Under new CEO, Prysmian makes solid start to 2024

(offshoreEnergy.biz) Following an “outstanding” 2023, Italian cabling giant Prysmian has made a solid start to 2024, reporting a net profit of €190 million for the first quarter of the year, compared to €187 million in the first three months of the prior year.

Group sales amounted to €3,687 million, with a -5.6% organic growth, while adjusted EBITDA reached €412 million, compared to €427 million in Q1 2023, with improving margins at 11.2% compared to 10.7%.

EBITDA amounted to €393 million, a slight decline from €398 million in Q1 2023, including net expenses for company reorganizations, non-recurring expenses and other non-operating expenses of €19 million. Free cash flow LTM rose to €827 million, up by 42.3% compared to €581 million in March 2023, while net financial debt fell sharply to €1,693 million (€2,074 million in March 2023), driven by strong cash flow generation.

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