Technip Energies Nv

Hello and welcome to Technip Energy's financial results for the first quarter of 2024. On the call today, our CEO, Arnaud Piertan, will provide an overview of our Q1 performance and business highlights, followed by Bruno, who will provide more details on our financial results. We'll then open the call for questions. Before we start, I would encourage you to take note of the forward-looking statements on slide two. I will now pass the call over to Arnaud.

Thank you, Phil, and welcome everyone to our results presentation for the first quarter, where I will begin with the highlights. Q1 represents a solid quarter for Technip Energies with continued focus on operational excellence, good commercial momentum, and progress in delivering on our 2024 strategic objectives. We delivered a strong financial performance with adjusted revenue of €1.5 billion, up 5% year-on-year, and adjusted recurring EBIT margin of 7.3%, which puts us on track to deliver full-year guidance. Our technology products and services segment, TPS, had a very successful quarter by posting a book-to-bill of 1.3 and demonstrating our ability to capture growing demand for our services and solution offerings. In project delivery, we have been selected on three major projects in the period. This includes Huawei's LNG in Abu Dhabi, and the Net Zero Teesside Power Generation and Carbon Capture Project for BP in the UK. Both these projects are pending final investment decisions and will be incorporated in our backlog upon reaching this milestone. In addition, last week, we announced the award of Marsa LNG Innoman, which will be included in our second quarter order intake. As a result of this positioning and our rich commercial pipeline, we expect improved orders in project delivery and sustained momentum in TPS to boost our backlog, which at period end stood at 15.3 billion, up 27% year over year. Now moving to operational highlights, where we are delivering on our portfolio of projects and TPS assignments. In the first quarter, we achieved commercial production at the Midor Refinery Expansion, a facility that will deliver cleaner fuels to Egypt. In addition, LanzaJet inaugurated its Freedom Pines plant utilizing our Hummingbird technology. This is the world's first commercial-scale facility producing sustainable aviation fuel from ethanol and therefore demonstrating the Alcohol-to-Jet pathway for SAF. This is paving the runway for future SAF-related opportunities. Overall, a very solid start to 2024, and I want to express my deep gratitude to our teams that continue to drive our leading performance all around the world. Moving to commercial highlights, where we strengthened our leadership in low-carbon, electrified LNG, and net-zero solutions. LNG remains a critical source of energy on the world's pathway to net zero, and TEN is committed to supporting its development while concretely addressing emissions abatement. Here, we were selected for two major low-carbon LNG developments, the WHOAIS project for ADNOC in the UAE and MARSA LNG for Total Energies and OQ in Oman. These projects reflect the future and set a new standard for decarbonized LNG production. Both will generate electrified LNG trains, sorry, both will integrate electrified LNG trains powered by zero carbon energy sources, nuclear for RUEIS and solar for MARSA. And these will be amongst the lowest carbon intensity LNG plants ever built. On RUEIS, we have commenced early EPC activities for what is a two-train development with production capacity of 9.6 million tons per year. MARSA, on the other hand, is a bunkering project with a production capacity of 1 million tons per annum, which aims at reducing the shipping industry's carbon footprint by using LNG as a marine fuel. MARSA reached final investment decision in April, and the award will be included in our second quarter backlog. For clarity, again, The full award on OAS is pending the upcoming final investment decision and is not at this stage included in our backlog. Turning to carbon capture, where in March we received a letter of intent confirming our selection for net zero T-side power in the UK and demonstrating TEN's growing leadership position as an integrated state-of-the-art CCUS solutions provider. This first-of-its-kind gas-fired power station will fully integrate our Canopy by 10 carbon capture solution, aimed at capturing up to 2 million tonnes of CO2 per year. As a result, the project is expected to provide flexible, dispatchable low-carbon power equivalent to the average electricity requirement of 1.3 million UK homes. Net Zero Teesside has been shortlisted for government funding support as part of UK's Net Zero program, and negotiations are ongoing with the customer ahead of unexpected failure in investment decision later this year. In summary, these achievements demonstrate our leadership in strategic markets, as well as our commitment to energy supply, Net Zero ambitions, and geographic diversification. Turning now to the very solid progress we are making on delivering our 2024 strategic objectives. First, our growing leadership in carbon capture is further evidenced by early engagement and commercial momentum. In addition to our first awards from 10 canopy carbon capture solutions, we have been awarded multiple feeds for projects to decarbonize salmon production, gas-fired power and energy from waste in various geographies. This success clearly demonstrates the confidence that customers have in our technical expertise and our ability to execute. Second, we continue to innovate and drive decarbonization in our traditional markets. This includes petrochemicals. Although slower GDP growth is impacting near-term demand and spending, environmental and legislative pressures are driving the industry towards lower carbon intensity and greater circularity. This clearly favors TEN as we are focused on developing solutions to help customers decarbonize and future-proof their existing infrastructure. One such innovation for decarbonized ethylene was recently recognized by the U.S. Department of Energy with IRA-funded investment of up to $200 million for a plant at commercial scale. This new technology, being developed with our partner Lanzatech, will produce sustainable ethylene from captured CO2 emissions. Finally, With the announcement of EQUIL, a joint venture with SBM Offshore, we aim to create competitive solutions for the nascent floating offshore wind sector. By bringing together our expertise, engineering, and delivery capabilities, we will innovate to further develop and commercialize our respective leading floating solutions. Sustainability is embedded in our purpose and core values. driving value across all of our activities. So before passing on to Bruno, let me highlight some of the achievements in our sustainability report. We continue to make substantial progress on the impactful targets we have set, and we are being intentional in our decisions. This is clearly evidenced by our industry-leading safety performance recorded over 250 million work hours, as well as through increased diversity in the workforce, in our leadership teams, and on our board of directors. On the climate, we have made solid progress towards our 2030 net zero target for scope one and two emissions, reducing by 28% compared to 2021. But emission reductions are only one aspect of the company's impact on the environment. To preserve the planet, we must also address biodiversity. One example of our effort is our formal commitment to not participate in any projects located in the most sensitive areas as deemed by the International Union for Conservation of Nature. This is included in our ESG scorecard, and we remain resolutely focused on making further progress on our sustainability journey through 2024 and beyond.

I will now pass the call over to Bruno.