The financial results for the first quarter of the year, which Cenergy Holdings announced today, show that the company has had a strong start to the year. In both of its operating sectors—cable and steel pipes—it recorded satisfactory growth.

Sales amounted to €396 million, up 4% compared to Q1 2023. Operating profitability (adjusted EBITDA) amounted to €54.4 million, 24% higher than in the same quarter last year, with consistently high margins at 13.7%. The two segments showed improved performance, with consolidated net profit after tax of €23.6 million compared to EUR 15.4 million in Q1 2023 (+54%).

The backlog of orders amounted to €3.1 billion as of March 31, 2024. Expansion plans at all the Group's main plants are underway in line with the timetable set. The estimate of adjusted EBITDA (a-EBITDA) for fiscal year 2024 of between €230 and €250 million is confirmed.

Commenting on the group's performance, Alexis Alexiou, CEO of Cenergy Holdings, said:

"The significant improvement in profitability for the first quarter of 2024 is due to our balanced portfolio and our ability to efficiently execute challenging energy projects. The order backlog has stabilised above the EUR 3 billion mark with strong potential for further growth during the current year. The required capacity expansion across all major generation units is underway, supporting our strategy for organic growth and serving our vision to chart a dynamic course in energy transmission infrastructure".