Prysmian (PRY) investor relations material

Deal rationale and strategic fit

• Acquisition accelerates expansion in North America, creating a one-stop shop for electrical infrastructure solutions and strengthening leadership in the U.S. electrification market.

• Combines complementary product portfolios and service models, enhancing solution provider capabilities and better serving evolving customer needs.

• Well positioned to benefit from electrification and data center infrastructure investments, with increased exposure to long-term growth trends.

• Broadens geographic reach within the U.S. and internationally, with significant overlap in key markets and expanded North American presence.

• Builds on a proven track record of successful North American acquisitions and supports long-term strategy to increase solution-based revenues to over 60% by 2028.

Financial terms and conditions

• Enterprise value of $3.8 billion, or $95 per share in cash, representing a 23% premium over the 90-day VWAP as of July 31, 2026.

• 2025 revenue expected at $2.8 billion, with $386 million EBITDA and 14% EBITDA margin; transaction multiples: 9.8x EV/EBITDA 2025A and 7.1x EV/EBITDA 2025 including synergies.

• Deal funded by a mix of debt, hybrid bonds, equity, and treasury shares disposal, aiming to preserve investment-grade rating.

• Pro-forma Net Debt/Adjusted EBITDA expected at 1.4x by 2026 year-end.

• Integration costs estimated at $45–50 million over three years, with blended cost of debt expected below 4%.

Synergies and expected cost savings

• $150 million in total annual run-rate synergies targeted within three years, with about $100 million from commercial and $50 million from operational efficiencies.

• Synergies expected from improved service levels, efficiency, vertical integration, and integrated commercial offerings.

• Synergies to be evenly realized over three years, with full run-rate by end of 2029.

• Additional upside possible from further manufacturing consolidation and R&D collaboration.