Tecnicas Reunidas (TRE) Q2 2026 earnings summary

Executive summary

• H1 sales rose 12% year over year to €3,060.8m; reported operating profit was €104.2m and net profit €59.1m.

• Underlying EBIT increased 24% to €149m (4.9% margin); reported EBIT was €104m (3.4% margin) after a €45m Middle East conflict provision.

• Backlog reached €13,938m at 30 June, up from €10,553m at December 2025; H1 order intake was €5.9bn.

• Q2 sales were €1,478m and EBIT was €73m, a 5% margin; no Q2 provisions were required.

• Net cash was €343.8m at 30 June, compared with €331.6m at December 2025.

Financial highlights

• Q2 sales reached €1,478m; EBIT was €73m, representing 5% of sales.

• H1 net profit was €59.1m, broadly unchanged year over year; basic and diluted EPS was €0.75 versus €0.74.

• Operating cash flow was €46.5m; cash and cash equivalents were €1,384.8m, up from €1,143.2m at year-end 2025.

• Equity increased to €622m from €564m in 2025.

Outlook and guidance

• 2026 sales guidance is above €6.5bn; underlying EBIT is expected to exceed €325m, with an underlying EBIT margin above 5%.

• 2026 order intake is expected to exceed €8bn, including ~€375m in services awards.

• Power business outlook was upgraded, with potential annual revenue of €2bn; medium-term 2028 EPC revenue guidance is to be revised upward from €4.5bn.

• Services targets include €500m annual revenue and ~30% gross margin by 2028.