Tecnicas Reunidas (TRE) Q4 2025 earnings summary

Executive summary

• 2025 marked a significant inflection point with record financial results, strategic transformation, and early SEPI loan repayment, enabling resumption of shareholder remuneration.

• Strengthened positioning in the Middle East and North America, with major project wins, partnerships, and leadership in Power and engineering services.

• Advanced digitalization and robotics initiatives, with planned annual investments and targeted cost efficiencies.

• Backlog at year-end 2025 was €10.6 billion, with €5.1 billion in new orders, including major projects in Argentina, UAE, and Saudi Arabia.

• Strategic transformation included the spin-off of the Power business unit as TR Power to enhance competitiveness.

Financial highlights

• 2025 sales reached €6,466 million, up 45% year-over-year, exceeding guidance; Q4 sales were €1,869.5 million, up 52% from Q4 2024.

• EBIT rose 61% to €291 million, with a 4.5% margin; net profit increased 75% to €156 million.

• EBITDA reached €329.7 million (+54% vs. 2024); profit before tax was €238.3 million (+63% vs. 2024).

• Net cash at year-end was €332 million after SEPI repayment; equity stood at €564 million.

• Backlog: €10.6 billion (down 15% from 2024); order intake: €5.1 billion (+5% year-over-year).

Outlook and guidance

• 2026 guidance: sales to exceed €6.5 billion, EBIT margin above 5% (>€325 million), and net profit near €200 million.

• EPS guidance for 2026 is ~€2.5/share.

• Targeting €7 billion in new awards for 2026, with strong visibility and confidence in achieving this.

• Dividend payout policy to resume with a 30% payout against 2026 results.