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Elecnor (ENO) investor relations material
Elecnor CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic vision and business model
Entering a new phase with leadership change and a transformation plan, building on a 67-year history and strong safety culture.
Business model structured around three synergistic pillars: services, projects, and investments, each generating synergies, reducing risk, and driving recurring cash flow and stable margins.
Focus on electrification, urbanization, digitalization, and sustainability as megatrends driving growth and aligning with core capabilities.
Operations span over 50 countries, with 81–85% of sales in OECD countries and a balanced domestic/international presence, ensuring stability and diversification.
Emphasis on people and values, with management averaging 20 years of tenure, ongoing investment in talent development, and a workforce of over 24,600 employees.
Financial performance and shareholder returns
Achieved turnover of €3.8 billion and EBITDA above €200 million in 2024, with consistent annual sales growth of 7% over the past decade.
Net profit and cash flow have grown steadily, with a net debt/EBITDA ratio improving to below 1.5x and strong cash generation.
Annual dividends increased from €21.8 million in 2014 to nearly €40 million in 2023, totaling €384 million over the decade, always paid in cash, with a pay-out ratio reaching 114% in 2024.
1H 2025 results: turnover of €2,001.5 million (+16.8% YoY), net profit of €50.2 million (+100.6% YoY, excluding capital gains), and EBITDA of €111.8 million (+86% YoY).
Commitment to prudent, profitable growth, prioritizing margin and financial discipline over volume.
Strategic plan 2025–2027: growth levers and investment
Six levers: services, projects, investments, people, digital transformation/innovation, and process optimization as cross-cutting strategic drivers.
Free cash flow target for 2025–2027 is at least €350 million, with up to €400 million committed to investments and a goal to double 2021–2023 dividends to €220 million.
Services: focus on value-added offerings, client relationships, and operational efficiency to improve margins.
Projects: target higher-margin infrastructure projects, especially internationally, leveraging EPC expertise.
Investments: plan to commit over €400 million in transmission, renewables, energy efficiency, and digital infrastructure, maintaining debt below 1.5x EBITDA.
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