Cenergy Holdings today announces its financial results for the first half of 2024, together with the release of its interim report for the same period.

Cenergy Holdings additionally announces its intention to raise capital through a share capital increase of up to €200 million in order to accelerate its strategic plan.

Cenergy Holdings, taking into account the Group's strong trading activity, updates its assessment regarding its annual financial performance and provides information on the Group's medium-term financial performance objectives based on its strategic plan.

In summary

Strong performance for the first half of 2024:

• Sales amounted to €812 million with improved margins in both segments.
• Adjusted EBITDA amounted to €119.5 million (+39% year-on-year, margin 14.7%), reflecting strong momentum both in the Cable segment, with adjusted EBITDA margin further increasing to 14.2% (H1 2023: 12.1%), and in the Steel Tubes segment, with adjusted EBITDA margin of 16.1%, almost double that of H1 2023.
• The backlog of orders increased to €3.38 billion at 30 June 2024 due to the significant order backlog in the first half of the year.

▪ Possible fund raising of up to €200 million to accelerate the strategic plan:

• The Possible Equity Raising will support expansion in the US and general corporate purposes and, to the extent required, will fund further improvements to the Group's existing facilities in Greece.
• An extraordinary general meeting of shareholders will be held in early October. The Possible Share Capital Increase will be subject to the necessary regulatory approvals and prevailing market conditions.
• Update of estimates for annual operating profitability and medium-term financial targets:
• Adjusted EBITDA for fiscal year 2024 is now estimated between EUR 245 and 265 million (from EUR 230-250 million).
• Given the new estimates for the annual financial performance, the historically high level of the backlog, and the positive market outlook, the group sets medium-term financial targets that include strong organic sales growth and an adjusted EBITDA between EUR 380 and 420 million.

Commenting on the group's performance, Alexis Alexiou, CEO of Cenergy Holdings, said: "The continued improvement in margins and the strong profitability achieved in the first half of the year confirm Cenergy Holdings' strategy around value creation. Profitability margins in the Steel Tubes segment increased significantly, driving the Group's margins to an all-time high. At the same time, the Cable division continued to benefit from the expansion of power grids and the continued rise of renewable energy projects, achieving, once again, a strong performance. The updated estimate for the 2024 financial results stems from the strong first half results, the growing backlog, as well as our commitment to the successful execution of challenging energy transmission projects around the world. Cenergy Holdings is now entering a new period of growth. The strong performance of the whole Group in recent quarters and the attractive medium-term outlook, particularly in the cable segment, support our recent announcement to accelerate capacity expansion in the US concurrently with a potential capital raise. The US market is a large and fast-growing market with attractive characteristics for the cable segment, and the decision to expand in the US is part of the Group's strategy to achieve profitable and sustainable growth, maintaining its commitment to profitability through its clear role in the new global energy landscape."