Prysmian S.p.A. (OTCPK:PRYMF) Q1 2025 Earnings Call May 8, 2025 4:00 AM ET
Company Participants
Massimo Battaini – Chief Executive Officer
Francesco Gori – Chief Financial Officer
Conference Call Participants
Akash Gupta – JPMorgan
Chris Leonard – UBS
Xin Wang – Barclays
Monica Bosio – Intesa Sanpaolo
Uma Samlin – Bank of America
Miguel Borrega – BNP Paribas Exane
Lucas Ferhani – Jefferies
Alessandro Tortora – Mediobanca
Luigi De Bellis – Equita SIM
Massimo Battaini
Good morning and welcome everyone to the Earnings Call of Quarter 1 ‘25. We are really off for a great start in 2025 with an EBITDA that hit €527 million EBITDA, well ahead of last year, even if you consider the €95 million extra perimeter due to the Encore Wire consolidation in quarter 1 ‘25. The EBITDA margin, which you see at 13.1% is reported according to the standard metal prices. So those are the metal prices based on the average of metal, copper and aluminum and lead prices in the 10 years preceding 2019, which you know very well because they are normally reporting in the appendix of the analyst call.
The organic growth was fantastic, 5% EBITDA, certainly driven by transmission, but also supported by stability in I&C, in Power Grid and growth in Digital Solutions, free cash flow also outstanding at €1 billion for the last 12 months. ESG performance in line with expectation, minus 37% Scope 1 and 2 reduction versus the baseline. I remind you that our target for 2025 is to achieve at least 38%, so well on track to achieve it. Net zero is confirmed accelerated by the end of 2035. Revenue linked to solutions sustainable is high as 43%, and we have a significant improvement in the recycled content of copper, recycled content of material which is 19%, 200 basis points up on the average of last year, thanks to a significant availability of copper
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