36 IMPACT: Going beyond the numbers LONG-TERM ECONOMIC TRENDS continued to fuel growth in the first quarter 2023 POSITIVE BUSINESS PERFORMANCE driven by the energy transition and electrification SALES reach €3.99 Bln, Organic growth at 9.0% ADJ. EBITDA grew by 48.3% to €427 Mln, margins reach 10.7% (from 7.8% in Q1 2022) GROUP NET PROFIT improved by 44.4% to €182 Mln (€126 Mln in Q1 2022) FREE CASH FLOW at €581 Mln, Debt falls to €2.07 Bln from (€2.38 Bln as of March 31 2022) Valerio Battista Chief Executive Officer “The first quarter of 2023 closed with better-than-expected results, further confirming the solid and long-term nature of the drivers that had fuelled our extraordinary growth in 2022. All the businesses and geographical areas performed well, particularly the sectors that play a strategic role in the energy transition and electrification processes — from submarine cable systems for large interconnections and offshore wind farms to cable for grid hardening, and applications for wind and solar renewable energy generation. Our ability to translate business results into cash generation enabled us to reduce our net financial debt. In short, after having reported our best-ever results in 2022, this excellent start to the year confirms the competitiveness of our product range and our technology innovation capacity, the quality and reliability of our supply chain and customer service, as well as our execution capabilities for the important projects in the order book.”
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