Cenergy (CENER) H1 2026 earnings summary

Executive summary

• 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 26% to €216 million, with margin improving to 18.7%.

• Profit after tax surged 45% year-over-year to €138 million; EPS increased 45% to €0.65.

• Order backlog reached a record €3.9 billion, driven by major IPTO frame agreements and strategic contract wins.

• Upgraded FY2026 adjusted EBITDA guidance to €390–420 million, reflecting strong performance and robust demand.

Financial highlights

• Gross profit increased 30% to €240 million; 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.

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

• CapEx for H1 2026 totaled €165 million, focused on cables expansion and US facility.

Outlook and guidance

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

• Record backlog and expanded capacity support strong outlook for H2 2026 and beyond.

• Cables segment outlook remains strong, with robust demand from grid expansion, renewables, and interconnectors.

• Steel pipes segment benefits from energy security projects and CCS market growth; UK facility integration underway.

• Backlog provides revenue visibility through the end of the decade.