Elecnor reported Q1 FY23 results largely in line with our expectations. Revenue grew by 15% yoy, with the strong growth in the Services and Projects business offsetting the softness in the wind energy business (Enerfin); the latter was impacted by lower energy prices in Spain. The order backlog remained broadly stable at €2.5bn vs Q4 FY22. The management confirmed the outlook for 2023 with sales and profit expected to exceed the 2022 levels, underpinned by the execution of the robust order backl ....
