I have been waiting for ages for a real setback at $CENER (-0.77%) but it didn't really want to come. Now I'm going to place three tranches, the first today at a fairly high price. But I really want to be invested in this segment.

Many people probably know the $PRY (+0.2%) or $NKT (+0.36%) - Similar to these companies, the Belgian company Cenergy is involved in infrastructure expansion.

- Hellenic Cables (cables):

Production of onshore and offshore power cables as well as fiber optic cables.

Focus: Particularly strong in the area of submarine cables for connecting offshore wind farms and the global expansion of power grids.

Customers here are primarily large grid operators and energy companies:

Northern Europe & North Sea:

Germany (Amprion, TenneT, 50Hertz), Great Britain (SSE),

Denmark (Orsted, Energinet) and Belgium (Elia).

These are mostly offshore wind farms.

USA: This is a rapidly growing market. Cenergy is currently building its own plant in Baltimore (Maryland) to serve projects such as the Dominion Energy wind farm off the US coast.

Southern Europe: Primarily Greece (IPTO / ADMIE) for the interconnection of the Greek islands.

- Corinth Pipeworks (steel pipes):

What they do: Manufacture high-quality steel pipes for energy transportation.

Focus: Pipelines for natural gas, oil and increasingly also for the transportation of hydrogen as well as for CO2 capture and storage projects (CCS).

Here, customers come from the gas, oil and hydrogen infrastructure sector:

USA & America: large US energy companies such as Chevron (Gulf of Mexico) and ExxonMobil (projects in Guyana).

We are also active in South America (e.g. Argentina for Vaca Muerta).

Europe: Important European transmission system operators such as Snam (Italy), Gasunie (Netherlands/Germany) and Enagás (Spain). Many of these orders are for "H2-ready" pipelines (suitable for hydrogen).

Australia & Middle East: Here, the company regularly supplies pipelines for complex onshore and offshore projects.

Cenergy has managed to significantly increase profitability:

Net margin: this has increased from around 1.5% (2022) to an impressive ~7.7% (2024). For the first nine months of 2025, net profit was even up 47% on the previous year, indicating a further margin expansion.

EBITDA margin: Adjusted EBITDA was most recently (9M 2025) around 17%.

The reason for this is the project mix:

Cenergy focuses on highly complex projects (e.g. interconnectors in the deep sea) where there is less competition and higher prices.

Economies of scale: Factories are working to capacity (order backlog of €3.3 billion), which reduces fixed costs per unit.

Debt is also very well under control despite the growth expenditure.

I hereby hope that the share price will soon grant me my second tranche...

Have fun with your research!