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Cenergy (CENER) investor relations material
Cenergy H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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