Construction of Cenergy Holdings’ cable factory in Maryland, USA, continues, despite the reduction in CAPEX during the first half of 2025, which was cyclical, as the company’s management emphasized during the analysts’ briefing.
Taking into account the strong backlog of orders and the high profitability of the first half of 2025, the company estimates that the adjusted 2025 EBITDA will range between 310 and 340 million euros.
Already in the first half of 2025, the profit margins in the cable sector reached 16.3% compared to 14.2% in the corresponding period of the previous year. The improvement is due to the increased contribution of cable projects to the sector’s revenues and their consistently high profitability. On the other hand, the stable demand for cable products helped to maintain profit margins at satisfactory levels.
In the steel pipes sector, the profit margin in terms of adjusted EBITDA reached historically high levels and amounted to 18.2%, almost two percentage points higher than in the first half of 2024. This performance is attributed to specific investments aiming to strengthen production capacity, which allowed for an increase in production volumes, as well as to the improved mix of project execution with higher profit margins.
Outlook
The cable sector in particular maintains strong prospects in the medium term in both Europe and the US, as the backlog of orders continues to remain at high levels. The sector has already completed the expansion of its production capacity for submarine cables, and is actively advancing the strengthening of its production lines for terrestrial cables in Greece.
Energy
According to the company, increased energy production from RES, growing electricity demand and improvements in electrical networks are some of the main trends, at least for the next decade. These trends have highlighted the strategic importance of the entire cable sector, fueling expansion plans and further strengthening the backlog of orders. Demand for cable products (low and medium voltage and telecommunications cables) remains strong and orders are increasing through the award of long-term framework contracts, strengthening the growth trajectory of the sector. The backlog remained high, at 2.8 billion euros, while additional assignments are expected by the end of the year.
In the steel pipe sector, Corinth Pipeworks expects the gas fuel market to continue to grow as it will become the main transition fuel and will lead to carbon capture and storage (CCS) pipeline projects in the short term and hydrogen infrastructure projects in the medium term, sectors in which Corinth Pipeworks has already established itself as a market leader. The sector’s backlog of orders reached 560 million, significantly increased from 430 million at the end of 2024. This increase incorporates new significant assignments that further strengthen the company’s position in the market. Additional assignments in the USA, the UK and the Netherlands confirm the sector’s continued competitiveness in providing integrated high-performance pipeline solutions.
In the first half of 2025, Cenergy Holdings’ sales amounted to 1.022 billion. Adjusted EBITDA increased by 43% compared to the first half of 2024 and totaled 171 million, with the corresponding profit margin standing at 16.7%. Profitability was strengthened thanks to the successful execution of commissioned energy projects and an improvement in the sales mix. Consolidated pre-tax profit and net profit after tax amounted to 124 million (+70% year-on-year) and 95 million (+69% year-on-year), respectively.
