Cenergy (CENER) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 delivered strong results with high utilization rates, robust margins, and continued profitability growth, supported by a stable backlog and new project awards.

• Revenue for the nine months reached €1.55 billion, up 23% year-over-year, driven by strong performance in both cables and steel pipes segments.

• Adjusted EBITDA for the nine months was €261 million, up 35% year-over-year, with margins close to 17%.

• Net profit increased 47% year-over-year to €148 million, with EPS up 32% to €0.70.

• Upgraded full-year 2025 adjusted EBITDA guidance to €335–350 million, a 23–29% increase over 2024.

Financial highlights

• Q3 2025 revenue was €525 million, up 17% year-over-year; adjusted EBITDA was €90 million, up 21% year-over-year, with a 17.1% margin.

• Nine-month top line grew 23% year-over-year, EBITDA up 35%, and bottom line improved by 47–56% depending on the metric.

• Earnings per share for nine months rose to €0.70, up 32% from 2024 and 113% from 2023.

• Share price increased to €14.70 as of Nov 2025, up from €9.39 in Dec 2024.

• Return on capital employed reached 28% for the nine months.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance raised to €335–350 million, up from €272 million in 2024.

• Medium-term EBITDA ambition of €380–400 million (excluding U.S. plant) remains for 2027, with potential to reach this range in 2026 if all investments are fully operative.

• Backlog expected to increase in 2026, with significant orders anticipated in the first nine months.

• Dividend payout ratio targeted to rise from below 20% to 30% in the medium term.

• Guidance assumes smooth project execution and limited impact from global trade or geopolitical volatility.