Cenergy Holdings Sa · EURONEXT:CENER
Cenergy Holdings Sa — FY2025 Earnings Presentation
23 slides from Cenergy Holdings Sa's earnings presentation, Mar 5, 2026
Slide 1: The World Runs on Cenergy
THE WORLD RUNS ON CENERGY co CENERGY March 5, 2026
Slide 2: Highlights
HIGHLIGHTS A year of strong performance driven by growth, disciplined execution and margin expansion KEY HIGHLIGHTS OPERATIONAL FINANCIAL GUIDANCE ACHIEVEMENTS METRICS €348M Capacity Expansions 16.9% €370-400M + 28% YoY At our onshore and offshore a-EBITDA Margin a-EBITDA Target for 2026 Adjusted EB
Slide 3: Group Key Financial Figures
Group Key Financial Figures FY 2025 Financial Results
Slide 4: Revenue at EUR 2.06 billion (+15% y-o-y)
01 Revenue at EUR 2.06 billion (+15% y-o-y) Revenue per major product line CABLES +217 +38% +74 +207 -66 +14% +57% 789 -11% 592 600 572 526 365 PRODUCTS PROJECTS 2023 2024 2025 2023 2024 2025 STEEL PIPES +1 +22 0% +4% 532 533 554 -4 +3 -13% +14% 28 24 27 2023 2024 2025 2023 2024 2025 Amounts in EUR
Slide 5: Geographical dispersion of sales
01 Geographical dispersion of sales Revenue per country / region 2023 2024 2025 Rest of the world Rest of the world Greece 7% 15% Rest of the world Greece Americas 17% 24% 23% 10% Greece 31% Americas 12% 1,628 1,796 2,061 Americas 5% 42% 48% 66% Europe Europe Europe Amounts in EUR million FY 2025 Fi
Slide 6: Continued margin expansion
02 Continued margin expansion Turnover Adjusted EBITDA Adjusted EBITDA Margins +15% +10% 2,061 1,796 1,628 +28% +27% 348 16.9% 15.1% 272 13.1% 214 2023 2024 2025 2023 2024 2025 2023 2024 2025 Amounts in EUR million FY 2025 Financial Results
Slide 7: Robust backlog offers good visibility for future growth
03 Robust backlog offers good visibility for future growth Cables Steel Pipes Americas Rest of world Greece Rest of world 2% 8% Europe 2% 17% REGIONS 26% Dec 2023 Dec 2024 €3.15bn €3.44bn €2.88bn €0.49bn Dec 2022 Dec 2025 88% 56% Americas €2.02bn €3.38bn Europe CCS APPLICATIONS Other 19% 27% Strong
Slide 8: PBT at EUR 249m / Net profit at EUR 194m
04 PBT at EUR 249m / Net profit at EUR 194m 13.8 17.7 1.0 0.5 249.0 61.3 -11.6 -6.6 -2.0 -4.3 179.2 Earnings Cables Steel Pipes SG&A Net finance Net Foreign Fixed assets Income from Share of Other Earnings before tax gross profit gross profit charges exchange impairment termination of profit from be
Slide 9: Delivering returns
04 Delivering returns Dividends per share Share price* evolution a-ROCE* (Payout ratio*) (€ / share) 20.80 +86% 0.26 (28.5%) +75% 21.0% 26.3% 28.4% 0.14 (21.3%) 9.39 0.08 (20.9%) 2023 2024 2025 Dec Mar 2026 2023 2024 2025 2024 *Total dividend declared / Profit after tax for the period *ATHEX closing
Slide 10: Free Cash Flow Generation
05 Free Cash Flow Generation FCF* = €-15m Adjusted FCF** = €23m 339.9 15.4 -12.4 -31.3 -52.6 442.5 5.2 0.5 46.0 442.5 -236.5 -7.1 -37.5 -29.7 Cash in 1 EBITDA Non cash Changes in Income Tax Payments CAPEX CAPEX Interest Other Dividends Debt FX effect Cash in 31 January items in Working payments for
Slide 11: Disciplined Balance Sheet
05 Disciplined Balance Sheet CAPEX Net debt Working Capital (Net Debt / EBITDA) -225 US plant 378 Offshore cables (1.9x) 43 94 +52 Steel pipes 29 204 263 152 (0.6x) -119 (0.6x) 113 98 -13 Onshore cables units 2023 2024 2025 -6 -19 2023 2024 2025 Amounts in EUR million FY 2025 Financial Results
Slide 12: Overview per segment
Overview per segment FY 2025 Financial Results
Slide 13: Cables
01 Cables Strong growth in projects, as new offshore cables capacity is fully functioning Adjusted EBITDA Earnings Turnover Working Capital Net Debt (%) as percentage of revenue Before Taxes 34% +44% 1,464 +19% 241 (16.5%) +59% 166 304 314 320 1,224 1,047 179 150 (14.7%) 115 (14.4%) 72 73 -12 2023 2
Slide 14: Steel Pipes
02 Steel Pipes New record-high profitability margins coupled with high-capacity utilisation Adjusted EBITDA Earnings Turnover Working Capital Net Debt (%) as percentage of revenue Before Taxes 15% +36% 46% 581 573 597 108 94 (18.1%) +166% 86 (16.4%) 74 64 63 (11.0%) 37 36 24 15 6 10 2023 2024 2025 2
Slide 15: Looking forward
Looking forward FY 2025 Financial Results
Slide 16: Segment outlook: Cables and Steel Pipes
2025 Strong outlook Performance backed by major capacity OWF in N. Europe expansion Electricity grid upgrades AI & Data centers in the US 2026 Cables segment Next growth phase with strong visibility, Optimistic about future financial due to improved operations and good prospects fundamentals U.S. pl
Slide 17: Committed to deliver: €370–400m FY2026 adjusted EBITDA
Committed to deliver +6% / +15% 370 - 400 348 FY2026 € 370 – 400m 272 ADJUSTED EBITDA 2024 2025 2026E Amounts in EUR million FY 2025 Financial Results
Slide 18: Financial Calendar
FINANCIAL CALENDAR 31 March 2026 27 May 2026 23 June 2026 24 June 2026 5 August 2026 3 March 2027 Publication of Q1 2026 Trading update Dividend Dividend payment Half Yearly 2026 results Financial results 2025 Annual Conference Call beneficiaries of FY2025 Conference Call FY2026 Press Report of FY20
Slide 19: Thank you
Thank you
Slide 20: Appendix
Appendix FY 2025 Financial Results
Slide 21: Consolidated Statement of Profit & Loss 2025
Consolidated Statement of Profit & Loss 2025 For the year ended 31 December Segmental information Cables Steel Pipes Other activities Cenergy Holdings Amounts in € thousand 2025 2024 Amounts in € thousand Revenue 2,060,722 1,796,448 2025 2024 2025 2024 2025 2024 2025 2024 Cost of sales (1,691,398) (
Slide 22: Consolidated Statement of Financial Position 2025
Consolidated Statement of Financial Position 2025 Amounts in € thousand 31 Dec 2025 31 Dec 2024 Amounts in € thousand 31 Dec 2025 31 Dec 2024 ASSETS EQUITY Property, plant and equipment 1,052,333 850,478 Share capital 131,669 131,669 Right of use assets 12,339 8,749 Share premium 232,059 232,059 Int
Slide 23: Disclaimer
Disclaimer Forward Looking Statements The information contained in this corporate presentation (CP) has been prepared by Cenergy Holdings (the Certain statements in the CP are forward-looking. Such information is given only as of this date and the Company is Company). It is based on historical finan