Cenergy (CENER) H1 2026 earnings summary

Executive summary

• Achieved record-high order backlog of €3.9 billion as of June 2026, driven by major IPTO frame agreements and supporting upgraded full-year guidance.

• Revenue rose 13% year-over-year to €1.15 billion in H1 2026, with both cables and steel pipes segments contributing to growth.

• Adjusted EBITDA increased by 26% to €216 million, with margin improving to 18.7%, reflecting disciplined execution and favorable project mix.

• Net income reached €138 million, up 45% year-over-year; EPS increased 45% to €0.65.

• Upgraded full-year 2026 adjusted EBITDA guidance to €390–420 million, reflecting strong first-half performance and robust demand.

Financial highlights

• Gross profit increased 30% year-over-year to €240 million, with gross margin up 270 bps to 20.8%.

• Adjusted EBITDA margin improved to 18.7% from 16.7% in H1 2025.

• Net finance costs fell 25% to €21.9 million, aided by favorable FX movements.

• Return on capital employed held strong at 28%.

• Net debt increased to €433 million, reflecting high capex and working capital needs.

Outlook and guidance

• FY2026 adjusted EBITDA guidance raised to €390–420 million, assuming smooth project execution and stable input costs.

• Backlog provides revenue visibility through the end of the decade for cables and supports the next 15 months for steel pipes.

• Strong demand expected from grid, transmission, renewables, and data center projects.

• CapEx to decrease significantly in 2027, with maintenance CapEx projected at €60–70 million.

• Guidance assumes no material deterioration in input availability/costs and limited impact from geopolitical or supply-chain disruptions.