Technip Energies Nv

Good afternoon. This is the conference operator. Welcome and thank you for joining the Technip Energy's third quarter 2025 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions by pressing star and 1 on your telephone. At this time, I would like to turn the conference over to Philip Lindsay, Head of Investor Relations. Please go ahead, sir.

Thank you, Maria. Hello and welcome to Technip Energy's financial results for the first nine months of 2025. On the call today, our CEO, Arnaud Piertan, will discuss our nine-month performance and business highlights. This will be followed by CFO Bruno Buber, who will discuss our financials. Arnaud will then return for the outlook and conclusion before opening for questions. Before we start, I would urge you to take note of the forward-looking statements on slide three. I will now pass the call over to Arnaud.

Thank you, Phil, and welcome, everyone, to our results presentation for the first nine months. Let me begin with the key highlights. I am pleased to report that Technip Energies has delivered a solid financial performance for the first nine months of this year. We recorded year-over-year revenue growth of 9%, We've maintained strong profitability and we generated a significant uplift in free cash flow. These results reflect our disciplined execution, the strength of our asset light business model, and the commitment of our teams worldwide. Based on these results, we confirm our full year guidance. On the commercial front, we strengthened our global leadership in LNG and modularization. Notably, we were awarded a major contract in the U.S. for Commonwealth LNG using our modular Snap LNG solution, a topic I will expand upon shortly. Finally, in line with our strategy to enhance our technology, products, and services segment, we announced the acquisition of Ecovist Advanced Materials and Catalyst. The transaction broadens our capabilities across the Catalyst value chain and upon completion, will be immediately accretive to TEN's financial profile. Turning now to our theme for 2025 and our foremost priority, execution. On project delivery portfolio, it continues to deliver solid progress, as evidenced by year-to-date revenue trends and margin resilience. We are transitioning into pre-commissioning activities for the first of our four trains on the NFE project. Simultaneously, we are intensifying activities on the adjacent project, NFS, which continues to ramp up. Alongside this progress, we are advancing towards completion of downstream projects, including the Asut Cleaner Fuse Refinery in Egypt and the Boruj Ethylene Plant in the UAE. In TPS, we have been achieving important milestones across a range of decarbonization projects. We have successfully started up the first plant deploying our innovative canopy by 10 solution for carbon centric in Norway. And for the TPS scope of net zero T side, we are progressing with a CO2 absorber module fabrication at our facility in India. In summary, The third quarter has seen strong execution across important energy and decarbonization contracts. Let me now provide an update on our recent commercial successes, which have further cemented tense global leadership in LNG and modularization. I am delighted to confirm that we signed another major LNG contract in the U.S. with Commonwealth LNG. This milestone follows the execution by 10 of the front-end engineering and design. The delivery model for Commonwealth LNG leverages SNAP LNG by 10, our innovative, modular, pre-engineered, and standardized solution. The Commonwealth LNG facility will feature six identical liquefaction trains to deliver a total capacity of 9.5 million tons per annum. we have initiated the project under a limited notice to proceed. This allows us to begin preliminary activities, such as placing purchase orders for key equipment. It is important to note that the full value of this contract will only be reflected in our order book upon issuance of the full notice to proceed, at which point it will make a significant contribution to the company's backlog. In conclusion, a very positive development for TEN, one that enables us to enter the US LNG market on our own terms through early engagement, the application of modular solutions, and a disciplined contractual approach. Beyond our recent success in the US, I would like to draw attention to several other important awards in LNG and circularity markets. First, Our position as a leader in deep offshore floating gas liquefaction has once again been reaffirmed. In August, we secured a large contract for Coral Norte, a floating LNG unit in Mozambique for ENI. This initial scope covers preliminary activities with further order intake anticipated upon full contract award. Second, Our early engagement approach continues to be a cornerstone of our success. It positions us strongly for future awards and helps de-risk project execution. In line with this strategy, we have been awarded two feed contracts for the Abadi LNG development in Indonesia for INPEX. First, for the liquefaction facilities to deliver annualized production of 9.5 million tons. And the second is for the modularized floating gas infrastructure. we remain very confident in our medium-term outlook for further LNG awards. Lastly, we have secured a key service role for the Ecoplanta Waste to Methanol project in Spain for Repsol. This award builds on the strategic collaboration between Technip Energies and Enerchem and illustrates the strength of the partnership in accelerating the deployment of circular solutions at scale. Turning now to September's announcement of the acquisition of Ecovist Advanced Materials and Catalysts, AEM&C. The acquisition supports Technip Energy's strategy for disciplined growth of our TPS segment. It demonstrates our value-driven approach to M&A, it is financially accretive, and it benefits from positive long-term market trends. It will bring in differentiated capabilities in catalyst technologies and advanced materials, enhancing our ability to deliver high-performance, process-critical solutions to our clients. It also adds a new dimension to our catalyst business, unlocking avenues for product development and market expansion. Post-completion, a talent pool of 330 people will join Technip Energies, bringing complementary skills and expertise into the company, and we will ensure the entrepreneurial culture and business momentum of AM&C is preserved through the integration process. Now, importantly, the deal will have no impact on our investment-grade credit rating. TEN will retain a substantial net cash position, providing capital allocation flexibility for other opportunities. Before passing to Bruno to review our nine-month performance, I'd like to take a moment to outline how the AMNC acquisition will, following completion, materially enhance our TPS offering across the asset lifecycle. With Catalyst IT at the core of many process technologies, Catalyst serves as a key differentiator in process technology development and are highly complementary to our existing offerings. One of the compelling aspects of catalysts is their consumable nature, which opens multiple recurring revenue streams throughout the OPEX phase. Where 10 would typically sell a process technology once per project, catalysts are replenished multiple times throughout the lifespan of a plant. As such, around 70% of AMNC revenues are tied to operating expenditures, which will improve our long-term revenue visibilities. In terms of financial impact, the addition of AMNC will increase the technology and product component of our TPS revenues from 40% to over 45% based on 2024 performance. Furthermore, AMNC generates EBITDA margins substantially higher than our TPS segment. In summary, the transaction is all about advancing TPS, accelerating its growth, enhancing profitability, and providing TEN with a platform to unlock further value for all stakeholders. I will now pass to Bruno to discuss the financials.