Tecnicas Reunidas Sa · BME:TRE
Tecnicas Reunidas Sa — Tecnicas Reunidas Sa Ord — Q1 2026 Earnings Presentation
16 slides from Tecnicas Reunidas Sa's earnings presentation, May 14, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results May 14th, 2026 Juan Lladó – Executive Chairman Eduardo San Miguel - CEO
Slide 2: Index
INDEX 1| Q1 2026 Highlights 2| Middle East conflict • Short-term opportunities • On-going project disruptions • Global mid-term outlook 3| Financial results 4| Final remarks
Slide 3: Index: Q1 2026 Highlights
INDEX 1| Q1 2026 Highlights 2| Middle East conflict • Short-term opportunities • On-going project disruptions • Global mid-term outlook 3| Financial results 4| Final remarks
Slide 4: Q1 2026 highlights
Q1 2026 highlights Sales Underlying EBIT • Solid business performance despite Middle East conflict 1,583 M€ 76 M€ Q1 2025: 1,307 M€ Q1 2025: 56 M€ • Robust cash flow generation • 45 M€ provisioned to cover ME EBIT Net cash conflict costs 31 M€ 360 M€ • Significant very short-term Q1 2025: 56 M€ Q1 2
Slide 5: Index: Middle East conflict
INDEX 1| Q1 2026 Highlights 2| Middle East conflict • Short-term opportunities • On-going project disruptions • Global mid-term outlook 3| Financial results 4| Final remarks
Slide 6: Middle East conflict: Short-term opportunities
Middle East conflict Short-term opportunities 24-month Pipeline 1 4 - 8B€ immediate expected awards only from Middle East 5% Oilfield Offshore Power 10% project project project 89 B€ 44% 39 B€ ~5.5 B€ ~1.5 B€ ~1.5 B€ Middle East 41% pipeline Today Q2 2026 2 Working together with clients to Middle Ea
Slide 7: Middle East conflict: impacts on project execution
Middle East conflict On-going project disruptions o Impacts on project execution: Backlog 1. Safety: TR’s employees (~4,000) + subcontractors’ workforce (~40,000) 32% 2. Logistics: ~1,000 shipments 45 M€ 9.2 B€ affected by Strait of Hormuz’s provisioned 68% closure to cover ME conflict costs 3. Cons
Slide 8: Middle East conflict: opportunities in other regions
Middle East conflict Global mid-term outlook America o Alternative energy supplier avoiding Middle East reliance o New opportunities in Canada, US, 36 B€ Panama, Venezuela and Argentina Current o Growing footprint in strategic LNG & pipeline Services: Momentum already materializing geopolitical turm
Slide 9: North America
North America Gas terminal and transportation facilities (Phase 4) o FEED of a world-scale midstream transportation Clients reaffirm their project, with a clear pathway to potential EPC conversion Undisclosed confidence in TR by client o Ongoing engagement with leading tier-one U.S. midstream operat
Slide 10: Power
Power North America 24-month Power Pipeline ~400M€ - CCGT with 15.1 B€ Carbon Capture expected in 16% Q3 2026 27 B€ 57% Europe ~1.4B€ - 3 CCGTs for RWE 4.3 B€ 27% in Germany expected from H2 2026 onwards North America Middle East ~1.5B€ - CCGT plant in Middle East Europe 7.2 B€ UAE expected in Q2 20
Slide 11: Europe
Europe EPmCm for the decarbonization of an ArcelorMittal’s steel facility o EPmCm contract for the transformation and decarbonization of the large steelmaking site of ArcelorMittal facility in Dunkirk (France), through a 2-million-ton electric arc furnace (EAF) and a ladle furnace (LF) o Award that
Slide 12: Index: Financial results
INDEX 1| Q1 2026 Highlights 2| Middle East conflict • Short-term opportunities • On-going project disruptions • Global mid-term outlook 3| Financial results 4| Final remarks
Slide 13: P&L
P&L Sales, M€ EBIT & Underlying EBIT, M€ EBIT & Underlying EBIT margin +85% +32% +58% +21% 1Q24 vs 1Q26 1Q25 vs 1Q26 1Q24 vs 1Q26 1Q25 vs 1Q26 76 4.8% 4.3% 1,583 56 4.0% 1,307 40 1,003 31 2.0% Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 EBIT Underlying EBIT EBIT Underlyin
Slide 14: Balance sheet
Balance sheet Net cash position*, M€ Equity*, M€ 591 332 360 175 564 175 400 219 2024 2025 Q1 2026 2024 2025 Q1 2026 Net cash SEPI PPL Equity SEPI PPL *SEPI PPL included Q1 2026 Results 14
Slide 15: Index: Final remarks
INDEX 1| Q1 2026 Highlights 2| Middle East conflict • Short-term opportunities • On-going project disruptions • Global mid-term outlook 3| Financial results 4| Final remarks
Slide 16: Final remarks: 2026 Guidance
Final remarks 2026 Guidance Managing Middle East disruptions Revenues >6.5 B€ Very short-term awards to be Underlying EBIT >325 M€ announced Underlying EBIT margin >5% Strong mid and long-term EBIT ~280 M€ opportunities EBIT margin ~4.3% Q1 2026 Results 16
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