INSIGHT ISSUE 1 | 2022

30 Enabling the Digital and Energy transition grew to a record €12,736 million, with an organic change of +10.9% (+13,6% in Q4); excluding the Projects segment, the organic change was +11.0%. The Energy business segment confirmed its resilience, with organic growth of +10.7% compared to 2020 and +3.8% compared to 2019, exceeding pre-pandemic levels. Trade & Installer and cables for renewable energy performed particularly well while Power Distribution demonstrated a strong recovery during Q4 in North America. The Telecom segment also benefited from the favourable trends within the US market, reporting +12.7% organic growth. Prysmian’s comprehensive execution in submarine cable projects was the main driver for the Projects segment, sharply accelerating in Q4 with a +34.7% increase over the same period of 2020, exceeding the Group’s expectations. rose by +16.2% to €976 million, exceeding the Group’s upper range of expectations and revised guidance of €920-€970 million. There was also a strong acceleration in Q4, with Adjusted EBITDA reaching €251 million (the best fourth quarter performance ever in the Group’s history). Exchange rates generated a negative impact of approximately €11 million during 2021. The Group result, net of the cumulative exchange rate effect in the two years (equal to €55 million) was higher than in 2019. Margins remained substantially stable, despite the impact of increasing metal prices, with the ratio of Adjusted EBITDA to Sales at 7.7% (8.6% restated at 2020 metal prices) compared to 8.4% in 2020. The Energy segment confirmed its resilience, particularly in terms of profitability, driven by the Trade & Installers’ crucial contribution, with Power Distribution also showing signs of a recovery in Q4, driven by US demand. Margins remained stable across the Telecom segment, due to efficiencybuilding measures and an enhanced product mix. The Projects segment recovered markedly, reporting an increased Adjusted EBITDA mainly driven by a record Q4 performance. was €927 million (€781 million in 2020), net of costs for company reorganisations, non-recurring expenses and other non-operating expenses totalling €49 million (€59 million in 2020). These adjustments mainly included nonoperating costs for €26 million and reorganisation charges for €21 million. amounted to €572 million, compared to €353 million in 2020. attributable to owners of the parent rose to €308 million compared to €178 million in the previous year. before acquisitions and divestments stood at €365 million (also excluding antitrust related flows), exceeding the guidance. Despite having paid dividends of €134 million, the strong cash flow generation resulted in significant reduction of Net Financial Debt, which amounted to €1,760 million at year end (€1,986 million at 31 December 2020). The significant deleverage was achieved thanks to solid cash generation of €365 million, excluding outflows from acquisitions and disposals amounting to €93 million and as cash inflow of €58 million related to an antitrust settlement agreement. The factors that allowed this level of cash generation: \ operating cash flows before changes in net working capital amounting to €883 million; \ cash outflows due to restructuring costs amounting to €24 million; \ cash outflows due to the €28 million increase in net working capital; \ net investment amounting to €275 million; \ net finance costs amounting to €79 million; \ paid taxes amounting to €120 million; \ collection of dividends from affiliates totalling €8 million Financial results Group Sales Operating Income Net Profit Free Cash Flow Net Financial Debt Adjusted EBITDA EBITDA

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