Cenergy (CENER) H2 2025 earnings summary

Executive summary

• Revenue reached €2.06 billion in 2025, up 15% year-over-year, with adjusted EBITDA rising 28% to €348 million and net profit increasing 39% to €194 million, driven by margin expansion and disciplined execution.

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

• Major capacity expansions in cables are nearly complete, with a new U.S. facility under construction and supporting future demand.

• Steel Pipes segment achieved record profitability and margins, with sustainability initiatives completed and 80% renewable electricity usage.

• Proposed dividend of €0.26 per share, up 86% from the previous year, reflecting strong financial performance.

Financial highlights

• Revenue: €2.06 billion (+15% YoY); adjusted EBITDA: €348 million (+28% YoY); net profit: €194 million (+39% YoY); adjusted EBITDA margin: 16.9%.

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

• Net debt increased by €50–52 million, with leverage at 0.6x net debt/EBITDA.

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

• Dividend per share increased to €0.26 (28.5% payout ratio), and share price rose 86% year-over-year.

Outlook and guidance

• 2026 adjusted EBITDA guidance set at €370–400 million, likely reaching medium-term ambitions a year early, assuming strong demand and smooth project execution.

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

• Optimism for continued strong demand in both cables and steel pipes, especially in energy transition and infrastructure projects.