Técnicas Reunidas identifies opportunities for new projects worth €90 billion in the context of the conflict in the Gulf

The company expects EBIT of €280 million in 2026, after setting aside a provision of €45 million to protect itself from the impacts of the armed conflict 

• The underlying project margin (EBIT), i.e., before provisions, amounted to €76 million, representing a 35% increase compared to the first quarter of 2025 and a margin over sales of 4.8%, reflecting the strong operational performance of the company.
• Based on this strong result, and for reasons of prudence and transparency, the company has decided to set aside a provision of €45 million to cover potential costs arising from the conflict in the Middle East.
• As a result, EBIT stands finally at €31 million.
• The company emphasizes that, despite the conflict, the execution of its projects in the region remains solid, and no cancellations have been recorded for any of them. At the request of its clients, it is assessing possible repairs for the damage that may have occurred at certain facilities.
• Sales rose to €1.583 billion in the first quarter of 2025, representing a 21% increase.
• The net cash position also increased at the end of the first quarter, reaching €360 million, compared to €248 million at the end of the same period in 2025.
• The company awarded service contracts worth €88 million in the first quarter of this year, in line with the strengthening of this business line under its SALTA Strategic Plan. Among them, it is worth mentioning the contract for the second phase of the Coastal GasLink project in Canada and the contract for decarbonization services at the large ArcelorMittal steel production plant in Dunkirk (France).
• Backlog stood at €9.211 billion at the end of the first quarter.

On the occasion of the publication of these results, Juan Lladó, Executive Chairman of Técnicas Reunidas, has stated that “the first quarter of 2026 has demonstrated Técnicas Reunidas’ solid business performance, reflected in the growth in revenues, cash generation and underlying EBIT. We have also shown the strength of our project management capabilities and our resilience in navigating highly complex environments, such as the current situation in the Middle East. I would like to take this opportunity to express Técnicas Reunidas’ solidarity and support for all those affected by the ongoing conflict.

Despite the disruptions affecting some projects in the Middle East, execution levels have remained strong. Revenues reached a solid €1,583 million during the period. At the same time, cash generation remained robust, enabling us to close the quarter with a net cash position of €360 million, further strengthening our balance sheet.

However, although underlying EBIT reached €76 million, our quarterly results have inevitably been impacted by the ongoing conflict in the Middle East. We believe it is essential to address these temporary disruptions with transparency and prudence while the current uncertainties persist. In this context, we have recognized a provision of €45 million in our accounts, representing our best estimate of the additional costs associated with the situation, assuming that hostilities do not resume and that the Strait of Hormuz reopens in the second quarter of 2026.

I would also like to emphasize that we have not experienced any project cancellations. Our clients, with whom we continue to work closely, are requesting our support both for ongoing activities and for the assessment and recovery of certain damaged facilities. In full coordination with our clients, Técnicas Reunidas has implemented a comprehensive and disciplined crisis management approach aimed at protecting our people, supporting project continuity, and safeguarding the company’s interests.

Beyond these short-term disruptions, we remain highly optimistic about the near future. The current environment is also giving rise to new opportunities. We are witnessing a clear acceleration of key structural trends, including the diversification of energy supply, increasing investment not only in the Middle East but also across other regions, and growing demand for gas, power and electrification. These market dynamics are expected to translate into significant project awards as early as the second quarter of the year.

Técnicas Reunidas continues to demonstrate its ability to operate effectively in challenging environments while strengthening its capacity to capture emerging opportunities. Today, we are better positioned than ever to deliver on our growth ambitions, and I remain highly confident about our future.”