Tecnicas Reunidas (TRE) Investor Day 2025 Presentation summary

Strategic growth and market positioning

• Services business unit transformed, executing ~50 projects in 2025 and targeting +500 M€ revenues by 2028 with a 30% gross margin.

• Power business unit aims for +1.0 B€ annual revenues by 2028, with CCGT projects expected to comprise ~20% of total revenues, mitigating sector cyclicality.

• Decarbonization and digitalization are core growth drivers, with new digital services lines and key roles in Spain's decarbonization efforts.

• North America is a major focus, with local offices, strategic alliances, and a prioritized pipeline exceeding 30 B$ through 2028.

• Extensive workforce expansion supports global growth, with ~13,500 employees and five engineering hubs worldwide.

Project execution and pipeline

• Flagship projects in 2025 include major decarbonization, hydrogen, and downstream complexes, often in partnership with global leaders.

• Diversified pipeline of +550 projects identified for the next five years, including ~150 mega-projects (>1 B€ each).

• Prioritized pipeline through 2026 valued at ~1.7 B€, with 52% in Europe/LATAM/Africa, 25% in Middle East/APAC, and 23% in North America.

• Early-stage contracts and frame agreements with major industry players secure future EPC opportunities.

• Co-development of projects with strong partners, targeting green/blue ammonia, SAF, and carbon capture, with potential for development fees and EPCs.

Technology, innovation, and digitalization

• Digitalization and AI initiatives drive new revenue streams and project savings, with full deployment of digital use cases by 2028.

• Proprietary heat transfer division (Tecnical) delivers advanced solutions, with ~100 M€ annual revenues and +15 proprietary technologies.

• Over 7,000 heat transfer units installed globally, supporting major clients and technology licensors.

• Decarbonization technology portfolio includes green H2, syngas purification, CCS, and circular economy solutions, with +30 pilot/demo units.

• Heat transfer offering is a key differentiator, reducing project risks and ensuring compliance with safety and environmental standards.