Latest Results


Q1 22


Today, Cenergy Holdings S.A. (Euronext Brussels, Athens Stock Exchange: CENER), hereafter “Cenergy Holdings” or “the Group”, announced its financial information for the first quarter of 2022.


Solid start to the year with improved profitability and revenue


  • Revenue at EUR 300 million, 31% higher than prior year’s corresponding quarter (Q1 2021: EUR 228 million).
  • Steady order backlog at EUR 1 billion as of March 31, 2022; several awards around the globe for steel pipes segment.
  • Improved operational profitability and stable profit margins: a-EBITDA at EUR 22.6 million, 25% higher compared to Q1 2021, driven by strong growth in cables; EBITDA rises to EUR 25.8 million, 39% higher y-o-y (Q1 2021: EUR 18.6 million) confirming Cenergy Holdings’ resilience to the highly volatile and challenging market conditions.
  • Strong consolidated profit before tax of EUR 12.3 million vs. EUR 4.9 million in Q1 2021.


Commenting on the Group’s performance, Alexios Alexiou, Cenergy Holdings’ Chief Executive Officer, stated:

We had an encouraging start to 2022, as we have seen increased activity across all production lines in cables segment, while the recent awards in steel pipes segment provide comfort for a positive year. Cenergy Holdings takes advantage of the sustainable megatrends and especially, the global green transformation. The growth in revenue and all profitability measures at the start of 2022 is a testimony to the potential driven by these megatrends.


Increased activity rhymes with strong operational profitability


Revenue grew by 31% on a yearly basis to EUR 300 million, supported by a strong demand for cables products and furthered by timely and careful execution of cables projects already in the order backlog, coupled with favourable LME metal prices.  Demand in the steel pipes segment rebounded reinforcing the basis for a steady order backlog and high-capacity utilization for the remainder of the year.


Adjusted EBITDA rose to EUR 22.6 million (+25% y-o-y) as both segments protected their margins throughout the period with cost pass-through mechanisms and a continued focus on high value-added products.  At the same time, strong metal prices pushed EBITDA further up by EUR 7.3 million over the corresponding quarter of last year.  The successful execution of energy projects keeps on being the main driver of such profitability, as it provides a steady basis in a challenging global macroeconomic environment.

Lower interest rates pulled net finance costs slightly lower, to EUR 6.8 million for the first quarter of 2022 (-EUR 0.5 million or -7%, vs. Q1 2021).  Constant inflation in all primary raw materials and increased activity drove working capital needs and consequently, net debt, to higher levels.

Stronger EBITDA and lower finance costs produce a profit before income tax of EUR 12.3 million, a significant increase over the EUR 4.9 million in Q1 2021.  Profit after tax for the period reached EUR 9.6 million, compared to EUR 4.6 million in last year’s first quarter, representing 3.2% of revenue (against 2.0% in Q1 2021).


Winning tenders boosts order backlog


Our companies continued their successes in tendering, keeping total backlog at the level of approx. EUR 1 billion.  Recent awards during the first quarter of the year include:

  • the supply of 201 km of steel pipes for a desalinated water pipeline in Chile,
  • 360 km inter-array cables to Sofia Offshore Wind Farm in the UK,
  • High Frequency Welding (HFW) steel pipes for the tie-back of OKEA Hasselmus gas discovery to the Draugen production platform in the Norwegian North Sea
  • new cables interconnections between islands on behalf of HEDNO (Hellenic Electricity Distribution Network Operator).



The cables segment benefits from the strong demand for cableing products, along with a set of secured orders for projects.  At the same time, the proven potential of the offshore wind market and the ability to expand into new markets will continue to be profitability drivers for the segment.  The segment is expected to retain its high-capacity utilisation throughout 2022 fostering the entire Group profitability.

The steel pipes segment is also looking forward to a positive year, as the solid backlog built during the last months blends together high capacity utilization with satisfactory profit margins for the rest of the year.  Corinth Pipeworks continues on its pursuit for new geographical markets and new innovative products, such as offshore wind sector platforms, hydrogen-ready tubes, carbon capture and storage (CCS) solutions, etc.

Overall, Cenergy Holdings is confident it can maintain and further improve its performance during 2022.  The Company is actively pursuing its strategy focused on value growth rather than higher volumes, developing for its customers innovative value adding solutions in the high potential energy transition ecosystem.  Our companies’ solid structure and our pursuit of excellence in technology allows us to believe in long-term sustainable growth.

Finally, following previous announcements regarding the potential partnership for the construction of a submarine inter array cables factory in Maryland, USA with Ørsted, discussions are ongoing.  Τhe Company will inform the investment community of any development in the partnership.

DISCLAIMER: Any forward-looking statements that may be included in this press release are statements regarding or based on current expectations, plans or understandings of our management relating to, inter alia, Cenergy Holdings’ future results of operations, financial position, liquidity, prospects, growth, strategies or developments in the markets in which its subsidiaries operate. Such forward-looking statements shall be treated as a reflection of information, data and understandings as of the date of the publication of this press release, so you are encouraged not to place undue reliance on them, given that by their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could materially alter the actual results or future events from those expressed or implied thereby. The outcome and financial effects of the understandings, intentions, and events described herein could be adversely affected by these risks, uncertainties and assumptions. Forward-looking statements contained in this press release related to trends or current activities shall not to be taken as a report of the future status of such trends or activities. We undertake no obligation to update or revise any forward-looking statements, either as a result of new information or developments, future events or otherwise. The information contained in this press release is subject to change without notice. No re-report or warranty, express or implied, regarding the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance shall be placed on it.

This press release has been prepared in English and translated into French and Greek.  In case of discrepancies between different language versions, the English one shall prevail.

About Cenergy Holdings

Cenergy Holdings is a Belgian holding company listed on both Euronext Brussels and Athens Stock Exchange, investing in leading industrial companies, focusing on the growing global demand of energy transfer, renewables and data transmission.  The Cenergy Holdings portfolio consists of Hellenic Cables and Corinth Pipeworks, companies positioned at the forefront of their respective high growth sectors. Hellenic Cables is one of the largest cable producers in Europe, manufacturing power and telecom cables as well as submarine cables for the aforementioned sectors. Corinth Pipeworks is a world leader in steel pipe manufacturing for the oil and gas sector and major producer of steel hollow sections for the construction sector. For more information about our company, please visit our website at




For further information, please contact:

Sofia Zairi

Chief Investor Relations Officer

Tel: +30 210 6787111, 6787773


AMOUNTS IN EUR THOUSAND Q1 2022 Q2 2021 Change (%)
REVENUE 299,785 228,425 31%
GROSS PROFIT 26,593 21,430 24%
GROSS PROFIT MARGIN (%) 8.9% 9.4% -51 bps
a-EBITDA 22,551 18,040 25%
a-EBITDA margin (%) 7.5% 7.9% -38 bps
EBITDA 25,833 18,566 39%
EBITDA margin (%) 8.6% 8.1% +49 bps
a-EBIT 15,811 11,671 35%
a-EBIT margin (%) 5.3% 5.1% +16 bps
EBIT 19,093 12,198 57%
EBIT margin (%) 6.4% 5.3% +103 bps
Net finance costs (6,812) (7,312) -7%
Profit before income tax 12,281 4,886 151%
Net profit of the period 9,643 4,623 109%
Net profit margin (%) 3.2% 2.0% +119 bps
AMOUNTS IN EUR Q1 2022 Q1 2021 Change (%)
Earnings per share 0.05071 0.02431 109%