Elecnor reported mixed 9M FY22 results with a beat on revenue but a miss on profitability. While revenue and net income grew 21% and 16% yoy, respectively, the net margin fell by 10bp to 2.8%. The order backlog of €2.4bn was slightly down from €2.5bn a year ago, but flat vs H1 FY22. The management reiterated the FY22 outlook of a business performance exceeding last year’s levels. We maintain our cautious stance on the stock.
