Cenergy Holdings

What Cenergy Holdings does

Cenergy Holdings S.A. is a Belgian public holding company (Euronext Brussels and Athens, ticker CENER) controlled by Viohalco S.A. (~66.7% ownership as of June 2026) that invests in industrial businesses serving global energy infrastructure. Founded in 2016, the group operates two principal wholly-owned subsidiaries: Hellenic Cables, one of Europe's largest cable manufacturers producing power, telecommunications, and submarine cables (including HVAC and 525 kV HVDC XLPE systems), and Corinth Pipeworks (Σωληνουργεία Κορίνθου), a global leader in steel pipe manufacturing for natural gas, hydrogen, CO2/CCS, and oil and gas applications, as well as steel hollow sections for construction. Manufacturing footprint spans Corinth, Thiva, Eleonas, and Thisvi in Greece, with a new land-cables plant under construction in Baltimore, MD and an LSAW facility in Hartlepool, UK acquired in 2026. Recent technical milestones include CIGRE TB 852 / IEC 62895 qualification of 525 kV HVDC XLPE cable systems and certifications for hydrogen and CO2 pipeline service.

Cenergy's portfolio is positioned to supply the physical layer of the energy transition: submarine cables for offshore wind farms and island/grid interconnections, and steel pipes for hydrogen backbones, CCS pipelines, and offshore oil and gas. The group secured marquee contracts including Hellenic Cables' ~EUR 1.15 billion Lot A of the ADMIE framework for Greek island interconnections, a multi-year Gasunie framework with up to EUR 2.5 billion potential value for hydrogen, natural gas, and CO2 infrastructure in the Netherlands and Germany, and recurring roles in offshore wind (East Anglia TWO, BC-Wind, Dunkerque) and CCS (HyNet, NEP CCS Teesside). A digital transformation programme (2026-2030) overlays Smart Manufacturing/IIoT, a Data Lakehouse, SAP S/4HANA, and AI assistants for tender processing onto the manufacturing base.

Commercially, Cenergy operates exclusively through B2B project-based contracts, competing in competitive tenders and forming EPCI consortiums with specialized installation partners (DEME Offshore, Asso.subsea, Seaway7, Jan De Nul). Revenue is recognized under hardware sales and EPCI project delivery, with an order backlog of approximately EUR 3.3 billion providing multi-year visibility. Reported revenue grew from $1,426M (2022) to $2,060M (2025); H1 2026 revenue reached EUR 1.15B with H1 adjusted EBITDA of EUR 216M (33% YoY) and FY 2026 EBITDA guidance of EUR 370-400M.

Name

Cenergy Holdings

Legal name

Cenergy Holdings S.A.

Website

http://www.cenergyholdings.com/

Company type

Public

Founded year

1949

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cenergy Holdings is a Belgian-listed industrial holding company (Viohalco-controlled) operating Hellenic Cables and Corinth Pipeworks to manufacture submarine and land power cables and steel pipes for energy transmission, offshore wind, hydrogen, and CCS infrastructure projects across Europe and globally.

Ownership category

akta.pro rank

Product category

Energy Infrastructure (Cables & Steel Pipes)

NAICS

Electric Bulk Power Transmission and Control (221121), Electric Power Transmission, Control, and Distribution (22112)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Cables, Connectors & Electrical BOS Components Manufacturing (MV/HV, Subsea, Harnesses) (EUAMAHAK)

akta.pro secondary industries

Transmission Interconnection & Line Works (Gen-Tie Lines, Overhead/Underground Lines) (EUAMAFAF), Grid Interconnection & Collector Substation EPC (Utility-Scale Renewables) (EUAEABAK), Renewable Grid Interconnection & Collector Systems (Solar/Wind) (IMAFAHAD)

Keywords

• Submarine power cables
• Steel pipe manufacturing
• Energy infrastructure
• Offshore wind cables
• HVDC transmission systems

Headquarters

HQ city

Bruyelle

HQ country

Belgium

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Cables Manufacturing and Sales: Revenue from manufacturing and supplying power cables, telecommunications cables, and submarine cables for offshore wind farms, grid interconnections, and data transmission. Q1 2026 revenue reached EUR 511 million with 33% YoY growth in adjusted EBITDA.
2. Steel Pipes Manufacturing and Sales: Revenue from manufacturing steel pipes for energy sector applications including natural gas pipelines, CCS infrastructure, hydrogen transportation, and offshore oil and gas. Includes construction steel hollow sections.
3. EPCI (Engineering, Procurement, Construction, Installation) Projects: Full project delivery including design, engineering, manufacturing, testing, and supply/installation of cable systems for island interconnections and offshore wind farms. The ADMIE Lot A framework agreement is valued at approximately EUR 1.15 billion.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Cenergy Holdings manufactures and sells submarine and land power cables (including 525 kV HVDC XLPE, HVAC, and offshore wind cable systems) and steel pipes (LSAW and HFW) through its Hellenic Cables and Corinth Pipeworks subsidiaries. Its products are designed to connect power generation to end users, support offshore wind inter-array and export connections, and transport hydrocarbons, hydrogen, and CO2 across energy pipeline infrastructure. The portfolio spans the full electricity value chain — generation, transmission, distribution — with a stated presence in offshore wind, grid interconnections, hydrogen, CCS, and oil & gas.

Product overview

Cenergy Holdings operates as a Belgian holding company with two main segments: Hellenic Cables and Corinth Pipeworks. Hellenic Cables is one of Europe's largest cable manufacturers, producing power cables, telecommunications cables, and submarine cables, including specialized 525 kV HVDC XLPE cable systems. Corinth Pipeworks is a global leader in steel pipe manufacturing for the energy sector, producing LSAW and HFW pipes for natural gas, hydrogen, CCS, and oil & gas applications, as well as steel hollow sections for construction. The portfolio also includes land and offshore wind cable systems, with recent strategic investments in US land cables manufacturing and UK LSAW facilities.

Differentiator

Problem solved

Functional benefit

Brands

• Hellenic Cables: Cables segment of Cenergy Holdings - one of Europe's largest cable manufacturers producing power, telecommunications, and submarine cables.
• Corinth Pipeworks (Σωληνουργεία Κορίνθου)
• Fulgor S.A.

Products and services

• 525 kV HVDC XLPE Cable Systems High-voltage direct current cross-linked polyethylene cable systems rated at 525 kV, used for long-distance submarine and underground power transmission and grid interconnections, sold to TSOs and utility project developers.
• Offshore Wind Cable Systems Submarine inter-array (66 kV) and export (275 kV) cable systems connecting offshore wind farms to onshore substations, supplied to offshore wind project developers and their EPCI contractors.
• Land Power Cables (MV / LV) Medium-voltage and low-voltage land power cables for transmission and distribution networks, supplied to utilities, DSOs, and industrial customers.
• Telecom and Fibre-Optic Cables Telecom copper, aluminium, and fibre-optic cables for telecom networks including FTTx and backbone applications, sold to telecom operators, contractors, and distribution / wholesale buyers.
• LSAW Steel Pipes Longitudinal submerged arc welded steel pipes for large-diameter onshore and offshore pipelines, supplied to oil & gas, hydrogen, and CCS pipeline projects.
• HFW Steel Pipes High-frequency welded steel pipes for pipeline and structural applications, produced for oil & gas and energy infrastructure customers.
• Hydrogen and CCS Pipeline Solutions Pipeline solutions engineered for hydrogen and carbon capture and storage (CCS) applications, supplied to pipeline operators and energy transition project developers.
• Steel Hollow Sections Steel hollow sections for construction and industrial structural applications, sold to construction and industrial buyers.

Quantifiable outcome

• 19.7% EBITDA margin achieved in Q1 2026, a record for the Group
• +2 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature1 record

Partnerships

Eleven partnerships are on record, tiered flagship, minor, core and major.

• ADMIE (IPTO) - Independent Power Transmission OperatorflagshipStrategic or Co-development Partner · 25 June 2026Hellenic Cables awarded Lot A (~EUR 1.15 billion) of ADMIE's framework agreement for electrical interconnections of Greek islands: Thrace-Lemnos, Kos-Rhodes, Lesvos-Lemnos, Lesvos-Chios. Involves ~694 km submarine cables and ~227 km underground cables. EPCI contract covering production starting 2027, completion 2031. Fulgor S.A. (100% subsidiary) also involved.
• BrainReGainminorStrategic or Co-development Partner · 3 June 2026Cenergy Holdings recognized for contribution to Greek talent repatriation at BrainReGain annual conference. Initiative to attract Greeks working abroad back to Greece.
• Gasunie (Netherlands & Germany)flagshipStrategic or Co-development Partner · 16 December 2025Corinth Pipeworks selected as strategic supplier for Gasunie's next-generation energy infrastructure framework. Covers hydrogen, natural gas, CO2 and other energy infrastructure. Framework potential value up to EUR 2.5 billion over 4-year initial term with extension options. Includes Dutch Hydrogen Backbone, Delta Rhine Corridor, and German infrastructure projects.
• IFE (Norwegian Institute for Energy Technology)coreTechnology or Integration · 16 December 2025IFE conducting rigorous CO2 testing program with Corinth Pipeworks to evaluate pipe materials and welds under extreme conditions for CCS applications. Advances CCS pipeline technology development.
• Ocean Winds / DEME Offshore ConsortiummajorStrategic or Co-development Partner · 11 December 2025Hellenic Cables signed EPCI contract with DEME Offshore for BC-Wind offshore wind project in Poland (Ocean Winds development). ~29 km of 275kV submarine export cables. Production in Corinth, completion by 2027.
• Seaway7 / ScottishPower RenewablesmajorStrategic or Co-development Partner · 2 October 2025Hellenic Cables contracted by Seaway7 to supply ~165 km of 66kV inter-array submarine cables for East Anglia TWO offshore wind farm (ScottishPower Renewables). Production 2026, deliveries through H1 2027. Follows EA3 project award.
• Survey Digital Photovoltaics / Sirec Energy / Piraeus BankcoreStrategic or Co-development Partner · 24 September 2025Partnership for 7.1 MW rooftop solar PV system at Corinth Pipeworks' Thisvi plant: Survey Digital (design/construction), Sirec Energy (ESCO financing), Piraeus Bank (financing). 10-year lease with ownership transfer to Corinth Pipeworks.
• Bodossaki FoundationminorStrategic or Co-development Partner · 24 September 2025Cenergy Holdings and ElvalHalcor support the Bodossaki Foundation's 'Experience Science' programme for promoting science education.
• IFE (Norwegian Institute for Energy Technology)coreTechnology or Integration · 16 September 2025Corinth Pipeworks partnered with IFE for advanced CO2 testing of steel pipes and welds for CCS pipeline applications. Testing under extreme conditions for safe CO2 transport.
• Eni (HyNet)majorStrategic or Co-development Partner · 3 June 2025Corinth Pipeworks supplying ~41 km of LSAW steel pipes for HyNet CO2 pipeline in Liverpool Bay, UK. Part of Eni's industrial CCS cluster in North West England and North Wales. Pipes for subsea and onshore CO2 transportation.
• National Grid / Jan De NulmajorStrategic or Co-development Partner · 18 March 2025Hellenic Cables and Jan De Nul signed framework agreement with National Grid for strategic HVDC cable technology interconnections. Enables delivery of advanced submarine HVDC cable systems for major grid projects.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Prysmian Group: World's largest cable manufacturer, including submarine power cables, HVDC systems, and land cables for offshore wind and grid interconnection. Directly competes with Hellenic Cables on submarine/HVDC tenders (e.g., TSO frameworks) and is the global benchmark for the segment.
• Nexans: Major European cable manufacturer producing submarine, underground, and land power cables for offshore wind and grid applications. Directly competes with Hellenic Cables on HVDC interconnector and offshore wind farm cable tenders across Europe.
• NKT A/S: Danish manufacturer specializing in high-voltage and submarine power cables, including HVDC interconnectors and offshore wind export cables. Closest direct peer to Hellenic Cables on HVDC and offshore wind cable projects in Northern Europe.
• LS Cable & System: South Korean cable manufacturer producing HV/EHV power cables, submarine cables, and offshore wind cables. Competes with Hellenic Cables on offshore wind inter-array and export cable tenders, particularly in European markets.
• Tenaris: Global leader in seamless and welded steel pipes for oil & gas, with growing exposure to CCS and hydrogen pipeline applications. Closest direct peer to Corinth Pipeworks on energy-sector steel pipe manufacturing.
• Vallourec: French manufacturer of premium seamless steel pipes for energy applications including oil & gas, hydrogen, and CCS. Directly comparable to Corinth Pipeworks' LSAW and HFW steel pipe portfolio for energy infrastructure.
• TMK: Russian steel pipe manufacturer serving oil & gas, with expanding activity in CCS/hydrogen pipe applications. Comparable to Corinth Pipeworks on welded and seamless steel pipes for energy transmission.

Broad incumbents

• Sumitomo Electric Industries: Japanese conglomerate with a significant power cable business including HVDC submarine cables. Competes with Hellenic Cables on large HVDC projects globally, though cables are part of a much broader industrial portfolio.
• Furukawa Electric: Japanese diversified manufacturer with power cable operations including submarine HV cables. Overlaps with Hellenic Cables in submarine power cables, though Furukawa's business spans broader communications and electronics.
• Salzgitter AG / Mannesmann: German steel and tubes group producing large-diameter line pipes for oil & gas transmission. Comparable to Corinth Pipeworks on line pipe manufacturing, though operating as part of a broader European steel producer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC6RexZxPcXFIcQ39YQ1n2aA
• LinkedIngr.linkedin.com/company/cenergy-holdings

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cenergy Holdings