Tecnicas Reunidas (TRE) Q4 2024 earnings summary

Executive summary

• 2024 sales rose 8% year-over-year to EUR 4.5 billion, with Q4 sales up 39% versus Q4 2023 and order intake of EUR 4.8 billion; backlog reached EUR 12.5 billion.

• EBIT increased 16% to EUR 181 million, with a margin of 4.1%; net cash position improved to EUR 394 million.

• Major project wins included Hassi Messaoud (Algeria), Vaca Muerta (Argentina), and combined cycle power projects in Saudi Arabia and the Middle East.

• Strategic focus on energy transition and decarbonization, with EUR 320 million in low-carbon technology contracts awarded since 2023.

• 2024 marked the first step in a multi-year growth strategy, with optimism for continued delivery and value creation.

Financial highlights

• 2024 sales grew 8% year-over-year to EUR 4.5 billion, with Q4 sales at EUR 1.2 billion.

• EBIT for 2024 was EUR 181 million, up 16% from 2023, with a margin of 4.1%.

• Net cash increased to EUR 394 million, and gross debt was reduced to EUR 624 million.

• Equity strengthened to EUR 575 million, returning to pre-COVID levels.

• Net profit surged 50% to EUR 89 million, with a net profit margin of 2.0%.

Outlook and guidance

• 2025 revenue guidance is above EUR 5.2 billion, with an EBIT margin target close to 4.5%.

• 2026 ambitions include revenues of EUR 5.5 billion and EBIT margin above 5%, with a return to dividend payments.

• Strong commercial momentum and selective project intake expected to continue.