Elecnor (ENO) H1 2024 earnings summary

Executive summary

• Net profit surged to €848.4M for H1 2024, driven by the €805M capital gain from the sale of Enerfin/Enerfín to Statkraft for €1.56B; prior year net profit was €47.4M.

• Consolidated turnover reached €1,713.9M, down 1.9% year-over-year, with €750.9M from domestic and €962.9M from international operations.

• The Group's financial net position improved to over €1,024M net cash as of June 2024, compared to net debt at the end of 2023.

Financial highlights

• EBITDA fell 48.9% to €60.1M due to one-offs and Australian provisions, but adjusted EBITDA rose 5.5% year-over-year.

• Operating income (EBIT) was €44.9M, down 28.6% year-over-year.

• Celeo contributed €14.9M to net profit, up 9.1% year-over-year.

• Backlog/production portfolio for the next 12 months grew 4% to €2,682M.

• Cash flow from operating activities increased to €37.1M; investment activities generated €310M, mainly from the Enerfin sale.

Outlook and guidance

• Record results expected for 2024, supported by the Enerfin transaction and trends in sustainability, energy transition, and digitalization.

• Strong contract portfolio and market demand position the group for continued profitability and leadership.