Slides
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9M 2025 Results November 7th, 2025 Juan Lladó – Executive Chairman Eduardo San Miguel - CEO
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INDEX Pipeline 1 | 3 | Investor Day synopsis 2 | 4 | Financial results Final remarks
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INDEX Pipeline 1 | 3 | Investor Day synopsis 2 | 4 | Financial results Final remarks
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4 Services ~230 M€ revenues +300 M€ awards 2025 Forecast 2028 Ambition ~30 % gross margin +500 M€ revenues 1 Services business unit already halfway of 2028 target Annual revenue ambition increased to +1.0 B€ 2020 2021 2022 2023 2024 2025 2026 2027 2028 2020-24: ~0.3 B€ 2025-28: +1.0 B€ Power business unit revenues projections, B€ Actual revenues Backlog registered Commercial pipeline Power2 Investor Day synopsis - Solidly progressing towards our 2028 goals
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5 North America Investor Day synopsis - Solidly progressing towards our 2028 goals 3 Decarbonization4 AI, Digitalization & Robotics 5 • Strategic alliance signed with Zachry • +150 professionals with extensive engineering, procurement and construction experience to deliver 1.5 p.p. savings by 2028 • Initial saving tools become a new services line TR is ready to capture upcoming investment and already helping to shape the future Yanbu Green Hydrogen Cluster FEED & rollover in partnership with Sinopec, key milestone in the creation of a hydrogen corridor between KSA and Europe • Engineering agreements closed with O&G major players for EPC opportunities through: o Frame agreements o Project Co-development o Potential FEED conversions
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INDEX Pipeline 1 | 3 | Investor Day synopsis 2 | 4 | Financial results Final remarks
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7 Pipeline – R obust and diversified pipeline enables selective growth North America Middle East and Asia Pacific Europe and Rest of the World 13% 33% 53% 24-month Pipeline by geographies 85.9 B€ Total Commercial Pipeline 84.1 B€ EPC 1.8 B€ Services 5% 8% 18% 26% 45% Decarbonization Downstream Power LNG Upstream Commercial Pipeline by product
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8 Services >400 M€ Services awards pending of formal signature: Early agreements in Pre- FEEDs and FEEDs Pipeline – Power in Europe & Services Potential Roll - Overs Power in Europe ~1.4 B€ Contracts signed with RWE in Power business: Early works and Engineering prior to public auction
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9 RWE award • TR and GE Vernova selected by RWE to develop a hydrogen-ready combined cycle plant in Voerde, Germany (commissioning in 2030) • Initial operation: 50% natural gas / 50% hydrogen ready, capable of transitioning to 100% hydrogen • Project joins two others at Weisweiler and Gersteinwerk, all contacts signed and pending of formal FID to be included in the backlog
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INDEX Pipeline 1 | 3 | Investor Day synopsis 2 | 4 | Financial results Final remarks
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11 47.2 49.8 56.4 64.0 84,1 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Sales, M€ EBIT, M€ 1,125 1,233 1,307 1,437 1.852 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBIT margin P&L 3.8% 4.1% 4.3% 4.4% 4.5% 2023 2024 Q1 2025 Q2 2025 Q3 2025 +65% +78%
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12 Net cash position*, M€ 298 394 423 422 427 9M 2024 FY 2024 Q1 2025 H1 2025 9M 2025 83 325 400 523 175 175 175 175 2022 2023 2024 9M 2025 Equity SEPI PPL Equity*, M€ 500 258 Balance sheet 575 698 *SEPI PPL included
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INDEX Pipeline 1 | 3 | Investor Day synopsis 2 | 4 | Financial results Final remarks
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14 Final remarks Financial guidance 2025 EBIT >325 M€ Revenues >6,500 M€ EBIT margin >5% 2026 EBIT ~280 M€ Revenues >6,250 M€ EBIT margin 4.5%