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Tecnicas Reunidas (TRE) investor relations material
Tecnicas Reunidas Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Nine-month 2025 results show strong growth, with sales up 43% year-over-year and strategic transformation advancing, including the Services unit reaching half its 2028 target and Power business tripling its ambition to over €1 billion annually.
Backlog at September 2025 was €11.5 billion, with €3.8 billion in new orders, including major wins in Argentina (Vaca Muerta, €420 million) and UAE (Lower Zakum, €3.3 billion).
Strategic alliances and engineering agreements in North America and decarbonization initiatives, including a hydrogen corridor between KSA and Europe, are advancing.
AI, digitalization, and robotics initiatives are expected to deliver 1.5 percentage points in savings by 2028, with digitalization evolving into a new revenue stream.
Optimism for 2026 and 2027 is higher than in previous quarters, supported by robust client demand and successful repositioning.
Financial highlights
9M 2025 sales reached €4,596 million, up 43% year-over-year, with Q3 sales up 29% sequentially; Q3 2025 sales were €1,437M, up 65% from Q3 2024.
EBIT for 9M 2025 was €205 million (+56% YoY), margin 4.4%; Q3 EBIT was €84 million (4.5% margin), up 78% YoY.
Net profit for 9M 2025 was €108 million, up 66% year-over-year.
Net cash position at September 2025 was €427 million, with equity at €698 million.
EBITDA for 9M 2025 was €232 million, up 49% year-over-year.
Outlook and guidance
2025 revenue guidance raised to above €6.25 billion with a 4.5% margin, targeting EBIT of around €280 million.
2026 revenue expected to exceed €6.5 billion with EBIT above €325 million and margins above 5%.
Shareholder remuneration policy to resume in 2026 after early SEPI loan repayment.
Acceleration in project execution and client demand may result in Q4 revenues similar to Q3.
Upgraded financial guidance for 2025 and 2026.
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