Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — Tecnicas Reunidas Sa Ord — FY 2024 Earnings Presentation
24 slides from Tecnicas Reunidas Sa's earnings presentation, Feb 28, 2025
Slide 1: FY 2024 Results
FY 2024 Results February 28th, 2025 Juan Lladó – Executive Chairman Eduardo San Miguel - CEO
Slide 2: Index
INDEX 1| 2024 Highlights 2| 2025 Guidance & Highlights 3| Recent Business Milestones 4| Operations performance 5| Financial results 6| Final remarks
Slide 3: 2024 Highlights
INDEX 1| 2024 Highlights 2| 2025 Guidance & Highlights 3| Recent Business Milestones 4| Operations performance 5| Financial results 6| Final remarks
Slide 4: 2024 Results Highlights
Order Intake EUR 4.8 billion 2024 results Backlog EUR 12.5 billion highlights Sales EUR 4.5 billion Guidance fulfilled EBIT EUR 181 million Net Cash EUR 394 million 4
Slide 5: 2025 Guidance & Highlights
INDEX 1| 2024 Highlights 2| 2025 Guidance & Highlights 3| Recent Business Milestones 4| Operations performance 5| Financial results 6| Final remarks
Slide 6: 2025 Guidance & Highlights
2025 Revenues >5,200 M€ Guidance EBIT margin ~4.5% 2025 Vaca Muerta award worth 420 M€ Highlights Selected for a project in UAE for 3.3 B€ 6
Slide 7: TR's ambition towards 2026
Revenues upgraded to >5,500 M€ TR’s ambition EBIT margin >5% towards 2026 Back to dividend policy with 2026 results 7
Slide 8: Recent Business Milestones
INDEX 1| 2024 Highlights 2| 2025 Guidance & Highlights 3| Recent Business Milestones 4| Operations performance 5| Financial results 6| Final remarks
Slide 9: Recent Business Milestones
Recent Business Milestones Hassi Messaoud Power projects Vaca Muerta Project relaunch signed 3 combined cycle EPmCm for YPF for the with Sonatrach projects in Middle East Vaca Muerta project 2.1 B€ 2.3 B€ 420 M€ (already in backlog) (2024 order intake) (2025 order intake) 9
Slide 10: Hassi Messaoud
| Hassi Messaoud • Relaunch of Hassi Messaoud Project has been agreed and signed with Sonatrach – awarded in 2019 and suspended after Covid outbreak • Sinopec becomes TR´s partner for the project • New price, scope, schedule and contract conditions agreed: 4.1 B€ total contract value • Key developme
Slide 11: Power projects in Middle East
| Power projects in Middle East • 3 combined cycle projects in Middle East • 7.3 GW of total installed capacity in 3 projects & undisclosed client • Key development for the country 2.3 B€* (2024 order intake) • LNTP already signed & Full NTP expected in Q1 2025 11 * TR’s stake in the project
Slide 12: Vaca Muerta
| Vaca Muerta • EPmCm + procurement package for YPF for the Vaca Muerta project • Strategic project for Argentina (largest oil project in the country) 420 M€ (2025 order intake) • Second project awarded after Covid 12
Slide 13: Operations performance
INDEX 1| 2024 Highlights 2| 2025 Guidance & Highlights 3| Recent Business Milestones 4| Operations performance 5| Financial results 6| Final remarks
Slide 14: Operations performance: Ethane Cracker modules
Operations performance | • First two modules' shipments, corresponding to the Ethane Cracker racks, successfully completed • Modules constructed in Abu Dhabi (UAE) and shipped to Antwerp (Belgium) in November 2024 • TR’s contract included 100% project services • Largest petrochemical investment made
Slide 15: Operations performance: Singapore resid upgrade
Operations performance | • Resid upgrade project in Singapore to convert fuel oil and other products into higher-value lube base stocks and distillates • Mechanical completion expected in Q1 2025 • Supporting ongoing commissioning activities • More than 30 Million safe man-hours 15
Slide 16: Operations performance: Talara refinery
Operations performance | • Modernization of the Talara refinery, one of the largest investments of its kind in Latin America • High quality diesel and gasoline fuels production aligned with stringent environmental requirements • 100% milestones for plant start-up achieved 16
Slide 17: Operations performance: PTA plant in Turkey
Operations performance | • EPCm services awarded in 2021 for a new PTA production plant in Turkey • Most units already in operation • Two final units' delivery expected during 2025 • First step in SASA’s ambitious investment plan in petrochemicals 17
Slide 18: TR in the US
| TR in the US 1. Focus on conventional energy • Over 20 B USD of 2. Significant growth opportunities in: pipeline opportunities in • LNG North America • Petrochemicals • Upstream O&G • Gas based Power Generation 3. On Energy Transition, European Off-Takers and • Services contracts Carbon Capture op
Slide 19: Financial results
INDEX 1| 2024 Highlights 2| 2025 Guidance & Highlights 3| Recent Business Milestones 4| Operations performance 5| Financial results 6| Final remarks
Slide 20: P&L
| P&L Sales, B€ >5.2 TR is focused on 4.2 4.1 4.5 profitable sales 2022 2023 2024 2025E growth with sustained EBIT, M€ % EBIT margin margin ~4.5% improvement 4.1% 3.8% 0.2% 157 181 9 2022 2023 2024 2025E 20
Slide 21: Balance sheet
| Balance sheet Net cash position, M€ +149% Equity, M€ 348 394 Equity SEPI PPL 158 472 575 175 175 2022 2023 2024 258 175 325 400 83 Gross cash, M€ Gross debt, M€ 2022 2023 2024 +6% -22% 1,034 1,018 960 802 686 624 2022 2023 2024 2022 2023 2024 21
Slide 22: SEPI loan
| SEPI 2025 installment of ordinary loan already paid & In Q3 2025 TR will evaluate early partial repayment of SEPI loans 22
Slide 23: Final remarks
INDEX 1| 2024 Highlights 2| 2025 Guidance & Highlights 3| Recent Business Milestones 4| Operations performance 5| Financial results 6| Final remarks
Slide 24: Final remarks
Final remarks We continue to fulfill our targets defined in our Capital Markets Day in Abu Dhabi SALTA, TR’s medium-term strategy, has started to pay off We face 2025-2028 with optimism We are proud to deliver value to our shareholders
Tecnicas Reunidas Sa Ord — FY 2024 Earnings Presentation on 6ix