Tecnicas Reunidas (TRE) Q1 2025 earnings summary

Executive summary

• Backlog reached a record EUR 14.9 billion at end of Q1 2025, driven by EUR 3.7 billion in new orders, including major wins in Argentina (Vaca Muerta) and UAE (Lower Zakum).

• Q1 2025 sales rose 30% year-over-year to EUR 1,307 million, with EBIT of EUR 56 million and EBIT margin improving to 4.3%.

• Net cash position strengthened to EUR 423 million, up from EUR 333 million a year earlier.

• Net profit grew 35% year-over-year to EUR 28 million, reflecting operational gains and financial management.

• The company reaffirmed 2025 guidance and plans to resume dividend policy with 2026 results.

Financial highlights

• Q1 2025 order intake was EUR 3.7 billion, including EUR 420 million from Vaca Muerta and EUR 3.3 billion from Lower Zakum.

• EBITDA reached EUR 65.2 million, up 36% year-over-year; profit before tax was EUR 43.6 million, up 34%.

• Gross cash rose 10% year-over-year to EUR 1,058 million, while gross debt declined 21% to EUR 635 million.

• Total equity (including PPL) rose to EUR 626 million, above pre-pandemic levels.

• Financial expenses increased to EUR -12.8 million, including hyperinflation adjustments and FX impacts.

Outlook and guidance

• 2025 sales guidance reaffirmed at over EUR 5.2 billion, with EBIT margin expected at 4.5%.

• Ambition for 2026: revenues above EUR 5.5 billion and EBIT margin above 5%.

• Commercial pipeline for next 24 months exceeds EUR 66 billion, supporting future growth visibility.

• Plans to resume dividend policy with 2026 results.