Técnicas Reunidas consolidates growth as Middle East and data‑centre power lift results
- Q2 project EBIT was €73m, up 15% year‑on‑year, delivering a 5% margin — the highest quarterly profitability in ten years.
- New contracts in H1 amounted to €6,000m, full‑year awards are expected to exceed €8,000m, and the backlog stands at €14,000m.
- The firm won its largest-ever sole‑contract—an upstream UAE oil‑field package worth over €5,000m—and is developing the Greenlight carbon‑capture‑ready CCGT in Canada to power a large META data centre.
- Net cash at end‑H1 was €344m (up €12m vs end‑2025); company guidance is revenue >€6,500m and underlying EBIT >€325m with an underlying EBIT margin above 5% for the year.
Financial performance
Project EBIT for Q2 was €73 million, a 15% increase versus the same period in 2025, representing a 5% margin on sales — the company’s highest quarterly profitability in ten years. Net income in Q2 reached €44 million, nearly triple the previous quarter, bringing H1 net income to €59 million, in line with the same period in 2025. Robust cash generation left a net cash position of €344 million at end‑H1, €12 million higher than at the end of 2025.
Orders and backlog
New contract awards in the first half totalled €6,000 million, and the company expects full‑year order intake to exceed €8,000 million, leaving a backlog of €14,000 million. The largest award this fiscal year is an upstream package in the UAE valued at over €5,000 million — the largest contract ever secured by the company as a sole contractor.
Major projects and strategy
Notable projects include the Greenlight scheme in Canada: a carbon‑capture‑ready combined‑cycle gas plant developed by subsidiary TR Power to supply power exclusively to a large META data centre. Project execution in the Middle East is progressively returning to normal and client payments continue to be received on schedule; the company will maintain the €45 million provision recognised in Q1 and will not make new provisions.
Growth drivers and outlook
Management identifies North America and TR Power’s energy activities as principal revenue drivers. Services have secured €375 million in new contracts so far this year, and the company is investing €40 million in digitalisation, AI and robotics, targeting a specialised team of over 400 professionals by year‑end. Based on current results, Técnicas Reunidas expects revenue to exceed €6,500 million, underlying EBIT to exceed €325 million, and an underlying EBIT margin above 5% for the fiscal year.
Source: Técnicas Reunidas
