Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — Investor Day (October 2025)
54 slides from Tecnicas Reunidas Sa's investor day presentation, Oct 2, 2025
Slide 1: Técnicas Reunidas 2025 Investor Day
Técnicas Reunidas 2025 Investor Day October 2025
Slide 2: Disclaimer
This document has been prepared by Técnicas Reunidas, S.A. (the “Company”, and together with its subsidiaries, the “Group”) solely for use at the presentation of the Investor Day to be held in Madrid on the 2nd of October 2025. This document contains forward-looking statements of the Company, its Gr
Slide 3: Agenda
Técnicas Reunidas What we have done since last year’s CMD 2025 Investor Financial overview Day Coffee break Deep dives on our growth drivers Transfer to TR’s Immersive Room Técnicas Reunidas’ digitalization journey Closing remarks and Q&A Lunch & Transfer Visit to José Lladó Technological Center and
Slide 4: Gabriela Moreno
North America Gabriela Moreno Decarbonization Services & Power track & Services CEO AI, Stronger local Digitalization presence & Robotics High value Sinopec talent and other alliances 4
Slide 5: We have successfully transformed and consolidated our Services business unit
We have successfully transformed and consolidated the market position of our Services business unit Trusted services partner through our execution- ~50 Services projects driven engineering executed in 2025 for leading clients Europe, LATAM Services growth driven by our strong capabilities & Africa (
Slide 6: Progressing towards +500 M€ Services revenues by 2028
We are progressing towards our ambition of +500 M€ Services revenues by 2028 Today (2025E) Ambition for 2028 ~230 M€ +300 M€ +500 M€ ~30 % revenues total awards revenues gross margin in 2025E in 2025E by 2028 by 2028 6
Slide 7: We are completing the execution of high-quality services projects
We are completing the execution of high-quality services projects Undisclosed client Project ONE Decarbonization Program EPCm pre-FEED, FEED, EPCm Sector Chemicals Decarbonization Award year 2022 2023 Total project ~4 B€ ~3 B€ CAPEX Capacity ~1.5 Mtpa of ethylene +5 Mtpa of green steel Project Next-
Slide 8: We are the new technological partner for our clients
We are the new technological partner for our clients Middle East NOC Digitalization O&M Yanbu Green Hydrogen Cluster Digitalization Services FEED & rollover Sector Digitalization Decarbonization Award year 2025 2025 Total project n.a. ~9 B€ CAPEX Capacity n.a. ~2.4 mtpa (Ammonia) + ~0.4 mtpa (Hydrog
Slide 9: We have been awarded flagship projects during 2025
We have been awarded flagship projects during 2025 Undisclosed client Gasoline Project Consortium with Thyssenkrupp FEED FEED Sector Downstream Chemicals Award year 2025 2025 Total project Confidential ~7 B€ CAPEX Capacity Confidential ~5.4 Mtpa of fertilizers Project Gasoline production complex in
Slide 10: Leading services projects in decarbonization and traditional technologies
We are leading services projects for our clients in decarbonization and traditional technologies Decarbonization technologies Traditional technologies La Robla Green H2 Compression La Rábida Vaca eM-Rhône CCU, H2 & MEOH Stations Biofuels Plant Muerta Decarbonization Decarbonization Decarbonization M
Slide 11: A robust and well-diversified pipeline enables future services growth
Looking ahead, a robust and well-diversified pipeline enables us to capture future services growth Commercial prioritized pipeline value share by geography, % total prioritized pipeline North America Prioritized pipeline through 2026 23% ~1.7 B€ 52% 25% Middle East Europe, LATAM & APAC & Africa We a
Slide 12: We have grown and updated our workforce
We have grown and updated our workforce to serve the increasing services demand Number of employees per country, # professionals Headquarters Global Engineering Excellence Hubs Key local offices Countries with local office ~13,500 employees worldwide ~6,200 professionals in our Spain headquarters &
Slide 13: Services unlock profitable long-term growth with reduced risk
Services Steady progress towards +500 M€ unlock revenues in 2028 profitable long-term New positioning as technological partners for our clients growth with reduced risk Currently executing projects diversified in exposure sectors, geographies and technologies New digitalization services offering for
Slide 14: Jorge Macías
North America Decarbo- nization Jorge Macías Services & Power Power CEO AI, Stronger local Digitalization presence & Robotics High value Sinopec talent and other alliances 14
Slide 15: Gas power market expected to sustain high investment
Gas power market is expected to sustain high levels of investment in the next decade (~110 B$ per year on average) Global gas power investments, B$ APAC Africa ME Europe North America LATAM Avg. annual investment (2026-35): Role as key enabler of ~110 B$ renewables penetration, ensuring supply, grid
Slide 16: Extensive recognition in the CCGT industry with +25 years of EPC experience
We have extensive recognition in the CCGT industry with +25 years of EPC experience in ~20 countries Projects under execution Projects executed +26 GW installed in our history of CCGT capacity +13 GW under execution today of CCGT capacity Power business unit is focused on CCGT projects with strong l
Slide 17: Our capabilities minimize the risk of CCGT projects
Our capabilities allow us to minimize the risk of CCGT projects and also adopt a strategic positioning tailored to each region E Standardized engineering approach Key competitive Our standardized engineering approach reinforces control over advantage: consortium quantities, minimizes cost overruns a
Slide 18: Extending our annual revenue ambition to +1.0 B€
We are extending our annual revenue ambition to +1.0 B€ Power business unit revenues projections, B€ Actual revenues Secured revenues Commercial pipeline We have secured ~70% of revenue 2025-28: ambition for the 2026-2028 period +1.0 B€ We are currently working with leading clients across regions Mi
Slide 19: Pursuing an extensive pipeline aligned with our growth ambition
We are Announced projects (with NTP date 2025-30), # of projects pursuing an extensive pipeline that is ~150 ~80 ~170 aligned with our increased Europe growth North APAC America ~60 ambition ~40 Middle East ~70 Africa Latin America We have identified an extensive and diverse pipeline of +550 project
Slide 20: We aim to expand Power's share within our portfolio
We aim to Share of Power revenues, % of total TR revenues expand Power’s share within our portfolio and elevate its 8% +15% ~20% position as a long-term value driver 2015-24 2025E 2028 (avg.) CCGT projects as ~20% of TR’s revenue enabling us to better mitigate the Oil & Gas sector intrinsic cyclical
Slide 21: Power as a key long-term growth driver with lower risk
We envision our Power business as a key long-term growth driver with a lower risk profile Strong market momentum ~20 countries with 3.2 B€ in backlog +700 dedicated EBIT margin in line with professionals TR company targets Strategic relationship with OEMs Better risk-adjusted profiles 21
Slide 22: Joaquín Pérez de Ayala
North America Joaquín Pérez Decarbo- nization de Ayala Services & Power Head of track AI, Stronger local Digitalization presence & Robotics High value Sinopec talent and other alliances 22
Slide 23: Investment in decarbonization projects will increase
Investment in decarbonization projects will increase in the coming years What we know: Decarbonization investment will gain traction in Decarbonization has come the near future as regulations enter into force to stay and value chains mature Projected global decarbonization investment, B$ Hydrogen CC
Slide 24: Regulatory milestones require 2030 projects to be launched today
The target regulatory milestones are already here, requiring 2030 projects to be launched today 2026 2027 2028 2030 2034 2035 Fertilizers Ammonia IMO1 RFNBO2 IMO1 Chemistry Shipping Chemistry RFNBO2 & IMO1 & Methanol IMO1 Shipping ReFuelEU3 ReFuelEU3 Aviation SAF CORSIA4 ReFuelEU3 ReFuelEU3 Aviation
Slide 25: SAF case study: investments needed to comply with regulation
SAF case study: A number of investments will be needed to comply with the milestones of current regulation… CORSIA1 New SAF and e-SAF infrastructure (EU & UK), • Airplane operators must offset 100% of the increase in carbon emissions in # of plants international flights by 2027 (vs. 2019) Convention
Slide 26: SAF case study: building completely new value chains
SAF case study: …developing projects that will contribute to build completely new value chains Illustrative example: Production of e-SAF (route Methanol-to-Jet) Plants needed Waste & residues Carbon capture Biogenic to product (~250 M€) carbon 21-28 Methanol synthesis (~380 M€) projects Water and El
Slide 27: Our approach to the current and future low-carbon landscape
Focus on value chains that can absorb low-carbon products Our approach prices to manage the current and Key role of offtakers in the feasibility of a project future low- carbon Involvement of stakeholders from the onset of the project landscape Competitive renewable power prices and access to the gr
Slide 28: Supporting leading decarbonization investors with our engineering knowledge
We are already supporting leading decarbonization investors with our engineering knowledge Hydrogen ACWA Yanbu Green Atlas Agro Green fertilizers Fortescue Holmaneset CIP Catalina Dedicated team ammonia Green ammonia Green hydrogen of seasoned experts on low- carbon technologies FEED FEED Competitiv
Slide 29: Co-developing projects with strong fundamentals and solid partners
We are co-developing projects with strong fundamentals and solid partners Product Location FEED year EPC year EPC, M€ Investor Offtaker Green ammonia 2026 2028 800 Green ammonia 2026 2028 800 Blue ammonia 2027 2028 2,000 Blue ammonia 2028 2030 2,000 SAF 2027 2028 600 Blue H2 & ammonia 2026 2027 600
Slide 30: We are ready to capture upcoming investment
We are ready Decarbonization regulations and voluntary commitments have target dates before 2030 in most cases to capture upcoming These needs are going to result in a good number of investment and projects and sizable investments in specific verticals already helping to shape the We have the techni
Slide 31: Eduardo Inda
North America Eduardo Inda Services Decarbonization & Power North America CEO AI, Stronger local Digitalization presence & Robotics High value Sinopec talent and other alliances 31
Slide 32: North America remains a promising growth driver
North America Immediate Other investments remains a promising investment in in “wait-and-see” growth driver for Power & LNG status Técnicas Reunidas +80 B$ of CAPEX in LNG Recent tariff turmoil in the US investments expected in might delay investment 2025-28 within our footprint in approval for some
Slide 33: We have become a local player in North America
We have become a local player in North America Offices Calgary • Offices in Houston, Calgary and Mexico City (~65 total employees) covering US, Canada, Mexico and the Caribbean • Houston office as the hub for business development and project management in North America Local knowledge Regional mar
Slide 34: Strategic alliance with Zachry in the US market
We have signed a strategic alliance with Zachry to jointly pursue and execute opportunities in the US market Scale Capabilities Zachry is the largest direct-hire We complement our capabilities by construction company and the combining both companies’ second largest EPC company in engineering experti
Slide 35: Growing a sustainable and profitable backlog
Our commercial activity is focused on growing a sustainable and profitable backlog LNG 50% of our prioritized pipeline is related to LNG, for which we have taken the initiative of creating a dedicated LNG Knowledge Team Power Fast-growing market with improved project risk profiles, and low availabil
Slide 36: Early positioning in North America helps secure EPC opportunities
Early positioning in the North America market helps secure EPC opportunities Potential conversions Project Development We have been awarded strategic pre-FEED and FEED Our project development team is closely working contracts, setting us up for following project stages with industry leaders to creat
Slide 37: Agenda
Técnicas Reunidas What we have done since last year’s CMD 2025 Investor Financial overview Day Coffee break Deep dives on our growth drivers Transfer to TR’s Immersive Room Técnicas Reunidas’ digitalization journey Closing remarks and Q&A Lunch & Transfer Visit to José Lladó Technological Center and
Slide 38: Benjamín Zizumbo
North America Benjamín Zizumbo Services Decarbonization & Power AI, Head of Digitalization Digitaliza- Stronger local presence tion & Robotics High value Sinopec talent and other alliances 38
Slide 39: AI, digitalization and robotics generating new digital revenues and savings
AI, digitalization Our digital team is led by +150 professionals with extensive engineering and construction experience, and robotics are driving digital transformation “FROM and FOR our generating new projects” digital revenues and driving savings We are already considered as a new technological pa
Slide 40: Our digitalization journey: a new digital services line
Our digitalization journey: A transformation into a new digital services line New services Differentiation in for our clients project execution Productivity Deployment of AI improvement Construction time solutions with agents of key EPC profiles reduction Engineering hours with smart welding machine
Slide 41: Capturing savings in ongoing projects through digital solutions
We are focused on capturing savings in our ongoing projects through the deployment of digital solutions Savings, p.p. 30 85 100 use cases use cases use cases 1.5 We are currently implementing pilot use- cases on selected projects Next year, we will roll-out multiple digital solutions across most of
Slide 42: Agenda
Técnicas Reunidas What we have done since last year’s CMD 2025 Investor Financial overview Day Coffee break Deep dives on our growth drivers Transfer to TR’s Immersive Room Técnicas Reunidas’ digitalization journey Closing remarks and Q&A Lunch & Transfer Visit to José Lladó Technological Center and
Slide 43: Juan Lladó
Juan Lladó Executive Chairman
Slide 44: The best is yet to come
The best is yet to come 44
Slide 45: Juan Lladó and Eduardo San Miguel
Juan Lladó Eduardo San Miguel Executive Chairman CEO
Slide 46: Agenda
Técnicas Reunidas What we have done since last year’s CMD 2025 Investor Financial overview Day Coffee break Deep dives on our growth drivers Transfer to TR’s Immersive Room Técnicas Reunidas’ digitalization journey Closing remarks and Q&A Lunch & Transfer Visit to José Lladó Technological Center and
Slide 47: Elisa Alcolea
Elisa Alcolea Engineering & Technology Director Tecnical
Slide 48: Tecnical is our specialized heat transfer division
Tecnical is our specialized heat transfer division with proprietary technological solutions Heat transfer equipment is used to supply heat and energy to multiple industrial processes, being critical for global ~450 plant performance professionals Tecnical is our specialized division in heat transfer
Slide 49: We design and manufacture advanced heat transfer products
Heat Transfer: We design and manufacture a wide variety of advanced heat transfer products Heat Energy process solutions Environmental Applications Our heat transfer technologies and • Fired heaters • Steam boilers • Flares solutions are widely used in the processes of different industries • Hydroge
Slide 50: Heat Transfer: +7,000 units installed worldwide
Heat Transfer: +7,000 units installed in various applications worldwide Global track record with multiple clients across Heat Recovery Steam Generator Modular H2 Client: Motor Oil Hellas Production Unit geographies… Location: Greece Client: SASA Location: Turkey CRISP Modular Heaters Client: Exxon L
Slide 51: Energy Transition: decarbonization technologies for our clients
Energy Transition: We also develop a variety of decarbonization technologies for our clients Green H2 Syngas purification Green H2 production (alkaline / PEM / SOEC plug-and- Syngas purification systems including PSA / VPSA play electrolyzers) and biofuel Steam Methane Reformers technologies Use cas
Slide 52: Energy Transition: +30 pilot / demo units
Energy Transition: +30 pilot / demo units for different sectors Selection of client references Demo Advanced Purification Unit We work with relevant global Client: Arcelor clients and partners… Location: Spain Direct Air Capture Client: Ucaneo Location: Germany Heat Storage Demo Modular e-methanol p
Slide 53: Tecnical heat transfer offering is a differentiating factor
Tecnical heat Our advanced heat transfer offering is a differentiation value for Técnicas Reunidas transfer offering is a differentiating We design and manufacture our heat transfer factor for Técnicas offering, following vertical business approach that covers all stages of the project lifecycle Reu
Slide 54: Let's explore our technology!
Let’s explore our technology! Heat Transfer Demo Center visit: demo units Advanced Advanced Pyrolysis and cleaning & membrane gasification purification reformer demo unit demo unit demo unit Compact Hydrogen Test bench multifuel purification alkaline steam demo unit electrolyzer methane reformer 54