Tecnicas Reunidas, S.A. Earnings Recaps
Q1 2026
May 15, 2026
Shares fell 5.1% following the earnings release as investors reacted to cautious execution amid Middle East disruptions and a significant EUR 45 million provision, which weighed on EBIT and highlighted operational challenges.
Key takeaways
- Revenue grew 21% year-on-year to EUR 1.6 billion, driven by solid commercial activity mainly in the Middle East.
- Underlying EBIT increased 36% to EUR 76 million, but after booking a EUR 45 million provision related to operational disruptions, reported EBIT dropped to EUR 31 million.
- Approximately two-thirds of the backlog remains in the Middle East, with four major projects (EUR 1.5 billion backlog) significantly impacted by safety concerns, logistics bottlenecks, and site disruptions.
- The company estimates the conflict impact at EUR 40-50 million, assuming no escalation and reopening of the Strait of Hormuz by end of Q2.
- Despite challenges, TR maintains a substantial commercial pipeline (~EUR 40 billion), expecting short-term awards between EUR 4 billion and EUR 8 billion on three major projects by mid-June.
Q3 2025
Nov 8, 2025
Técnicas Reunidas reports strong performance in the first nine months of 2025, driven by robust growth in engineering services and ambitious targets in renewable energy sectors.
Key takeaways
- Engineering services revenue is projected at €230 million for 2025, with a target of €500 million by 2028.
- The company aims for yearly revenues exceeding €1 billion in the Power business by 2028, bolstered by a strong backlog and commercial pipeline.
- Strategic alliances, particularly in North America with Zachry, position the company well in LNG and decarbonization projects.
- A current project pipeline of €86 billion reflects significant growth opportunities across all regions, with North America capturing 33% of this total.
- The unique partnership with Sinopec for the Yanbu Green Hydrogen cluster highlights the company’s commitment to leadership in green energy initiatives.