Cenergy: net profit +45% in H1 and record order book at €3.9bn
Cenergy Holdings published on August 4, 2026 interim results showing increases across all aggregates, driven by its two segments Cables and Steel Tubes.
Beyond margin expansion, the allocation at the end of the half-year of lot A of the IPTO framework contract, valued at approximately €1.15 billion, has raised the group's order book to a new record of approximately €3.9 billion, providing visibility through the end of the decade.
Revenue at €1.15bn and net profit up 45%
First half 2026 revenue reached €1.15 billion, up 13% compared to the first half of 2025 (€1.022 billion). Adjusted EBITDA increased 26% to €216 million, bringing the adjusted EBITDA margin to 18.7%, compared to 16.7% a year earlier.
Profit before tax stood at €177 million, up 43% (€123.6 million in the first half of 2025). Net profit after tax reached €138 million, up 45%, representing 12.0% of revenue compared to 9.3% in the previous year.
Earnings per share rose to €0.64923, compared to €0.44875 in the first half of 2025. Net financial expenses declined 25%, from €29.3 million to €21.9 million, due to changes in exchange rates (USD).
Cables advancing, net debt impacted by investment plan
The Cables segment achieved revenue of €841.7 million, up 13%, with adjusted EBITDA up 36% to €164.4 million and a margin of 19.5%, compared to 16.3% a year earlier. Its order book reached approximately €3.4 billion following the allocation of the IPTO contract.
The Steel Tubes segment recorded revenue of €311.5 million, up 11%, with adjusted EBITDA of €51.8 million, up 2%, and a margin of 16.6%, lower than the level recorded in the first half of 2025. Its order book remains stable at around €500 million.
Net debt increased to reach €433 million at June 30, 2026, compared to approximately €200 million at the end of 2025. The group attributes this increase to the timing of its investment program (expenditure of €165 million in the half-year) and higher working capital needs, with the leverage ratio standing at around 1.0x.
EBITDA guidance raised to €390-420 million for 2026
On the basis of first half performance and the schedule of projects to be carried out in the second half, Cenergy Holdings has raised its adjusted EBITDA forecasts for the 2026 financial year, now in the range of €390 to €420 million, compared to a previous range of €370 to €400 million.
The group clarifies that the contract awarded by IPTO strengthens the medium-term order book rather than current year results, with production scheduled to begin at the end of 2027. For the Steel Tubes segment, the current order book secures activity for the next 15 months.
The group is continuing its industrial investments, with completion of the Maryland land cables plant expected by the end of the year and the integration of the LSAW plant in Hartlepool in the United Kingdom, acquired during the half-year.
