Slides
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С CENERGY HOLDINGS CORINTH PIPEWORKS HELLENIC TOGETHER FOR THE FUTURE OF ENERGY H1 FINANCIAL RESULTS 2026
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2 HY 2026 Financial Results Group performance Backlog leads investments Segmental performance and outlook Updated guidance Appendix 01 02 03 04 05
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Record backlog, upgraded guidance Strong execution and margin delivery Strategic capacity build-out Returns remain attractive 1 2 3 4 5 Solid financial profile HIGHLIGHTS Earnings delivery, backlog visibility, strategic capacity and disciplined capital allocation HY 2026 Financial Results 3
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HIGHLIGHTS Landmark order intake Strong H1 earnings combine to upgrade FY2026 guidance 4HY 2026 Financial Results Backlog € 3.9bn Record high CapEx € 165mio EPS € 0.65 +45%y-o-y Guidance €3 90-420mio Upgraded Revenue €1.15bn +13%y-o-y A-EBITDA margin 18.7% +198bps Adjusted EBITDA €216mio +26%y-o-y PBT €177mio +43%y-o-y
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5 01 HY 2026 Financial Results Group performance HY 2026 Financial Results
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HY 2026 Financial Results 6 H1 2024 H1 2025 H1 2026 252 409 448 +158 (+63%) +38 (+9%) H1 2024 H1 2025 H1 2026 12 14 11 +2 (+19%) -4 (-25%) H1 2024 H1 2025 H1 2026 232 260 296 +29 (+12%) +35 (+13%) H1 2024 H1 2025 H1 2026 251 294 352 +43 (+17%) +58 (+20%) PROJECTS PRODUCTS CABLES STEEL PIPES 01 Revenue exceeds €1.1bn Revenue per major product line Amounts in EUR million
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HY 2026 Financial Results 7 H1 2024 H1 2025 H1 2026 26.8% 40.6% 5.9% 26.7% Greece Europe Americas Rest of the world 812 68.5% 7.4% 6.8% 17.3% Greece Europe Americas Rest of the world 1,022 17.2% 62.3% 6.8% 13.7% Greece Europe Americas Rest of the world 1,153 01 Geographical dispersion of sales Revenue per country / region Amounts in EUR million
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ΕΒITDA (%) as percentage of revenue Adjusted EBITDA (%) as percentage of revenueTurnover Amounts in EUR million 812 1,022 1,153 H1 2024 H1 2025 H1 2026 +26% +13% 119 171 216 H1 2024 H1 2025 H1 2026 +43% +26% HY 2026 Financial Results 121 171 223 H1 2024 H1 2025 H1 2026 +41% +30% 14.7% 16.7% 18.7% 14.9% 16.8% 19.3% 01 Project mix and execution drive margin expansion 8
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HY 2026 Financial Results 123.5 177.052.3 2.6 7.4 Profit before tax H1 2025 Cables gross profit Steel Pipes gross profit SG&A Net finance expenses Other Profit before tax H1 2026 -7.6 -1.2 01 From operations to earnings Amounts in EUR million 9
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01 PBT at EUR 177m / Net profit of EUR 138m HY 2026 Financial Results Profit before tax 73 124 177 H1 2024 H1 2025 H1 2026 +51 (+70%) +53 (+43%) Profits after tax 56 95 138 H1 2024 H1 2025 H1 2026 +39 (+69%) +43 (+45%) Amounts in EUR million 10
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11 01 HY 2026 Financial Results Backlog leads investment HY 2026 Financial Results
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02 Record-high order backlog HY 2026 Financial Results Dec 2023 €3.2bn Jun 2026 € 3.9bn Dec 2024 €3.5bn Dec 2025 €3.4bn Potential for further increase by the end of 2026 4 ISLAND INTERCONNECTIONS (GR) 150kV subsea & land cables BC-WIND OWF (PL) 66kV inter-array submarine cables ALLIANDER N.V. (NL) ΜV & LV power cables framework agreement NEW AWARDS H1 2026 12
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Cables backlog €3.4bn ~87% of total Steel pipes backlog € 0.5bn ~13% of total HY 2026 Financial Results REGIONS APPLICATIONS 39% 58% Greece Europe 2% Americas 1% Rest of world 40% 57% Europe Americas 3% Rest of world 28% 8% 36% 28% Hydrogen CCS Oil Gas fuel 15% 64% 21% Wind offshore Interconnections Other 02 Record-high order backlog 13
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HY 2026 Financial Results 02 Strategic capex focused on future growth Cables Steel pipes Strategic rationale 49 (36%) Maryland, USA 56 (41%) Thiva & Eleonas, Greece 30 (22%) Corinth, Greece 3 (2%) Bucharest, Romania Amounts in EUR million 17 (61%) Hartlepool, UK 11 (39%) Thisvi, Greece Maryland, US Local US base for land cables Hartlepool, UK Additional LSAW capacity and UK proximity Greek plants Completion and optimization of capacity additions Capex supports next growth phase €137m € 28m 14
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HY 2026 Financial Results Net Debt / EBITDA* Working CapitalNet debt 343 204 433 JUN 2025 DEC 2025 JUN 2026 -139 +229 151 -19 164 JUN 2025 DEC 2025 JUN 2026 1.1x DEC 25 JUN 25 0.6x 2.0x JUN 26 CAPEX 259 263 165 FY 2024 FY 2025 H1 2026 *Last 12 months EBITDA Amounts in EUR million 02 Manageable leverage during strategic capex cycle 15
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HY 2026 Financial Results Earnings per share (€ / share) 0.30 0.45 0.65 H1 2024 H1 2025 H1 2026 +51% +45% Share price* evolution (€ / share) 22.84 15.00 Dec 2025 Aug 2026 *ATHEX closing prices a-ROCE* *Adjusted Return on Capital Employed (a-RoCE): Last 12 months Adjusted EBIT (a-EBIT) / Average last five quarters of capital employed Capital employed: Group equity plus net debt 26.3% 28.4% FY 2024 FY 2025 HY 2026 27.8% 02 Attractive returns 16
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Segmental performance and outlook HY 2026 Financial Results
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HY 2026 Financial Results Amounts in EUR million 560 742 842 H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 79 (14.2%) 121 (16.3%) 164 (19.5%) +52% +36% 47 88 133 H1 2024 H1 2025 H1 2026 135 -56 111 JUN 2025 DEC 2025 JUN 2026 491 320 472 JUN 2025 DEC 2025 JUN 2026 03 Cables: Higher activity and stronger margins Turnover Adjusted EBITDA (%) as percentage of revenue Earnings Before Taxes Working Capital Net Debt Expanded capacity and project execution supported a 36% increase in adjusted EBITDA 18
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HY 2026 Financial Results 252 280 312 H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 41 (16.1%) 51 (18.2%) 52 (16.6%) +25% +2% 26 40 41 H1 2024 H1 2025 H1 2026 17 36 70 JUN 2025 DEC 2025 JUN 2026 15 10 59 JUN 2025 DEC 2025 JUN 2026 03 Steel pipes: Solid profitability with diversified project portfolio Turnover Adjusted EBITDA (%) as percentage of revenue Earnings Before Taxes Working Capital Net Debt Amounts in EUR million Revenue rose 11% y-o-y; margins remain strong despite a different project mix 19
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Profitability themes Tier 1 focus LSAW projects UK market Hartlepool offers us a “ closed to everyone else market” Backlog supports next 15 months Demand backed by NG infrastructure CCS opportunities H2 in Europe Disciplined project selection Growth themes HVDC / Subsea transmission Data centers & Digitalization Grid modernization Profitability follows growth Data centers are no longer only an electricity story US plant remains core priority Backlog supports visibility well through 2030 Grid = very strong demand Vs. Transmission = high quality earnings Cables segment Steel pipes segment HY 2026 Financial Results 03 Outlook 20
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Updated guidance HY 2026 Financial Results
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2025 272 348 2026E Amounts in EUR million +12% / +21% HY 2026 Financial Results 390 - 420 22 04 FY2026 guidance Assumptions Execution Smooth execution of projects scheduled in both segments Key raw materials No material deterioration in availability or cost of key inputs Demand Continued healthy demand for cable products External risks Limited financial impact from geopolitical, tariff, FX or supply-chain disruption Previous range: €370 – 400m
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23HY 2026 Financial Results Interim report for the six-month period ended 30 June 2026 16 September 2026 Q3 2026 trading update 19 November 2026 Q3 2026 trading update - Conference Call 20 November 2026 Financial results FY 2026 – Press release 3 March 2027 Financial results FY 2026 – Conference Call 4 March 2027 Financial Calendar Ordinary General Meeting 2027 25 May 2027
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Thank you HY 2026 Financial Results
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Appendix HY 2026 Financial Results
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26 For the six months ended 30 June Amounts in € thousand 2026 2025 Revenue 1,153,200 1,022,220 Cost of sales (913,212) (837,121) Gross profit 239,988 185,099 Other income 1,954 2,412 Selling and distribution expenses (10,897) (8,649) Administrative expenses (31,182) (25,845) Impairment loss on receivables & contract assets (204) (65) Other expenses (1,427) (1,587) Operating profit 198,232 151,366 Finance income 4,965 3,685 Finance costs (26,905) (32,985) Net finance costs (21,940) (29,300) Share of profit of associates 713 1,484 Profit before tax 177,006 123,550 Income tax expense (39,195) (28,294) Profit for the period 137,811 95,256 Profit attributable to: Owners of the Company 137,810 95,255 Non-controlling interests 1 1 137,811 95,256 Amounts in EUR thousand Cables Steel Pipes Other activities Cenergy Holdings H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Revenue 841,692 742,442 311,508 279,779 - - 1,153,200 1,022,220 Gross profit 183,540 131,214 56,449 53,884 - - 239,988 185,099 Operating profit / (loss) 154,121 108,185 45,692 44,904 (1,581) (1,722) 198,232 151,366 Finance income 1,217 573 583 302 3,166 2,809 4,965 3,685 Finance costs (22,049) (20,914) (4,846) (5,311) (10) (6,760) (26,905) (32,985) Share of profit / (loss) of associates - - (321) 295 1,034 1,190 713 1,484 Profit / (Loss) before tax 133,288 87,844 41,108 40,189 2,609 (4,483) 177,006 123,550 Income tax (29,407) (20,716) (9,787) (7,578) - - (39,195) (28,294) Profit / (Loss) for the period 103,881 67,128 31,321 32,611 2,609 (4,483) 137,811 95,256 Segmental information HY 2026 Financial Results Consolidated Statement of Profit & Loss H1 2026
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27 Amounts in € thousand 30 Jun 2026 31 Dec 2025 ASSETS Property, plant and equipment 1,197,086 1,052,333 Right of use assets 12,912 12,339 Intangible assets 55,806 55,017 Investment property 155 155 Equity - accounted investees 36,101 36,109 Other Investments 5,002 5,483 Derivatives 394 429 Trade and other receivables 666 603 Deferred tax assets 3,907 11,530 Non-current assets 1,312,031 1,173,997 Inventories 744,182 565,468 Trade and other receivables 231,463 137,830 Contract assets 313,719 262,596 Contract costs 16 28 Income tax receivables 10,876 10,914 Derivatives 3,296 29,246 Cash and cash equivalents 282,484 442,508 Current assets 1,586,036 1,448,591 Total assets 2,898,067 2,622,588 Amounts in € thousand 30 Jun 2026 31 Dec 2025 EQUITY Share capital 131,669 131,669 Share premium 232,059 232,059 Treasury shares (386) (680) Reserves 45,085 46,407 Retained earnings 543,777 472,818 Equity attributable to owners of the Company 952,204 882,272 Non-controlling interests 8 9 Total equity 952,211 882,281 LIABILITIES Loans and borrowings 205,991 196,372 Lease liabilities 9,003 8,935 Employee benefits 5,153 4,749 Grants 13,066 13,809 Trade and other payables 54 56 Deferred tax liabilities 71,073 76,031 Non-current liabilities 304,340 299,951 Loans and borrowings 495,970 437,264 Lease liabilities 4,235 3,790 Trade and other payables 863,148 741,824 Provisions - 16,953 Contract liabilities 222,711 208,018 Current tax liabilities 50,371 28,975 Derivatives 5,080 3,532 Current liabilities 1,641,516 1,440,356 Total lia bilities 1,945,856 1,740,307 Total equity and liabilities 2,898,067 2,622,588 HY 2026 Financial Results Consolidated Statement of Financial Position H1 2026
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28 The information contained in this corporate presentation (CP) has been prepared by Cenergy Holdings (the Company). It is based on historical financial data and other information already publicly disclosed by the Company. It also includes information from other sources and third parties. This information has not been independently verified and it will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this CP is, or shall be relied upon as, a promise or representation. None of the Company nor any of its shareholders, affiliates, nor their respective employees, officers, directors, advisers, representatives or agents shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation is not a part to any contract, agreement or obligation and cannot be used or construed as such. The information and opinions in this CP are provided as at the date hereof and subject to change without notice. It is not the intention of the Company to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This CP contains, inter alia, financial information regarding certain aspects of the business of the Company. Such information may not have been audited, reviewed or verified by any independent auditing firm . The inclusion of such information in the CP should not be regarded as a representation or warranty by the Company, its shareholders, affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. This presentation includes non-IFRS financial measures and other metrics which have not been and may not be subject to a financial audit for any period. Certain information in this presentation is based solely on management accounts and estimates of the Company. Certain financial and statistical information in this presentation has been subject to rounding off adjustments Forward Looking Statements Certain statements in the CP are forward-looking. Such information is given only as of this date and the Company is under no obligation to provide any update. By their nature, forward looking statements involve a number of risks, uncertainties, assumptions and other factors that are outside the control of the Company and could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements with respect to the operational and financial results of the Company, its economic condition, its liquidity, performance, prospects and opportunities. Such risks include: • Competition; • Legislative and regulatory developments; • Global macroeconomic and political trends; • Fluctuations in financial markets conditions; • Delay or Inability in obtaining approvals from authorities; • Technical developments; • Litigation; and • Adverse publicity and news coverage. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Based on the above, no assurance can be given that we will be able to reach our targets or that our financial condition or results of operations will not be materially different from such information. In addition, even if our results of operations, including our financial condition and liquidity and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. Any industry and market data and relevant forecasts included in this presentation are included for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES ISSUED BY THE COMPANY NOR SHALL IT OR ANY PART OF IT FORMS THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SECURITIES ISSUED BY THE COMPANY. By reading or attending this presentation you agree upon complying with the aforementioned conditions and limitations. HY 2026 Financial Results Disclaimer