Cenergy Holdings closed the first half of 2026 with net profit of €138 million, an order backlog of €3.9 billion and an upgraded full-year EBITDA forecast of up to €420 million, according to the company's results reported by Capital.gr analyst Apostolos Manthos.
Sales for the six months rose 13% to €1.153 billion, adjusted EBITDA increased 26% to €215.6 million, and net profit climbed 45% to €137.8 million. Gross profit rose even faster, up 30% to €240 million, pushing the gross margin to 20.8% from 18.1% a year earlier. The €131 million increase in sales generated almost €55 million in additional gross profit.
Profit growth and margins
Operating profit rose from €151.4 million to €198.2 million, an increase of nearly 31%, even though selling and administrative expenses rose by about €7.6 million combined. Net financial costs fell to €21.9 million from €29.3 million, helping pre-tax profit reach €177 million, up 43%.
The drop in financial costs was driven mainly by favorable dollar exchange differences, since interest and related expenses stayed close to last year's levels. Net profit growth therefore came from two sources: stronger operating performance and a positive currency effect. Net profit of €137.8 million equaled 12% of sales, up from 9.3% a year earlier, while earnings per share rose to €0.649 from €0.449. Over six months, the company generated net profit equal to about 15.6% of the equity it held at the start of the year.
Second quarter performance
The second quarter kept up the pace with a different mix. Sales reached €642.5 million, up 20%, adjusted EBITDA came to €115.2 million, up 21%, and net profit was €63.7 million, up 17%. Compared with the first quarter, sales rose about 26% and adjusted EBITDA rose about 15%. The first quarter's highly profitable project mix gave way to larger volumes with an adjusted EBITDA margin of 17.9%, almost matching the 17.8% margin recorded in the second quarter of 2025.
Having already produced €215.6 million in adjusted EBITDA in the first half, Cenergy needs between €174 million and €204 million in the second half to hit its new full-year guidance of €390-420 million, below the first-half figure even at the top of the range. The previous guidance range was €370-400 million.
Cables division leads growth
Cables sales rose 13% to €841.7 million, and adjusted EBITDA jumped 36% to €164.4 million, lifting the segment margin to 19.5% from 16.3%, a gain of 320 basis points. Of the group's €44.7 million in additional operating profit, cables contributed about €43.7 million, meaning almost all the EBITDA growth came from Hellenic Cables.
Added capacity at Corinth is running at higher rates, the Thebes expansion is moving toward full production, and cable products turnover rose about 20%. Projects underway include the Ionian Islands interconnections, Baltyk II and III, Baltica 2, the Princess Elisabeth energy zone, Hornsea 3 and Gennaker, giving Cenergy a position in some of Europe's largest electrical interconnection and offshore wind projects.
IPTO contract and backlog
A framework agreement with Greece's power grid operator IPTO, worth about €1.15 billion, covers four interconnections totaling 694 kilometers of submarine cable and 227 kilometers of land cable. The deal, the largest contract in Hellenic Cables' history, pushed the cables backlog to €3.4 billion and the group's total backlog to €3.9 billion, about 3.4 times total first-half sales, with awards now extending beyond 2030.
Production for the IPTO contract is expected to begin in late 2027, meaning the upgraded 2026 estimates rest on existing output and projects already underway rather than on this contract.
Steel pipes segment
Steel pipe sales rose 11% to €311.5 million, with volume up 13%, while adjusted EBITDA held steady at €51.8 million. The margin came to 16.6%, lower than the previous year's strong base but still solid. A backlog of €500 million covers roughly 15 months of activity. The division's geographic reach spans Greece, North Macedonia, the United States, the Gulf of Mexico, the United Kingdom, Israel, Iraq, Azerbaijan, Germany, Austria and Trinidad, serving natural gas, offshore, carbon capture and storage, and specialty coating applications, with hydrogen work planned. The Hartlepool facility adds production capacity in the UK market near new carbon transport and storage projects.
Balance sheet and investment
Capital expenditure reached €165 million, split between €137 million for cables and €28 million for pipes. Net debt rose to €432.7 million from €203.9 million, while working capital moved from a negative position to a positive €164 million, reflecting spending on the Maryland facility, the Thebes and Eleonas expansions, Corinth, and the Hartlepool acquisition and upgrade. Leverage remained near one times EBITDA. Equity rose to €952 million from €882 million despite a dividend payout, and retained earnings climbed to €543.8 million.
Manthos described three growth drivers heading into the second half: existing units running at higher utilization, the €3.9 billion backlog feeding production beyond 2030, and new facilities in Maryland and Hartlepool opening access to markets with large needs in electrical grids, energy security and carbon capture. He noted the €216 million in first-half EBITDA was generated before Maryland began operating, before Hartlepool reached full utilization and before production started on the IPTO contract.
On the stock chart, Manthos said Cenergy shares appear to have completed a correction from their historic high of €26.30 and may be preparing for a move toward €30 to €31.
