Prysmian (PRY) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 EBITDA of €540 million and 11.9% margin, with strong Transmission and Power Grid performance and successful Encore Wire integration driving group results.

• Organic growth in Q3 was 1.8%, with Transmission segment showing 17.5% organic growth, and 9M Transmission sales up 12.3% organically.

• Free cash flow reached €979 million over the last 12 months, supporting future growth and investments.

• Encore Wire acquisition completed for €4,089 million, significantly boosting I&C/Industrial & Construction segment margins and North American leadership.

• Sustainability KPIs improved: 36% reduction in Scope 1 & 2 CO2 emissions vs. 2019, and 45% of revenues from sustainable products.

Financial highlights

• 9M24 sales were €12,362 million, with adjusted EBITDA at €1,409 million (11.4% margin), and Q3 EBITDA at €540 million (11.9% margin).

• Net profit for 9M24 was €619 million, with basic EPS at €2.22.

• Free cash flow (LTM) was €979 million; full-year guidance is €840–€920 million.

• Net financial debt rose to €5,042 million at September 30, 2024, mainly due to the Encore Wire acquisition.

• Net leverage ratio targeted at a maximum of 1.5x, with temporary deviation up to 2x for acquisitions.

Outlook and guidance

• FY24 adjusted EBITDA guidance confirmed at €1,900–€1,950 million, with free cash flow expected at €840–€920 million.

• Emission reduction targets reaffirmed: 36% for Scope 1 & 2, 13% for Scope 3 vs. 2019.

• Guidance assumes stable geopolitical and supply chain conditions.

• New strategic ambitions and vision to be disclosed at Capital Markets Day in March 2025.