Cenergy Holdings Sa · EURONEXT:CENER
Cenergy Holdings Sa — H1 2026 Earnings Presentation
28 slides from Cenergy Holdings Sa's earnings presentation, Aug 5, 2026
Slide 1: Financial Results 2026
Cenee cy. co os HOLDINGS FINANCIAL RESULTS 2026
Slide 2: Agenda
01 Group performance 02 Backlog leads investments 03 Segmental performance and outlook 04 Updated guidance 05 Appendix HY 2026 Financial Results 2
Slide 3: Highlights
HIGHLIGHTS Earnings delivery, backlog visibility, strategic capacity and disciplined capital allocation 1 Record backlog, upgraded guidance 2 Strong execution and margin delivery 3 Strategic capacity build-out 4 Returns remain attractive 5 Solid financial profile HY 2026 Financial Results 3
Slide 4: Highlights: Landmark order intake
HIGHLIGHTS Landmark order intake Strong H1 earnings combine to upgrade FY2026 guidance Revenue Adjusted EBITDA A-EBITDA margin PBT €1.15bn €216mio 18.7% €177mio +13%y-o-y +26%y-o-y +198bps +43%y-o-y Backlog CapEx EPS Guidance €3.9bn €165mio €0.65 €390-420mio Record high +45%y-o-y Upgraded HY 2026 Fi
Slide 5: Group performance
01 Group performance HY HY 2026 2026 Financial Financial Results Results 5
Slide 6: Revenue exceeds €1.1bn
01 Revenue exceeds €1.1bn Revenue per major product line Amounts in EUR million CABLES +38 +158 (+9%) +58 (+63%) +43 (+20%) 448 (+17%) 409 352 294 252 251 PRODUCTS PROJECTS H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 STEEL PIPES +35 +29 (+13%) (+12%) 296 260 232 +2 (+19%) -4 (-25%) 12 14 11 H1 2
Slide 7: Geographical dispersion of sales
01 Geographical dispersion of sales Revenue per country / region Amounts in EUR million H1 2024 H1 2025 H1 2026 Rest of the world Rest of the world Rest of the world 6.8% Greece Greece Americas 17.3% 13.7% Greece 17.2% 7.4% 26.7% 26.8% Americas 6.8% 812 1,022 1,153 5.9% Americas 40.6% 68.5% 62.3% Eu
Slide 8: Project mix and execution drive margin expansion
01 Project mix and execution drive margin expansion Amounts in EUR million Adjusted EBITDA ΕΒITDA Turnover (%) as percentage of revenue (%) as percentage of revenue +13% +26% 1,153 1,022 +26% +30% 812 +43% 216 +41% 223 171 171 119 121 14.7% 16.7% 18.7% 14.9% 16.8% 19.3% H1 2024 H1 2025 H1 2026 H1 20
Slide 9: From operations to earnings
01 From operations to earnings Amounts in EUR million 52.3 2.6 7.4 177.0 -7.6 -1.2 123.5 Profit Cables gross profit Steel Pipes SG&A Net finance Other Profit before tax gross profit expenses before tax H1 2025 H1 2026 HY 2026 Financial Results 9
Slide 10: PBT at EUR 177m / Net profit of EUR 138m
01 PBT at EUR 177m / Net profit of EUR 138m Amounts in EUR million Profit before tax Profits after tax +53 (+43%) 177 +51 +43 (+70%) (+45%) 124 138 +39 (+69%) 95 73 56 H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 HY 2026 Financial Results 10
Slide 11: Backlog leads investment
Backlog 01 leads investment HY HY 2026 2026 Financial Financial Results Results 11
Slide 12: Record-high order backlog
02 Record-high order backlog NEW AWARDS H1 2026 Dec 2024 Dec 2025 €3.5bn €3.4bn BC-WIND OWF (PL) Dec 2023 Jun 2026 66kV inter-array submarine cables €3.2bn €3.9bn Potential for further increase by the end of ALLIANDER N.V. (NL) 2026 ΜV & LV power cables framework agreement 4 ISLAND INTERCONNECTIONS
Slide 13: Record-high order backlog by region and application
02 Record-high order backlog REGIONS APPLICATIONS Cables backlog Americas Rest of world 2% Other 15% Wind offshore 1% 21% €3.4bn 39% ~87% of total 58% Europe 64% Greece Interconnections Rest of world Steel pipes backlog 3% Europe Gas fuel 28% 28% €0.5bn 40% Hydrogen ~13% of total 57% 8% Americas CCS
Slide 14: Strategic capex focused on future growth
02 Strategic capex focused on future growth Cables Steel pipes Strategic rationale €137m €28m Maryland, US Local US base for land cables Bucharest, Romania Corinth, 3 Hartlepool, UK Greece (2%) Maryland, Additional LSAW capacity and 30 (22%) 49 USA Thisvi, UK proximity (36%) Greece 11 (39%) Greek pl
Slide 15: Manageable leverage during strategic capex cycle
02 Manageable leverage during strategic capex cycle Amounts in EUR million Net debt Net Debt / EBITDA* Working Capital CAPEX +229 433 -139 343 2.0x 259 263 164 JUN 25 151 0.6x 165 204 DEC 25 1.1x JUN 26 JUN DEC JUN *Last 12 months EBITDA FY FY H1 2025 2025 2026 -19 2024 2025 2026 JUN DEC JUN 2025 20
Slide 16: Attractive returns
02 Attractive returns Earnings per share Share price* evolution a-ROCE* (€ / share) (€ / share) +45% 0.65 +51% 0.45 26.3% 28.4% 27.8% 22.84 0.30 15.00 H1 2024 H1 2025 H1 2026 Dec Aug FY 2024 FY 2025 HY 2026 2025 2026 *Adjusted Return on Capital Employed (a-RoCE): Last 12 months Adjusted EBIT (a-EBIT
Slide 17: Segmental performance and outlook
Segmental performance and outlook HY 2026 Financial Results
Slide 18: Cables: Higher activity and stronger margins
03 Cables: Higher activity and stronger margins Expanded capacity and project execution supported a 36% increase in adjusted EBITDA Adjusted EBITDA Earnings Turnover Working Capital Net Debt (%) as percentage of revenue Before Taxes 842 +36% 742 +52% 164 491 472 560 (19.5%) 133 121 135 (16.3%) 320 7
Slide 19: Steel pipes: Solid profitability with diversified project portfolio
03 Steel pipes: Solid profitability with diversified project portfolio Revenue rose 11% y-o-y; margins remain strong despite a different project mix Adjusted EBITDA Earnings Turnover Working Capital Net Debt (%) as percentage of revenue Before Taxes 312 280 252 +25% 59 +2% 70 51 52 41 (18.2%) (16.6%
Slide 20: Outlook
03 Outlook Growth themes US plant remains core priority HVDC / Subsea transmission Data centers & Digitalization Backlog supports visibility well Grid modernization through 2030 Cables Profitability follows growth Grid = very strong demand segment Vs. Data centers are no longer only an Transmi
Slide 21: Updated guidance
Updated guidance HY 2026 Financial Results
Slide 22: FY2026 guidance
04 FY2026 guidance Assumptions Execution Smooth execution of projects scheduled in both segments +12% / +21% 390 - 420 Key raw materials 348 No material deterioration in availability or cost of key inputs 272 2025 Demand Continued healthy demand for cable products External risks 2026E Limited financ
Slide 23: Financial Calendar
Financial Calendar Interim report for the six-month Q3 2026 trading period ended 30 update - Conference Financial results FY June 2026 Call 2026 – Conference Call 19 November 2026 3 March 2027 25 May 2027 16 September 2026 20 November 2026 4 March 2027 Financial results Ordinary Q3 2026 trading FY 2
Slide 24: Thank you
Thank you HY 2026 Financial Results
Slide 25: Appendix
Appendix HY 2026 Financial Results
Slide 26: Consolidated Statement of Profit & Loss H1 2026
Consolidated Statement of Profit & Loss H1 2026 Segmental information For the six months ended 30 June Cables Steel Pipes Other activities Cenergy Holdings Amounts in € thousand 2026 2025 Amounts in EUR thousand Revenue 1,153,200 1,022,220 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2
Slide 27: Consolidated Statement of Financial Position H1 2026
Consolidated Statement of Financial Position H1 2026 Amounts in € thousand 30 Jun 2026 31 Dec 2025 EQUITY Share capital 131,669 131,669 Share premium 232,059 232,059 Treasury shares (386) (680) Reserves 45,085 46,407 Amounts in € thousand 30 Jun 2026 31 Dec 2025 Retained earnings 543,777 472,818 Equ
Slide 28: Disclaimer
Disclaimer The information contained in this corporate presentation (CP) has been prepared by Cenergy Holdings (the Forward Looking Statements Company). It is based on historical financial data and other information already publicly disclosed by the Certain statements in the CP are forward-looking.