Cenergy Holdings is gradually emerging as a power player in the energy sector, according to recent observations by NBG Securities. The momentum generated by the company’s extensive investment program (CapEx) is combined with strong global trends in the cable and steel pipe markets. These developments have serious implications for the Greek energy sector, especially as our country pursues energy autonomy and sustainability.
NBG Securities emphasizes that the conditions for energy infrastructure are largely based on positive market data, regardless of international geopolitical turmoil. On the contrary, such frictions seem to promote the progress of projects related to energy security and multi-dimensional energy source, especially in the electricity sector.
The growing demand for green energy adds further value, as the investments in natural gas, carbon capture and storage (CCS) and hydrogen are making their presence felt in the market.
It is important to note that the development of artificial intelligence (AI) and new data centers contribute to the increased demand for energy infrastructure. In the Greek market, IPTO announced an ambitious investment program of approximately 6 billion euros, which aims to upgrade infrastructure and support electromobility and the digital transition, while strengthening energy security and exports.
Positive outlook for financial results
NBG Securities revises its forecasts upwards, recognizing the solid demand stemming from large projects, which remains unaffected by geopolitical tensions. Progress in the investment program increases the production capacity of high value-added products, making the developments encouraging.
The implementation of projects with high profit margins maintains profitability at satisfactory levels, with expectations for continuous tenders, improving the company's visibility for the coming years. The operation of the new cable factory plays an important role in USA, which is expected to start at the end of 2027, with full utilization of its production capacity in 2029.
For 2026, turnover is estimated at €2,293 billion, an increase of 11% compared to the previous year. The cables sector is expected to strengthen by 14%, with the steel pipes sector showing a 5% increase. At the same time, adjusted EBITDA is estimated to reach €400 million, increasing by 15% with a margin of 17,5%, at the upper limits of management's determinations.
The Financial Review shows that operating cash flows are expected to be €303 million (+17%), while total investments will be €216 million, aimed at developing the US unit. Despite the investments, net debt is expected to decrease to €165 million, even with the distribution of 30% of net profits as a dividend, discounting a dividend of €0,34 per share for 2026.
Target price revision to 28,40 euros
NBG Securities has significantly revised its target price for Cenergy Holdings shares, raising it to €28,40 from €15,40. The brokerage maintains its Outperform recommendation, believing that there is room for approximately 12% upside. The completion of the investment program has increased the group's overall production capacity, confirming the execution of a backlog of projects worth approximately €3,3 billion with good profitability prospects.
As for the US unit, it is expected to be operational in the fourth quarter of 2027. NBG Securities points out that despite the significant increase in the share price since the beginning of the year, Cenergy is still trading at valuations in line with those of its international competitors, without including the positive impact from the development in the US market, which is expected to be completed by 2029.
## TechNoid.gr's opinion
Monitoring the developments of Cenergy Holdings is crucial, as the company not only strengthens its position in the Greek and international market, but also contributes to the energy transition of our country. Investments in infrastructure and new technologies are essential for the competitiveness of the Greek economy. We predict that the impact of these developments will be catalytic for the further development of the sector and the support of sustainable development in Greece.
