Elecnor (ENO) H2 2025 earnings summary

Executive summary

• Revenue reached €4,387.3M, up 15.1% year over year, with growth across business lines.

• EBITDA was €267.8M, up 71.5% excluding the 2024 Enerfín divestment impact.

• Net profit from continuing operations reached €110.7M, returning to pre-Enerfín sale levels and exceeding the €100M annual target.

• Operating cash flow before tax was €364.2M, up 10.8% year over year.

• Proposed 2025 dividend was €44M, with a commitment to distribute over €220M during 2025–2027.

Financial highlights

• Net financial position with recourse ended at €199M.

• Executable backlog for the next 12 months was €2,844.6M, up 5% year over year.

• Share price rose 48.2% in 2025; market capitalization reached €2,127.1M.

Outlook and guidance

• Profitability and cash generation targets reaffirmed for 2025–2027, with dividends expected to exceed €220M over the period.

• Growth outlook supported by energy transition, electrification, urbanization, digitalization, and sustainability trends.