Técnicas Reunidas, S.A. (TNISF) Q4 2024 Earnings Call Transcript

2025-02-28 12:01:38 ET

Técnicas Reunidas, S.A. (TNISF)

Q4 2024 Earnings Conference Call

February 28, 2025, 6:00 AM ET

Company Participants

Antonio Rodriguez - Chief Operations Officer

Juan Lladó - Chairman

Eduardo San Miguel - Chief Executive Officer

Joaquin Perez de Ayala - Head, Energy Transition

Conference Call Participants

Mick Pickup - Barclays

Kevin Roger - Kepler Chevreux

Ignacio Doménech - JB Capital

Álvaro Lenze - Alantra

Francisco Ruiz - BNP

Presentation

Antonio Rodriguez

Good morning, everyone. And welcome to TR’s 2024 Full Year Results Presentation. It’s going to be conducted by our Chairman, Juan Lladó; and our CEO, Eduardo San Miguel. It will last approximately 20 minutes, 25 minutes, and you will be able to pose your questions after the final remarks.

And I’ll leave the floor to our Chairman, Juan Lladó.

Juan Lladó

Hi. Hello, everyone. Thank you very much, Antonio. And good morning or good afternoon. I don’t know where you are, to whomever is listening to us. As usual, Eduardo San Miguel, Técnicas Reunidas Group CEO and I will guide you through these presentations. And at the very beginning, first of all, I will share with you, 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 have 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.

Highlights. I mean, the highlights here are very simple. Five bullets, and I’m going to elaborate very much on it. You have a lot of information there. We have number one, order intake, €4.8 million. Two, very strong and healthy, very 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. And very important, we closed the year with a net of that cash position of close to €400 million, €344 million to be precise. I do believe that these five figures, five achievements are very much self-explanatory. And they are the first steps of a very important sales 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 2024, Capital Markets Day in Abu Dhabi, we shared with you TR’s business strategy for the upcoming years. And we assume commitment and the reality is those commitments are 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 the guidance, which is slightly better than what a lot of 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 an edit in the neighborhood close to 4.5%. And I think this is very important, and this is very important because it’s also in the set of 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, do a quick analysis or a quick to highlight two very important happenings, so to speak, that have taken place over 2025 for the last two months....

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