INSIGHT 2|2019

35 QUARTERLY OVERVIEW Energy T&I improved profitability in the Americas Telecom Solid growth for Optical Fibre Cables Energy & Infrastructure sales rose organically 2.4% to €4,060 million. Excluding the IFRS 16 impact, Adjusted EBITDA rose to €227 million from €159 million in 2018, with margin on sales improved to 5.6% from 4.0%.Trade & Installers grew slightly at global level, confirming the momentum of the North-American market, with profitability improved significantly in North and Latin America. Industrial & Network Components sales amounted to €1,858 million, with a -2.4% organic decrease. Excluding the IFRS 16 impact, Adjusted EBITDA stood at €142 million, up from €127 million in 2018, with the ratio to sales increased to 7.7% from 6.7%, thanks to the positive performance of the OEM and Renewables, particularly in LatAm and North America, and to the positive growth trend of Mining, Marine, Infrastructure and Solar. Elevators showed a double-digit growth, mainly driven by North America and China, and improved profitability. The Network Components segment reported a stable trend for the period, with an increase in profitability in the third quarter of the year thanks to industrial efficiencies. The Telecom business sales segment posted a 3.8% organic growth to €1,290 million, driven by the uptrend of Europe and North America. Excluding the IFRS 16 impact, Adjusted EBITDA stood at €225 million compared to €228 million for the first nine months of 2018, with the ratio to sales declined slightly to 17.5% from 18.4%. EBITDA growth was particularly important in light of the lower YOFC contribution and the positive H1 2018 one-off effects. The Optical Fibre Cables reported a double-digit growth, thanks to its ability to seize the constant demand generated by broadband network projects in North America and the positive effects of increased volumes at constant price in Europe. Multimedia Solutions also reported a good performance, particularly in North America also thanks to the rapid integration with General Cable, with demand driven by the growing investments in Data Centres and data cables for industrial applications and residential buildings.