Elecnor (ENO) H1 2026 earnings summary

Executive summary

• Net profit for H1 2026 rose 35.7% year-over-year to €68.1 million, with EBITDA up 28.4% to €143.6 million and stable turnover at €1,997 million.

• Operating cash flow before taxes surged to €161.1 million, highlighting robust liquidity.

• The executable backlog for the next 12 months grew 5.6% to €3,002.5 million, with significant international exposure.

• Investment commitments included nearly €100 million in new wind and solar projects.

• Workforce expanded to over 29,000, a 5.3% increase year-over-year.

Financial highlights

• Services segment revenue grew 12.3% to €1,218.7 million, with EBITDA up 17.3% to €75.8 million and net profit up 36.5% to €35.6 million.

• Projects segment EBITDA increased 44.4% to €78.6 million, with revenue down 15.1% to €776.6 million and net profit up 64% to €36.7 million.

• Concessions and Own Projects (Celeo) EBITDA (100%) was €113.2 million (+7.8%), with net profit attributable to the group at €6.4 million.

• Operating income reached €92.1 million (+57.5% YoY).

• Net financial position improved to €184.4 million.

Outlook and guidance

• The group expects to maintain or exceed double-digit EBITDA margins in projects and strong cash generation in H2 2026, aligned with its 2025–2027 Strategic Plan.

• Commitment to distribute over €220 million in dividends during the 2025–2027 period.

• Backlog growth and disciplined portfolio execution underpin a positive outlook.

• CapEx for 2026 projected at approximately €100 million, slightly above last year.

• Optimism for recovery in international services and offsetting volume declines in the U.S. and Italy.