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Technip Energies H1 2025 Financial Results
TECHNIP ENERGIES H1 2025 FINANCIAL RESULTS
A strong company for the long-term
Paris, Thursday, July 31, 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 half of 2025.
Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:
“In the first half, Technip Energies (T.EN) delivered double-digit growth in revenue and EBITDA compared to the prior year, with stable profitability and robust cash flow generation. This strong performance was driven by sustained momentum in Project Delivery and the positive impact of proprietary product installations from our Technology, Products & Services (TPS) segment. Our solid results, despite a complex macroeconomic environment, reflect the quality and dedication of our teams, who excel at delivering across our portfolio.”
“The strength in TPS margins year-to-date supports upgraded full-year guidance for the segment. Our strategic focus on expanding our process technology and proprietary equipment portfolio will, over time, sustain these enhanced margins and reinforce our market leadership.”
“Across industries globally, there is growing demand for delivering energy infrastructure with pragmatic and cost-effective decarbonized solutions. T.EN is extremely well-positioned thanks to the breadth of our offerings and adaptable execution models.”
“This is further evidenced by our diversification strategy, which is yielding tangible results. Over the past 18 months, the profile of our order intake is a more balanced blend of energy and decarbonization work. While energy, including LNG, remains the largest contributor, decarbonization has grown to ~40% of our order intake - amounting to more than €5 billion, including major projects in carbon capture and blue molecules. In addition, ~70% of orders during this period originated from regions beyond the Middle East, with major awards in the Americas and the UK.”
“Looking ahead, our commercial pipeline offers compelling opportunities across both traditional and emerging growth markets. We remain confident in our positioning for important awards in the next six-to-18 months for both business segments, notably in LNG, blue molecules, and sustainable fuels, with the US expected to be one of the most active regions.”
“Ultimately, the long-term fundamentals underpinning the continued expansion and diversification of the global energy mix are highly attractive. Through disciplined management of our operations, consistent cash flow generation, and strategic capital allocation, notably to deliver TPS growth, we are committed to delivering long-term value creation.”
Key financials – adjusted IFRS
Key financials – IFRS
Updated 2025 full company guidance – adjusted IFRS
Conference call information
Technip Energies will host its H1 2025 results conference call and webcast on Thursday, July 31, 2025 at 13:00 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 H1 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 H1 2025 amounted to €2,654 million, equivalent to a book-to-bill of 0.7.
Adjusted order intake announced during the second quarter of 2025 included a major contract for the Blue Point Number One ATR project in the US, the world's largest low-carbon ammonia production facility with a capacity of approximately 1.4 million metric tons per year, a significant engineering contract for the North Field Production Sustainability Offshore Compression Project in Qatar, as well as other studies, services contracts and smaller projects.
For reference, commercial highlights for the first quarter of 2025 are included here: T.EN Q1 2025 financial results.
A “major” award for Technip Energies is a contract award representing above €1 billion of revenue.
A “significant” award for Technip Energies is a contract award representing between €50 million and €250 million of revenue.
Including the impact of foreign exchange, adjusted backlog decreased by 8% to €18.0 billion compared to December 31, 2024, equivalent to 2.6x FY 2024 adjusted revenue.
The table below provides estimated backlog scheduling as of June 30, 2025.
Company financial performance
Adjusted statement of income
Business highlights
Project Delivery – adjusted IFRS
H1 2025 Adjusted revenue increased by 24% year-over-year to €2,736.2 million driven by high activity on Qatar LNG projects and the ramp-up of a new wave of projects, including GranMorgu and Ruwais LNG.
H1 2025 Adjusted recurring EBITDA increased by 17% year-over-year to €214.7 million and H1 2025 Adjusted recurring EBIT increased by 16% year-over-year to €187.5 million.
H1 2025 Adjusted recurring EBITDA margin decreased year-over-year by 50 bps to 7.8% and Adjusted recurring EBIT margin decreased year-over-year by 40 bps to 6.9%. After a period of strong order intake in 2023 and 2024, the margins reflect a re-balancing in the project portfolio, with a higher proportion of early-phase projects for which limited margin contribution is recognized.
Q2 2025 Key operational milestones
QatarEnergy North Field Expansion (Qatar)
QatarEnergy North Field South (Qatar)
Marsa LNG (Oman)
Ruwais LNG (UAE)
Assiut Hydrocracking Complex (Egypt)
GranMorgu FPSO unit (Suriname)
bp Net Zero Teesside Power Project (UK)
Q2 2025 Key commercial and strategic highlights
Technip Energies awarded major contract for Blue Point Number One ATR, the world's largest low-carbon ammonia production facility (US)
Technology, Products & Services (TPS) – adjusted IFRS
H1 2025 Adjusted revenue decreased year-over-year by 5% to €910.2 million, resulting from reduced proprietary equipment contribution, partially offset by strong volumes in consultancy, engineering services and studies.
H1 2025 Adjusted recurring EBITDA increased year-over-year by 13% to €137.0 million and Adjusted recurring EBIT increased year-over-year by 16% to €102.7 million.
H1 2025 Adjusted recurring EBITDA margin increased by 240 bps to 15.1% and Adjusted recurring EBIT margin increased by 200 bps to 11.3% benefiting from ethylene furnaces deliveries, catalyst supply, and project management consultancy (PMC).
Q2 2025 Key operational milestones
Neste Renewable Products Refinery Expansion - Site Development Project, Rotterdam (Netherlands)
Neste Renewable Products Refinery Expansion - Capacity Growth Project, Rotterdam (Netherlands)
Reliance NMD and DMD Cracker (India)
Q2 2025 Key commercial and strategic highlights
Technip Energies awarded a significant engineering contract for the North Field Production Sustainability Offshore Compression Project (Qatar)
Technip Energies selected by the Natural Gas Infrastructure Company (ETYFA) for a project management consultancy (PMC) contract (Cyprus)
Rely unveiled the new generation of its 100MW de-risked green hydrogen configurable productized plant.
Q2 2025 Other key commercial and strategic highlights
Reju announced the selection of Regeneration Hub One, its first industrial size textile-to-textile recycling center to be located on the Chemelot Industrial Park in Sittard-Geleen, Netherlands
Reju announced a partnership with Italy’s Rematrix securing sustainable textile supply chain for regeneration hubs and a strategic partnerships with Utexa in Central America and Antex in Europe, Leading Manufacturers of Filament Yarns, to Use REJU Polyester™
Installation of 750 kWp Rooftop Solar PV at Technip Energies’ MMY Dahej yard
Corporate and other items
Corporate costs, excluding non-recurring items, were €32.8 million for the first half of the year 2025, and included the impact of the share price increase and supplemental French social charges on long-term incentive plans.
Non-recurring expense amounted to €28.6 million and includes costs incurred relating to investment in adjacent business models, notably for Reju, in addition to strategic initiatives and restructuring costs.
Net financial income of €51.3 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 29.8% for H1 2025, consistent with the 2025 guidance range of 26%-30%.
Depreciation and amortization expense was €61.6 million, of which €39.0 million is related to IFRS 16.
Gross cash at June 30, 2025 was €4.0 billion, which compares to €4.1 billion at December 31, 2024. Gross debt was €0.7 billion at June 30, 2025, which is consistent with the position at December 31, 2024.
Adjusted free cash flow was €332.2 million for H1 2025. Adjusted free cash flow, excluding the working capital and provisions variance of €10.1 million, was €322.1 million, benefiting from strong operational performance and consistently high conversion from Adjusted recurring EBITDA of 101% (conversion from Adjusted recurring EBIT was 125%). Free cash flow is stated after capital expenditures of €33.6 million. Adjusted operating cash flow was €365.8 million.
Liquidity
Adjusted liquidity of €4.8 billion at June 30, 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.
Share buyback
On May 12, 2025, Technip Energies announced the launch of a share buyback program of up to €45 million to be used to fulfill the Company's obligations under equity compensation plans. The maximum number of shares that can be acquired under the program is 1.5 million. The share buyback program is to be carried out until December 31, 2025.
AGM and Dividend
At the company’s Annual General Meeting (“AGM”) on May 6, 2025, all resolutions submitted to the shareholders for approval at the 2025 AGM were adopted.
All resolutions on the agenda received a majority of votes. Each resolution was voted for in favor by more than 80%, including shareholder approval for the 2024 financial statements and the proposed dividend of €0.85 per outstanding common share for the 2024 financial year. The AGM documentation and voting results are available at 2025 Annual General Meeting .
Payment for the cash dividend took place on May 22, 2025.
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 HALF 2025
APPENDIX 1.1: ADJUSTED STATEMENT OF INCOME - SECOND QUARTER 2025
APPENDIX 1.2: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2025
APPENDIX 1.3: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2024
APPENDIX 1.4: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - SECOND QUARTER 2025
APPENDIX 1.5: STATEMENT OF INCOME - RECONCILIATION BETWEEN IFRS AND ADJUSTED - SECOND QUARTER 2024
APPENDIX 2.0: ADJUSTED STATEMENT OF FINANCIAL POSITION
APPENDIX 2.1: STATEMENT OF FINANCIAL POSITION - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2025
APPENDIX 2.2: STATEMENT OF FINANCIAL POSITION - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2024
APPENDIX 3.0: ADJUSTED STATEMENT OF CASH FLOWS
APPENDIX 3.1: STATEMENT OF CASH FLOWS - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2025
APPENDIX 3.2: STATEMENT OF CASH FLOWS - RECONCILIATION BETWEEN IFRS AND ADJUSTED - FIRST HALF 2024
APPENDIX 4.0: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES - FIRST HALF 2025
APPENDIX 4.1: ADJUSTED ALTERNATIVE PERFORMANCE MEASURES - SECOND QUARTER 2025
APPENDIX 5.0: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION - FIRST HALF 2025
APPENDIX 5.1: ADJUSTED RECURRING EBIT AND EBITDA RECONCILIATION - SECOND 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:
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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
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