Elecnor (ENO) Q4 2025 earnings summary

Executive summary

• Revenue reached €4,387.3 million, up 15.1% year-over-year, with international sales growing 17.7% and domestic sales 11.9%.

• EBITDA rose to €267.8 million, a 71.5% increase, reflecting strong operational performance across all business lines.

• Net profit from continuing operations was €110.7 million, returning to pre-Enerfín sale levels and meeting strategic targets.

• Dividend for 2025 set at €44 million, with a commitment to distribute over €220 million during 2025–2027.

• Workforce expanded by 14.6%, now exceeding 28,000 employees.

Financial highlights

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

• Net financial position with recourse at year-end: €199 million, with a negative debt/EBITDA ratio of -0.80x.

• Executable backlog for the next 12 months increased by 5% year-over-year to €2,844.6 million.

• Market capitalization at year-end exceeded €2,100 million, with share price rising 48.2% in 2025.

• Dividend payments totaled €273 million for 2025.

Outlook and guidance

• Strategic plan targets for 2025–2027 reaffirmed, aiming for over €220 million in dividends and continued focus on cash generation and profitability.

• Profitability and cash generation objectives maintained, with continued focus on exceeding €100 million net profit annually.

• Positive outlook supported by macro trends: energy transition, electrification, urbanization, digitalization, and sustainability.