Cenergy Holdings S.A.
Cenergy Holdings makes electricity cables for wind farms, islands and grids, and steel pipes for energy transport, through its Hellenic Cables and Corinth Pipeworks businesses.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
First-half 2026 financial report
Investment Thesis
More electricity connections, with expansion to fund
European Tech Equities analysis ·
The investment case
Cenergy supplies the physical connections needed to bring electricity from new generation to customers. More wind farms and stronger grids can therefore mean cable orders, even though Cenergy does not generate the electricity itself. The opportunity rests on its factories and project delivery, alongside a pipe business that still serves fossil-fuel customers.
Orders and deliveries
The June 2026 backlog was about €3.9 billion, following a €1.15 billion Greek-island framework award. A further Corinth–Kos project, announced in August at around €1.5 billion, remains subject to the signing conditions stated by the company. These are multi-year projects, not immediate sales. The backlog definition also includes awards and preferred-bidder positions, which need that context.
Customer demand
Grid operators need connections that can carry more power, while offshore wind developers need a route to shore. Cenergy is adding capacity for both European projects and US land cables. Its October Baltimore expansion reflects that demand, but a factory must still be built, staffed and used. Orders can move between quarters as customers secure permits and financing.
Financial position
First-half 2026 revenue reached €1.15 billion and net profit €137.8 million, up from €95.3 million. Yet operations used €29.9 million of cash, before €162.7 million of cash investment in equipment and intangibles. Gross debt including leases was €715.2 million and cash €282.5 million. Expansion and project working capital therefore matter alongside the improving income statement.
Valuation context
The valuation needs to reflect both growth and the money required to deliver it. Management raised its 2026 adjusted EBITDA outlook to €390–420 million, but that measure excludes adjustments and is not cash available to shareholders. Annualising a strong half-year also overlooks project timing. Debt, new factory spending and the durability of current margins should be considered together.
What would weaken the case
- Large cable projects can suffer delays, extra costs or changes in scope.
- Capacity expansion uses cash before new factories generate revenue.
- Steel pipes retain exposure to oil and gas investment, alongside cleaner-energy uses.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; basic EPS in EUR. Operating profit is the IFRS statement figure, excluding the share of associates. EBITDA is the company’s unadjusted measure, not adjusted EBITDA. Debt includes current and non-current borrowings and leases. Cash capex is cash paid for property, plant, equipment and intangible assets, rather than the investment figure in the management review. Backlog includes awarded projects and preferred-bidder positions under the company’s definition.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; basic EPS in EUR. Operating profit is the IFRS statement figure, excluding the share of associates. EBITDA is the company’s unadjusted measure, not adjusted EBITDA. Debt includes current and non-current borrowings and leases. Cash capex is cash paid for property, plant, equipment and intangible assets, rather than the investment figure in the management review. Backlog includes awarded projects and preferred-bidder positions under the company’s definition.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
EUR million; basic EPS in EUR. Operating profit is the IFRS statement figure, excluding the share of associates. EBITDA is the company’s unadjusted measure, not adjusted EBITDA. Debt includes current and non-current borrowings and leases. Cash capex is cash paid for property, plant, equipment and intangible assets, rather than the investment figure in the management review. Backlog includes awarded projects and preferred-bidder positions under the company’s definition.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
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Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025 · Published Sep 16, 2026 · Checked Nov 6, 2026
H1 2026 · Published Sep 16, 2026 · Checked Nov 6, 2026
FY2024 · Published Mar 31, 2026 · Checked Nov 6, 2026
FY2025 · Published Mar 31, 2026 · Checked Nov 6, 2026
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