Trading update q1 2026

Trading Update Q1 2026

REGULATED INFORMATION INSIDE INFORMATION

Cenergy Holdings S.A. (Euronext Brussels, Euronext Athens: CENER), hereafter "Cenergy Holdings" or "the

Group", announces today its consolidated financial information for the first quarter of 2026.

• Revenue for Q1 2026 reached EUR 511 million, up 5% year-on-year (y-o-y).

• Adjusted EBITDA reached EUR 100.4 million, up 33% y-o-y, with a record margin of 19.7%.

• Net profit after tax increased to EUR 74 million, 81% higher than Q1 2025.

• Order backlog1 remains at approx. EUR 3.3 billion as of 31 March 2026, providing strong medium-term visibility.

• Strategic investments realized: the US land cables plant progresses as planned and the steel segment acquired an LSAW steel pipes facility in Hartlepool, UK.

• The Group confirms its FY 2026 guidance for adjusted EBITDA of EUR 370 - 400 million.

Alexis Alexiou, Cenergy Holdings' Chief Executive Officer, commented:

"Q1 2026 reflects disciplined execution in a structurally strong demand environment for energy infrastructure and grid expansion. We delivered adjusted EBITDA of EUR 100 million, with a record margin of 19.7%, driven by a favourable project mix and increased contribution from offshore cable projects.

Demand across our core markets remains strong, supported by accelerating electrification, energy security priorities and continued investment in transmission networks. This continues to translate into solid tendering activity and a resilient backlog, providing clear visibility on future growth.

At the same time, we continue to strengthen our industrial footprint. The development of our new land cables plant in the USA is progressing on track, while the acquisition of the LSAW steel pipes facility in Hartlepool enhances our capacity and expands our position in high-specification energy applications.

With expanding capacity, strong market fundamentals and disciplined project execution, we remain well positioned to capture growth opportunities and deliver sustained value creation."

‌1 Backlog includes signed contracts, as well as contracts not yet enforced, for which the subsidiaries have either received a letter of award or been declared preferred bidder by the tenderers.

Revenue increased by 5% year-on-year to EUR 511 million, primarily driven by the increased contribution of offshore energy projects in the cables segment. In Q1 2026, the expanded subsea cable capacity was fully available, compared with the ramp-up phase in Q1 2025. Demand for cable products remained solid, while steel pipes maintained broadly stable revenues and further improved their adjusted EBITDA margin year on year.

Amounts in EUR million

Consolidated adjusted EBITDA exceeded EUR 100 million, representing 33% year-on-year growth, driven by margin expansion in both segments and a more favourable sales mix, with increased contribution from higher value-added projects. In steel pipes, higher production output and a supportive project mix supported profitability, while in cables the greater share of offshore projects further strengthened earnings generation. As a result, the Group's adjusted EBITDA margin stood at a record 19.7%, up significantly from the margin recorded in Q1 2025. Disciplined execution remains the key driver of profitability and supports resilience amid a volatile macroeconomic environment. It should also be noted that the record-high margin in Q1 2026 was partly influenced by project execution phasing and may therefore normalize as the year progresses.

The key projects executed during the first quarter of the year included:

• Cables: The installation phase of the interconnection of Ionian islands in Greece made significant progress. Production of export submarine cables for the Baltyk II & III OWFs in Poland, the interconnection of Princess Elisabeth windfarm area in Belgium with the shore, and the inter-array cables for Hornsea 3 OWF in the UK proceeded as planned. Production of land and submarine cables for the grid interconnection of the Western Offshore Sub Station of Gennaker OWF in the Baltic Sea, Germany also advanced further during Q1 2026.

• Steel pipes: The plant in Thisvi, Greece produced pipes for the Greece-North Macedonia Natural Gas Interconnector, the HyNet CO2 pipeline in Liverpool Bay, UK and several projects for the US market.

  Net finance costs decreased by 33% to EUR 10.1 million in Q1 2026 from EUR 15.1 million in Q1 2025, primarily due to lower interest rates and favourable movement of the US dollar compared to prior year. Foreign exchange gains of approx. EUR 1.5 million mainly from USD cash holdings for the investment in Baltimore, USA were included in net finance costs, compared to a net FX loss of EUR 2.2 million in Q1 2025. Profit before income tax increased 72% year-on-year to EUR 93.4 million (EUR 54.2 million in Q1 2025). Profit after tax reached EUR 74.1 million (EUR 41.0 million in Q1 2025), representing 14.5% of revenue (vs. 8.4% last year).

  The Group continues to execute its investment programme aimed at expanding capacity and strengthening its industrial footprint. During the quarter, Corinth Pipeworks completed the acquisition of an LSAW steel pipes facility in Hartlepool, close to Durham in NE England, for a total consideration of GBP 10 million, enhancing capacity in high-specification applications and expanding its presence in key markets. In the cables segment, the expansion of land-cables production capabilities in Thiva and Eleonas plants in Greece is nearing completion, with any remaining items scheduled to be finalised later in 2026. On the US front, development of the new land-cables manufacturing facility in Baltimore, MD is progressing according to plan, with Phase 1 construction already under way.

  Order backlog stable at ca. EUR 3.3 billion

  Hellenic Cables and Corinth Pipeworks continued to secure new awards through ongoing tender activity, maintaining total order backlog at EUR 3.3 billion. This underpins strong medium-term revenue visibility and supports further growth during the year. Contracts awarded in the first months of the year include:

  • a long-term framework agreement for MV and LV power cables with Alliander N.V., one of the leading network companies in the Netherlands, and

  • the design, engineering, manufacturing, testing, and supply of approximately 70km of 66kV inter-array submarine cables for the BC-Wind offshore wind project in Poland.

Market conditions remain supportive for the cables segment, underpinned by the accelerating electrification agenda and sustained investment in grid upgrades, transmission infrastructure and offshore interconnections. Data-center related requirements are also increasingly feeding into grid activity in certain regions, adding further momentum. Against this backdrop, the segment's order backlog is expected to expand over the coming months, while the capacity expansions across the Greek industrial footprint are now operational. Demand for LV & MV power cables remains resilient, and-together with consistently high capacity utilisation across all plants-supports a positive outlook for the remainder of 2026 and the medium term.

The steel pipes market continues to be shaped by energy security priorities and the progressive build-out of transition-related infrastructure. Further development of natural gas and broader fossil fuel networks is expected, supported by continued exploration and development of reserves due to elevated fuel price levels amid a fluid macroeconomic environment. At the same time, the accelerating energy transition is creating near-term opportunities in CCS pipelines and longer-term prospects in hydrogen infrastructure. Following the addition of Hartlepool and the associated uplift in capacity, the segment is well positioned to serve rising market requirements efficiently, supporting a positive financial outlook for 2026 and beyond.

Overall, Q1 2026 performance further validates the benefits of Cenergy Holdings' well-positioned portfolio

against a volatile macro and geopolitical backdrop. With a solid order backlog across both segments and continued focus on meeting customer needs, Cenergy Holdings confirms its expectation for FY 2026 adjusted EBITDA of EUR 370-400 million. This outlook remains subject to the usual key assumptions of smooth project execution across both segments, continued solid demand for cable products, and limited impact from the fast-changing environment.

DISCLAIMER: Any forward-looking statements that may be included in this press release are statements regarding or based on current expectations, plans or understandings of our management relating to, inter alia, Cenergy Holdings' future results of operations, financial position, liquidity, prospects, growth, strategies or developments in the markets in which its subsidiaries operate. Such forward-looking statements shall be treated as a reflection of information, data and understandings as of the date of the publication of this press release, so you are encouraged not to place undue reliance on them, given that by their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could materially alter the actual results or future events from those expressed or implied thereby. The outcome and financial effects of the understandings, intentions, and events described herein could be adversely affected by these risks, uncertainties and assumptions. Forward-looking statements contained in this press release related to trends or current activities shall not to be taken as a report of the future status of such trends or activities. We undertake no obligation to update or revise any forward-looking statements, either as a result of new information or developments, future events or otherwise. The information contained in this press release is subject to change without notice. No representation or warranty, express or implied, regarding the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance shall be placed on it. This press release has been prepared in English and translated into French and Greek. In case of discrepancies between different language versions, the English one shall prevail.

Cenergy Holdings is a Belgian holding company listed on Euronext Brussels and the Euronext Athens. It invests in leading industrial companies, focusing primarily on growing global demand in the fields of energy transport, renewable energy, and data transmission. Cenergy Holdings' portfolio includes Corinth Pipeworks and Hellenic Cables, two companies at the forefront of their respective high-growth sectors. Hellenic Cables is one of Europe's largest cable manufacturers, producing power, telecommunications, and submarine cables. Corinth Pipeworks is a global leader in the manufacture of steel pipes

‌2 The shares will trade ex-dividend after the expiration date of stock futures, stock options and index futures and options on FTSE/ATHEX Large Cap in the Euronext Athens, which, for 2026, is June 19th.