Strong Revenue Growth and Return to Pre-Sale Profit Levels
Elecnor Group delivered a solid financial performance in 2025, achieving total revenues of EUR 4,387 million. This represents a 15.1% increase compared to 2024 and surpasses the projections set out in the company’s 2025–2027 Strategic Plan. The growth reflects the Group’s operational strength, diversified business model, and consistent execution across its core divisions.
By the end of 2025, the company reported a net profit of EUR 110.7 million, effectively returning to profit levels recorded before the divestment of Enerfín. Before that sale, the Group had achieved a net profit of EUR 110.1 million, making the 2025 result a clear recovery milestone. This achievement underscores the Group’s ability to sustain profitability and reinforce its financial stability following significant structural changes.
Importantly, Elecnor has fulfilled the key financial commitments outlined in its Strategic Plan. The company pledged to exceed EUR 4,000 million in revenue and EUR 100 million in annual net profit, and it has successfully delivered on both targets within the expected timeframe.
Consolidated Organisational Structure Across Three Business Segments
Elecnor has strengthened and consolidated its updated organisational framework, which is structured around three primary business segments: Services, Projects, and Concessions and Propriety Projects. Each segment operates under the leadership of a dedicated Business Division, with clearly defined responsibilities and strategic objectives.
This structure enhances operational focus, improves accountability, and supports long-term value creation. By aligning each division with specific business activities, Elecnor ensures greater efficiency in execution and stronger financial oversight.
Services Segment: Essential Infrastructure and Stable Margins
The Services division encompasses activities related to energy distribution, telecommunications, maintenance, and installation services. These operations are fundamental to supporting modern infrastructure and contributing to social well-being and technological progress.
In 2025, the Services segment delivered EBITDA exceeding EUR 144 million, alongside a net profit of EUR 61.5 million. Turnover reached EUR 2,419 million, highlighting the division’s role as a major revenue contributor within the Group. The operating margin for this segment stood at 6%, reflecting disciplined cost control and consistent demand for essential infrastructure services.
This area remains a cornerstone of Elecnor’s portfolio, offering recurring revenues and operational stability. The division’s performance demonstrates resilience and sustained growth in both domestic and international markets.
Projects Division: Driving Sustainable Infrastructure Development
The Projects division focuses on the construction, operation, and maintenance of clean energy generation and electricity transmission infrastructure worldwide. These activities are central to improving living conditions, promoting energy transition, and advancing sustainable development goals.
During 2025, the Projects segment generated EBITDA of EUR 133 million and net profit of EUR 39.9 million. Total turnover amounted to EUR 1,956 million. The division achieved an operating margin of 6.8%, slightly higher than the Services segment, demonstrating solid project execution and efficiency in managing complex infrastructure initiatives.
The continued expansion of clean energy and transmission infrastructure projects positions Elecnor as a key player in global energy transition efforts. The division’s results confirm its capacity to maintain profitability while delivering large-scale, technically demanding projects across multiple geographies.
Concessions and Propriety Projects: Long-Term Value and Strategic Investments
The Concessions and Propriety Projects segment is designed to secure long-term stability and recurring profitability. It focuses on developing and operating infrastructure assets under concession contracts and making strategic investments in proprietary projects, particularly in energy transmission and renewable generation.
A central component of this segment is Celeo, a company jointly owned and managed with APG, one of the world’s largest pension fund investors. Celeo plays a critical role in strengthening Elecnor’s long-term asset portfolio.
Celeo holds stakes in 7,949 kilometers of electricity transmission lines located in Chile, Brazil, and Peru, covering both operational and under-construction assets. In addition, it manages 345 megawatts of renewable energy capacity, including photovoltaic and thermosolar projects in Spain and Brazil. By the end of the financial year, total assets under management reached approximately EUR 6,000 million.
In 2025, Celeo generated EBITDA of nearly EUR 196 million. However, due to accounting integration criteria, this EBITDA is not consolidated within Elecnor’s reported EBITDA figures. Instead, Celeo contributed EUR 16.1 million to Elecnor’s net profit, representing a 32% increase compared to the previous year’s contribution of EUR 12.2 million.
Beyond Celeo, the Concessions and Propriety Projects segment also includes Promotion and Investment activities. Following the sale of Enerfín, Elecnor has maintained a strategic focus on generating long-term value through selective development and investment in high-value opportunities. The company prioritizes projects in attractive geographic markets and leverages advanced technologies to secure strong returns. This disciplined approach aims to balance growth with profitability and long-term sustainability.
Financial Strength and Cash Generation
Elecnor’s financial position in 2025 further reinforces its operational achievements. The Group generated net cash flow from operating activities before tax of EUR 364 million, marking an 11% increase compared to 2024. This sustained cash generation demonstrates robust operational performance and prudent financial management.
During the year, the company carried out net investments totaling EUR 104.4 million. These investments included the incorporation of new companies into the Group’s scope, supporting strategic expansion and strengthening its market presence.
By the close of 2025, Elecnor reported a cash position of EUR 199 million, up from EUR 187.5 million in the previous year. This improvement reflects careful capital allocation and reinforces the Group’s financial flexibility to pursue future growth opportunities, manage risk, and support ongoing investments.
Overall, Elecnor’s 2025 results highlight a year of recovery, consolidation, and strategic advancement. With revenue growth exceeding forecasts, profit levels restored to pre-divestment performance, and a strengthened financial foundation, the Group is well positioned to execute its 2025–2027 Strategic Plan and continue delivering sustainable value across its diversified infrastructure portfolio.
Source Link: https://www.grupoelecnor.com/
