Elecnor (ENO) H1 2025 earnings summary

Executive summary

• Net profit from continuing operations reached €50.2 million in H1 2025, up 100.6% year-over-year.

• Turnover rose 16.8% to €2,001.5 million, reflecting strong growth across all segments.

• EBITDA increased 86% to €111.8 million, driven by operational improvements.

• The production backlog/executable portfolio rose 5.7% to €2,863.8 million, supporting future growth.

• The prior year included a one-time €823.4 million gain from the Enerfín sale, not present in 2025.

Financial highlights

• Domestic turnover: €827.8 million (+10.2%); International turnover: €1,173.7 million (+21.9%) year-over-year.

• Net financial position improved to €9.3 million from €160.9 million at 2024 year-end.

• Net cash from operating activities increased to €171.8 million from €37.1 million year-over-year.

• Pre-tax operating cash flow from continuing operations was €40.5 million, up from €20.6 million in H1 2024.

• Supplementary dividend of €265 million paid in H1 2025, up from €33.7 million in H1 2024.

Outlook and guidance

• Strong contract portfolio and favorable market conditions support continued leadership and profitability in 2025.

• Strategic focus remains on energy transition, urban digitalisation, and sustainability.

• Management aims to return to pre-Enerfín sale profit levels.