Tecnicas Reunidas (TRE) investor relations material

Executive summary

• H1 2026 sales rose 12% year-over-year to €3,061 million, with net cash at €344 million and net profit stable at €59 million, despite a €45 million provision for Middle East conflict.

• Order intake reached €6 billion YTD, with high visibility to exceed €8 billion by year-end, and backlog hit a record €13.9 billion.

• Major project awards include a €5+ billion offshore oilfield contract with ADNOC and Exxon and a €570 million data center power project in Canada.

• Completed spin-off of TR Power, aiming to double workforce by year-end, with backlog at €2.2 billion and strong project pipeline in the Emirates and Germany.

• Focus on profitability and efficiency, especially in Services and Digitalization, AI & Robotics, with €40 million investment planned for 2026.

Financial highlights

• EBIT for H1 2026 was €104 million (3.4% margin), impacted by a €45 million provision; underlying EBIT grew 24% to €149 million (4.9% margin).

• Net cash position improved to €344 million as of June 2026, up from €332 million a year ago.

• Equity increased to €622 million, the highest in company history.

• EBITDA for H1 2026 was €124 million, down from €140 million in the prior year.

• No dividends declared or paid in the period; share buybacks continued, with treasury shares at 2.74% of capital.

Outlook and guidance

• 2026 sales expected above €6.5 billion, with underlying EBIT margin guided above 5% and underlying EBIT above €325 million.

• Total 2026 order intake expected to exceed €8 billion, with ~€375 million in services.

• Power business outlook upgraded, with potential to reach €2 billion annual revenues, double previous forecasts.

• Medium-term EPC revenue guidance for 2028 will be revised upward from the previous €4.5 billion.

• Margin targets: 10% for EPC, 30% for services; overall margin may decrease as EPC mix grows, but absolute profit will rise.