Tecnicas Reunidas (TRE) investor relations material

Executive summary

• Q1 2026 sales rose 21% year-over-year to €1,583 million, driven by strong project execution and robust cash generation despite Middle East disruptions.

• Underlying EBIT increased 36% to €76 million (4.8% margin), but reported EBIT fell to €31 million due to a €45 million provision for Middle East events.

• Net cash position improved to €360 million, with €112 million generated in the quarter and up from €248 million a year earlier.

• Backlog at quarter-end was €9.2 billion, with new service contracts in North America and Europe.

• Maintained confidence in short- and mid-term outlook, supported by a strong commercial pipeline and expected major project awards.

Financial highlights

• Sales reached €1,583 million (+21% year-over-year).

• Underlying EBIT was €76 million (4.8% margin), reported EBIT €31 million (2.0% margin) after €45 million provision.

• Net profit for the quarter was €14.8 million, down 46% year-over-year.

• Net cash position at €360 million; equity at €591 million after SEPI loan repayment.

• Backlog at €9.2 billion, with €88 million in new service contracts.

Outlook and guidance

• 2026 revenue guidance set at over €6.5 billion, with potential to exceed if project acceleration is successful.

• Underlying EBIT expected to exceed €325 million, with a margin above 5%; reported EBIT projected at approximately €280 million.

• Expecting short-term project awards in the Middle East totaling €4–8 billion, with a high probability of €6 billion.

• Confident in maintaining margins and pricing despite regional uncertainties.

• Significant growth opportunities identified in America, Europe, and the Middle East, especially in oil & gas, LNG, and power sectors.