Prysmian S.P.A. Ord

with an EBITDA that hit 527 million EBITDA, nearly lost well ahead of last year, even if you consider the 95 million stopper limit due to the anchor wire consolidation in the quarter of 2025. The angular margin, which you see at the temple one, is reported according to the standard metal prices so far. Those are the metal prices based on the average of metal, copper, aluminum, and lead processing in the 10 years preceding the 2019, which you know very well because they are only reported in the appendix of the anatomy school. The organic rot was fantastic, 5% reduction, certainly driven by transmission, but also supported by stability in ANC, in Dahlgren, and not in the digital solution. 3K slow, also outstanding at 1 billion euro for the last 12 months. ESG performance and language reputation, minus 37 risk of 1 in 2 reduction versus the baseline. I remind you that our target for 2025 is to achieve at least 38%, so a very long track to achieve it. Net-zero is confirmed accelerated by the end of 2035. Revenue links to solutions sustainable with IS43, and we have a significant improvement in the recycled content of copper and recycled content of material, with this 19% trend adjustment up on the average of last year, thanks to a significant availability of the copper waste in our west perimeter, which Anchor Wire took advantage of. Relative transmission, I mean, all KPIs are super great and super satisfactory. The organic growth in particular is 60% never been that high. It is certainly driven by some extra activity, not necessarily coming from the extra capacity. We had only additional capacity in terms of one installation method, Mona Lisa, that joined our fleet at the beginning of this year. But as far as manufacturing goes, we are never like the same as last year. The incapacity improvement will happen in a certain part of this 2025. Indoor-wise, there is a significant surge from $16 million to $154 million. It will be the margin from $13 million to $16.9 million. Talking about current net-of-prices, you see the margin underneath the bar chart, we are at the firm of 16.6%, which is already itself ahead of what we committed to achieving in 2025. The 16.9 is sustainable? Yes, it is super sustainable. We will end up at the end of this year with a margin slightly ahead of the 17% plus for the full year. The important phrasing for the data includes the 16 million is on the one end, We really had this quarter an impeccable execution. During the installation and manufacturing activity, we benefited from projects with better margin than last year. Last year, on the contrary, we had some more cost-of-avance that hit particularly badly in Q1 2024. Sequentially, you see, despite this is not supposed to be the strongest quarter in the transmission space, quarter 1.25, sequentially we also had both in absolute EBITDA and the margin terms, we had a quarter 4.24. The backlog remained pretty high, 17 billion. We count on some additions that we should see this year, coming from IPTA, from agreement, international agreement. But in Butter 2, Butter 3, we'll see what will happen with regard to.

Parallel, we are pretty flattish.

It's like a time in, I've got a growth more related to the tax compensation rate, quote, one last year. We also have to account for some bad weather impacts in the thermos U.S. footprint in quarter one, which also affected the IEC business. And there is some right-of-sea situation within the U.S. space, given the current tariff and dynamic happening in the markets. But it is always now in line with quarter one, 24, in terms of even a margin of I think here is a way where you can best appreciate the more effective way to read the profitability. If you look inside of our chart, you see an improvement in a bit of margin at standard level prices from 14.8.24 to 15.2. If you look at, on the other hand, at the current meta prices, they are moved from 35 to 38K. So these are the effects of dilution in the quarter of 2025 due to the incremental value of metal in our revenue. So that's why the standard margins are the best to appreciate the real inherent and genuine profitability of the business. In sequential, we confirm profitability and stability, 15.4 or 15.2, and also stability in EBITDA, in EBITDA absolute value.