Cenergy (CENER) H1 2025 earnings summary

Executive summary

• Revenue exceeded €1 billion in H1 2025, up 26% year-on-year, with operational profitability up 43% to €171 million, driven by strong execution of energy infrastructure projects and a favorable sales mix.

• Both cables and steel pipes segments delivered robust results, with record-high margins and profitability.

• Order backlog remained robust at €3.33 billion as of June 30, 2025, supported by significant new project awards in both segments.

• Upgraded 2025 adjusted EBITDA guidance to €310–340 million, reflecting strong business momentum.

Financial highlights

• Revenue reached €1.02 billion (+26% y-o-y); adjusted EBITDA rose 43% to €171 million, with margin expanding to 16.7%.

• Net profit increased 69% year-over-year to €95 million; profit before tax up 70% to €124 million.

• Earnings per share grew 51% to €0.45; share price 25% above last year’s capital increase price.

• Weighted average margin rose to 16.7%, over 200 basis points higher than last year.

• Order backlog remained high at €3.33 billion as of June 2025.

Outlook and guidance

• Adjusted EBITDA guidance for 2025 raised to €310–340 million, representing a 14–25% increase over 2024.

• High tendering activity and strong renewables demand in Europe expected to further grow backlog.

• U.S. factory on track for 2027 operations, with robust demand anticipated through 2030.

• Steel pipes segment expects continued strong demand, especially in carbon capture and natural gas projects.

• Cables segment outlook supported by high order backlog, capacity expansions, and strong demand for grid modernization and renewables.