Cenergy Holdings Reports Impressive Net Profit Surge for Q1 2026

Cenergy Holdings recorded an impressive increase in profitability during the first quarter of 2026, confirming its steady growth trajectory. Specifically, net profit after tax amounted to €74 million ($81.4 million), marking an 81% increase compared to the corresponding period in 2025.

Strong Financial Performance

Group sales reached €511 million ($562.1 million), recording a 5% increase compared to Q1 2025. Operational profitability (Adjusted EBITDA) stood at €100.4 million ($110.44 million), up 33% year-on-year, with the profit margin hitting a record high of 19.7%. At the same time, company management confirmed its forecast for Adjusted EBITDA between €370 million ($407 million) and €400 million ($440 million) for the full year. The project backlog as of March 31, 2026, was approximately €3.3 billion ($3.63 billion), ensuring clear medium-term visibility for the operations of its subsidiaries.

Management Statements and New Projects

The CEO of Cenergy Holdings, Alexis Alexiou, emphasized that the first quarter reflects the disciplined execution of energy projects in an environment of structurally high demand. He noted that the 19.7% profit margin is due to the favorable project mix and the contribution of subsea cables. Regarding the remainder of the year, Mr. Alexiou highlighted that demand remains strong, driven by the acceleration of electrification, energy security, and the strengthening of transmission networks.

In the first months of the year, the company secured significant contracts, such as the long-term framework agreement for medium and low voltage cables with Alliander N.V., one of the leading grid operators in the Netherlands. Additionally, Cenergy undertook the design, manufacture, testing, and supply of approximately 70 km of 66kV subsea cables for the BC-Wind offshore wind farm in Poland.

Outlook in the Cables and Steel Pipe Sectors

Management pointed out that conditions in the cable market continue to be supported by ongoing investments in grid upgrades, transmission infrastructure, and offshore interconnections. The backlog is expected to strengthen further in the coming months, while new production lines at the industrial facilities in Greece are now in full operation.

In the steel pipe sector, the market is driven by energy security needs and the gradual development of energy transition infrastructure, with the expansion of natural gas and fossil fuel networks expected to continue. Following the addition of the facility in Hartlepool (United Kingdom) and the subsequent increase in production capacity, the company is in an advantageous position to respond to growing market demand, reinforcing the positive financial outlook for 2026 and the following years.