Servizi
Technip Energies First Quarter 2025 Financial Results
TECHNIP ENERGIES Q1 2025 FINANCIAL RESULTS
A strong company in any scenario
Paris, Wednesday, April 30, 2025. Technip Energies (the “ Company ”), a global technology & engineering powerhouse leading in energy and decarbonization infrastructure, today announces its unaudited financial results for the first quarter of 2025.
Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:
“Technip Energies (T.EN) has made a solid start to 2025 with year-over-year growth of 22% in revenues and 19% in EBITDA. This performance is reflective of the quality of our order intake over the last two years, and our teams' relentless focus on execution.”
“2025 Group guidance is confirmed with robust revenue growth and segment EBITDA margins unchanged. Visibility for Project Delivery has improved year-to-date and accordingly we raise the segment's 2025 revenue guidance. As a result of the uncertainty surrounding policies and the macro-economic environment, we have widened the revenue range for our shorter cycle segment - Technology, Products & Services. T.EN's vitals are strong - we have a world-class backlog providing extensive revenue coverage, we generate consistently strong free cash flows, and have a robust balance sheet that enables us to return cash to shareholders and capitalize on value enhancing investment opportunities.”
“As we began 2025 with our highest ever backlog position, our foremost priority is execution. This involves key project completions over the next several quarters, as well as continued ramp-up of major projects awarded during 2023 and 2024. Concurrently, we are progressing on strategic initiatives, including implementation of our digital acceleration plan that will generate € 100 million of annualized cost savings beyond 2028.”
“T.EN remains very active in terms of front-end engagement and bid proposals across many of our markets. Our commercial pipeline remains intact with more than €70 billion of opportunities over the next two years that are well diversified by geography and market. We are offering clients flexible sourcing and execution schemes to enable their projects to move forward with the assurance of T.EN's delivery capabilities and financial strength. Based on our customer engagement and the maturity of specific prospects, we remain positive about our order intake outlook in the coming periods.”
“As an illustration, in April, we were awarded a major contract in the United States for Blue Point Number One ATR, the world's largest low-carbon ammonia production facility. This award highlights our proven capabilities in modularization and delivering large-scale facilities that integrate state-of-the-art technologies. Technip Energies is part of the solution in a global effort towards a pragmatic, yet ambitious decarbonization.”
Key financials – adjusted IFRS
Key financials – IFRS
Updated 2025 full company guidance – adjusted IFRS
Conference call information
Technip Energies will host its Q1 2025 results conference call and webcast on Wednesday, April 30, 2025 at 14:00 CET. Dial-in details:
France: +33 1 70 91 87 04
United Kingdom: +44 121 281 8004
United States: +1 718 7058796
Conference Code: 880901
The event will be webcast simultaneously and can be accessed at: T.EN Q1 2025 Results Webcast
Contacts
Investor Relations
Phillip Lindsay
Vice President, Investor Relations
Tel: +44 20 7585 5051
Email: investor.relations@ten.com
Media Relations
Jason Hyonne
Manager, Press Relations & Social Media
Tel: +33 1 47 78 22 89
Email: media_@ten.com
Operational and financial review
Order intake, backlog and backlog scheduling
Adjusted order intake for Q1 2025 amounted to €663 million, equivalent to a book-to-bill of 0.4.
Adjusted order intake in the first quarter of 2025 included a Front-End Engineering Design (FEED) contract for the proposed new build Combined Cycle Gas Turbine ('CCGT') power station with Carbon Capture and Storage, at Uniper's Connah's Quay site in the UK, as well as other studies, services contracts and smaller projects.
Adjusted backlog decreased by 7% to €18.2 billion compared to December 31, 2024, equivalent to 2.7x FY 2024 adjusted revenue.
The table below provides estimated backlog scheduling as of March 31, 2025.
Company financial performance
Adjusted statement of income
Business highlights
Project Delivery – adjusted IFRS
Q1 2025 Adjusted revenue increased by 34% year-over-year to €1,402.7 million driven by high activity on LNG projects in Qatar and the ramp-up of a new wave of projects, including GranMorgu.
Q1 2025 Adjusted recurring EBITDA increased by 28% year-over-year to €113.8 million and Q1 2025 Adjusted recurring EBIT increased by 29% year-over-year to €101.1 million.
Q1 2025 Adjusted recurring EBITDA / EBIT margin decreased year-over-year by 40 bps / 30 bps to 8.1% / 7.2%. After a period of strong order intake in 2023 and 2024, the margins reflect a re-balancing in our project portfolio, with a higher proportion of early-phase projects for which we recognize limited margin contribution.
Q1 2025 Key operational milestones
QatarEnergy North Field Expansion (Qatar)
Marsa LNG (Oman)
Ruwais LNG (UAE)
Assiut Hydrocracking Complex (Egypt)
bp Net Zero Teesside Power Project (UK)
Q1 2025 Key commercial and strategic highlights
Technip Energies selected by Uniper to provide the FEED of Connah's Quay New Combined Cycle Power Plant with Carbon Capture (UK)
Technology, Products & Services (TPS) – adjusted IFRS
Q1 2025 Adjusted revenue decreased year-over-year by 5% to €450.4 million, resulting from reduced proprietary equipment contribution, partially offset by strong volumes of services / studies, including decarbonization.
Q1 2025 Adjusted recurring EBITDA increased year-over-year by 8% to €65.3 million and Adjusted recurring EBIT increased year-over-year by 8% to €48.0 million.
Q1 2025 Adjusted recurring EBITDA margin increased by 180 bps to 14.5% and Adjusted recurring EBIT margin increased by 120 bps to 10.6% benefiting from technology licensing and proprietary equipment deliveries in ethylene.
Q1 2025 Key operational milestones
INEOS Project One (Belgium)
Neste Renewable Products Refinery Expansion - Capacity Growth Project, Rotterdam (Netherlands)
Numarligarh refinery expansion (India)
Rakkestad C10 carbon capture project on waste incineration (Norway)
Shell Skyline Ethylene Furnace Revamp EPF (Netherlands)
AM Green Kakinada Project (India) - Rely
Q1 2025 Key commercial and strategic highlights
Rely to support Verso Energy in the development of Seven e-Fuels Production Plants Worldwide
Technip Energies expands in India with a new office and a Research & Innovation Center
Q1 2025 Other key commercial and strategic highlights
Reju Partners with Cibutex to Establish a Circular Textile Ecosystem
Corporate and other items
Corporate costs, excluding non-recurring items, were €17.4 million for the first quarter of 2025, and included the impact of supplemental French social charges on long-term incentive plans.
Non-recurring expense amounted to €9.9 million and includes costs incurred relating to adjacent business models, notably for Reju.
Net financial income of €25.7 million benefited from interest income generated from cash and cash equivalents, partially offset by the cost of debt, lease expense and pension costs.
Effective tax rate on an adjusted IFRS basis was 28.8% for Q1 2025, consistent with the 2025 guidance range of 26%-30%.
Depreciation and amortization expense was €30.3 million, of which €19.2 million is related to IFRS 16.
Gross cash at March 31, 2025 was €4.0 billion, which compares to €4.1 billion at December 31, 2024. Gross debt was €0.7 billion at March 31, 2025, which is consistent with the position at December 31, 2024.
Adjusted free cash flow was €84.9 million for Q1 2025. Adjusted free cash flow, excluding the working capital and provisions variance of €94.4 million, was €179.3 million benefiting from strong operational performance and consistently high conversion from Adjusted recurring EBITDA of 111% (conversion from Adjusted recurring EBIT was 136%). Free cash flow is stated after capital expenditures of €19.1 million. Adjusted operating cash flow was €104.0 million.
Liquidity
Adjusted liquidity of €4.8 billion at March 31, 2025 comprised of €4.0 billion of cash and €750 million of liquidity provided by the Company's undrawn revolving credit facility.
The Company's revolving credit facility was successfully refinanced in March 2025 with five years maturity to March 2030, with two additional one-year extension options. The facility is available for general use and serves as a backstop for the Company's commercial paper program.
Forward-looking statements
This press release contains forward-looking statements that reflect Technip Energies' (the “ Company ”) intentions, beliefs or current expectations and projections about the Company's future results of operations, anticipated revenues, earnings, cashflows, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company's current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While the Company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that the Company anticipates.
All of the Company's forward-looking statements involve risks and uncertainties, some of which are significant or beyond the Company's control, and assumptions that could cause actual results to differ materially from the Company's historical experience and the Company's present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see the Company's risk factors set forth in the Company's 2024 Annual Financial Report filed on March 10, 2025, with the Dutch Autoriteit Financiële Markten (AFM) and the French Autorité des Marchés Financiers (AMF), which includes a discussion of factors that could affect the Company's future performance and the markets in which the Company operates.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
APPENDIX
APPENDIX 1.0: ADJUSTED STATEMENT OF INCOME - FIRST QUARTER 2025
APPENDIX 1.1: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST QUARTER 2025
APPENDIX 1.2: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST QUARTER 2024
APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL POSITION
APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST QUARTER 2025
APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST QUARTER 2024
APPENDIX 3.0: ADJUSTED STATEMENT OF CASH FLOWS
APPENDIX 3.1: STATEMENT OF CASH FLOWS - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST QUARTER 2025
APPENDIX 3.2: STATEMENT OF CASH FLOWS - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST QUARTER 2024
APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES - FIRST QUARTER 2025
APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION - FIRST QUARTER 2025
APPENDIX 6.0: BACKLOG - RECONCILIATION BETWEEN IFRS AND ADJUSTED
APPENDIX 7.0: ORDER INTAKE - RECONCILIATION BETWEEN IFRS AND ADJUSTED
APPENDIX 8.0: Definition of Alternative Performance Measures (APMs)
Certain parts of this Press Release contain the following non-IFRS financial measures: Adjusted Revenue, Adjusted Recurring EBIT, Adjusted Recurring EBITDA, Adjusted net (debt) cash, Adjusted Backlog, and Adjusted Order Intake, which are not recognized as measures of financial performance or liquidity under IFRS and which the Company considers to be APMs. APMs should not be considered an alternative to, or more meaningful than, the equivalent measures as determined in accordance with IFRS or as an indicator of the Company's operating performance or liquidity.
Each of the APMs is defined below:
•
Contacts
Investor Relations
Phillip Lindsay
Vice President, Investor Relations
Tel: +44 20 7585 5051
Email: investor.relations@ten.com
Media Relations
Jason Hyonne
Manager, Press Relations & Social Media
Tel: +33 1 47 78 22 89
Email: media_@ten.com
Attachment
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti