Elecnor (ENO) H1 2024 earnings summary

Executive summary

• Net profit was €848.4M, driven by the €805M gain from the Enerfin sale; consolidated net income was €853.6M, including €828.6M from discontinued operations.

• Revenue reached €1,713.9M, down 1.9% year-over-year; backlog rose 4% to €2,682M.

• Net cash was €1,024.8M at June 2024, compared with net debt of €222.6M at year-end 2023.

Financial highlights

• Operating income was €44.9M, versus €62.9M in H1 2023; profit from continuing operations was €25.0M, versus €39.4M.

• Reported EBITDA fell 48.9% to €60.1M, reflecting prior-year one-offs and provisions for Australian projects.

• Adjusted Elecnor-segment EBITDA was €78.3M, up 5.5% year-over-year for comparability.

• Operating cash flow rose to €37.1M from €26.5M; cash and equivalents were €386.4M at June 30, 2024.

• Basic and diluted EPS were both €10.02, versus €0.56 in H1 2023.

Outlook and guidance

• Record results expected for 2024, supported by the Enerfin transaction, the contract portfolio, and demand linked to sustainability, energy transition, and digitalization.