Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — Investor Day (May 2024)
191 slides from Tecnicas Reunidas Sa's investor day presentation, May 23, 2024
Slide 1: Técnicas Reunidas Capital Markets Day | Abu Dhabi 2024
y TECNICAS REUNIDAS CAPITAL MARKETS DAY | ABU DHABI 2024 SATA F track
Slide 2: Disclaimer
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 Capital Markets Day to be held in Abu Dhabi on the 23rd of May 2024. This document contains forward-looking statements of t
Slide 3: Antonio Alonso-Muñoyerro, Head of Investor Relations
Antonio Alonso-Muñoyerro Head of Investor Relations
Slide 4: Welcome to Técnicas Reunidas Capital Markets Day
Welcome to Técnicas Reunidas Capital Markets Day
Slide 5: HE Dr Thani bin Ahmed Al Zeyoudi
HE Dr Thani bin Ahmed Al Zeyoudi Minister of State for Foreign Trade
Slide 6: HE Iñigo de Palacio
HE Iñigo de Palacio Spain Ambassador in UAE
Slide 7: Juan Lladó, Executive Chairman
Juan Lladó Executive Chairman
Slide 8: Our success story in the UAE
Our success story in the UAE All engineering expertise at ADNOC service Flagship projects >11 B$ Major EPCs executed Borouge 2 U&O Aggregated value in projects Major FEEDs executed (Upper ADNOC gas – IGD packages 3 and 4 developed Zakum expansion) ADNOC onshore – Buhasa field dev Support to ADNOC in
Slide 9: Helicopter tour
Helicopter tour Hail field development ~350M$ EPC Mubarraz Island & Adoc Hail Site Terminal Dalma gas development ~1B$ EPC Arzanah Island & Zirku island Airport ADGAS plant ~1B$ EPC DAS Island INEOS ethane cracker Project One >4B$ investment Abu Dhabi 9
Slide 10: Miguel Ángel Torreira, Hail Project Director
Miguel Ángel Torreira Hail Project Director
Slide 11: Hail field development project: selected highlights
Hail field development project Selected highlights 250k engineering 350M$ total Mubarraz Island Recognition hours contract value & ADOC Hail by ADOC of 1,200 resources Site Terminal successful work done (early completion bonus) on-site at peak 28 offshore pipeline kilometers >3 M 25 months of Modula
Slide 12: Project overview
Project overview Client Key metrics Status >50 years 2 trains of 65k Project of operation experience BPD1 of oil processing completed on time (est. 1973) facilities ADOC contributing >3 M manhours to energy supply of Japan and development Increased production of Abu Dhabi from Hail Field on 21k BPD1
Slide 13: Project located in ADOC Hail Site Terminal and Mubarraz island
Project located in ADOC Hail Site Terminal and Mubarraz island ~100km west from Abu Dhabi >100 km from Abu Dhabi Mubarraz island ADOC Hail Site Terminal Abu Dhabi 13
Slide 14: Working area overview
Hail field development project Working area overview ay srunwoas 14,
Slide 15: Hail project has successfully overcome several challenges
Hail project has successfully overcome several challenges Working in New client islands & (ADOC) offshore scope Environmentally protected area Module works in (UNESCO biosphere the Middle East reserve zone) 15
Slide 16: TR successfully onboarded ADOC as a client
1st EPC program done with ADOC till date TR successfully TR taking all technical decision onboarded making ADOC as a client with a successful Several modifications to technical EPC requirements from original scheme engagement Communication gap – EPC language 16
Slide 17: Project surface lies on an environmentally protected area
The project surface lies on an environmentally protected area, limiting actions that can be undertaken No speed Zero spill to boats allowed sea Project Area withing UNESCO biosphere reserve Water turbidity Offshore works monitoring during stopped upon dredging mammals sighting 17
Slide 18: Hail field development project
Hail field development project 18
Slide 19: Dalma gas development project: selected highlights
Dalma gas development project | Onshore EPC package B Selected highlights 3,500 resources 1 B$ total Arzanah Island Core client in on-site at peak contract value challenging location & ME region Zirku island 34 ktons of material delivered 1.4 M engineering hours EPC in 39 months of Modularization co
Slide 20: Project overview
Project overview Client Key metrics Location Status >50 years 340 MMSCFD of >180 km from Abu Dec 2021 – project gas Dhabi island of operation experience start (est. 1970) 4,200 BPD1 of 2 offshore sites ~60% progress: ADNOC condensate • Arzanah island • 94% home office upstream: Supply of ~5% • Zirku
Slide 21: Project key figures
Project key figures 47,000 m3 of concrete… similar to 700 shipping containers of 12 m 6.8 ktons of piping, fittings and valves… similar to the weight of 38 Boeing 747 jet 2,500 km of cables… similar to half distance between Madrid and Abu Dhabi 1.3 m linear inches of piping welding… similar to ~42 t
Slide 22: Dalma project location
Dalma project is located in Zirku and Arzanah island, ~180 km northwest from Abu Dhabi >180 km Zirku island from Abu Dhabi, remote location Arzanah island Abu Dhabi 22
Slide 23: ~60% project progress as of April 2024
~60% project progress as of April 2024 Module yard Arzanah island 12 modules completed ~90% buildings concrete m3 done ~90% of steel structure ~40% of steel structure ~70% of piping ~40% of piping prefabrication prefabrication 23
Slide 24: Project execution presented several challenges
Project execution presented several challenges Increased demand of goods/ resources due to relaunching of business after COVID Changes resulting from the detail engineering development Build new temporary facilities in isolated island ~3,500 pax Worldwide military conflicts concurrent with the proje
Slide 25: Dalma gas development project
Dalma gas development project 25
Slide 26: Jorge García, ADGAS Project Director
Jorge García ADGAS Project Director
Slide 27: ADGAS plant: selected highlights
ADGAS plant | Integrated gas development expansion – Phase II Selected highlights 2,950 resources on-site at peak 1 Bn$ total DAS island contract value challenging location 40 ktons of material delivered 2,450 km of cables 208 km of piping EPC in 54+18 (COVID) Modularization consortium months of pro
Slide 28: Project overview
Project overview Client Key metrics Status ADNOC gas >50 years ~6% supply of UAE´s ~88% overall of operation experience (est. 1970) gas needs physical progress >25% gas export ~99% engineering Supply of 60% of increased capacity of UAE´s gas needs Habshan Hub ~97% procurement ~435 MMSCFD peak capaci
Slide 29: ADGAS project located in Das Island
ADGAS project is located in Das Island, ~160km away from Abu Dhabi Flare system Das Island Power generation Booster >160 km turbine compressor from Abu Dhabi, plant remote location Main process area Abu Dhabi Fire training center 29
Slide 30: ADGAS plant has overcome several challenges
ADGAS plant has successfully overcome several challenges Working in an COVID island Modularization Brownfield scope approach 30
Slide 31: Island and brownfield challenges: accommodation and transportation
Working in an island with brownfield scope present challenges, particularly in accommodation and transportation Accommodation Transportation Facilities limited capacity Manpower and materials Brownfield scope Weather High content H2S gas, special influence (e.g., 20 days w/o daily permits and limita
Slide 32: COVID impact on workflow
COVID has affected the Engineering works affected workflow with disruptions that have impacted time and costs Supply chain disrupted Project cash flow management Project not stopped contractually 32
Slide 33: Modularization approach
Modularization approach has encompassed 2 ktons 40 Max height 40 modules, with max height of 45 m weight Modules 45m 33
Slide 34: Hugo Miguel Izquierdo, INEOS Project Director
Hugo Miguel Izquierdo INEOS Project Director
Slide 35: INEOS ethane cracker Project One
INEOS ethane cracker Project One Selected highlights Project ne >4 Bn$ total Antwerp & Largest European >2.5 M manhours investment Abu Dhabi chemistry investment (Belgium & UAE) for the past 25 years 470 TR resources at peak in Madrid 130 TR resources at peak in Antwerp EPC services 50 months of Meg
Slide 36: INEOS Project One unique and novel elements
INEOS Project One Services execution without presents unique and EPC risk novel elements…. INEOS as new client with TR selected for its 1st greenfield project ….that drives promising Ethane cracker unit, with technology with a future investment potential opportunities ahead for Técnicas Reunidas Meg
Slide 37: INEOS as a relevant client for Técnicas Reunidas
Top 10 petrochemical companies worldwide by sales1 INEOS as a Relevant growth in the past 5 year with M&A activity relevant client for Técnicas Reunidas, TR selected as partner for 1st greenfield project with a clear (past growth based on inorganic growth) leading competitive Partnership with Sinope
Slide 38: Mega modules capabilities as competitive advantage
Mega modules capabilities present a competitive advantage for TR as the largest modules in Europe Drivers / Key benefits Resources availability/ cost Spacing constraints at sites/ safety Higher construction efficiency specialized yards/ time Markets demand in modular approach – USA, Europe & Middle
Slide 39: Evolved modularization strategy in Abu Dhabi
We have evolved our modularization strategy in Abu Dhabi and capabilities to tailor client needs INEOS Dalma project Hail development ADGAS plant field project 2022 2022 2021 2015 Modules 42 40 38 26 Height, m 12 42 35 55 Shipments 12 12 11 9 Weight, Tn 60 625 375 ~10,000 39
Slide 40: Jasim Mohammed Saeed, Group Procurement
Jasim Mohammed Saeed Senior Vice President, Group Procurement
Slide 41: Juan Lladó, Executive Chairman
Juan Lladó Executive Chairman
Slide 42: Our success story with ADNOC
Our success story with ADNOC >12 B$ of ~20 years of projects delivered collaboration Borouge 2 ADNOC SourShah, ADNOC Onshore, ADNOC Gas, U&O award Gathering center Buhasa development Dalma gas development (1.2B$) (450 M$) (1.5 B$) ADNOC gas, (850 M$) IGD E2 (950 M$) 2007 2012 2017 2021 2009 2014 201
Slide 43: Eduardo San Miguel, CEO
Eduardo San Miguel CEO
Slide 44: Técnicas Reunidas Capital Markets Day
Técnicas Reunidas Starting point - What have we done over last 3 years Capital Markets Market dynamics and opportunities ahead Day Introducing SALTA: Our current strategy Deep dives on strategic levers Financial overview Q&A 44
Slide 45: Starting point: What has been done over the last years
Starting point: What has been done over the last 3 years
Slide 46: Increased resilience over the last years
During the last 3 years we have increased TR’s resilience while preparing to further support our clients 1 | Strengthen our financial positioning 2 | Right-size and optimize our capabilities globally 3 | Restructure our organization and management team 4 | Launch activity in decarbonization – track
Slide 47: We have strengthened our financial positioning
1 | We have strengthened our financial positioning SEPI PPL Equity Equity position 500 strengthening in 2023: Equity 400 150 M€ capital increase overview, 175 258 achieved in Q2 2023 M€ 105 175 325 ~90 M€ organic equity 83 increase Pre COVID FY2021 FY2022 FY2023 Level ~175 M€ SEPI PPL to be re
Slide 48: Right-sized resources footprint globally
2 | We right-sized and restructured our resources footprint globally to better serve our clients by strengthening our local presence and capabilities Headquarters TR employees, thousands Home offices, # of employees Madrid 5,000 Bilbao 200 Cartagena 200 9.4 9.2 7.7 7.8 7.3 200 Opening in 2023 400 20
Slide 49: Integrated organization and management team
3 | To prepare for growth, we have integrated and restructured our organization and management team… Business Units One single Physical integration management team integration TR group integrated ways of Current management Entire group co-located working and procedures from team is responsible for t
Slide 50: Over 140 M€ savings achieved
3 | …and >140 M€ savings achieved between embedded in our 2019-2022 period DNA a culture of Transformation with multiple workstreams cost efficiency including: and continuous Optimization of project execution operational improvement Full Procurement program Standardization, modularization, value eng
Slide 51: Doubled down on decarbonization and launched track
4 | We have doubled down on decarbonization and launched track Launch of a Decarbonization dedicated unit at core Dedicated team to support clients in Towards future, continue key decarbonization technologies our support to clients in (Carbon Capture, H2 and derivatives, their decarbonization sustai
Slide 52: Backlog protected with risk mitigation initiatives
5 | We have protected our backlog with risk mitigation initiatives Services High share of TR’s engineering Awards with risk mitigation manhours devoted to Services strategies Project No construction scope or only 90% scope construction management scope in 75% the EPC (EP, EPCm) EPC early EPC through
Slide 53: ESG commitment at the core for TR
6 | ESG commitment at the core for TR Environment Social Quantitative objectives to reduce Safety first policy with strong our scope 1, 2 and 3 emissions commitment at all company levels and be net zero in 2040 ESG evaluation of suppliers and Climate transition opportunities subcontractors through a
Slide 54: To wrap up
To wrap up… 1 | Strengthen our financial positioning 2 | Right-size and optimize our capabilities globally 3 | Restructure our organization and management team 4 | Launch activity in decarbonization – track 5 | Protect our backlog 6 | Enhance our commitment to ESG and HSE 54
Slide 55: Arthur W. Crossley, Deputy CEO & CCO
Arthur W. Crossley Deputy CEO & Chief Commercial Officer
Slide 56: Market dynamics and opportunities ahead
Market dynamics and opportunities ahead
Slide 57: Current energy outlook drives a unique opportunity
Current energy outlook shows an unprecedent scenario that drives a unique opportunity ahead for Técnicas Reunidas After a low Capital Expenditure Decarbonization triggers urgency for period, players present ambitious capitalization of resources, translated into capital deployment plans investments f
Slide 58: Global annual energy investments will increase x1.5
Global annual energy investments will increase x1.5 its rhythm, driving demand of EPC partners Global energy consumption Global annual energy investments, $Bn growth of 3-12% towards 2050 under different scenarios ~x1.5 2,200 1,500 Electricity demand expected to more than double by 2050, driven by d
Slide 59: Clear view of our addressable market and growth drivers
We have a clear view of our addressable market and growth drivers Global energy investment in O&G and decarbonization technologies in 2024-28, B$ (CAPEX) ~2,700 ~2,300 Cumulated growth for following years ~400 Decarbonization 98% Clean Fuels Natural Gas 19% Petrochemistry Global Investment Out of sc
Slide 60: Market outlook shows 5 hotspots for Técnicas Reunidas
Market outlook and energy investment cycle shows 5 hotspots for Técnicas Reunidas Decarbonized Incentives in place and players commitment accelerates world decarbonization investments IRA in North IRA release drives 415 B$ of public funding, setting in place the America right incentives to accelerat
Slide 61: Decarbonized world: hydrogen demand outlook
Decarbonized world | H2, CC and SFs are complex decarbonization technologies that present a relevant opportunity ahead Current H2 production of ~90 Mpta is mainly fossil-fuel Green and Blue based production, while decarbonization will drive clean hydrogen uptake in new sectors Hydrogen & derivatives
Slide 62: Decarbonized world: carbon capture outlook
Decarbonized world | H2, CC and SFs are complex decarbonization technologies that present a relevant opportunity ahead Green and Blue CCUS to play a significant role in decarbonization, Hydrogen & derivatives with uptake potential of ~2.8 Gt CO2 by 2050 Globally, power, blue H2, steel, and cement re
Slide 63: Decarbonized world: sustainable fuels demand
Decarbonized world | H2, CC and SFs are complex decarbonization technologies that present a relevant opportunity ahead Sustainable fuels demand expect to triple by Green and Blue 2050 driven by decarbonization of transportation and hard-to-abate sectors (aviation, maritime, Hydrogen & derivatives he
Slide 64: IRA in North America
IRA in North America | NA market presents a large opportunity for TR, with a strong focus in decarbonization driven by IRA IRA program Hydrogen Up to $3/kg Tax Credit, driving jump-start of the hydrogen market for low carbon supply 415 B$ of investment Clean Up to $1.75/gal Tax Credit for SAF1, ki
Slide 65: European energy scenario: LNG and CCGT investment
European energy scenario | Disruptions in energy supply scenario and power mix decarbonization will drive relevant investment in LNG and CCTGs Global LNG demand, Mtpa Global power generation firm capacity, thousand GW McKinsey Reference Case McKinsey Accelerated Transition Case Storage (Batteries, H
Slide 66: Asia expansion: petrochemicals demand growth
Asia expansion | Petrochemicals demand is expected to grow ~3% towards 2040, driven mainly by Asian growth Petrochemical demand outlook1, MTA Demand will grow at 700 ~3% CAGR towards ~3% CAGR 600 2040 500 Asia region presenting 400 growth at ~4% CAGR 300 towards 2040 (largest 200 growth across regio
Slide 67: Scarcity of EPC resources drives services opportunity
Scarcity of EPC resources | Market context drives a relevant opportunity in services In North America all projects start from early engagement, and subsequent conversion to EPC Decarbonization drives high services needs associated to specific needs of investment in terms of development EPC resources
Slide 68: Stable backlog levels and tendering pipeline
As of today, we already have stable backlog levels, enabling to shape our commercial strategy towards future 2023 figures 24-month pipeline >30 B€ tendering 72 B€ total Traditional 61 B€ EPC/EP/EPCm >600 M€ (out of 30 B$) in tendering of engineering services Contracts awarded 1.4 B€ not in backlog P
Slide 69: Clear commercial strategy for the investment scenario
Commercial positioning for solid backlog with We have a higher profit and limited risk clear commercial Pipeline well diversified in regions and strategy for technologies, including decarbonization the Increase in services with limited risk, in unprecedent consortium or contractual schemes such as i
Slide 70: Eduardo San Miguel, CEO
Eduardo San Miguel CEO
Slide 71: Our strategy for value creation
Our strategy for value creation
Slide 72: Introducing SALTA
Introducing... ERVICES V A UE 72
Slide 73: Focus on profitable growth to drive value
~40% ~60% We focus on profitable Optimization of core EPC activity Growth in Services for 3rd parties growth to drive value ~x2 EBIT, M€ ~380 Engineering & Services EPC ▪ Growth in engineering & services activity with stable 157 recurring cash flows ▪ Growth in North America, with a strong focus in
Slide 74: Our ambition towards 2028
Our ambition towards 2028 x Gross margin, % From (2023)… …to (2028) Turnover, EBIT, Turnover, EBIT, M€ M€ M€ M€ Growth of ~10% in EPC 4,065 239 ~6% ~4,500 ~350 ~8% revenues and margin increase of ~2 p.p. Growth to ~500 M€ in Engineering ~70 20 ~30% ~500 ~150 ~30% revenues with higher margin & servic
Slide 75: Shaping TR's company profile gradually
From EPC-focused company with … to a value focused risk mitigation initiatives in place… company Gross margin, % Services Services EPC w. risk EPC w. risk Shaping TR’s mitigation mitigation initiatives initiatives company profile gradually EBIT margin, % ~x2 Turnover, M€ 8% 4% 2024 2025 2026 2027 20
Slide 76: Ambition built around 7 key pillars
We build our ambition around 7 key pillars North America Sustainable and profitable growth drivers Services Decarbonization Enhancing margin improvement and Stronger local Digitalization innovation presence Sinopec Operating model re- High value and other design to maximize talent alliances accounta
Slide 77: Services growth, North America, Decarbonization
Sustainable and profitable growth drivers Services North growth America Decarbonization Launch of a Local office launched Focus on complex dedicated BU to in a booming market technologies boost Engineering & with a strong including H2 and Services business decarbonization focus derivatives, CC and S
Slide 78: Margin improvement, innovation and Sinopec partnership
Enhancing margin improvement and innovation TR as a true digital TR & SINOPEC Partnership… EPC partner and more to come ~1.5 p.p. margin value creation Complementary through… geographic footprint … reduction of manhours De-risking from potential resources … focus engineers on value added bottleneck
Slide 79: Operating model re-design
Operating model re-design We have re-designed our organization creating 5 Business Units with dedicated P&L allowing us to enhance accountability and client proximity, while developing and grow our talent TR Europe & Middle East & track & Services Power North America RoW APAC Accountability Talent E
Slide 80: Sustainable and profitable growth drivers
Services Sustainable and Robust performance profitable growth North America drivers Decarbonization Solid balance sheet Digitalization Shareholder Enhancing Value margin Creation improvement and innovation Sinopec and Cash flow driven other alliances High value talent Operating Stronger local Shareh
Slide 81: Sustainable and profitable growth drivers: pillar leaders
Sustainable and Services Gonzalo Pardo profitable growth North America Eduardo Inda drivers Decarbonization Joaquín Perez de Ayala Enhancing Digitalization Benjamin Zizumbo margin improvement Sinopec and other Jesús Rodríguez alliances and innovation Operating model High value talent Hugo Mínguez re
Slide 82: Sustainable and profitable growth drivers
North America Sustainable and profitable Services Decarbonization growth Stronger local Digitalization drivers presence High value Sinopec talent and other alliances 82
Slide 83: Gonzalo Pardo, Engineering & Services
Gonzalo Pardo Engineering & Services
Slide 84: Launching our dedicated Engineering & Services unit
We are launching our dedicated Engineering & Services unit TR already has a recognition status by our clients – a service that has been requested by clients Engineering investment outlook drives engineering services shortage and demand for early engagement to ensure EPC conversion Higher demand for
Slide 85: Unique positioning and competitive advantage in Services
Técnicas Reunidas has a unique positioning and competitive advantage to provide Services to energy clients Execution-driven engineering, setting TR aside from competitors Our track-record and know-how positions TR as unique services partner due to our holistic view and mindset, as our EPC projects r
Slide 86: Over 50 engineering & services awards in 2022-23
We have reached >50 awards in engineering & services contracts in 2022-23, positioning TR as a key technological contractor Pre-FEEDs, FEEDs & early engineering works awards, bi-yearly average # 10 awards 56 in Q1 2024 10 2014-21 2022-23 86
Slide 87: We continue to grow our Services offering
Future We continue to services grow our New Business Asset management services Services Lines @track offering… Methane and CO2 management Execution Project development services (E-P-C) Project Management & Owner Engineering Procurement, construction & commissioning management, HSE, QAQC Engineering
Slide 88: Across industries and technologies
…across industries and technologies Water Power Petrochemicals Decarbonization and traditional technologies Natural Gas Clean Fuels Heavy & other Industries 88
Slide 89: Well prepared to deliver our ambition
We are well prepared to deliver our ambition Team United Technology Market growth States knowledge recognition We already We already have We count with the Already recognized by our accomplished it twice entered new markets knowledge and process clients as engineering& in the past (2000s before, the
Slide 90: Services for flagship projects of relevant clients
We deliver Services for flagship projects of relevant clients across decarbonization and traditional technologies Sanitized selected credentials Decarbonization technologies Traditional technologies Project Ethylene Petchem HVO Green NH3 AST2 complex complex Polyethylene Project >4 B$ investment >15
Slide 91: Growing engineering & services pipeline
We have a Proposals >35 growing engineering Value >400 M€ & services pipeline Hours ~4 M Proposals under preparation or Clients across negotiation with expected award in 2024 industries Tier-1 91
Slide 92: Key takeaways on Engineering & Services unit
Key takeaways P&L accountability and dedicated management team, inc. specialized teams on our dedicated Differentiating capabilities, stemming from Engineering & our EPC experience distinctly position us ahead of our competitors Services unit End-to-end/360º vision offering already in place, from ea
Slide 93: Sustainable and profitable growth drivers
North America Sustainable and profitable Services Decarbonization growth Stronger local Digitalization drivers presence High value Sinopec talent and other alliances 93
Slide 94: Eduardo Inda, North America
Eduardo Inda North America
Slide 95: Strong value proposition for the North American market
Técnicas Reunidas has a strong value proposition for the North American market Established presence Capitalize expertise in Leverage worldclass growth sectors and Engineering and existing client base EPC capabilities High investment cycle Differentiated offering with focus in for cost competitivenes
Slide 96: Three local offices in North America
We already have 3 local offices in North America, with recent launch of Houston office… Houston, US Regional HQ and growth Calgary, plan focus for Canada Técnicas Reunidas Operating office Houston office Launched in since 2012 2023 and TR US 15 projects in country, launch event under execution or 19
Slide 97: Experience to leverage
…and experience to leverage Selected highlights Diversified footprint: Upstream, downstream, power and energy transition 1 Risk-balanced delivery models 24 27 20 17 28 30 19 Tier A client list 16 25 21 18 29 2 23 7 22 3 4 26 5 6 8 Project lifecycle: from pre-feed to EPC 14 10 9 11 31 32 43 36 13 12
Slide 98: Over 40 projects delivered in North America
We have already delivered +40 projects of relevant clients in the North American region Sanitized selected credentials Decarbonization technologies Traditional technologies LNG AST2 Polyethylene Blue Ammonia CCUS ~3 B$ investment ~4 B$ investment ~2 B$ investment Feasibility/ Competitive pre- ~1 B
Slide 99: North America presents 3 key growth pillars
North America market presents 3 key growth pillars for TR Our clients Energy transition with strong focus on decarbonization driven by IRA High investment in other energy technologies such as LNG and Petrochemicals , driving EPC partner need Leverage of TR experience and relationships with TR client
Slide 100: US market contractual conditions
Increased demand for service contracts, favoring reimbursable models Clients supportive of hybrid contracts US market Strong opportunity for early contract entry and presents specific seamless transition to the next phase contractual conditions … Market conditioned by (lack of) construction resource
Slide 101: Contracting strategy
Contracting strategy TR favors hybrid execution models, with … and we have client shared risks tailored a clear risk Early engagement contracting strategy Early stages involvement is set as a pre-requisite to mitigate fix price scopes Partnership strategy Projects execution through partnerships with
Slide 102: Relationships with construction and technology partners
We have already Construction partners Technology partners established strong relationships with key construction and technology partners in the North American market 102
Slide 103: Solid base of projects and promising pipeline
We already count with a solid base of projects under execution and a promising pipeline in the short term Short term focus Executing 3 early engineering projects for Energy Transition field with >5 B$ TIC Energy Transition – forecasted strong early engineering tendering activity in US & 5 EPC projec
Slide 104: Key takeaways on North America unit
P&L accountability and dedicated Key takeaways management team on our NA HQ in Houston with balanced local and North America corporate expertise unit Driven by market growth in TR core areas, including decarbonization boosted by IRA Disciplined Risk and profitability strategy Partnerships for joint
Slide 105: Sustainable and profitable growth drivers
North America Sustainable Decarbo- and profitable Services nization growth Stronger local Digitalization drivers presence High value Sinopec talent and other alliances 105
Slide 106: Joaquín Pérez de Ayala, Decarbonization
Joaquín Pérez de Ayala Decarbonization
Slide 107: Strategy for a low carbon economy
The strategy of Técnicas Reunidas for a low carbon economy 107
Slide 108: Low carbon economy: a world of opportunities
The low carbon economy: a world of opportunities for Técnicas Reunidas Sizeable >1,300 B€ 2024-28 global investment in investment decarbonization investments Molecules Molecules are key for the low carbon Molecules future, and they are our expertise 43% Hydrogen Industries We are entering into new i
Slide 109: Supporting leading low carbon investors
We are already supporting leading low carbon investors with our diversified portfolio of products and services Sanitized selected credentials Hydrogen 315 M€ Green ammonia Green Green NH3 NH3 fertilizers of accumulated awards in decarbonization projects Detailed engineering FEED Competitive FEED Pre
Slide 110: track low carbon strategy: three pillars
track, our low carbon strategy is based on three pillars Asset New projects decarbonization New industries Project sourcing Carbon management Steel, cement and other Project co-development Recurrent service for carbon intensive Project design industries with hard to industries abate emissions Emitte
Slide 111: Co-developing projects with solid partners
New projects | We are co-developing projects with strong business fundamentals and solid partners Project Product Current stage Year EPC Vision Lizard Green ammonia Feasibility 2025 Patience Pelican Blue ammonia Pre – feasibility 2026 Perseverance Dragon Green ammonia Pre – feasibility 2026 360º sco
Slide 112: Carbon management infrastructure
Carbon management | Carbon related infrastructure is essential for attracting and retaining industrial investment CC is key to attract Only viable option to Carbon capture infrastructure decarbonize hard to abate foreseen in Europe 20402 and retain industries... industries Node type: Source Sink Ter
Slide 113: End-to-end carbon management service
Carbon management | An end-to-end service to facilitate the decarbonization of industrial assets In-house carbon value chain has different stakeholder profiles and requires Carbon Technology complex management skills storage licensor Carbon shipping EPC Carbon logistics Financing Specialized O&M 113
Slide 114: End-to-end carbon management service: outsourced
Carbon management | An end-to-end service to facilitate the decarbonization of industrial assets In-house carbon value chain has different stakeholder profiles and requires Carbon Technology complex management skills storage licensor Outsourced – Técnicas Reunidas will provide an end-to-end service
Slide 115: Methane management
Methane management | We are leveraging our industrial footprint, asset knowledge and technological capabilities Methane Oil and gas assets Our services offering The largest impact in the short • Multi source measurement and mid-term in global 15,000 strategy: satellite, drone, ground warming sensors
Slide 116: New industries with decarbonization goals
New industries | Many players with challenging decarbonization goals in a complex and uncertain scenario Regulation pushes decarbonization investments in industry In industries where decarbonization is a challenge, 576 Mtpa in 1,299 sites Técnicas Reunidas has the non-energy related European emittin
Slide 117: Status, timeline and profile of track services
We are on track: status, timeline and profile of the different services around track Gross Time to Revenue stream Current status margin cash New Project From FEED to EPC ~4B$ of project EPC value in co- 8-30% 2025 projects sourcing Development fee development Project From pre- 315 M€ of order intake
Slide 118: Building a huge knowledge asset
And most importantly, we are Driven by our direct building a huge knowledge asset exposure Licensors Engineering & Suppliers technology Industrials Co-developers Infrastructure funds Financing institutions Public financing Regulation Off takers Different geographies Market Project Industrial associa
Slide 119: Enhancing margin improvement and innovation
North America Enhancing margin Services Decarbonization improvement Stronger local Digita- and presence lization innovation High value Sinopec talent and other alliances 119
Slide 120: Benjamin Zizumbo, Digital Transformation
Benjamin Zizumbo Digital Transformation
Slide 121: Digital transformation pursues 3 main goals
The digital transformation at TR pursues 3 main goals ON THE ROAD TO A NEW Our digitalization strategy aims at creating value from both data and WAY OF EXECUTING technologies PROJECTS We are achieving, through an in-house model, a productivity improvement resulting into time and cost savings A true
Slide 122: Clients demanding digital solutions
Clients are already demanding digital solutions with two main goals Examples of scope of work with our core clients Better control the execution of the project CLIENT Asset1performance, CLIENT 2 predictive analytics Asset performance, IOT Smart Safety & predictive analytics Smart Monitoring System D
Slide 123: Getting value from Digital Transformation
We are already getting value from our Digital Transformation Project Engineering Man-Hours ~1.5 p.p. EBIT margin value Direct site Man-Hours by improving creation workflows Faster decision-making reducing Engineering and Procurement phases New Services to be provided to clients 123
Slide 124: Examples of digital solutions
Let’s now see some examples of digital solutions… Artificial Intelligence IIoT Drones Computer Vision & Robots Videos representing solutions already in place in Técnicas Reunidas were displayed during Capital Markets Day presentation 124
Slide 125: Enhancing margin improvement and innovation
North America Enhancing margin Services Decarbonization improvement Stronger local Digitalization and presence innovation High value talent Sinopec and other alliances 125
Slide 126: Jesús Rodríguez, COO
Jesús Rodríguez COO
Slide 127: Our track record with Sinopec
Working as subcontractor Our track 17 projects in KSA, Kuwait, Oman, Singapore, Bolivia record with Sinopec… Becoming a partner in JV 2 projects in KSA, Kuwait > 20 years of Agreement for long term collaboration partnership > 20 projects 1 project awarded and promising pipeline 127
Slide 128: Highlights of our collaboration
Some highlights of our collaboration Joint Venture for Al- Zour refinery Biggest capacity refinery built in Middle East as a single project (600.000 BPSD) Kuwait Construction subcontracts 4 major refineries – PetroRabigh, SATORP, Jizan & Ras Tanura KSA 128
Slide 129: The partnership
Complementary capabilities – not only for third party clients but also for SINOPEC projects Financial assistance to address increased workload Development of purchase office in China with mixed The personnel (benefitting from local advantages) partnership Extensive availability of qualified resource
Slide 130: A promising pipeline
A promising pipeline >15 projects under consideration Asia >45 B€ for joint bid Africa … an inflection point in our future growth! 130
Slide 131: Operating model re-design
North America Operating model re-design to Services Decarbonization maximize Stronger Digitalization accountability and local presence customer centricity High value Sinopec talent and other alliances 131
Slide 132: Hugo Mínguez, Chief Human Resources Officer
Hugo Mínguez Chief Human Resources Officer
Slide 133: A true global company of >9k employees
Headquarters Técnicas Reunidas is a Madrid 5,000 Bilbao 200 Cartagena 200 true global company of >9k employees >30 countries with presence 200 Opening Madrid technological hub & in 2023 400 200 Headquarters 1,200 3 global engineering 200 200 centers (India, Abu Dhabi, Turkey) Presence Global Local o
Slide 134: Our key asset: diversified and highly qualified professionals
>9K professionals Our key asset: diversified and 44 years of >75% high qualified average age engineers professionals with extensive ~40% ~10 average experience in experienced years at TR managers 40-50 the energy sector ~35% ~40% based women share outside of Spain 134
Slide 135: Restructured resources while retaining know-how
Over the last years, we restructured our resources while retaining our know-how and a global cost efficiency company Maintain Core capabilities retention in engineering TR employees, thousands our know- (<10% attrition in HQ) how Right-sizing mainly in site supervision 9.4 9.2 Smart growth according
Slide 136: Protecting and developing core capabilities
In a complex context of talent scarcity in the sector, we are protecting and developing our core capabilities People centered program & CORE program Programa CORE Alignment of incentive plans Launch of the Ultreia project, focused on training and career development Rollout of the Muéve-TR initiative
Slide 137: Talent plan: >3k engineers by 2028
Talent to value matching high talented people To support SALTA’s to high value-added roles ambition, we have • Special focus on experienced management launched a targeted professionals resources plan Diversified growth across offices >3k engineers by 2028 >12 9.2 External focus, with a dedicated com
Slide 138: Javier Díaz Hevia, Chief Financial Officer
Javier Díaz Hevia Chief Financial Officer
Slide 139: Financial overview
Financial overview Ti TECNICAS REUNIDAS
Slide 140: TR value-focused transformation journey
TR value-focused transformation journey 2012-2019 2020-2022 2023 TR consolidation Actions taken to adapt Strong financial turn- and expansion to external shock around 30 B€ euros delivered in 340 M€ loan from SEPI >6 B€ of awards in FY2023, projects execution capturing growth from upstream 175 M€ pa
Slide 141: Net cash position improved in 2023
2023 KPIs | 157 M€ EBIT | 500 M€ Consolidated Equity | 3.8x Gross debt / EBITDA +191 Net cash position , M€ Net Cash Position Deleverage and improved in decarbonization investment >190 M€ thanks to 142 348 capital 150 increase and a 157 stable -48 -18 -14 -21 Operating cash Net cash Taxes Net Organi
Slide 142: Financial policy overview
Our financial policy will ensure a healthy leverage profile, while growing and delivering projects with an attractive shareholder remuneration Well managed debt and hedging, with comfortable maturities Organic Growth and a solid business strategy Attractive Shareholder remuneration 142
Slide 143: Well managed debt and hedging
A sound financial policy means ~4% average all in cost and 1.7 2 Well managed years average debt maturity aligned with orderbook debt and hedging with comfortable 65% hedged or fixed rate debt maturities1 ~ 550 M€ gross debt by 2025 Gross debt evolution, M€ 802 686 ~615 ~550 2022 2023 2024 2025 1. G
Slide 144: Organic growth and solid business strategy
A sound financial policy means ~500 M€ of consolidated Equity by the end of 2025 (not considering PPL) Organic Growth and a ~3.5x Gross debt/ EBITDA and Net Cash Positive by the end of 2025, solid business keeping a healthy leverage profile strategy that allows Redeem PPL for financial debt by the e
Slide 145: Attractive shareholder remuneration from 2026
A sound financial policy means >500 M€ consolidated equity from 2026 ~3.5x Gross debt/ EBITDA and Net Cash positive, keeping a healthy leverage profile 30% of dividend payout by Attractive 2026 (~50 M€, 0.6 €/share) Shareholder remuneration and in subsequent years reach previous levels from 2026 of
Slide 146: Our financial roadmap towards 2026
Our financial roadmap towards 2026 6.5% CAGR 23-26 Revenue 2023 2026F Growth – Growth in US & Europe and Middle East on Revenues, M€ 4,135 ~5,000 decarbonization and traditional technology 4% >5% EBIT, M€, % 15% CAGR 23-26 EBIT figure, >250 157 based on backlog diversification, more profitable busin
Slide 147: Key takeaways: commitment to shareholder value creation
Key takeaways | Our commitment to shareholders value creation Robust performance Balance the weight of services and EP/EPCx Generate a solid EBIT and predictable cash generation consistent over time Solid balance sheet Financial structure optimized with prudent balance sheet management and reasonabl
Slide 148: Juan Lladó, Executive Chairman
Juan Lladó Executive Chairman
Slide 149: Sustainable and profitable growth drivers
Services Sustainable and Robust performance profitable growth North America drivers Decarbonization Solid balance sheet Digitalization Shareholder Enhancing Value margin Creation improvement and innovation Sinopec and Cash flow driven other alliances High value talent Operating Stronger local Shareh
Slide 150: Our ambition towards 2028
Margin ~8% Our ambition improvement EBIT margin towards 2028 Engineering >500 M€ & Services E&S turnover Sustained >5 B€ growth total turnover Shareholder remuneration by 2026 Ramp-up in 2026
Slide 151: Juan Lladó, Executive Chairman
Juan Lladó Executive Chairman
Slide 152: Our story with CEPSA
Our story with CEPSA Almost 30 projects in 55 years of collaboration Main sectors: oil, gas, power, down/mid/up-stream CEPSA/ ELF CEPSA/ ADNOC/ CEPSA Expansion of the Crude SONATRACH LAB complex to produce Unit & modernization EPC CEPSA N-paraffins, LAB product of the Amine Plant Rhourde El Hydrocra
Slide 153: Emilia Arias: Huelva Project
Emilia Arias Energy Transition - Operations & Tech Director Huelva Project
Slide 154: Positioned as unique partner for energy transition technologies
Técnicas Sustainable fuels (e.g., e-fuels, biofuels) Reunidas is Flagship project to cover today: CEPSA & APICAL HVO positioned as unique Carbon capture, usage & storage partner for energy transition Hydrogen & derivatives technologies Flagship project to cover today: Lizard 154
Slide 155: Low carbon fuels: HVO CEPSA plant
Low carbon HVO is a mature technology with a promising outlook fuels: for sustainable fuels production HVO CEPSA Plant TR has partnered with CEPSA and BioOils to provide project execution services for a HVO plant HVO project is a 1.2B$ investment, with expected COD in 2026 155
Slide 156: Scope of sustainable fuels
The scope of sustainable fuels is carbon-based fuels, with “100% drop-in” in focus Overview of sustainable liquid and gas energy carriers FURTHER ACCELERATION % Representative market CAGR (%), 2019-2030 X 2019 demand in Mta 1 3 Bio-based with compatibility Biofuels 2 E-fuels restrictions (blend wall
Slide 157: Sustainable fuels production pathways
There are many >15 sustainable fuels production pathways, with 4 liquid fuels of special interest Number Total volumes Pathways Description of projects in 2030, kt Maturity HEFA/HVO Edible oils – feedstock in a hydrotreater 65 15,418 Waste/ residue oils – oil treated through catalytic transesterific
Slide 158: Over 300 sustainable fuels projects announced globally
There are >300 sustainable fuels projects announced globally, with associated investment of $165B ILLUSTRATIVE Announced sustainable fuels capacity projects, 20301 Number of projects 160 Hydrotreating (HVO/HEFA) 42 Power-to-Liquid Methanol synthesis 40 Power-to-Liquid-FT 22 Biomethanol 21 Capacity (
Slide 159: HVO project overview
HVO project overview 1.2 B$ La Rábida project value (Huelva) Renewable 32 months of ~500 ktpa fuel Unit (RFU) project duration HVO/ SAF with 2G Biomass (2023-26) Feedstock 159
Slide 160: Project overview: capacity, process units, feedstock
Project overview Capacity Process units Feedstock ~500 ktpa of HVO/ Renewable Fuel UCO, Fats and SAF and stabilization POME Top 5 HVO plants ARU & SWS Make-up gas planned in Europe (hydrogen of 99.9% purity) Wash Water Wash water Section 160
Slide 161: Huelva project production route
Huelva project aims to produce sustainable fuels using as feedstock a stream of 2G biomass Hydrogenation Production Route TR´s references ISOM >10 projects HCK >40 projects Hydrotreating >100 units Hydrogen Bio-Naphtha / Bio LPG Oils, Fats & Isomerization & Pre- Hydrogenation & Product Selective SAF
Slide 162: Engineering services from FEED to procurement
Técnicas Reunidas Engineering services – from FEED to Services scope for detailed engineering CEPSA HVO Renewable fuel Unit (RFU) with 2G Procurement services Biomass Feedstock >380k E&P manhours Potential further collaboration as project further advance 162
Slide 163: Working closely with traditional clients
Working closely with traditional clients TR´s hydrogenation technology knowledge and OEMs relationships Helping Integration our traditional of teams clients in their progressing decarbonization smoothly journey 163
Slide 164: Emilia Arias: Project Lizard
Emilia Arias Energy Transition - Operations & Tech Director Project Lizard
Slide 165: Green ammonia & Técnicas Reunidas
Green ammonia & Técnicas Ammonia market expected to grow Reunidas towards 2050 ~3.5x until 2050 fueled by emerging new cases Lizard is a ~150-200 ktpa green ammonia project, with expected COD in 2028 TR originated the project and is co- developing it with formal industrial and local partners 165
Slide 166: Ammonia demand expected to grow 3-4 times by 2050
Ammonia demand is expected to grow by 3-4 times vs current levels by 2050, with 5 viable use cases for green ammonia Current IRENA Ammonia demand, Mtpa Consumption, Forecast Other Use case Use case Description % 2050, % existing uses Conventional Fertilizer Feedstock for various nitrogen fertilizers
Slide 167: Lizard project overview
Lizard project overview 0.6-0.9 B$ Southern TR originated the End-to-end total investment Spain project and is optimization value co-developing it production routes 150-200 COD 2028 Retrofitting of a 300 MW ktpa green former industrial site electrolyzer ammonia 167
Slide 168: Low carbon production pathways
There are different low carbon production pathways depending on feedstock and technology NON-EXHAUSTIVE (E.G., PINK PRODUCTION NOT INCLUDED) Carbon intensity, Main technology Feedstock g CO2/MJ Electrolyzer RES source ~5 SMR + Anaerobic Biomethane 0 digestion SMR/ATR with ~25 Natural gas Carbon Capt
Slide 169: Main H2 electrolyzer technologies
There are 3 main H2 electrolyzer technologies with different characteristics and expected competitiveness working at scale High Low Efficiency Power Technology Maturity Complexity % LHV 2030 density Alkaline Water Electrolysis ~67% (AWE) Polymer Electrolyte ~68% Membrane (PEM) Solid Oxide Electrolys
Slide 170: Lizard project: electrolyzer and ammonia production
Lizard project consists of ~300MW electrolyzer with downstream optimization to produce ~150-200 ktpa of ammonia Process green H2 to NH3 plant RES sourcing Electrolyzer H2 storage Ammonia RFNBO1 compliant EU ~300 MW ~150-200 ktpa electrolyzer ammonia production Pre-selected technology Optimized RES s
Slide 171: eBOPS in-house optimization tool
We have developed eBOPS, our in-house tool for end-to-end production process optimization Operational input Economic input Restrictions Process green H2 to NH3 plant Output Optimization metrics: • Indicative margin (NPV of expected profit by production pathway) • LCOA Ammonia price estimation RES si
Slide 172: Three production routes assessed for Lizard
In case of Lizard, 3 production routes have been assessed for optimization purposes Production increase LCOA difference Case Production route vs base line vs base case Base case: 1 single output Renewable energy - - Case 1: Renewable energy 3 combined outputs Low carbon >14% (29%) Grey Case 2: Renew
Slide 173: In-house tool underscores TR's competitive advantage
In-house develop tool underscores TR´s competitive advantage from market expertise and experience Power market knowledge – deep sector and regulation knowledge, including low carbon production restrictions EPC partner end-to-end process knowledge driving engineering optimization since inception for
Slide 174: Eduardo San Miguel and Ahmed Al Dhaheri, CEOs
Eduardo Ahmed San Miguel Al Dhaheri CEO CEO Formerly NPCC
Slide 175: Jesús Rodriguez, COO: Meram Project
Jesús Rodriguez COO Meram Project
Slide 176: Meram project: maximizing ethane recovery
Meram project | Maximizing ethane recovery and monetization Contract scheme 3.6 B$ total Abu Dhabi Core client in Formerly NPCC contract value ME region Integrated JV between NMDC and TR (50%-50%) 2 operating centers – Madrid and New units Brownfield 47 months of Abu Dhabi and utilities in intervent
Slide 177: Meram project overview: feedstock
Project overview Feedstock 5 NGL recovery units: Residue/ Lean Gas from Habshan 1 Train 1&2 Residue/ Lean Gas from Habshan 1 Train 3 Ruwais Residue/ Lean Gas from Buhasa NGL Gas grid sale Residue Gas from Habshan 2 Habshan 5 Sweet Gas from Habshan 5 Habshan 1/2/3 177
Slide 178: NPCC and TR partnered to execute Meram
NPCC and TR have partnered together to execute Meram >175 k manhours >250 k manhours Directorate Madrid Directorate Madrid Formerly NPCC ~50% ~50% >500 k manhours >900 k manhours private H.O. Engineering private H.O. Engineering 178
Slide 179: Meram schedule overview
Meram schedule overview 2023 2024 2025 2026 95% 100% 18 Months 8 Months Project Engineering EPC Mechanical start Completion August 2023 Manufacturing (May 2026) Performance test Construction (Oct 2026) >40% engineering Project Commissioning end >45% procurement Today Construction: initiated Fast tra
Slide 180: Jorge Macías, Power
Jorge Macías Power
Slide 181: Global power generation firm capacity hotspot
Remembering one of the Global power generation firm capacity, thousand GW hotspots we explained Storage (Batteries, Hydro, LDES) yesterday… Thermal (CCGT, OCGT, H2 peakers) 6.5 Power is a short term opportunity for TR ~2-3x Power mix decarbonization drives CCGT capacity additions 2.9 2.4 for firmnes
Slide 182: TR is a key player in the Power business
TR is a key player in the Power business Wide experience in different geographies, technologies and type of clients Recognition from clients and OEMs as an outstanding and reliable company with long term vision In-house design capabilities allowing EPC seamless execution Task force execution – one t
Slide 183: Over 50 years of experience in Power Plants
> 50 years of experience in Power Plants 9 Under execution Executed >55 >26 GW in Gas >8 GW in >20 countries 6 Nuclear Cogeneration Combined Cycle Coal/Oil Fired where have Power Plants Projects Plants Power Plants operated 183
Slide 184: Agreements with the 4 OEMs
This diversity gives us relevant Project execution leverages… Agreements Defining best contractual scheme (being our preference Open with the 4 OEM Consortium) which allows to optimize and balance risks Continuous improvement of Division of Responsability of the consortium Enhance DoR for sake of co
Slide 185: Example - Valladolid CCGT Power Plant
Example - Valladolid CCGT Power Plant 1,020 MW power Consortium Contractual duration Current progress plant net output partner of 35 months of ~80% Combined cycle 2x1 2x Mitsubishi gas turbines HITACHI steam turbine configuration M501JAC model net power TC2F-40SE Model: 347 MW output: 365 MW/each 18
Slide 186: Example - Valladolid CCGT Power Plant timeline
Example - Valladolid CCGT Power Plant 1,020 MW power Consortium Contractual duration Current progress plant net output partner of 35 months of ~80% January August November Contract GT on foundation First steam, March signature gas turbine 1 steam turbine P.A.C. 2022 2023 2024 2025 June September Feb
Slide 187: Example - Hamriyah CCGT Power Plant
Example - Hamriyah CCGT Power Plant Contract value In TR acting as Location Delivery 51 months 1,000 M$ (380 M$ TR) operation partner Sharjah from May 2018 1,800 MW 3 units 1x1x1 multi-shaft Gas turbine: General Electric 9HA.02 187
Slide 188: Example - Hamriyah CCGT Power Plant timeline
Example - Hamriyah CCGT Power Plant Contract value In TR acting as Location Delivery 51 months 1,000 M$ (380 M$ TR) operation partner Sharjah from May 2018 Commissioning activities April 2021 June 2022 Block 1 September 2021 July 2022 Block 2 September 2022 May 2023 Block 3 188
Slide 189: Key takeaways on Power
Relevant opportunity due to firm capacity uplift needed in energy market Outlook • Natural Gas will be essential in renewable energy growth Key takeaways P&L accountability and dedicated on Power management team, including specialized teams Relevant track-record (>26 GW in Gas Combined Cycle Plants)
Slide 190: Juan Lladó, Executive Chairman
Juan Lladó Executive Chairman
Slide 191: Técnicas Reunidas Capital Markets Day | Abu Dhabi 2024
y TECNICAS REUNIDAS CAPITAL MARKETS DAY | ABU DHABI 2024 SATA F track