OR Cenergy Holdings announced sales of 1.26 billion euros for the nine months of 2024, 8% higher than with the corresponding period last year (1.16 billion euros in the nine months of 2023. Operating profitability improved significantly with adjusted EBITDA standing at 194 million euros for the nine months of 2024 (+34% compared to the corresponding period last year) .The profit margin (in terms of adjusted EBITDA) for the nine months of 2024 exceeded 16% due to consistently high performance in the steel pipe segment and an improved product mix and energy projects in the cable segment.

According to the same announcement, the backlog of orders amounted to 3.48 billion euros on 30 September 2024 (up from 3.38 billion euros on 30 June and 3.15 billion euros nine months earlier). At the same time, the expansion of production capacity in all factories in Greece is progressing normally. They are therefore expected to operate on schedule to service the growing order backlog.

The consolidated earnings before tax more than doubled and reached 123.1 million euros (60.1 million euros in the first nine months of 2023) with net profit after taxes amounting to 100.3 million. euros (+113% compared to the corresponding period last year, 9M 2023: 47.2 million euros).

It is noted that Cenergy Holdings confirms the estimate for operating profitability (adjusted EBITDA) at the end of the year between 245 – 265 million. euro.

Commenting on the Group’s performance, Alexis Alexiou, CEO of Cenergy Holdingsstated:

“The strong margins of the first half of 2024 continued into the third quarter, further highlighting both the strong competitiveness of our Group and the strength of our balanced order book, as the long-term megatrends of electrification, energy security and energy transition continue unabated. Capacity utilization across all production lines remains high and we continue to focus on strong project execution and the smooth progress of ongoing investment projects. All of the above reinforces our belief in achieving the profitability targets we have set for 2024. Finally, the recent successful share capital increase marks a historic step forward for Cenergy Holdings, as it reflects the long-term relationship of trust we have built with all stakeholders and allows us to expand our manufacturing operations in the US».