Prysmian’s transmission segment has reported adjusted EBITDA of €150m in the first half of 2024, with an adjusted EBITDA margin of nearly 14%, compared with €116m in the same period of 2023.
Due to solid project delivery, together with projects with improved margins, the transmission business grew in both sales and profitability.
“Sales improved, with an excellent organic growth of 9.5% to reach €1084m. In second quarter, sales grew organically by 17.4%,” stated Prysmian.
The power grid segment’s adjusted EBITDA grew by 31.5% to reach €238m, with the margin at 13.2%, in the first half of 2024, compared with €182m in the same period of 2023.
Power grid saw margin expansion underpinned by solid market trends that are linked to grid enhancement in both North America and EMEA, according to the company.
Prysmian chief executive Massimo Battaini said: “The first half of 2024 results underline that Prysmian’s profitability remains solid and that it is well-positioned to benefit from the long-term trends in energy transition and digitalisation to achieve future organic growth.
“The upgraded guidance for the 2024 full year follows not only to our acquisition of Encore Wire, which was completed ahead of expectation, but also thanks to our disciplined focus on profitability and sound cash generation.
“These achievements have also been made while Prysmian continues to take strides in reducing carbon emissions and growing its revenues from sustainable products, which have a clear and measurable impact on the planet and society.”