Cenergy (CENER) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 delivered record operational profitability and margins, with operational profit surpassing EUR 100 million and a margin of 19.7%, driven by a favorable product mix and strong demand in offshore cable projects.

• Revenue grew 5% year-over-year to EUR 511 million, supported by energy infrastructure and grid expansion projects.

• Net profit reached EUR 74 million, up 81% year-over-year, with EPS at EUR 0.35.

• Backlog remained robust at EUR 3.3 billion, diversified across geographies and energy applications, ensuring medium-term revenue visibility.

• Strategic international expansion included the acquisition of the Hartlepool LSAW steel pipes facility in the UK and progress on the US cables plant.

Financial highlights

• Adjusted EBITDA reached EUR 100.4 million, up 33% year-over-year, with a margin of 19.7%.

• Gross profit increased 46% year-over-year to EUR 122.2 million, with a margin of 23.9%.

• EBIT rose 49% to EUR 103.6 million, with a margin of 20.3%.

• Profits before tax increased 81% year-over-year; profits after tax up 74% year-over-year.

• Net finance costs decreased by 33% to EUR 10.1 million, aided by lower interest rates and favorable FX movements.

Outlook and guidance

• FY2026 adjusted EBITDA guidance confirmed at EUR 370–400 million, with potential to reach EUR 380–420 million if positive momentum continues.

• Margins are expected to normalize to 17%+ by year-end as the mix shifts toward more land cable projects.

• Backlog is expected to increase significantly by year-end, driven by strong tendering activity and pending contract signings.

• Cables segment outlook remains positive, supported by electrification trends and grid investments.

• Steel pipes segment expects continued opportunities from energy security priorities and transition infrastructure.