Tecnicas Reunidas Sa Ord (TNISF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody, and welcome to TR's nine-month 2025 results presentation. It is going to be conducted, as usual, by our Executive Chairman, Juan Yadó, and our CEO, Eduardo San Miguel. It's going to last approximately 20, 25 minutes, and afterwards, you will be able to post your questions after our Chairman's final remarks. And now, I leave the floor to our Chairman, Juan Yadó. Hi. Hi. Hello, everyone. And thank you, Antonio, and good morning. And thank you for joining us today on our nine-month result presentation for this 2025. And as always, Eduardo San Miguel and I will guide you through the most relevant issue that's taking place in the first nine months of the year. First, Eduardo will summarize the main highlights from our very recent yesterday. And second, I will dive a little bit into our current commercial pipeline. And I will be followed by Eduardo, who will guide you through our financial results. And as always, again, I will wrap up the presentation with some financial remarks and our financial guidance. And now, Eduardo, you have the floor. Thank you, Juan. Good morning, everyone. I know well most of you are aware of the content we covered in our October Investor's Day. But for all those that could not attend the meetings, let me devote now a couple of slides to summarize the key messages. Let's start with services and power. Regarding our new business line of engineering services, we are already halfway towards our 2028 target of 500 million euros of revenues. In fact, we expect this year to have around 230 million euros in revenues and over 600 million euros of awards. We are prioritizing our engineering service business line because of two reasons. First, because it delivers higher margins and has a lower execution risk. The 30% margin we ann...