Tecnicas Reunidas (TRE) Q2 2025 earnings summary

Executive summary

• Order intake reached €3.8 billion in H1 2025, with a backlog of €13.1 billion, reflecting strong wins in Argentina, UAE, and the Middle East, and a strategic focus on technology and engineering.

• H1 2025 sales totaled €2,744 million, up 31% year-over-year, with Q2 sales at €1,437 million, a 32% increase year-over-year.

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

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

• Major service awards and FEED contracts include nearly €130 million in the last quarter, with significant projects in fertilizers, clean fuels, digitalization, and a landmark green hydrogen/ammonia project with ACWA Power and Sinopec.

Financial highlights

• Sales increased 32% year-over-year in Q2 2025, reaching €1,437 million.

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

• Net profit for H1 2025 was €59 million, up 40% year-over-year.

• EBITDA for H1 2025 was €139.6 million, up 41% year-over-year.

• Equity including PPL stood at €654.2 million, more than doubling in two years.

Outlook and guidance

• 2025 sales forecast above €5.2 billion, with EBIT margin expected around 4.5%; final guidance to be provided in September or October.

• 2026 targets: sales above €5.5 billion, EBIT margin above 5%, and dividend resumption.

• Project acceleration and ongoing negotiations may lead to updated sales guidance; Investor Day scheduled for October 2, 2025.

• Order intake is expected to remain strong in H2 2025, with no major challenges anticipated 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.