Tecnicas Reunidas Sa Ord

Good morning, everybody, and welcome to TR's nine-month 2025 results presentation. It is going to be conducted, as usual, by our Executive Chairman, Juan Yadó, and our CEO, Eduardo San Miguel. It's going to last approximately 20, 25 minutes, and afterwards, you will be able to post your questions after our Chairman's final remarks. And now, I leave the floor to our Chairman, Juan Yadó.

Hi. Hi. Hello, everyone. And thank you, Antonio, and good morning. And thank you for joining us today on our nine-month result presentation for this 2025. And as always, Eduardo San Miguel and I will guide you through the most relevant issue that's taking place in the first nine months of the year. First, Eduardo will summarize the main highlights from our very recent yesterday. And second, I will dive a little bit into our current commercial pipeline. And I will be followed by Eduardo, who will guide you through our financial results. And as always, again, I will wrap up the presentation with some financial remarks and our financial guidance. And now, Eduardo, you have the floor.

Thank you, Juan. Good morning, everyone. I know well most of you are aware of the content we covered in our October Investor's Day. But for all those that could not attend the meetings, let me devote now a couple of slides to summarize the key messages. Let's start with services and power. Regarding our new business line of engineering services, we are already halfway towards our 2028 target of 500 million euros of revenues. In fact, we expect this year to have around 230 million euros in revenues and over 600 million euros of awards. We are prioritizing our engineering service business line because of two reasons. First, because it delivers higher margins and has a lower execution risk. The 30% margin we announced in Abu Dhabi when we launched our Salta strategy is aligned with our actual results. And second, because through value-added engineering services, we are repositioning in the market. Clients perceive us as long-term partners that contribute to design, together with them, their future investments. In the Power Business Unit, we have significantly raised our ambition. Between 2020 and 2024, annual revenues averaged around 300 million euros. Now, looking ahead for the next four years, we are targeting over one billion euros per year. This shift is driven by a combination of secure contracts, the backlog, and a strong commercial pipeline. There is a huge demand for electrification. Both artificial intelligence and governments seeking for a clearer, cleaner energy are pushing this demand. Our expertise, our track record, the geographical footprint, and the close relationships we have with the EOMs are solid reasons to believe our one billion target of revenues per year shouldn't be a major challenge. If we move to North America, my message is we are making solid progress in the region. A key milestone achieved has been the signature of an strategic alliance with Zachary. This partnership with a company that highly complements our capabilities will unlock opportunities in the LNG and power segments in the United States. And also, we have signed engineering framework agreements with most of the major US oil and gas players. Through those frame agreements, plus the project co-development we are already involved in, and the feed conversions, we expect our first big projects to come in the US late 2026 or early 2027. When it comes to decarbonization, Técnica de Ronillas is more than ready for the future. Very few projects have been launched this year, but if there is one that deserves A very special attention is the Jambu Green Hydrogen Cluster that will feed the green corridor of hydrogen between Saudi Arabia and Europe. This project will require the construction of the largest ammonia plant in the world, and the feed and potential rollover to EPC has been awarded by ACWA to Técnicas Reunidas together with our partner, Sinopec. Through artificial intelligence, digitalization, and robotics, we are unlocking a new source of revenues and also improving our competitiveness. Our goal is 1% of cost savings by 2028. I'm confident that this goal will be achieved thanks to over 150 professionals with extensive engineering, procurement, and construction experience that today integrates the digital team. And now Juan will analyze our current pipeline.