Tecnicas Reunidas (TRE) Q2 2025 earnings summary

Executive summary

• Order intake for H1 2025 reached €3.8 billion, with a backlog of €13.1 billion, reflecting strong wins in Argentina, UAE, and the Middle East, and a robust pipeline of €72.3 billion for the next three years.

• H1 2025 sales rose over 30% year-over-year to €2,744 million, with Q2 sales up 32% year-over-year and 10% sequentially.

• EBIT for H1 2025 was €120 million (4.4% margin), up 43% year-over-year, with Q2 EBIT at a record €64 million.

• Net profit reached €59 million, a 41% increase versus H1 2024.

• Net cash position at end-June 2025 was €422 million, up 33% year-over-year, supporting growth and operational flexibility.

Financial highlights

• EBITDA for H1 2025 was €139.6 million, up from €99.2 million in H1 2024.

• EBIT margin improved to 4.4% for H1 2025, with Q2 margin at 4.5%.

• Earnings per share increased to €0.74 from €0.54 in H1 2024.

• Equity including PPL stood at €654.2 million, surpassing pre-COVID levels.

• Cash and cash equivalents were €1,117.6 million, with borrowings (excluding participating loans) at €695.9 million.

Outlook and guidance

• 2025 sales forecast above €5.2 billion, with EBIT margin expected around 4.5%; 2026 targets include sales above €5.5 billion and EBIT margin above 5%.

• Order intake is expected to remain strong in H2 2025, with no major challenges in replacing sales with new awards.

• Dividend payments are planned against 2026 results, with SEPI loan repayment expected before year-end, subject to strategic considerations.

• Project acceleration and ongoing negotiations may lead to updated sales guidance in Q3 2025.

• Investor Day scheduled for October 2, 2025, to provide updates on the SALTA program.