Declared Dividend • Jun 01
Final dividend of €0.34 announced Shareholders will receive a dividend of €0.34. Ex-date: 8th June 2026 Payment date: 10th June 2026 Dividend yield will be 1.0%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 15x earnings). However, it is covered by cash flows (79% cash payout ratio). The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1,657% to bring the payout ratio under control. EPS is expected to grow by 36% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Tillkännagivande • Apr 23
Elecnor, S.A. to Report Q1, 2026 Results on May 04, 2026 Elecnor, S.A. announced that they will report Q1, 2026 results on May 04, 2026 Tillkännagivande • Apr 14
Elecnor, S.A., Annual General Meeting, May 26, 2026 Elecnor, S.A., Annual General Meeting, May 26, 2026. Location: auditorio edificio fortuny, calle rafael calvo 39a, madrid., Spain New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings have declined by 56% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 357% Earnings have declined by 56% per year over the past 5 years. Tillkännagivande • Feb 10
Elecnor, S.A. to Report Fiscal Year 2025 Results on Feb 26, 2026 Elecnor, S.A. announced that they will report fiscal year 2025 results on Feb 26, 2026 Declared Dividend • Dec 12
First half dividend of €0.077 announced Shareholders will receive a dividend of €0.077. Ex-date: 15th December 2025 Payment date: 17th December 2025 Dividend yield will be 10%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (dividend approximately 10x free cash flows). The dividend has increased by an average of 44% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Tillkännagivande • Oct 28
Elecnor, S.A. to Report Q3, 2025 Results on Nov 03, 2025 Elecnor, S.A. announced that they will report Q3, 2025 results on Nov 03, 2025 Tillkännagivande • Jul 21
Elecnor, S.A. to Report First Half, 2025 Results on Jul 28, 2025 Elecnor, S.A. announced that they will report first half, 2025 results on Jul 28, 2025 Declared Dividend • Jun 07
Dividend of €2.53 announced Shareholders will receive a dividend of €2.53. Ex-date: 9th June 2025 Payment date: 11th June 2025 Dividend yield will be 34%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 40% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Tillkännagivande • Apr 11
Elecnor, S.A., Annual General Meeting, May 27, 2025 Elecnor, S.A., Annual General Meeting, May 27, 2025. Location: auditorio edificio fortuny, calle rafael calvo 39a., madrid Spain Tillkännagivande • Feb 18
Elecnor, S.A. to Report Fiscal Year 2024 Results on Feb 28, 2025 Elecnor, S.A. announced that they will report fiscal year 2024 results on Feb 28, 2025 Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to €14.36, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 12x in the Construction industry in Europe. Total returns to shareholders of 117% over the past three years. Upcoming Dividend • Dec 12
Upcoming dividend of €5.03 per share Eligible shareholders must have bought the stock before 16 December 2024. Payment date: 18 December 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 33%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (4.0%). Declared Dividend • Nov 28
First half dividend of €5.03 announced Shareholders will receive a dividend of €5.03. Ex-date: 16th December 2024 Payment date: 18th December 2024 Dividend yield will be 27%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 12x earnings) nor is it covered by cash flows (322% cash payout ratio). The dividend has increased by an average of 40% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 1,263% to bring the payout ratio under control. However, EPS is expected to decline by 78% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Tillkännagivande • Oct 25
Elecnor, S.A. to Report Q3, 2024 Results on Nov 04, 2024 Elecnor, S.A. announced that they will report Q3, 2024 results on Nov 04, 2024 Tillkännagivande • Aug 08
Indra Sistemas, S.A. (BME:IDR) signed a contract to acquire DEIMOS Space S.L.U. from Elecnor, S.A. (BME:ENO). Indra Sistemas, S.A. (BME:IDR) signed a contract to acquire DEIMOS Space S.L.U. from Elecnor, S.A. (BME:ENO) on August 7, 2024. Indra Sistemas received approval from the shareholders of Indra for Space spin-off and the creation of the Space New company. The transaction is expected to be completed in the last quarter of the year, once the customary regulatory approvals have been obtained. Reported Earnings • Jul 31
First half 2024 earnings released First half 2024 results: Revenue: €1.73b (down 9.1% from 1H 2023). Net income: €19.8m (down 58% from 1H 2023). Profit margin: 1.1% (down from 2.5% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Construction industry in Europe. Tillkännagivande • May 24
Statkraft AS completed the acquisition of Enerfin, S.A. from Elecnor, S.A. (BME:ENO). Statkraft AS agreed to acquire Enerfin, S.A. from Elecnor, S.A. (BME:ENO) on November 17, 2023. The transaction has an estimated enterprise value of €1.8 billion, including equity and debt, subject to customary adjustments at completion. The transaction is dependent on public approvals in the respective countries and is expected to be closed during the first half of 2024. As of January 24, 2024, Elecnor, S.A. shareholders approved the transaction. Mediobanca and Lazard have acted as financial advisors to Elecnor and Alberto Frasquet, Guillermo Uriarte and Henar González of Herbert Smith Freehills has advised it on the legal aspects of the operation. Ernst & Young Abogados, S.L. acted as due diligence provider to both Statkraft AS and Enerfin, S.A.Statkraft AS completed the acquisition of Enerfin, S.A. from Elecnor, S.A. (BME:ENO) on May 23, 2024. Tillkännagivande • Apr 23
Elecnor, S.A. to Report Q1, 2024 Results on Apr 29, 2024 Elecnor, S.A. announced that they will report Q1, 2024 results on Apr 29, 2024 Tillkännagivande • Apr 16
Elecnor, S.A., Annual General Meeting, May 21, 2024 Elecnor, S.A., Annual General Meeting, May 21, 2024, at 12:00 Central European Standard Time. Location: Auditorio Edificio Fortuny, located at Calle Rafael Calvo, número 39 A Madrid Spain Agenda: To consider Examination and approval of the Annual Accounts (Balance Sheet, Income Statement, Statement of Changes in Equity, Statement of Cash Flows and Notes) and of the Directors' Report of the Company and its Consolidated Group corresponding to financial year 2023; to consider Examination and approval of the Non-Financial Information Statement of the Company and its Consolidated Group corresponding to financial year 2023; to consider Examination and approval of the proposed allocation of results corresponding to financial year 2023; to consider Examination and approval of the management carried out by the Company's Board of Directors during financial year 2023; to consider Advisory vote on the Annual Report on Directors' Remuneration for 2023; and to consider other matters. Tillkännagivande • Feb 20
Elecnor, S.A. to Report Fiscal Year 2023 Results on Feb 29, 2024 Elecnor, S.A. announced that they will report fiscal year 2023 results on Feb 29, 2024 Tillkännagivande • Oct 24
Elecnor, S.A. to Report Q3, 2023 Results on Oct 30, 2023 Elecnor, S.A. announced that they will report Q3, 2023 results on Oct 30, 2023 Tillkännagivande • Jul 18
Elecnor, S.A. to Report Q2, 2023 Results on Jul 27, 2023 Elecnor, S.A. announced that they will report Q2, 2023 results on Jul 27, 2023 Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: €1.21 (vs €1.01 in FY 2021) Full year 2022 results: EPS: €1.21 (up from €1.01 in FY 2021). Revenue: €3.65b (up 16% from FY 2021). Net income: €102.8m (up 20% from FY 2021). Profit margin: 2.8% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Buying Opportunity • Sep 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €12.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 7.2%. Revenue is forecast to grow by 5.8% in 2 years. Earnings is forecast to grow by 82% in the next 2 years. Reported Earnings • Jul 28
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €923.1m (up 13% from 2Q 2021). Net income: €18.4m (up 14% from 2Q 2021). Profit margin: 2.0% (in line with 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 9.1% growth forecast for the industry in Germany. Buying Opportunity • Jul 01
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €13.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 8.4%. Revenue is forecast to grow by 8.0% in 2 years. Earnings is forecast to grow by 84% in the next 2 years. Upcoming Dividend • May 23
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 01 June 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (3.6%). Reported Earnings • May 11
First quarter 2022 earnings released First quarter 2022 results: EPS: €0.30. Revenue: €672.6m (up 28% from 1Q 2021). Net income: €25.4m (up 18% from 1Q 2021). Profit margin: 3.8% (down from 4.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 2.9%, compared to a 5.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €3.13b (up 25% from FY 2020). Net income: €85.9m (up 9.7% from FY 2020). Profit margin: 2.7% (down from 3.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Over the next year, revenue is expected to shrink by 11% compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €3.13b (up 25% from FY 2020). Net income: €85.9m (up 9.7% from FY 2020). Profit margin: 2.7% (down from 3.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Over the next year, revenue is expected to shrink by 11% compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Nov 21
Third quarter 2021 earnings released: EPS €0.28 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: €746.8m (up 28% from 3Q 2020). Net income: €23.3m (up 5.4% from 3Q 2020). Profit margin: 3.1% (down from 3.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: €813.7m (up 50% from 2Q 2020). Net income: €16.1m (up 24% from 2Q 2020). Profit margin: 2.0% (down from 2.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 28
Upcoming dividend of €0.22 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 07 July 2021. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (3.2%). In line with average of industry peers (3.3%). Reported Earnings • Mar 04
Full year 2020 earnings released: EPS €0.93 (vs €1.49 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: €2.50b (flat on FY 2019). Net income: €78.3m (down 38% from FY 2019). Profit margin: 3.1% (down from 5.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue beats expectations Revenue exceeded analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 1.7%, compared to a 6.1% growth forecast for the Construction industry in Germany. Is New 90 Day High Low • Feb 25
New 90-day high: €11.05 The company is up 23% from its price of €8.98 on 26 November 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 10.0% over the same period. Is New 90 Day High Low • Jan 30
New 90-day high: €10.75 The company is up 31% from its price of €8.20 on 30 October 2020. The German market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 09
New 90-day high: €10.65 The company is up 30% from its price of €8.22 on 09 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: €10.60 The company is up 25% from its price of €8.50 on 15 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 6.0% over the same period. Upcoming Dividend • Dec 01
Upcoming Dividend of €0.046 Per Share Will be paid on the 9th of December to those who are registered shareholders by the 7th of December. The trailing yield of 3.5% is below the top quartile of German dividend payers (3.7%), and is lower than industry peers (4.2%). Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS €0.26 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: €582.5m (up 22% from 3Q 2019). Net income: €22.1m (up 11% from 3Q 2019). Profit margin: 3.8% (down from 4.2% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 31
New 90-day low: €8.20 The company is down 1.0% from its price of €8.30 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 7.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: €8.24 The company is down 9.0% from its price of €9.02 on 01 July 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 14% over the same period. 
