Slides
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FY 2024 Results February 28th, 2025 Juan Lladó – Executive Chairman Eduardo San Miguel - CEO
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INDEX Recent Business Milestones Financial results 1 | 3 | 5 | 6 | 4 | Operations performance 2025 Guidance & Highlights Final remarks 2 | 2024 Highlights
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INDEX Recent Business Milestones Financial results 1 | 3 | 5 | 6 | 4 | Operations performance 2025 Guidance & Highlights Final remarks 2 | 2024 Highlights
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4 Sales EUR 4.5 billion EBIT EUR 181 million Net Cash EUR 394 million Order Intake EUR 4.8 billion 2024 results highlights Guidance fulfilled Backlog EUR 12.5 billion
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INDEX Recent Business Milestones Financial results 1 | 3 | 5 | 6 | 4 | Operations performance 2025 Guidance & Highlights Final remarks 2 | 2024 Highlights
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6 2025 Guidance EBIT margin ~4.5% Revenues >5,200 M€ 2025 Highlights Selected for a project in UAE for 3.3 B€ Vaca Muerta award worth 420 M€
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7 EBIT margin >5% Revenues upgraded to >5,500 M€ Back to dividend policy with 2026 results TR’s ambition towards 2026
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INDEX Recent Business Milestones Financial results 1 | 3 | 5 | 6 | 4 | Operations performance 2025 Guidance & Highlights Final remarks 2 | 2024 Highlights
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9 Recent Business Milestones Power projectsHassi Messaoud Vaca Muerta 3 combined cycle projects in Middle East Project relaunch signed with Sonatrach EPmCm for YPF for the Vaca Muerta project 420 M€ (2025 order intake) 2.3 B€ (2024 order intake) 2.1 B€ (already in backlog)
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10 • Relaunch of Hassi Messaoud Project has been agreed and signed with Sonatrach – awarded in 2019 and suspended after Covid outbreak • Sinopec becomes TR´s partner for the project • New price, scope, schedule and contract conditions agreed: 4.1 B€ total contract value • Key development in the south of Algeria and of national interest • TR and Sonatrach strengthen their relationship 2.1 B€* (already in backlog) * TR’s stake in the project | Hassi Messaoud
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11 | Power projects in Middle East • 3 combined cycle projects in Middle East • 7.3 GW of total installed capacity in 3 projects • Key development for the country • LNTP already signed & Full NTP expected in Q1 2025 2.3 B€* (2024 order intake) * TR’s stake in the project & undisclosed client
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12 • EPmCm + procurement package for YPF for the Vaca Muerta project • Strategic project for Argentina (largest oil project in the country) • Second project awarded after Covid 420 M€ (2025 order intake) | Vaca Muerta
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INDEX Recent Business Milestones Financial results 1 | 3 | 5 | 6 | 4 | Operations performance 2025 Guidance & Highlights Final remarks 2 | 2024 Highlights
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14 Operations performance | • First two modules' shipments, corresponding to the Ethane Cracker racks, successfully completed • Modules constructed in Abu Dhabi (UAE) and shipped to Antwerp (Belgium) in November 2024 • TR’s contract included 100% project services • Largest petrochemical investment made in Europe in the last 20 years
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15 Operations performance | • Resid upgrade project in Singapore to convert fuel oil and other products into higher-value lube base stocks and distillates • Mechanical completion expected in Q1 2025 • Supporting ongoing commissioning activities • More than 30 Million safe man-hours
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16 Operations performance | • Modernization of the Talara refinery, one of the largest investments of its kind in Latin America • High quality diesel and gasoline fuels production aligned with stringent environmental requirements • 100% milestones for plant start-up achieved
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17 Operations performance | • EPCm services awarded in 2021 for a new PTA production plant in Turkey • Most units already in operation • Two final units' delivery expected during 2025 • First step in SASA’s ambitious investment plan in petrochemicals
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18 | TR in the US 1. Focus on conventional energy 2. Significant growth opportunities in: • LNG • Petrochemicals • Upstream O&G • Gas based Power Generation 3. On Energy Transition, European Off-Takers and Carbon Capture opportunities remain solid •Over 20 B USD of pipeline opportunities in North America •Services contracts remain TR’s focus in the US
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INDEX Recent Business Milestones Financial results 1 | 3 | 5 | 6 | 4 | Operations performance 2025 Guidance & Highlights Final remarks 2 | 2024 Highlights
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20 Sales, B€ EBIT, M€ TR is focused on profitable sales growth with sustained margin improvement 4.2 4.1 4.5 >5.2 2022 2023 2024 2025E 3.8% 9 157 181 2022 2023 2024 2025E % EBIT margin 4.1% 0.2% ~4.5% | P&L
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21 802 686 624 2022 2023 2024 960 1,034 1,018 2022 2023 2024 Net cash position, M€ Gross cash, M€ Gross debt, M€ 158 348 394 2022 2023 2024 83 325 400175 175 175 2022 2023 2024 Equity SEPI PPL Equity, M€ 472 575 258 +149% +6% -22% | Balance sheet
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22 2025 installment of ordinary loan already paid & In Q3 2025 TR will evaluate early partial repayment of SEPI loans | SEPI
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INDEX Recent Business Milestones Financial results 1 | 3 | 5 | 6 | 4 | Operations performance 2025 Guidance & Highlights Final remarks 2 | 2024 Highlights
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We continue to fulfill our targets defined in our Capital Markets Day in Abu Dhabi SALTA, TR’s medium-term strategy, has started to pay off We face 2025-2028 with optimism We are proud to deliver value to our shareholders Final remarks