Grupo Elecnor improves its profitability and raises its profit by 36% to over 68 million euros in the first half of 2026

Grupo Elecnor has obtained a consolidated net profit of 68.1 million euros in the first half of 2026, 35.7% more than in the same period of the previous year, thus consolidating the growth trend recorded in recent quarters. This evolution indicates a structural improvement in the Group's profitability, driven by the strength of the Services business and the improvement of margins in the Projects segment, favored by the progress towards more advanced execution phases of several projects developed by the Group in Latin America, which allows for the progressive reduction of certain risks associated with their execution.

EBITDA has grown by 28.4% to reach 143.6 million euros, driven mainly by the Projects area, which increased by 44.4% and contributed 78.6 million euros. The Services business also experienced a significant increase of 17.3%, reaching 75.8 million euros. 

Revenue reached 1,997 million euros and remained stable compared to the same period last year. 

The improvement in profitability reflects the Group's positive operational performance and progress towards the objectives of the 2025-2027 Strategic Plan, focused on increasing margins and cash generation.

The executable production backlog for the next 12 months stands at 3,002.5 million euros, 5.6% more than at the end of 2025, of which 56% corresponds to the Services segment and 44% to Projects. In terms of geographical distribution, 67.6% of the backlog corresponds to the international market and 32.4% to the domestic market.

Magnitudes by business segments

Within the current organizational structure, Grupo Elecnor has three business segments, based on the responsibilities assumed by its three General Business Directorates: Services, Concessions and Projects, and Own Projects.

In the Services segment, Grupo Elecnor integrates energy distribution, telecommunications, maintenance, and installation services, essential for generating change and well-being in society. In this business area, Grupo Elecnor achieved an EBITDA of 75.8 million euros (+17.3%) and sales of 1,218.7 million euros (+12.3%). 74.8% of revenue comes from the domestic market and the remaining 25.2% from the international market. The EBITDA margin on sales in the first half of the year stands at 6.2%.

The Projects area comprises the construction, operation, and maintenance of clean energy generation and transmission infrastructure projects worldwide, improving the living conditions of communities and promoting sustainable development. In the first half of 2026, this segment presented an EBITDA of 78.6 million euros (+44.4%) and revenue of 776.6 million euros (-15.1%), with the international market being its fundamental pillar, representing 90.9% of sales, while the domestic market accounts for 9.1%. The EBITDA margin on sales reached 10.1%. 

The improvement in the profitability of this segment is due not only to the natural evolution of ongoing projects but also to disciplined execution, adequate risk management, and progress in one of the Strategic Plan's main objectives: sustainably increasing margins and value creation per project.

Finally, in the Concessions and Own Projects segment, Grupo Elecnor is dedicated to the development and operation of projects focused on long-term stability and profitability through concession contracts and strategic investments in its own projects, strengthening its portfolio of energy transmission and generation infrastructure and boosting the Group's long-term value. This segment is distinguished between Celeo and the group's promotion and investment activity.

Celeo is a company 51% owned and jointly managed with APG, one of the world's largest pension funds, which participates in 7,949 km of electricity transmission lines in Chile, Brazil, and Peru, in operation and under construction, as well as in 345 MW of renewable energy (photovoltaic and solar thermal) in Spain and Brazil. The total operating assets managed by Celeo reached 6,000 million euros at the end of the 2025 financial year. 

In the first half of 2026, Celeo achieved an EBITDA of 113.2 million euros, representing an increase of 7.8% compared to the first half of 2025 (figures at 100%). 

This Concessions and Own Projects area also includes Promotion and Investment activity. In this regard, Grupo Elecnor maintains its strategy of long-term value generation through the promotion and investment in new businesses, selecting geographies and technologies with high added value, and seeking unique and highly profitable projects in both domestic and international markets. This activity involves the identification, analysis, and development of new investment opportunities, the costs of which are recorded in the Group's financial statements as promotion processes advance.

Balance Sheet and Cash Flow

The Group's net cash position with recourse reached 194 million euros at the end of the period, maintaining the cash levels achieved at the end of 2025 after having paid the dividend of 36.2 million euros last June.

During the first six months, the Group's operating cash flow before tax reached 161 million euros compared to 40.5 million euros recorded in the same period of 2025, driven by the good operational performance of the businesses. Net investments for the period amounted to 56.6 million euros, an increase of 54% compared to the same period in 2025.

Grupo Elecnor on the Stock Market

Throughout the first half of the year, Grupo Elecnor's share price has grown by more than 62%, from 24.5 euros per share to 39.8 euros at the end of the period, reflecting the confidence of shareholders and investors in the company's Strategic Plan and reinforcing the group's value proposition.  

The cash generation from the businesses, as well as the financial assets held by the Group, reinforce the commitment to distribute more than 220 million euros in dividends over the three-year period of the 2025-2027 Strategic Plan.

The General Shareholders' Meeting of Grupo Elecnor approved the distribution of a supplementary dividend of 0.417 euros per share from the 2025 results, amounting to a total supplementary dividend of 36.18 million euros. This amount, added to the interim dividend already paid, totals 44.29 million euros allocated to dividends from the 2025 results.