Prysmian's transmission segment reported an adjusted EBITDA of €150 million in the first half of 2024, up from €116 million in the same period of 2023, with an adjusted EBITDA margin of nearly 14%. The segment experienced growth in both sales and profitability, attributed to solid project delivery and projects with improved margins.
“Sales improved, with an excellent organic growth of 9.5% to reach €1,084 million. In the second quarter, sales grew organically by 17.4%,” stated Prysmian.
The power grid segment's adjusted EBITDA grew by 31.5% to €238 million, with a margin of 13.2%, compared with €182 million and 11.2% in the same period of 2023. This growth was underpinned by strong market trends related to grid enhancement in North America and the EMEA region.
Prysmian CEO Massimo Battaini commented, “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 from our acquisition of Encore Wire, 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.”
Prysmian continues to focus on the energy transition and digitalisation, positioning itself to capitalize on these long-term trends for future growth.
