends (grid enhancement), in particular in North America”.
Massimo Battaini, Prysmian CEO, said: “Prysmian has had a solid start to 2024.
“The first quarter results highlight an outstanding profitability, driven by the strong performance of the power grid and transmission segments, while the order backlog stands at over €18bn.
“These achievements demonstrate that Prysmian’s commitment to accelerating the energy transition globally, together with its solutions which meet the highest environmental standards, are continuing to deliver positive results.
“My first year as Prysmian’s CEO is also marked by the signing acquisition of Encore Wire.
“This transaction is a unique opportunity to further grow and strengthen our position in North America, enhancing the diversification of our business and creating value for all stakeholders.”