Technip Energies Nv

Hello and welcome to Technip Energy's financial results for the first nine months of 2024. On the call today, our CEO, Arnaud Piertan, will provide an overview of our nine-month performance and business highlights. This will be followed by CFO Bruno Weber, who will share more details on our financial results. Then Arnaud will come back to conclude. We'll then open 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 nine months of 2024, through which we have made tremendous progress in executing our business plan. Let me take you through some of the key highlights of our performance. We delivered robust revenue growth of 13% year-on-year, a testament to our backlog evolution, strategic initiatives, and market positioning. Volumes were notably strong in project delivery as large projects ramp up, whereas TPS revenues are running at an annualized rate of around $2 billion. As a result, we are upgrading our 2024 revenue guidance by 5% at the midpoint to a new range of $6.5 to $6.8 billion. This new range implies that full-year revenues will grow at a double-digit rate in 2024. and with a momentum expected to continue in 2025. EPS grew by 35%, benefiting from strength in revenues, higher financial income, as well as the absence of material one-off factors that impacted last year. Commercially, we secured our position on notable projects that enabled diversification and will serve to populate our backlog in 2025 and beyond. This includes our selection for a major LNG export terminal in the U.S., an important blue hydrogen feed in the U.K., and a green ammonia award for our RELI joint venture. I will provide more color on these later. Finally, with the completion of our share buyback program and planned cancellation of treasury shares, TEN will have returned more than €170 million in cash to shareholders during 2024 through dividends and buybacks equivalent to roughly 4.5% of our market cap and underlining our commitment to shareholder returns. Moving to operational highlights for the third quarter, where we continue to execute well across our portfolio of projects and TPS, as evidenced by our solid EBIT margins. In Qatar, both LNG projects, NFE and NFS, are progressing per plan. Notably, NFE has progressed towards peak mobilization with close to 45,000 workers at site. This activity will plateau at this high level through 2025. In SLN, a market where we enjoy clear leadership, we passed final performance acceptance test at Long Son in Vietnam. a project which integrates many of our proprietary licensed SLN technologies. Turning to TPS highlights, Reju, our textile-to-textile recycling company, opened its first commercial scale demonstration plant in Frankfurt, Germany. We completed the feed for the Arcadia eFuel project to utilize CO2 to produce sustainable aviation fuel, and the LaBarge carbon capture project in the U.S. continues to make good progress. These three themes, carbon capture, sustainable aviation fuel, and plastic circularity through redo, will feature as breakout sessions for in-person attendees at our upcoming Capital Markets Day. Overall, I am very pleased with our solid first nine months, and I am sincerely grateful to our teams for their continued dedication and professionalism.

Turning to commercial and other strategic highlights.