Cenergy (CENER) H2 2025 earnings summary

Executive summary

• Revenue reached EUR 2.06–2.1 billion in 2025, up 15% year-over-year, with strong growth in both cables and steel pipes segments.

• Adjusted EBITDA rose 28% to EUR 348 million, with margins expanding to nearly 17%, a record for both segments.

• Net profit increased by 39% to EUR 194 million, supported by higher operating profitability and reduced finance costs.

• Backlog stood at EUR 3.4–3.44 billion at year-end, providing strong visibility for future growth.

• Board proposes a dividend of EUR 0.26 per share, up over 80% year-over-year, reflecting strong profitability and share price performance.

Financial highlights

• Revenue increased 15% year-over-year to EUR 2.06–2.1 billion; adjusted EBITDA up 28% to EUR 348 million; margin at 16.9% (+174bps YoY).

• Net profit after tax at EUR 194 million, up from EUR 139 million in the prior year.

• Free cash flow was EUR 23 million, supporting over EUR 260 million in CapEx.

• Return on capital employed improved to 28.4–30%.

• Net debt/EBITDA at 0.6x (including share capital increase cash), or 1.04x otherwise.

Outlook and guidance

• 2026 adjusted EBITDA guidance set at EUR 370–400 million, likely reaching medium-term ambitions a year early.

• Full utilization expected at all cable manufacturing plants; US Maryland facility to begin operations in H2 2027, with significant revenue impact from 2028.

• Steel Pipes segment expects to maintain above-sector margins (14–18%) and benefit from new UK capacity.

• Market conditions for cables remain robust, driven by grid modernization, renewable integration, and energy transition.