By carefully understanding the market dynamics, we experienced solid margin expansion and strong cash generation. The revenue figure proves to be essentially stable at €15,354M with significant growth in the Projects business (organic growth +15.3%), supported by solid execution of interconnection and offshore wind farm projects, as well as projects with better profitability in the backlog. We closed the year with a record backlog of about €18 billion.
The results in terms of profitability were significant, with a major increase in Adj EBITDA growing to €1,628M (+9.4% vs 2022). Margins also improved to 10.6% (9.3% in 2022), in addition to an increase in net profit to €547M (+7.5% vs. 2022).
Cash generation remains a key factor in our success, with Free Cash Flow at €724M (+29.5% vs. 2022). The soundness of the financial structure enables us to sustain with balance the sizeable investments to support growth, to make our leadership even more solid and to seize the opportunities offered by the market.
No less important has been our commitment to ESG performance. Prysmian recognizes that sustainability is an essential element in creating value for all our stakeholders. We have further revised our decarbonization plan upward to contribute even more proactively to the fight against climate change. We continue to drive innovation in the cable industry by developing products that have a lower environmental impact and that can support our customers in their decarbonization goals.
Significant improvements have also been recorded in the goals of inclusiveness and focus on people. The results of initiatives implemented by Prysmian in recent years have enabled the company to intensify its efforts to anticipate achieving some of the targets set for 2030 as early as 2027, such as the KPI on gender equality. I am also proud to note that 46% of our employees, including blue collars, are shareholders in the group, an important lever for the future success of the company, as well as a source of great pride.
In conclusion, I would like to express my gratitude for having had the honor of leading this company for almost two decades. I am extremely pleased with the milestones we have achieved together, supported by a competent and well-established management team and talented colleagues, without whom Prysmian would not be what it is today: a world leader in the cable industry.
With confidence I place the helm in the hands of Massimo Battaini, who has been part of the team since the beginning of this great project and has played a key role in the most important moments for the Group. It is, therefore, a source of pride for me to complete my term, handing over to my successors a solid company with a clear vision for its future. It is a story that, starting tomorrow, I will support from a different position, but with the same closeness.
Valerio Battista
Chief Executive Officer, Prysmian
