Global cable manufacturer Prysmian's projects division has disclosed impressive financial results, reporting €210 million in adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for the first nine months of 2023. This marks a substantial increase from the €149 million reported for the same period in 2022, attributing the success to “flawless execution” and the execution of projects with higher margins during the first three quarters of 2023.
The company's sales for the period reached €1.8 billion, demonstrating a robust +23.9% organic growth and sound margins expansion. Prysmian highlighted the completion of significant projects, including the Vineyard Wind 1 project in the US and the Viking Link, recognized as the world's longest onshore and offshore high-voltage direct current (HVDC) interconnector connecting the power grids of the UK and Denmark.
Within the high-voltage underground segment, Prysmian continued its production of German Corridors cables in adherence to the established schedule. The company's record portfolio, boasting around €20 billion in orders (backlog and orders with solid commitment), provides extended visibility on future performances. Notably, approximately €13 billion in new orders were secured in 2023, inclusive of preferred bidder agreements.
The robust backlog, exclusively featuring projects with a notice to proceed, stands at €10 billion, underlining the sustained momentum in Prysmian's project pipeline. The energy division's sales remain well-supported by key drivers of the energy transition and decarbonization, encompassing the expansion and enhancement of power grids, renewable energy generation, the advancement of electric mobility, and clouding development.
Adjusted EBITDA for the first nine months of 2023 saw a significant improvement, reaching €914 million, compared to €761 million for the corresponding period in 2022. Prysmian's solid financial performance underscores its commitment to delivering crucial projects within the evolving landscape of energy transition and sustainability.
