Cenergy (CENER) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 delivered double-digit growth in both revenue and adjusted EBITDA, driven by strong cables segment performance and expansion projects.

• Revenue reached EUR 488 million, up 23% year-over-year, with net profit increasing 74% to EUR 41 million and EPS at EUR 0.19.

• Adjusted EBITDA rose 39% to EUR 76 million, with a margin of 15.5% versus 13.7% last year.

• Order backlog remained robust at EUR 3.4 billion, supported by significant new project awards.

Financial highlights

• Revenue up 23% year-over-year to EUR 488 million, mainly from cable segment growth exceeding 30%.

• Adjusted EBITDA at EUR 76 million, up 39%, with a margin of 15.5%.

• Net profit reached EUR 41 million, a 74% increase year-over-year; EPS at EUR 0.19.

• Margins improved by 177 basis points, attributed to favorable product mix and increased submarine cable production.

• Gross profit increased by 41% to EUR 83.6 million, with a gross margin of 17.1%.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance confirmed at EUR 300–330 million.

• Backlog visibility extends over three and a half years for cables and 1.5 years for steel pipes.

• Optimism for continued strong performance in both segments for 2025 and 2026, with robust market trends in European offshore wind and interconnectors.

• US plant development and capacity expansions progressing as planned, with major equipment delivery expected by end of 2026 and operational by June 2027.

• Dividend of EUR 0.14 per share approved for distribution in June 2025.