Financial Comparison 2020 vs 2019, Insights on Prysmian - HV Power Cable Market along with Growth Strategy.

1. PRYSMIAN
GROUP
FINANCIALS
PANKAJ BAID
1

2. PRYSMIAN BUSINESS DIVISIONS
• Comprising business segments that offer a complete and innovative portfolio of products designed to
satisfy the many needs of the markets served. This macro-area is organized as follows: Energy &
Infrastructure, which includes Trade & Installers, Power Distribution and Overhead Transmission Lines,
and Industrial & Network Components, which includes Oil & Gas, Elevators, Automotive, Network
Components, Specialties & OEM (serving in turn the following sectors: Cranes, Mining, Railways, Rolling
Stock, Marine and Renewables – cables for the solar energy industry and for the operation and
connection of wind turbines) and Electronics (Asset Monitoring Solutions)
Energy
•Comprising high-tech and high value-added businesses focused on the design, production and customization of HV and EHV cabling systems for
terrestrial and submarine applications. The Group develops pioneering “turnkey” submarine cable systems for installation at depths of up to 3,000
meters, assisted by its cable laying fleet comprising the Giulio Verne, the Cable Enterprise and the Ulisse (as well as the Leonardo da Vinci, which
will become operational in 2021). Prysmian Group also offers advanced services for terrestrial and submarine interconnections between various
countries and between offshore wind farms and the mainland, used for both the generation and distribution of electricity
Projects
•Comprising businesses devoted to making the cabling systems and connectivity products used in TLC networks. The product portfolio includes
optical fibre, optical cables, connectivity components and accessories, OPGW (Optical Ground Wire) and copper cables. The Group is also among
the leaders in the production of optical fiber - the essential component of all types of optical cables. A wide range of optical fibers is designed and
made using proprietary technology to cater to the broadest possible spectrum of customer applications: single-mode, multimode and specialty
fibers. In both cables and connectivity, the Group focuses on the design of products that provided greater density in a smaller diameter, with ease
of useand optimal fibre management
Telecom
2

3. FOCUS AREAS FOR THE FUTURE OF PRYSMIAN
• Europe has recently confirmed €26bn investments in new offshore wind farms
• The EU Offshore Renewable Energy Strategy (ORES) has set a goal of 300 GW by 2050, 25x
more than today
• The energy transition is therefore becoming a reality, as demonstrated also by the
electrification of cars, decarbonization of cities and countries are shutting down fossil fuel
and nuclear facilities to accommodate sustainable energy sources
Prysmian capabilities in the Offshore Wind Farm field: developing new solutions to enable the energy transition
• The expected development of floating offshore wind farms should also boost the demand for
dynamic cables – resulting in a highly promising new market in the horizon of 2025-2030
• Increasingly stringent environmental requirements have also resulted in our investments in
copper technology as an alternative sustainable material to replace lead
• Numerous regions are starting up their first offshore wind projects, such as Far East and
USA. Hence, offshore wind is no longer limited to Europe, but on the contrary it is expanding
overseas
The growth in energy generation brings to a growth in interconnections
• Invested extensive efforts to being able to deal with the complexity of turnkey projects, not
only with regard to project management to ensure flawless execution, but also in areas such
as engineering, having the right setup in production facilities, and frame agreements with
dedicated critical main suppliers.
• We are actively monitoring a number of topics that will also affect the wind market. These
include use of hydrogen, vast generation islands, and the combination of wind plus solar
Increased Focus on Turnkey projects
3

4. R&D BY PRYSMIAN GROUP
4
Prysmian Group established Corporate Hangar, an accelerator focused on supporting the Group in its open
innovation goals. Corporate Hangar has incubated 3 start ups: Alesea, a virtual assistant for cable management;
Kablee, a digital business development tool for cable makers that aims at bringing data connectivity to rural areas
and creates a marketplace for scrap cables; and Cultifutura, that develops vertical farming solutions for offices. In
2020, over 5000 Alesea tracking devices have been deployed around the world; Kablee’s e-commerce platform has
supported the first transactions; and Cultifutura has successfully tested its proprietary IoT system for vertical
farming
technology.

5. BUSINESS ENVIRONMENT AND CABLE INDUSTRY
TRENDS
Extremely
Weak Market
in 2020
The global cable market recorded a major contraction in 2020, mainly due to the Covid-19
pandemic
China is expected to be the only major country whose cable market, in line with GDP trends will show
positive growth in 2020
In Europe, the cable market has shrunk significantly as a result of the Covid-19 pandemic
There was a similar trend in North America, with a steep plunge in Mexico, particularly
reflecting a construction sector downturn
Optical
Cables
Market
• Demand dropped sharply in all major regions except the US, where optical fibre cable
consumption remained steady year-on-year.
In Europe, among the larger markets, only the UK and Germany reported marginal growth
in demand for optical cables in 2020, thanks to vibrant FTTH programs driven by both
private and public investment.
The biggest drops were recorded in South European countries, where the major operators implemented
an aggressive destocking policy that produced a significant reduction in their optical cable
procurement estimates, in turn leading to a steep market contraction.
Submarine
Cables
Market
Market demand for submarine Power cables continued to show signs of recovery during the year: several
bids are now at an advanced stage of the tendering process and are expected to be awarded in the next
few months.
The market is expected to grow over the medium term, especially the Offshore Wind segment, fostered
by the continuous reduction in electricity generation costs
In the High Voltage underground business, the HVAC market was largely stable in Europe, while reporting growth in North
America but persistently soft demand in Southeast Asia, which having already turned down in 2019 was exacerbated by
the impact of Covid-19.
In the HVDC market, typically for interconnectors, tendering activities for major underground power lines in Germany
reached their conclusion, with Prysmian Group being awarded a substantial share of all the projects concerned, with a
total value of over Euro 1.8 billion.
5

6. SNAPSHOT OF RECENT FY-2020 RESULTS WITH THREE COVID19
PILLARS
6
• Profitability targets achieved, demonstrating resilience in the year of
covid-19
• Acceleration on ESG and climate change, prysmian adopts science-based
targets (1.5°), with net zero goal by 2040
• Proposed dividend pay-out rises to €0.50 per share
• Sales at €10bn, organic change at-8.3%1, improvement in Q4 (-4.8%)
• Adjusted EBITDA at €840m, resilient margins at 8.4% (8.7% in FY2019)
• Record free cash flow at €487m2
• Good performance of power distribution and renewables in the US
• Telecom: Recovery of optical cables, particularly in North America, after
the expected decrease in sales
• Projects impacted by operating inefficiencies caused by covid-19, partially
exceeded in Q4
• FY-2021 guidance:
• Adjusted EBITDA expected in the range of €870m–€940m
• Free cash flow: €300m+/-20%
1 Excluding the Projects segment
2 Antitrust cash-out excluded (€ 112M)
• COVID-19 PILLARS: “PEOPLE FIRST”, PROTECTION OF BUSINESS,
INNOVATION/DIGITALISATION
• Cost efficiencies at the annual level expected to amount to about €100 million.
• “People First” entailed increased investment in health and safety
(+29% to €17 million), in the massive supply of medical equipment
and the carrying out of tests and analyses to detect contagions, in
the redefinition of procedures for the safe use of workplaces, and in
the extensive use of remote working.
• The Group has confirmed its ambition to be an energy and
digitalization transition enabler. From the flagship 525 kV P-Laser
cable to fiber and optical cable innovations like Sirocco, the cable
with the highest fiber count, and the submarine power cable for
record-depth installation up to 3,000 m, the Group has strengthened
its commitment to technological innovation.
• There was also an important focus on digitalizing its manufacturing
processes. Putting health and safety first allowed the Group to
ensure supply chain and business continuity. The operations at
production sites never dropped below 80%, thus maintaining the
ability to serve customers nearly unaltered (on time delivery
exceeded 94%). The Group also promptly implemented a robust cost
containment plan and measures to protect its cash generation
capacity

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© Prysmian Group 2020 4
7
2020 Financial highlights
ORGANIC GROWTH
-8.3%
SALES
10.02€B
ADJ. EBITDA MARGIN
8.4%
ADJ. EBITDA
840€M
SALES ADJ. EBITDA
NET DEBT
1,986€M
FCF
487€M
FREE CASH FLOW
SEQUENTIAL IMPROVEMENT
-4.8% in Q4, showing sequential
improvement
-14.1%Telecom (-3.8% in Q4)
-7.5% E&I with a sequential improvement
in H2 (-4.0% in Q4)
Positive trends in Renewables and
Onshore Wind (USA)
RESILIENT MARGINS
supported by strong and timely actions on
fixed and variable costs and by business
mix improvement
Negative Forex impact (-32 €M)
RECORD FREE CASH FLOW
Sound deleverage
487 €M of FCF excluding Antitrust
Cash-Out (112 €M)
Significantly higher than guidance

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2020 Financial highlights Euro Millions, % on Sales
SALES
* Organic growth
1,007
840
2,140 1,986
DEC-19 DEC-20
11,519
10,016
749
432
DEC-19 DEC-20
6.5%
8.7% 8.4%
2019 2020 2019 2020
4.3%
-10.3%*
ADJUSTED EBITDA
REPORTED OPERATIVE NET WORKING CAPITAL REPORTED NET FINANCIAL DEBT
8

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2020 Organic growth y-o-y; excluding Projects segment
-3.5%
-17.0%
-4.4% -4.0%
E&I
-7.5%
-19.0% -21.1%
-10.0%
-3.8%
TELECOM
-14.1%
-2.4%
-16.1%
-4.2% -4.9%
ENERGY
-7.1%
Q1 Q2 Q3 Q4
FY
-5.4%
-17.0%
-5.2% -4.8%
GROUP
-8.3%
-0.3%
-15.9%
-4.1%
-7.2%
INDUSTRIAL & NWC
-7.0%

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2020 Organic growth y-o-y; excluding Projects segment
3.3%
-14.6%
-6.2% -7.9%
NORTH AMERICA
-6.5%
-27.3%
1.4%
-13.4%
-0.9%
LATIN AMERICA
-10.4%
-20.5%
-9.7% -9.2%
-1.8%
ASIA PACIFIC
-10.1%
-7.4%
-18.1%
-4.4% -4.2%
EMEA
-8.9%
Q1 Q2 Q3 Q4
FY
-5.4%
-17.0%
-5.2%
-4.8%
GROUP
-8.3%
10

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2019 2020
Sales & Adj. EBITDAby Business Euro Millions, % on Sales
HIGHLIGHTS HIGHLIGHTS
308
275
2019 2020
Industrial & NWC
HIGHLIGHTS HIGHLIGHTS
Telecom
2019 2020
TOTAL
1,007
3
2
2019 2020
FY 2020 Organic growth
Adj.
Ebitda
Sales
Projects Energy
196 166
7.9% 7.4%
5.8% 5.8%
2019 2020
228
186
12.4% 13.0%
8.7%
840
8.4%
274
214
16.6%
22
15.6%
14
Share of net income
-20.6%
-7.0%
-14.1% -10.3%
10,016
-7.1%
1,844 1,438
2,492 2,252
1,648 1,371 11,519
8,027 7,207
-10.9%
Q4 2020 Organic growth
-3.8%
-7.2%
-4.9%
-34.4%
Adj.
Ebitda
Sales
E&I
5,285 4,735 -7.5%
-4.0%
Unfavorable projects mix and
undersaturation of extruded
capacity affectingSubmarine
trend
COVID constraints affecting
production and HV installation in
H1, recovery in Q4
Organic decline mainly driven
by T&I, partially offset by PD
(North America) and Overhead
Resilient profitability driven by
geographical and businessmix
and prompt efficiencyactions
Positive organic growth in
Renewables, resilient
Elevators; negative
Automotive, O&G andAvio
Sequential improvement in
optical cables volume,
accelerated in Q4, (mainlyNorth
America)
Cost efficiency measures partly
offsetting volume effect andprice
pressure
forex
11

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Sales & Adj. EBITDAby Geography Euro Millions, % on Sales
Weak performance mainly in Q2
driven by South Europe, UK and
MEAT due to Covid-19
Projects and Telecom affecting
results
Sequential improvement in E&I,
with slightly positive growth in
Q4
HIGHLIGHTS
-8.9%
EMEA
6,196
Solid performance in PD
(softening in H2) and Overhead
lines. Improving trend in Optical
Cable
Margins improvement driven by
effective cost management and
business mix
HIGHLIGHTS
-6.5%
NORTH AMERICA LATIN AMERICA
-10.4%
Region heavily affected by
pandemic in Q2, with sound
recovery in H2
Positive organic growth in Q4
mainly driven by T&I,
Overhead lines and Telecom
HIGHLIGHTS
-10.1%
Improvement in Q4 thanksto
Energy (mainly T&I,
Renewables and Elevators)
partially offset by Telecom
HIGHLIGHTS
ASIA PACIFIC TOTAL
FY 2020 Organic growth
excluding Projects segment
2019 2020
2019 2020
102
68
10.9% 8.8%
352 354
10.2% 11.5%
2019 2020
491
370
7.9% 6.9%
Adj.
Ebitda
Sales
22 14
2019 2020
62
48
Share of net income
6.5% 6.0%
Adj.
Ebitda
Sales
5,344 3,441 3,084 931 775 951 813 11,519 10,016 -8.3%
1,007
3
2
2019 2020
8.7%
840
8.4%
forex
FY 2020 organic growth including Projects segment: Group -10.3%; EMEA -11.9%; North America -7.1%; Latin America -9.0%; Asia Pacific -13.0%

13. PRYSMIAN GROUP AT A GLANCE 2020 FINANCIAL
RESULTS
Projects
14%
Telecom
14%
Energy &
Infrastructure
47%
Industrial &
Network
Components
23%
Other 2%
Energy
72%
€10.0 BN
EMEA
53%
APAC
8%
North
America
31%
Latam
8%
Industrial &
Network
Components
20%
Energy &
Infrastructure
33%
Projects
22%
Telecom
25% 13.0%
15.6%
7.4%
5.8%
8.4%
Projects Telecom Industrial &
Network
Components
Energy &
Infrastructure
Total Group
€10.0 BN
SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY
Adj. EBITDA MARGIN
Adj. EBITDA BY BUSINESS
€840 M

14. SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY
ENERGY & INFRASTRUCTURE 2020 SALES
BREAKDOWN
Power
Distribution
35%
Overhead
4%
Trade &
Installers
61%
North America
34%
LatAm
10%
APAC
6%
EMEA
50%
€4.7 BN €4.7 BN

15. SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY
INDUSTRIAL & NETWORK COMPONENTS 2020 SALES
BREAKDOWN
Core Oil & Gas
products
11%
Specialties,
OEM &
Renewables
41%
Automotive
20%
Elevators
11%
Other
Industrial
11%
Network Components
6%
North America
38%
LatAm
6%
APAC
16%
EMEA
40%
€2.3 BN €2.3 BN

16. TELECOM 2020 SALES BREAKDOWN
1
6
Telecom
Solutions
65%
Fiber
5%
MMS
30%
North America
32%
LatAm
7%
APAC
6%
EMEA
55%
€1.4 BN
€1.4 BN
SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY

17. High Voltage
44%
Offshore
specialities
4%
SubmarineTLC
2%
Submarine
Energy
50%
North America
5%
LatAm
3%
APAC
5%
EMEA
87%
PROJECTS 2020 SALES BREAKDOWN
€1.4 BN
SALES BREAKDOWN BY BUSINESS SALES BREAKDOWN BY GEOGRAPHY
€1.4 BN

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© Prysmian Group 2020 10
2020
Highlights
GROUP OVERVIEW
OUTLOOK
Financial
Results
Appendix
13
© Prysmian Group

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© Prysmian Group 2020 11
2021 Outlook: a promising start in a still uncertain environment
840
870 - 940
32 20-25
2020
Adj. Ebitda
Projects Energy Telecom Forex 2021
Adj. Ebitda
2021 ADJ. EBITDA TARGET (€M) 2021 FCF TARGET (€M)
870 940
Assuming no relevant Covid disruption on current trend; Assumed no cash-out related to Antitrust rulings and related claims; Negative impact from Forex:
cumulated effect 2020A-2021E approx. 55 €M
ASSUMPTIONS
~ 300 ±20%
FCF before acquisition & disposals
forex
forex

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15
2020
Highlights
GROUP OVERVIEW
OUTLOOK
Financial
Results
Appendix

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GROUP NET INCOME
% onsales
Adjustments and Special Items on
EBIT
Profit and Loss Statement Euro Millions
2020 2019
SALES
YoY total growth
10,016 11,519
(13.0%)
YoY organic growth (10.3%)
Adj.EBITDA 840 1,007
% on sales 8.4% 8.7%
of which share of net income 18 24
Adjustments (59) (100)
EBITDA 781 907
% onsales 7.8% 7.9%
Adj.EBIT 515 689
% onsales 5.1% 6.0%
Adjustments (59) (100)
Special items (103) (20)
EBIT 353 569
% on sales 3.5% 4.9%
Financial charges (101) (125)
EBT 252 444
NET INCOME 174 296
% on sales 1.7% 2.6%
Minorities (4) 4
2020 2,019
Non-recurring Items (Antitrust investigation)
Restructuring
Other Non-operating Income / (Expenses)
(9)
(32)
(18)
32
(85)
(47)
% onsales 2.5% 3.9%
EBITDA adjustments (59) (100)
Taxes (78) (148)
% on EBT 31.0% 33.3% Special items (103) (20)
Gain/(loss) on metalderivatives
Assets impairment
Share-based compensation
EBIT adjustments
(4)
(68)
(31)
(162)
15
(36)
1
(120)
Adj. EBITDA
Bridge
Q1 Q2
Q3 Q4 FY
ADJ. EBITDA 2019 231 290 252 234
Projects (3) (14) (5) (20)
Energy 1 (22) (15) (29)
Telecom (ex-share of net income) (25) (30) (5) 8
share of net income (7) (2) 1 -
ADJ. EBITDA 2020 197 222
(3)
228
(12)
193
of which Forex effect - (17)
178
1.8%
1,007
(42)
(65)
(52)
(8)
840
(32)

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Statement of financial position (Balance Sheet) Euro Millions
31 Dec 2020 31 Dec 2019
Net fixed assets 4,971 5,301
of which: goodwill 1,508 1,590
Net working capital 523 755
of which: derivatives assets/(liabilities) 91 6
of which: Operative Net working capital 432 749
Provisions & deferred taxes (579) (820)
Net Capital Employed 4,915 5,236
Employee provisions 506 494
Shareholders' equity 2,423 2,602
of which: attributable to minority interest 164 187
Net financial debt 1,986 2,140
Total Financing and Equity 4,915 5,236
22

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Cash Flow Euro Millions
2,140
1,986
130
112
244
86
142 70
79
72
31-dic-19 Cash flow WC Restruct, non Antitrust Net Operative Financial Paid income Dividend Dividend IFRS 16 Other 31-dic-20
operations changes operating & Capex Charges taxes received paid
(beforeWC other
changes) adjustments
( 822)
+375 €M Free Cash Flow
23
( 259)
(8)
NET DEBT EVOLUTION

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Financial Highlights Euro Millions
€M
PROJECTS 1,844 228 12.4%
Energy & Infrastructure
Industrial & Network Components
Other
5,285
2,492
250
308
196
1
5.8%
7.9%
0.5%
ENERGY 8,027 505 6.3%
TELECOM 1,648 274 16.6%
Total Group
€M
organic
growth
1,438 -20.6%
4,735 -7.5%
2,252 -7.0%
220 0.0%
7,207 -7.1%
1,371 -14.1%
10,016 -10.3% 11,519
186 13.0%
275 5.8%
166 7.4%
(1) -0.5%
440 6.1%
214 15.6%
840 8.4% 1,007 8.7%
Sales
FY 2020 FY 2019
Adj.EBITDA
FY 2020 FY 2019
€M
Adj.EBITDA
Margin €M
Adj.EBITDA
Margin

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2020
Highlights
GROUP OVERVIEW
OUTLOOK
Financial
Results
Appendix

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1. Based on expected commissioning of pipeline, assuming an anticipation of ordering date by 3 years
2. Based on 3 years average
A solid pipeline of projects Expected market by segment (b€/yr, ordering date)
Sources: Prysmian
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Interconnector
s
Offshore
Wind
Including
German
Corridors
Based on 2020-2030 pipeline1 Avg.
scenarios2
2015 2016 2017 2018 2019 2015 2016
2.4
7.2
Average
2015-2019
Average
2020-2030
Overall new orders (avg.) expected in the next decade, with Europe to lead themarket
7.2 €Bn
FUTURE MARKET
HISTORICAL MARKET

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Adj.
EBITDA
Margin
Adj.
EBITDA
(€M)
/
%
Org.
Growth
12.4% 13.0%
5.8% 5.8%
7.9% 7.4%
16.6% 15.6%
8.7% 8.4%
PROJECT E&I INDUSTRIAL & NWC. TELECOM TOTAL
2019 2020
228 186
308 275
196 166
274 214
1,007
840
-20.6% -7.5% -7.0% -14.1%
±X.X
%
= Sales Organic Trend -10.3%
Performance by Segment Euro Millions, % on Sales
PROJECT E&I INDUSTRIAL & NWC. TELECOM TOTAL
2019 2020

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1,844
2020
2019
* Org. Growth.
Adj. EBITDA / % of Sales(1)
228
186
2019 2020
/ COVID constraints affecting production and HV installation, recovery inQ4
/ Overall Prysmian awarded more than 1.8 billion euro in German Corridors projects,
confirming its leadership position
SALES HIGHLIGHTS
-20.6%* SUBMARINE
/ Unfavorable projects mix and undersaturation of extruded capacity affecting Submarine trend
/ Tendering activity ongoing, with a solid pipeline of projects (interconnections and off-shore wind farms)
1,438 UNDERGROUND HIGH VOLTAGE
/ Negative organic growth driven by APAC
ORDERS BACKLOG EVOLUTION (€M)
13.0%
12.4%
DEC ’13 DEC ’14 DEC ’15 DEC ’16 DEC ’17 DEC ’18 DEC ’19 DEC ’20
Underground HV ~450 ~450 ~600 ~350 ~400 ~435 ~310 ~1,980
Submarine ~2,050 ~2,350 ~2,600 ~2,050 ~2,050 ~1,465 ~1,730 ~1,510
Group ~2,500 ~2,800 ~3,200 ~2,400 ~2,450 ~1,900 ~2,040 ~3,490
Projects Euro Millions, % on Sales

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OVERHEAD
/ Sound organic growth and margin improvement in Latin America and North America
TRADE & INSTALLERS
/ Negative performance mainly in Q2 driven by EMEA (South Europe, UK & MEAT) and LATAM
/ Sound growth in Q4 in LATAM and APAC
POWER DISTRIBUTION
/ Solid performance in North America driven by OnshoreWind
/ Profitability improvement thanks to geographical mix and operational efficiency
5,285 4,735
2019
* Org. Growth
2020
-7.5%*
308 275
2019 2020
5.8%
5.8%
108 128 154 130
207
308 275
4.1% 4.6% 5.1%
4.0% 3.8%
5.8% 5.8%
2014 2015 2016 2017 2018 2019 2020
Adj.Ebitda Adj.Ebitda margin ±X.X
%
= YoY Sales Organic growth
+2.7% +3.0% -3.1% -0.2% +2.1% +0.7% -7.5%
Energy & Infrastructure Euro Millions, % on Sales
SALES HIGHLIGHTS
Adj. EBITDA / % of Sales(1) ADJ.EBITDA AND % SALES

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Industrial & Network Components Euro Millions, % on Sales
SPECIALTIES, OEM & RENEWABLES
/ Overall positive performance and resilience to Covid-19. Very good performances of Railways,Wind
and Nuclear and important progress in Solar.
/ Mining and Infrastructures suffered the economy slow down and the market constrains connected
to the pandemic situation.
ELEVATOR
/ Good performance and margins resilience
/ In January 2021, completed the acquisition of EHC Global, leading manufacturer of strategic components
and integrated solutions for the vertical transportationindustry.
AUTOMOTIVE
/ Organic decline further worsened due to COVID-19 crisis
/ Strong recovery after the material drop in Q2, with a positive organic growth in Q4
NETWORK COMPONENTS
/ Lower results reflecting Covid-19pandemic
OIL & GAS
/ Declining results impacted by COVID-19 and oil pricereduction
2,492 2,252
2019
* Org. Growth
2020
196 166
2019 2020
7.4%
7.9%
Adj. EBITDA / % of Sales(1)
-7.0%*
SALES HIGHLIGHTS

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OPTICAL CABLE & FIBRE
/ Sales decline partly expected, further impacted by COVIDeffect
/ Sequential improvement in optical cables volume, accelerated in Q4, (mainly NorthAmerica)
/ Cost efficiency measures partly offsetting volume effect and price pressure
MMS
/ Weak performance affected by construction markets trend, reflecting COVID-19 crisis
116 134 163 214
295 274
214
11.7% 12.1%
14.0%
17.0% 18.0%
16.6% 15.6%
2014 2015 2016 2017 2018 2019 2020
Adj.Ebitda
+4.0% +9.9%
+8.5%
+5.3% +6.4%
+0.4%
1,648 1,371
2019
* Org. Growth.
2020
274
214
2019 2020
15.6%
16.6%
-14.1% -19.0% -21.1% -10.0% -3.8%
Telecom Euro Millions, % on Sales
SALES
Adj. EBITDA / % of Sales(1)
-14.1%*
HIGHLIGHTS
ADJ.EBITDA AND % SALES
48 53 61
52
13.6% 15.4%
17.4%
16.0%
Q1 Q2 Q3 Q4
Adj.Ebitda margin ±X.X% = YoY Sales Organic growth

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NKT performance in Q4/FY 2020
Positive Q4 performance driven by all three business lines
NKT A/S | Annual Report 2020 | Webcast | 24.02.2021 | 6
* Std. metal prices
Key financial highlights (EURm)
Key developments in Q4
 NKT improved earnings in all three business lines in Q42020
 Solutions delivered positive financial development driven by
higher factory output based on the orders awarded overrecent
years
 Preferred Supplier Agreement as main contractor for a
European offshore wind farm announced. The estimated
contract value exceeds EUR 250m
 Applications’ revenue was negatively impacted by the COVID-
19 pandemic. However, earnings still improved compared to
Q4 2019
 Growth continued in Service & Accessories, with improved
sales across the Service and Accessoriesbusinesses
 Organic growth amounted to 1% compared to Q42019
Revenue*
Operational EBITDA
Margin*
262 +2%
7
269
142
945 +15% 1,087
2019 2020
2020 2019
Q4 FY
8
1
9
42
15 57
0.5%
3.4%
1.6%
5.2%
2019 2020 2019 2020
Q4 FY

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Solutions – Q4 2020
* Std. metal prices
Note: AC = Alternating Current and DC = Direct current
NKT
Solutions Applications Serv. & Acc.
Development
during Q4 2020
 Execution progressed on several high-voltage projects
that have been awarded over recent years across
various power cable segments
 Overall execution of projects was satisfactory and in line
with expectations
 NKT Victoria, the company’s cable-laying vessel, was
utilized for installation purposes
Improvement driven by execution of order backlog
Customer
offerings
 High-voltage AC/DC on-/off-shore powercables
Q4 2020 financial highlights
155m
Revenue* EUR
(Q4 2019: EUR 143m)
8.9m
Oper. EBITDAEUR
(Q4 2019: EUR 5.6m)
6%
Organic growth
(Q4 2019: 35%)

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Key developments
Name
Size
(EURm)
Start
Year*
Comm.
Year**
Attica-
Crete
~115 2021 2023
Shetland ~235 2021 2024
BorWin5 <250 2021 2025
Sued-
OstLink ~500 2021 2025
Suedink >1,000 2022 2026
* Planned year production commence
** Planned commissioning year
NKT A/S | Annual Report 2020 | Webcast | 24.02.2021 | 8
High-voltage market development
Significant market increase in 2020
NKT
Solutions Applications Serv. & Acc.
Notable order wins in 2020
 NKT’s total high-voltage order intake in 2020 amounted to EUR 2.3bn and wasdriven
by five large DC projects
 The value of project awards in the high-voltage power cable market wassignificantly
higher in 2020 than in previous years. Management estimates that the total award
level in the market (addressable high-voltage power cable projects larger than EUR
5m each) amounted to around EUR 6bn
 The majority of these project awards were DC technology, predominantly relatedto
interconnector power cable projects and offshore wind export power cable projects
 NKT expects the value of relevant new high-voltage project awards to be more than
EUR 3bn in 2021. This expectation is subject to uncertainty as the pipeline includesa
number of large projects with no fixed award date. The prospective order awards are
expected to continuously improve the supply and demandsituation

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NKT A/S | Annual Report 2020 | Webcast | 24.02.2021 | 9
* Market prices (EUR 2.59bn in std. metal prices)
Order backlog providing future coverage… …and diverse across application and commissioning
High-voltage order backlog
The high-voltage order backlog of EUR 3.07bn* at the end of 2020 is at a record level, up
from EUR 1.37bn at end-2019
Borssele Beta 2021
Triton Knoll 2021
Hornsea 2 2021
Moray East 2021
Ostwind 2 2022
Dogger Bank A & B 2023
BorWin5 2025
OFFSHORE WIND
Nordlink 2021
Beckomberga-Bredäng 2023
Viking Link 2023
INTERCONNECTORS Attica-Crete 2023
Shetland 2024
SuedOstLink 2025
SuedLink 2026
OIL & GAS Johan Sverdrup 2 2022
NKT
Solutions Applications Serv. & Acc.
~20%
~80%
2021 2022 and onwards
High-voltage on- and offshore combined

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* Std. metal prices NKT A/S | Annual Report 2020 | Webcast | 24.02.2021 | 10
Applications – Q4 2020
Development
during Q4 2020
 Consequences of the COVID-19 pandemic were visible
in some markets, such as Sweden and Denmark,
leading to negative growth inApplications
 Despite the reduction in revenue, earnings improved
driven by a positive change in product mix and
continued focus on cost and production efficiencies
 In the beginning of 2021, NKT initiated the rollout of a
uniform IT platform across its Eastern European sites.
This is the second rollout phase
Continued earnings improvement
Customer
offerings  Medium- and low-voltage cables & buildingwires
 Power cables for telecom market
Q4 2020 financial highlights
84m
Revenue* EUR
(Q4 2019: EUR 92m)
0.4m
Oper. EBITDAEUR
(Q4 2019: EUR -2.6m)
-8%
Organic growth
(Q4 2019: -4%)
NKT
Solutions Applications Serv. & Acc.

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* Std. metal prices NKT A/S | Annual Report 2020 | Webcast | 24.02.2021 | 11
Service & Accessories – Q4 2020
Development
during Q4 2020
 In the Service business, revenue growth was driven by
offshore repairs, and a higher level of activity in the
onshore maintenance business
 Successfully completed repair of two
interconnectors between Denmark and Norway,
Skagerrak 1 and 2
 Service agreements signed covering offshore
wind farms and interconnectors in Europe
 Accessories benefitted from increased production
output, and improved sales to the Middle East and
Scandinavia
Growth within both Service and Accessories
Customer
offerings  High- and medium-voltage accessories
 Services
Q4 2020 financial highlights
39m
Revenue* EUR
(Q4 2019: EUR 31m)
3.8m
Oper. EBITDAEUR
(Q4 2019: EUR 2.5m)
11%
Organic growth
(Q4 2019: 17%)
NKT
Solutions Applications Serv. & Acc.