29 INSIGHT | Quarterly Overview “The recovery trend gained pace at the end of the year, allowing the Group to close 2021 with sharp growth in revenue and exceed the guidance previously announced to the market. For the first time, sales exceeded €12 billion, a record milestone, and Adjusted EBITDA grew sharply, with stable margins despite significant rises in commodity prices. In particular, our results were driven by the resilience of the Energy business segment and the recovery in Telecom. Flawless execution of submarine cable projects in progress also led to a recovery in the Projects segment, a business positively exposed to the energy transition, where the Group has reaffirmed its technological and market leadership, acquiring record orders worth approximately €4.8 billion in the year. With the aim of consolidating our position in the US market, we are also planning to build a new submarine cable plant in the USA. We have started 2022 with the same conviction and determination, which includes setting ambitious new targets for the year, with an expected Adjusted EBITDA in the range of €1,010 million to €1,080 million and a free cash flow target of €400 million ±15%.” Valerio Battista Chief Executive Officer RECORD SALES €12,736M, organic growth at +11.0% ADJUSTED EBITDA €976M (+16.2 vs 2020) STABLE MARGINS 7.7% (8.6% at 2020 metal prices vs 8.4% in 2020) GROUP'S NET PROFIT rose to €308M from €178M (+73%) SOLID PERFORMANCE across all businesses STRONG EXECUTION in projects in Q4 STRONG CASH FLOW GENERATION Free Cash Flow at €365M (vs guidance of €300M ±20%) Net Debt decreasing to €1,760M (vs €1,986M at 2020 year-end) CO2 EMISSIONS decreased by 22,1% compared with the baseline set in 2019 (certified by SBTi) PROPOSED DIVIDEND INCREASED to €0.55 per share (+10% vs 2020)
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