Cenergy Holdings S .A. (Euronext Brussels & Euronext Athens: CENER), hereinafter “Cenergy Holdings” or “the Group,” announces today its financial results for the first quarter of 2026.
A strong start to 2026 with robust results
- Revenue amounted to €511 million for the first quarter of 2026 ( a 5% increase compared to the first quarter of 2025).
- Operating profitability ( adjusted EBITDA, a-EBITDA) reached €100.4 million, 33% higher than the corresponding quarter last year, with profit margins at 19.7%.
- Net profit after taxes amounted to €74 million, 81% higher compared to the first quarter of 2025.
- The order backlogstood at approximately €3.3 billion as of March 31, 2026, providing a clear medium-term outlook for our companies’ operations.
- Strategic investments are underway: construction of the land cable plant in the U.S. is proceeding as planned, while the steel pipe segment acquired an LSAW pipe production facility in Hartlepool, United Kingdom.
- The Group confirms its adjusted EBITDA guidance for 2026 of between €370 million and €400 million.
Commenting on the Group’s performance for the first quarter of 2026, Mr. Alexis Alexiou, CEO of Cenergy Holdings, stated:
“The first quarter of 2026 marks a strong showing for the Group, confirming our consistent and disciplined execution of energy projects in an environment characterized by high demand for energy infrastructure and network expansion. Our performance translated into operating profit of €100 million with a record-high margin of 19.7%, reflecting both the favorable project mix and the contribution of subsea cable projects to sales.
Demand in all our key markets remains strong and is fueled by the acceleration of electrification, the increased emphasis on energy security, and the ongoing strengthening of transmission networks. These trends translate into strong participation in tenders and support a robust order backlog, which provides us with clear visibility into our future growth.
At the same time, we continue to strengthen our industrial footprint. The development of the new land cable plant in the U.S. is proceeding on schedule, while the acquisition of the steel pipe production facility LSAW plant in Hartlepool further strengthens our capabilities and expands our presence in high-specification energy applications.
With growing production capacity, strong fundamentals, and the successful execution of energy projects, we are well-positioned to capitalize on new growth opportunities and continue to create sustainable value.”
Strong performance driven by an improved sales mix and a resilient order backlog
Revenue increased by 5% year-over-year to €511 million, primarily due to the increased contribution of offshore energy projects in the cable segment. In the first quarter of 2026, the expanded subsea cable production capacity was now fully available, in contrast to the period of its gradual integration during the first quarter of 2025. Demand for cable products remained strong, while the steel pipe segment maintained generally stable revenue but recorded a further improvement in the a-EBITDA margin compared to last year.
Consolidated-EBITDA exceeded €100 million, recording a 33% increase year-on-year, as a result of better margins in both segments, as well as a more favorable sales mix, where higher value-added projects contributed more. In the steel pipe segment, increased production and a favorable project mix boosted profitability, while in the cable segment, the greater share of offshore energy projects also contributed positively. As a result, the Group’s a-EBITDA margin reached a record high of 19.7%, marking a significant increase compared to the corresponding quarter of 2025. Consistent project execution remains a key driver of the Group’s profitability and strengthens its resilience in an unstable macroeconomic environment. It should be noted that the historically high margin in the first quarter of 2026 was partly influenced by the timing of project execution and may normalize as the year progresses.
Key projects executed during the first quarter of the year include:
- Cables: The installation phase of the Ionian Islands interconnection in Greece has made significant progress. The production of high-voltage submarine cables (export) for the Baltyk II & III offshore wind farms in Poland, the interconnection of the Princess Elisabeth wind farm in Belgium to the mainland, as well as the submarine cables for Hornsea 3 in the United Kingdom, were completed according to schedule. At the same time, production proceeded on onshore and subsea cables for the connection to the grid of the Gennaker western offshore substation in the Baltic Sea, off the coast of Germany.
- Steel pipes: The plant in Thisvi produced pipes for the natural gas pipeline connecting Greece with North Macedonia, for the carbon dioxide (CO₂) pipeline of the HyNet project in Liverpool Bay in the United Kingdom, as well as for numerous projects in the U.S. market.
Net financial expenses decreased by 33%, amounting to €10.1 million in the first quarter of 2026, compared to €15.1 million in the first quarter of 2025, mainly due to lower interest rates and the favorable performance of the U.S. dollar relative to the previous year. Net financial expenses also include foreign exchange gains of approximately €1.5 million, arising mainly from cash holdings in USD held for the investment in Baltimore, while in the first quarter of 2025, there were net foreign exchange losses of €2.2 million. Earnings before taxes increased by 72% year-over-year, reaching €93.4 million (€54.2 million in the first quarter of 2025). Net profit after taxes stood at €74.1 million (€41.0 million in the first quarter of 2025), representing 14.5% of revenue (compared to 8.4% in the previous year).
The Group continues to implement its investment program, with the aim of strengthening its production capacity and expanding its industrial footprint globally. During the quarter, Corinth Pipeworks completed the acquisition of a steel pipe production facility in Hartlepool, near Durham in northeast England, for a total consideration of £10 million, strengthening its capacity in high-specification applications and expanding its presence in key markets. In the cable sector, the expansion of landline cable production capacity at the Thebes and Eleonas plants is nearing completion, with remaining work expected to be finished by 2026. Meanwhile, in the U.S. market, the new land cable production facility in Baltimore is proceeding on schedule, with construction of the first phase currently underway.
Stable order backlog at €3.3 billion
Both Hellenic Cables and Corinth Pipeworks secured new project awards through ongoing tender activity, thereby maintaining the total order backlog at around €3.3 billion. This provides good visibility for the Group’s sales in the medium term and creates a strong foundation for further growth of the backlog during the year. Contracts awarded during the first months of the year include:
- the long-term framework agreement for medium- and low-voltage cables with Alliander N.V., one of the leading network operators in the Netherlands, and
- the design, engineering, construction, testing, and supply of approximately 70 km of 66 kV submarine cables for the BC-Wind offshore wind project in Poland.
Outlook
Market conditions for the cable sector continue to be underpinned by the key drivers of accelerating electrification and ongoing investments in network upgrades, transmission infrastructure, and offshore interconnections. The demand for data center infrastructure is also increasingly driving network activity in certain regions, further strengthening market momentum. In this environment, the sector’s order backlog is expected to grow in the coming months, while the new production lines at the industrial facilities in Greece are now fully operational. Demand for low- and medium-voltage cables remains strong and, combined with consistently high capacity utilization across all plants, supports a positive outlook for the remainder of 2026 as well as the medium term.
The steel pipe market is shaped by energy security needs and the gradual development of energy transition infrastructure. The further expansion of natural gas networks and, more broadly, fossil fuel infrastructure is expected to continue, supported by the exploration and development of new energy reserves due to high fuel prices in a rapidly changing macroeconomic environment. At the same time, the acceleration of the energy transition is creating short-term opportunities in carbon capture and storage (CCS) pipelines, as well as long-term prospects in the hydrogen infrastructure sector. Following the addition of the Hartlepool facility and the resulting increase in its production capacity, the sector is well-positioned to effectively meet growing market demand, reinforcing the positive financial outlook for 2026 and beyond.
Overall, the performance in the first quarter of 2026 further underscores the benefits of Cenergy Holdings’ well-balanced portfolio in a volatile macroeconomic and geopolitical environment. With a strong backlog in both sectors and a continued focus on meeting the needs of its customers, Cenergy Holdings reaffirms its guidance for adjusted EBITDA of €370–400 million for 2026.
This estimate remains subject to the usual key assumptions, which include the smooth execution of projects in both segments, the maintenance of strong demand for cable products, and a limited impact from the rapidly changing macroeconomic environment.