Cenergy (CENER) Q3 2025 TU earnings summary

Executive summary

• Nine-month revenue reached €1.55 billion, up 23% year-over-year, driven by strong project execution and operational efficiency in both cables and steel pipes segments.

• Adjusted EBITDA for the nine months was €261 million, up 35% year-over-year, with margins close to 17%.

• Q3 2025 revenue was over €520 million, with adjusted EBITDA around €90 million and margins above 17%.

• Backlog remained stable at €3.3 billion, supported by significant new project awards such as East Anglia II OWF and Greece–North Macedonia Interconnector.

• Upgraded full-year 2025 adjusted EBITDA guidance to €335–350 million, reflecting management’s confidence in continued execution and resilience.

Financial highlights

• Operational profitability for nine months reached €261 million, up 35% from the same period in 2024.

• Q3 2025 revenue was €524–525 million, up 17% year-over-year; adjusted EBITDA was €89.9–90 million, up 21% year-over-year, with a 17.1% margin.

• Earnings per share for nine months rose 32% to €0.70.

• Net profit for nine months was €148 million, up 47% year-over-year.

• Share price increased to €14.70 as of Nov 2025, up from €9.39 in Dec 2024.

Outlook and guidance

• Full-year 2025 adjusted EBITDA guidance upgraded to €335–350 million, up from €272 million in 2024.

• Medium-term EBITDA ambition of €380–400 million (excluding U.S. plant) likely achievable by 2027.

• Backlog and new awards support a positive outlook into 2026, with strong tendering activity in both segments.

• Dividend payout ratio targeted to rise from below 20% to 30% over the next 3–4 years.

• Guidance assumes smooth project execution and limited impact from global trade or geopolitical volatility.