Tecnicas Reunidas Sa Ord

Good morning, everyone, and welcome to TR's 2024 Full Year Results Presentation. It's going to be conducted by our Chairman, Juan Yadó, and our CEO, Eduardo Sanmiguel. It will last approximately 20-25 minutes, and you will be able to post your questions after the final remarks. And I'll leave it forward to our Chairman, Juan Yadó.

Juan Yadó Hi. Hello, everyone. Thank you very much, Antonio. And good morning or good afternoon, I don't know where you are, to whomever are listening to us. As usual, Eduardo San Miguel, you know, Técnica de la Unidad's group CEO and I will guide you through these presentations. And at the very beginning, first of all, I will share with you, you know, all the main highlights that we have achieved over this year, 2024. Second, I'm going to give you guidance of 2025. Usually, guidance is left to the end. But we do believe that this presentation will flow much better if we start disclosing our targets and our ambitions for 2025 and even 2026. I will continue with an update of the most important or relevant business milestones, three important milestones that has been achieved for the 2024 and 2025. And then I will leave the floor to Eduardo, who will drive you through the relevant landmarks achieved by TR in its operational performance. And as always, the main financial figures for the year. And I will finally wrap up the presentations with some closing remarks. You know, highlights. I mean, the highlights here are very simple. Five bullets, and I'm going to elaborate very much on it. You know, you have a lot of information there. We have number one, orderly take, 4.8 million euros. Two, very strong and healthy, I like to underline healthy backlog of 12.5 billion. I don't like to use it in terms of records and whatever because, well, this is not a race. Sales, 4.5 billion, very much within our target. EBIT, we were talking of a year of 4%, slightly above 4%, which margin, which is 181 million euros. And very important, we closed the year with a net of debt cash position of close to 400 million euros, 344 to be precise. I do believe that these five figures, five achievements are very much self-explanatory and they are the first step of a very important SALT strategy that we have presented to you last May. Later on, Eduardo will give you additional details on both operational and very specifically on these financial figures. So let's not wait anymore and let's move into guidance for 2025. I mean, back in May 24, Capital Markets Day in Abu Dhabi, we shared with you TR's business strategy for the upcoming years. And, you know, we assume commitments. And the reality is those commitments are ongoing. being met, and 2024 is the first step, as I said before. So starting 2025, we're more than ready to start these presentations with our guidance. With our guidance, which is slightly better than what a lot of some people had expected. We do expect, and that's our guidance, to have revenues for 2025 above $5.2 billion. And we do expect, and it is our guidance of having added in the neighborhood close to 4.5%. And I think this is very important, and this is very important because it also sets our minds for the next slide that we're going to be talking about a very important milestone in our strategy, which is 2026. But before that, let me, you know, do a quick... you know, analysis or a quick to highlight two very important happenings, so to speak, that have taken place over 2025 for the last two months. The first one is Vaca Muerta. A lot of people think, you know, why is Vaca Muerta so important? I mean, Vaca Muerta is important. It's very important for us. It has to do with the customer that we want to work for. It has to do with the field that we have to work for. And it has to do with the customer experience. and partners, services, and technology they want to develop upstream. And we'll do further development of Vaca Muerta later on. And also very important, we have been selected for a project amounting 3.3 billion euros in the Emirates. But we cannot do further disclosure until, obviously, as always happens, the project is fully signed. And having talked about 2025 and those very important messages, those very important announcements that have taken place in 2025, you know, over the last few months, let's talk about the very important year, 2026. And in this sense, we are, I am, we, all TR team, and me personally, very optimistic of the positive trend of the market. And the positive trend that TR is taking the right step to achieve all the goals and objectives for the upcoming years. Here you have the term ambition to 2026. And some of you might think ambition is the synonym of wish. Well, it is a wish, obviously, but it's not a wishful thinking. I mean, that ambition is becoming a reality. And it's becoming a reality that allows us to have greater revenues to $5.5 billion. You know, that sends the message to you, analysts and investors, that our ambition is close to be a reality with an EBIT margin above 5%. And very important, because this is 2026, we said it in Abu Dhabi, and we say it today again, it's a very important milestone. It is the year... that with these results, we'll send TR back again to dividend paying policy. It is a very important year. That's why we thought that guidance and ambition, again, of 2026, we wanted to present it to you at the very beginning of the presentation. And now let's talk about back to day-to-day business. less ambitions and less guidance, back to reality, back to the business. And back to the business, I think it's important to present to you three, I mean, many things have happened this year. It has happened in Kazakhstan, in Abu Dhabi, in the United States, many things and a lot of delivery. It has been extremely busy years. But let me first focus in three happenings, so to speak, in three accomplishments that there are somehow inflection points on TR's strategy. Number one, on November 24, to be precise, I think it was the 27th of November when we announced it, I don't know if it was the 27th or the 17th. I do remember that it was November. Sonatrack decided to entrust TR as leader together with Sanopec to relaunch the very important and the very strategic refinery in Hasime Saoud. And just a few seconds. So let's do a bit of memory here. This job was awarded to TR at the very end of 2019. And we had a signing ceremony in January 2020. And two months and a half later, Sona's team and TR's team, we were all locked in. We all forgot that COVID started. But we were brave enough and we have a strong relationship, and it was the first job that we started from scratch, teleworking. So it was a challenge for both, and we did. Unfortunately, COVID was more than teleworking. In 2021, prices went crazy. 2022, war, impossible, and the project was put on hold. Today, together with Sanopec, our strategic partner, The three companies, our customer, Sonatrack, our strategic partner, Tanopec, and ourselves have been working together to relaunch this job very successfully. If the job is above 4 billion euros worth, we know the job, we happen to be the leaders, and we have a very strong partner, Tanopec. And not because we have a strategic partner, because with them, we have done the largest refinance job we have ever done in the Middle East, in Saudi Arabia and in Kuwait. So I have to say that I'd like to thank both Sonatra professionals and Sanabek professionals, because the three of them, together with my team, together with the technical assistance team, have demonstrated over the last month the willingness of working together and the commitment for the Algerian market. So I'd like to leave it very clear. I'm extremely thankful, and this is a very successful accomplishment.

And now, power projects.