Earnings release
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9M 2025 Results 7 November 2025 Non-audited accounts MAIN HIGHLIGHTS • Backlog at the end of September 2025: €11.5 billion • 9M 2025 order intake: €3.8 billion including: o €420 million from the Vaca Muerta project for VMOS o €3.3 billion from Lower Zakum project for ADNOC Offshore • 9M 2025 sales: €4,596 million (+43% vs. 9M 2024) • 9M 2025 EBIT: €205 million (+56% vs. 9M 2024), a 4.4% margin over sales (vs. 4.1% in 9M 2024) o Q3 2025 EBIT: €84 million, TR’s highest quarterly level ever reached, with a 4.5% of margin over sales • 9M 2025 net profit: €108 million (+66% vs. 9M 2024) • 9M 2025 Net cash position: €427 million at the end of September 2025 (vs. €298 million at the end of December 2024) Juan Lladó, Técnicas Reunidas’ Executive Chairman, commented: “A year and a half ago, we introduced our strategy “SALTA” designed to transform TR into the future. In October, we hosted our 2025 Investor Day to share with you how our vision is becoming a reality . Today, I’m proud to say: SALTA is not only progressing, it’s thriving. We are firmly on track to meet our 2028 objectives. Our Services business unit has broken the glass ceiling. Clients no longer see us as a traditional EPC contractor, but as a trusted technological partner. Well focused on constructability, process engineering and with a highly experienced team, TR is now recognized as a value-added service provider. We have already reached half of our €500 million revenue target for 2028. The Power business is becoming a cornerstone of our strategy. With electrification and artificial intelligence driving unprecedented demand, TR is uniquely positioned to lead the market. We are well -positioned backed by our 30 years of experience, our partnerships with the O&EMs, and our proven experience to execute with lower risk. As a result, we have tripled our revenue ambition in this segment to over €1 billion annually. North America remains a strategic priority. We continue to advance in the region and have signed a key alliance with Zachry to jointly pursue and execute opportunities in the U.S. market. I’m confident that the early engagement we are achieving with U.S. clients will translate into a healthy backlog late 2026 and 2027.
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9M 2025 Results Non-audited accounts 2 Digitalization is also reshaping our operations and market competitiveness . What began as a tool for cost efficiency is now evolving into a new revenue business line for TR. The success of SALTA is reflected in our strong performance across sales, operating margins, and balance sheet. This has allowed us to upgrade our financial guidance for 2025 and 2026. Furthermore, the early repayment of SEPI loans on December 1st will enable TR to resume its shareholder remuneration policy starting next year. TR is transforming. SALTA is delivering. And our future has never looked more promising.” 9M 2025 RESULTS SUMMARY Técnicas Reunidas (hereinafter referred as to “TR”) has achieved the following figures: • Backlog at the end of September 2025 stood at €11.5 billion, while our order intake reached €3.8 billion. Up to date, in 2025, TR has been awarded by VMOS the Vaca Muerta project, which amounts to €420 million; and the Lower Zakum project for ADNOC Offshore in the UAE, for an amount of €3.3 billion. Moreover, TR has also been awarded with relevant contracts related to its services business unit. In addition, TR has been awarded with several contracts in a pre -backlog status, i.e. they are not included in the backlog yet: o A Power plant for RWE in Voerde, Germany. This project joins two others also in Germany already awarded in 2023 and 2024 and also pending to be included in the backlog. If RWE wins the auction, TR will be responsible for executing contracts worth approximately €1.4 billion. o Services contracts, mainly Pre-FEEDs and FEEDs, already awarded and pending formalization. In addition, these initial engineering service contracts could grow into larger contracts, representing a potential figure of €400 million. Highlights € million Backlog 11.541 12.387 -7% 12.479 Net Revenues 4.596 3.219 43% 4.451 EBIT 205 131 56% 181 Margin 4,4% 4,1% 4,1% Net Profit (2) 108 65 66% 89 Margin 2,4% 2,0% 2,0% Net Cash Position (1) 427 298 43% 394 9M 20249M 2025 2024Variation (2) Profit for the year from continuining operations (1) Figures classified as Alternative Performance Metrics ("APMs"). See appendix.
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9M 2025 Results Non-audited accounts 3 • Sales reached €4,596.4 million in 9M 2025, a 43% increase versus 9M 2024. Moreover, on Q3 2025 sales amounted to €1,852.3 million, which implies a 29% increase versus Q2 2025. This increase in quarterly basis is explained by t he compensations for acceleration programs approved by clients in several projects. • EBIT in 9M 2025 stood at €204.5 million, representing an increase of 56% versus 9M 2024 figure. In this sense, EBIT margin over sales for 9M 2025 stood at 4.4%, which surpasses the 4.1% reported in 9M 2024. Additionally, Q3 2025 EBIT reached €84.1 million, the highest level ever reached by TR on quarterly basis. This figure represented a 31% increase versus the figure in Q2 2025. Q3 2025 EBIT margin already stood at 4.5%, in line with the guidance for 2025. The compensations for acceleration programs approved by clients in several projects do not entail additional profits. • Net profit for the 9M 2025 period reached €108.1 million, which implies a growth of 66% versus the same period of last year. • Net cash position at the end of September 2025 amounted to €427 million, a figure that compares to €394 million at the end of December 2024. OUTLOOK AND GUIDANCE The company currently forecasts for 2025: • Sales above €6.25 billion • EBIT margin of 4.5% • EBIT in the range of €280 million The company currently forecasts for 2026: • Sales above €6.5 billion • EBIT margin above 5% • EBIT above €325 million Webcast results details TR will hold a conference call on 7th November at 11:00CET. It can be accessed through the link in its homepage: http://www.tecnicasreunidas.es/en/
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9M 2025 Results Non-audited accounts 4 BACKLOG & ORDER INTAKE Backlog The backlog breakdown by business segments is the following : Natural gas accounts for 47%, Upstream & Refining comprises 39%, Petrochemicals covers Backlog 11.541 12.387 -7% 12.479 Order intake 3.815 4.132 -8% 4.803 9M 2025 2024Variation€ million 9M 2024 Project Country Client Hassi Messaoud refinery Algeria Sonatrach Hydrotreatment and hydrogen units Argentina YPF Vaca Muerta Argentina VMOS Sitra refinery Bahrain BAPCO Environmental enhancement Chile ENAP Al Zour refinery Kuwait KNPC Minatitlán refinery Mexico Pemex Duqm refinery Oman DRPIC Exxon Mobil refinery Singapore Exxon Mobil Lower Zakum UAE ADNOC Offshore FEED for clean fuels plant Undisclosed Undisclosed Project Country Client Cogeneration plant Canada Suncor Regasification terminal Germany Hanseatic Energy Hub Combined cycles Mexico CFE Power projects Middle East Acwa Power & Undisclosed client North Field package 3 Qatar Qatargas North Field package 4 Qatar Qatargas Balance of Plant Qatar QatarEnergy Marjan Saudi Arabia Saudi Aramco Haradh Saudi Arabia Saudi Aramco Riyas Saudi Arabia Saudi Aramco Jafurah III Saudi Arabia Saudi Aramco Dalma United Arab Emirates ADNOC Adgas United Arab Emirates ADNOC LNG Meram United Arab Emirates ADNOC Project Country Client Ethylene plant Belgium INEOS Silleno Kazakhstan KazMunayGas Petrochemical complex Poland Orlen PTA Complex Turkey SASA Polyester Ceyhan Turkey Rönesans / Sonatrach FEED for fertilizer plant Undisclosed Undisclosed Project Country Client 2G biofuels plant Spain Cepsa Electrification of complexes Spain and Portugal Repsol FEED for a green ammonia plant Middle East ACWA Power Project Country Client Bu Hasa United Arab Emirates ADNOC Onshore Most representative projects in the backlog Upstream & Refining Natural Gas Petrochemicals Low Carbon Technologies Other
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9M 2025 Results Non-audited accounts 5 14%, Low carbon technologies amounts to less than 1% and the rest, corresponds to Other projects, with very low weight in the backlog. Order intake Order intake year to date reached €3.8 billion: • In January 2025, TR announced the award of the Vaca Muerta project. Our client, VMOS SA, a company partially owned by YPF (the largest company in the Argentin ian energy sector ) awarded TR all services required for this development which includes engineering, project management, procurement and construction supervision . Additionally, TR will provide with the overall procurement of equipment & materials needed for the project. This oil field is the largest in the country and has one of the largest non -conventional oil and gas reserves in the world. The value of the contract awarded to TR amounts to 420 million euros, of which more than 70 million euros corresponds to pure services under the scope of the contract. The total investment to be made by YPF and its partners for the full implementation of the terminal will be around 1.8 billion dollars. The scope of work assigned to TR will be carried out by our engineering workforce in Madrid, Argentina and Chile. Its execution will require around 1 million engineering hours. • In February 2025, TR was awarded, by ADNOC Offshore , one of the three main EPC packages of the Lower Zakum Long-Term Development Plan (LTDP-1) project. The strategic goal of this emblematic project is to raise the oil and gas output capacity by 2027. The scope of work awarded to TR will cover the engineering, procurement and construction of upstream facilities and offshore activities located in the Al - Omairah island, part of the offshore Zakum field. The contract amounts to 3.3 billion euros and the schedule agreed is five years. The company’s engineering office in Madrid will lead the execution of work on the project and will be supported by TR’s engineering local centers in India and UAE. Despite TR’s references in the UAE go back more than 15 years back, this project is the first awarded by ADNOC OFFSHORE. This confirms ADNOC’s overall confidence in TR irrespective of the business segment to be developed. • Furthermore, TR continues, aligned with SALTA’s strategy, to pursue attractive services contracts including feasibili ty studies, Pre-FEEDs/FEEDs and other early engineering developments, where the Low carbon technologies segment will take an important role. Among these engineering service contracts, it is worth highlighting the following: o A FEED for the development of a fertilizer plant . TR and Thyssenkrupp - Uhde will jointly execute the FEED for the development of a large-scale
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9M 2025 Results Non-audited accounts 6 fertilizers complex. This new service award is greatly relevant to TR, not only for its volume, but more importantly because it´s the first collaboration with ThyssenKrupp-Uhde, the leading technological partner in this sector. TR´s scope, within the consortium, represents approximately a contract value above €60 million. TR will execute approximately 800,000 engineering services work hours for the design of several process units, as well as utilities and offsites. In addition, TR intends to include the use of its own technology for key fertilizers production processes, which reinforces TR as a technological contractor (Undisclosed client). o A FEED contract for a clean fuels plant (Undisclosed Middle East National Oil Company). o A digitalization contract for operation and maintenance services (Undisclosed Middle East National Oil Company). TR is proud of all the above services awards, which fulfil SALTA’s strategy pillars, but it is worth highlighting the relevance of the following award: o A FEED and rollover contract for the development of the world's largest green ammonia plant . TR, together with its partner Sinopec Guangzhou Engineering, have been awarded a convertible FEED contract by ACWA Power for a giga scale green ammonia facility to be built in Yanbu, Saudi Arabia. The scope of the Front -End Engineering Design includes a facility to produce 400,000 tons per year of green hydrogen (4 GW of electrolysis) and its conversion into green ammonia through several ammonia synthesis loops and all related balance of plant and u tilities, including sea water desalination and a dedicated export terminal. The FEED contract will be executed in 10 months, after which, TR and its partner will submit an EPC proposal , as established by contract, for the execution of this multibillion facility, which shall be ready for commercial operations by 2030. The execution of this project confirms the huge investment agreement between Saudi Arabia and Europe for the export of renewable energy and green hydrogen and ammonia.
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9M 2025 Results Non-audited accounts 7 9M 2025 RESULTS Revenues Net revenues reached €4,596.4 million in 9M 2025, with a 43% increase versus 9M 2024. Moreover, on Q3 2025 sales amounted to €1,852.3 million, which implies a 29% increase versus Q2 2025 . This increase in quarterly basis is explained by t he compensations for acceleration programs approved by clients in several projects. The net revenues breakdown is as follows: • Sales from the Upstream & Refining segment reached €422.0 million in 9M 2025 and represented 9.2% of total sales. The most relevant projects in such business line are the Hassi Messaoud development for Sonatrach, Lower Zakum project for ADNOC Offshore and Vaca Muerta project for YPF. Net Revenues 4,596.4 3,218.9 43% 4,451.4 Other Revenues 8.7 8.5 10.6 Total Income 4,605.1 3,227.4 4,462.0 Raw materials and consumables -3,526.1 -2,306.8 -3,210.2 Personnel Costs -536.1 -482.0 -652.8 Other operating costs -310.9 -282.6 -384.9 EBITDA 232.0 156.0 49% 214.1 Amortization -27.5 -24.6 -32.9 EBIT 204.5 131.4 56% 181.2 Financial Income / expense -40.5 -25.7 -35.1 Share in results obtained by associates -0.1 -0.1 -0.1 Profit before tax 163.9 105.6 55% 146.0 Income taxes -55.9 -40.6 -56.5 Profit for the year from continuining operations 108.1 65.0 66% 89.4 Profit (loss) from discontinued operations 0.0 0.0 0.0 Profit for the year 108.1 65.0 66% 89.4 Non-controlling interests 1.1 -0.7 -0.5 Profit Attibutable to owners of the parent 106.9 65.7 63% 89.9 € million 2024Variation9M 2025 9M 2024 Upsream & Refining 422.0 9.2% -10.7% 472.6 14.7% 691.4 15.5% Natural gas 3,211.4 69.9% 59.0% 2,019.1 62.7% 2,941.6 66.1% Petrochemicals 815.8 17.7% 51.2% 539.5 16.8% 571.2 12.8% Low carbon technologies 102.2 2.2% 8.3% 94.4 2.9% 130.1 2.9% Other 45.0 1.0% -51.7% 93.2 2.9% 117.1 2.6% Net Revenues 4,596.4 100% 42.8% 3,218.9 100% 4,451.4 100% Variation 20249M 2024 Weight Weight€ million 9M 2025 Weight
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9M 2025 Results Non-audited accounts 8 • Sales from the Natural gas segment reached €3,211.4 million in 9M 2025 and represented 69.9% of total sales. The most relevant projects in this business line are Riyas and Jafurah projects for Saudi Aramco, the North Field packages 3 and 4 for Qatargas, MERAM for ADNOC, the Power projects in Middle East and 4 combined cycles for CFE. • Sales from the Petrochemicals segment reached € 815.8 million in 9M 2025. Petrochemicals revenues represented 17.7% of total sales. The most relevant projects in this business line are the petrochemical complex for Orlen, the Ceyhan project in Turkey , the petrochemical unit s for KazMunayGas and the ethylene plant for INEOS. • Sales from the Low carbon technologies segment reached €102.2 million in 9M 2025, representing 2.2% of total sales. • Sales from the Other segments reached €45.0 million in 9M 2025. Its revenues represented 1.0% of total sales. Operating and net profit EBIT in 9M 2025 stood at € 204.5 million, representing an increase of 56% versus 9M 2024 figure. In this sense, EBIT margin over sales for 9M 2025 stood at 4.4%, which surpasses the 4.1% reported in 9M 2024. Additionally, Q3 2025 EBIT reached €84.1 million, the highest level ever reached by TR on quarterly basis. This figure represented a 31% increase versus the figure in Q2 2025. Q3 2025 EBIT margin already stood at 4.5%, in line with the guidance for 2025 . The compensations for acceleration programs approved by clients in several projects do not entail additional profits. Costs not assigned to any business segment amounts to €91.7 million in 9M 2025 due to several reasons but mainly: 1) higher inflation worldwide; and 2) the company’s growth as it progresses in the implementation of SALTA’s strategic plan. Net profit for the 9M 2025 period reached €108.1 million, which implies a growth of 66% versus the same period of last year. Operating profit from divisions 296.2 214.0 38% 292.5 Costs not assigned to divisions -91.7 -82.6 -111.3 EBIT 204.5 131.4 56% 181.2 Margin 4.4% 4.1% 4.1% Net Profit* 108.1 65.0 66% 89.4 Margin 2.4% 2.0% 2.0% *Net Profit from from continuining operations 2024€ million Variation9M 20249M 2025
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9M 2025 Results Non-audited accounts 9 In addition to the operating income evolution, explained above, net profit also reflects the effect of financial results and taxes: • Financial expenses amounted €-40.5 million, including € -24.5 million of net financial income, €-8.7 million of hyperinflation adjustment in Argentina and Turkey (considered as hyperinflation economy since the start of 2022); and €-7.4 million due to losses from transactions in foreign currency. • Company income tax was €-55.9 million. The tax expense is due to the accrual of taxes in the countries where the Group expects to obtain profits in 2025. Net financial Income* -24.5 -17.4 41% -33.1 Hyperinflation -8.7 -9.9 -13% -13.8 Gains/losses in transactions in foreign currency -7.4 1.6 N.M. 11.8 Financial Income/Expense -40.5 -25.7 57% -35.1 * Financial income less financial expenditure Variation 2024€ million 9M 20249M 2025
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9M 2025 Results Non-audited accounts 10 Balance sheet The net cash position at the end of September 2025 amounted to €427 million, a figure that compares to €394 million at the end of December 2024. Tangible and intangible assets 160,0 105,7 151,9 Investment in associates 1,0 1,0 1,0 Deferred tax assets 342,9 351,4 345,5 Other non-current assets 88,8 93,1 93,5 Non-current Assets 592,7 551,2 591,9 Inventories 6,5 6,5 6,5 Trade and other receivables 3.856,8 2.929,9 2.995,1 Other current assets 86,3 25,5 17,3 Cash and Financial assets 1.211,8 950,0 1.018,4 Current assets 5.161,5 3.911,9 4.037,3 TOTAL ASSETS 5.754,2 4.463,1 4.629,2 Equity 522,7 388,6 399,6 Profit Participating Loan (PPL) 0,0 175,0 175,0 Total Equity (Equity + PPL) 522,7 563,6 574,6 Non-current liabilities 550,3 361,5 438,9 Financial Debt 436,3 309,1 340,6 Other non-current liabilities 114,1 52,4 98,3 Long term provisions 82,3 82,1 82,3 Current liabilities 4.598,9 3.455,9 3.533,4 Financial Debt 523,9 342,5 284,0 Trade payable 3.981,1 3.054,2 3.143,7 Other current liabilities 93,9 59,3 105,7 Total liabilities 5.231,5 4.074,5 4.229,6 TOTAL EQUITY AND LIABILITIES 5.754,2 4.463,1 4.629,2 SEPI's PPL is reclassified as financial debt under current liabilities, given that the Company confirmed its repayment to SEPI on December 1, 2025 31 Dec 2024€ million 30 Sep 2025 30 Sep 2024
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9M 2025 Results Non-audited accounts 11 At the end of September 2025, TR’s equity stood at € 697.7 million. This figure includes €175 million of the PPL from SEPI (booked in 2022). TR’s equity has more than doubled in the last years, greatly strengthening the financial profile of the company. Current assets less cash and financial assets 3,949.6 2,961.9 3,018.9 Current liabilities less financial debt -4,075.0 -3,113.4 -3,249.4 COMMERCIAL WORKING CAPITAL* -125.3 -151.5 -230.5 Financial assets 0.0 0.0 0.0 Cash and cash equivalents 1,211.8 950.0 1,018.4 Financial Debt (1) -785.2 -651.6 -624.6 NET CASH POSITION 426.7 298.4 393.8 NET CASH + COMMERCIAL WORKING CAPITAL 301.3 146.9 163.4 *Calculated as "Current assets less cash and financial assets" - "Current liabilities less financial debt" (1) Does not include PPL 31 Dec 2024€ million 30 Sep 2025 30 Sep 2024 Shareholders' funds + retained earnings 553.9 435.1 480.8 Treasury stock -73.9 -73.8 -73.8 Hedging reserve 31.9 16.8 -17.9 Interim dividends 0.0 0.0 0.0 Minority Interest 10.7 10.5 10.5 Profit Participating Loan (PPL) 175.0 175.0 175.0 TOTAL EQUITY + PPL 697.7 563.6 574.6 31 Dec 202430 Sep 2025 30 Sep 2024€ million
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9M 2025 Results Non-audited accounts 12 APPENDIX IFRS 16: 9M 2025 Reconciliation Alternative Performance Measures (“APMs”) 1. EBITAPM Earnings before interest and taxes (EBIT) is an indicator of the Group’s operating result without taking into account financial and tax results. It is used as a complement to EBITDA in comparison with other companies in the sector which have a low amount of assets. EBITAPM is equivalent to “operating profit”. The table below provides a reconciliation of our revenue to EBITAPM: 2. EBIT MarginAPM EBIT MarginAPM corresponds to EBITAPM over revenue. EBIT MarginAPM is an indicator of the Group’s operating result without taking into account financial and tax results. The Group uses the EBIT MarginAPM as a complement to EBITDA in comparison with other companies in the sector which have a reduced amount of assets. The table below provides a reconciliation of our revenue to EBIT MarginAPM: € Million 9M 2025 Impact 9M 2025 Adjusted IFRS 16 EBITDA 232.0 -20.7 211.3 Depreciation -27.5 20.3 -7.1 Financial charges -40.6 1.5 -39.0 Profit before taxes 163.9 1.1 165.1 "Right of use" assets 92.5 -92.5 0.0 Short-term lease liabilities 27.1 -27.1 0.0 Long-term lease liabilities 68.1 -68.1 0.0 € million 9M 2025 9M 2024 EBITDA 232.0 156.0 Amortization -27.5 -24.6 EBIT APM (unaudited) 204.5 131.4
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9M 2025 Results Non-audited accounts 13 3. Leverage RatioAPM Leverage Ratio APM is the alternative performance measure used by the management to monitor the Company’s financial leverage. It is calculated as borrowings (excluding borrowings associated with rights of use of leased assets and participating loans) divided by equity (without minority interest). Equity is the amount shown in the Financial Statements. 4. Net CashAPM Net cashAPM is the alternative performance measure used by the management to measure the Group ’s level of net liquidity for the purpose of complying with covenants related to financial debt. It is calculated as the difference between ‘cash and cash equivalents’ plus ‘financial assets at fair value through profit or loss’ minus ‘borrowings’ (excluding ‘borrowings associated with rights of use of leased assets’ and ‘participating loans’). Cash and cash equivalents include cash on hand, demand deposits in banks and other highly liquid short-term investments originally maturing within three months or less. € million 9M 2025 9M 2024 EBITAPM 204.5 131.4 Net revenues 4,596.4 3,218.9 EBIT Margin APM 4.4% 4.1% € million 9M 2025 2024 Borrowings 785.2 624.6 Equity 511.9 389.1 Leverage Ratio APM (unaudited) 1.53 1.61 € million 9M 2025 2024 Cash and equivalents 1,211.8 1,018.4 Financial assets at fair value 0.0 0.0 Borrowings 785.2 624.6 Net cash APM (unaudited) 426.7 393.8 Net cashAPM (unaudited) as cash and cash equivalents, plus financial assets at fair value, less borrowings
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9M 2025 Results Non-audited accounts 14 5. Average Variable Interest RateAPM Average Variable Interest Rate APM is the result of multiplying on a weighted basis interest rate, the margin over EURIBOR associated with each financing instrument (whether bonds or bank financing) by the total contracted amount of such instruments, dividing the resulting amount by the to tal sum of the contracted amount of all financing instruments. The Group uses the Average Variable Interest RateAPM as an indicator of the Group’s average cost of its variable debt. As of September 30, 202 5, the Group’s Average Variable Interest Rate APM was 2.22% (2.29% as of December 31, 2024). 6. BacklogAPM BacklogAPM is calculated by the Group as the estimated amount of contracted revenue that the Group expects will result in future revenue from existing contracts adjusted to reflect (i) changes in the scope of the contract as a result of change orders agreed with the client in projects developed under a Lump Sum Turnkey Contract (as defined herein) or estimation adjustments in projects developed under a Front End Engineering Design and Open Book Estimate scheme in which the Group carries out a detailed analysis of the project, from the definition of the main processes and identification and selection of technologies to the definition and dimension of the auxiliary services and logistical needs of the plant, and (ii) fluctuations in the exchange rate of curren cies other than the euro applicable to the projects. The Backlog APM calculation also includes the estimated amount of revenue from contracts that have been signed but for which the scope of services and therefore the price has not yet been determined. In this case the Group makes a downward revenue estimation and includes it as an item in the Backlog APM. See “Business—BacklogAPM and Pipeline”. The Group considers its BacklogAPM a relevant indicator of the pace of development of its activities and monitors it to plan for its needs and to adjust its expectations, financial budgets and forecasts. The volume and timing of work execution in the Group’s Backlog APM are relevant for the purpose of anticipating the Group’s operational and financing needs and its ability to execute its Backlog APM is dependent on its ability to meet such operational and financing needs. See “Business - BacklogAPM and Pipeline”. On the foregoing basis, the Backlog APM as of September 30, 202 5 amounts to €11,541.0 million (€12,479.5 million as of December 31, 2024).
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9M 2025 Results Non-audited accounts 15 Disclaimer This document has been prepared by Técnicas Reunidas S.A. (the “Company”) solely for use at presentations held in connection with the announcement of the Company’s results. This document contains forward -looking statements of the Company and/or its management. These forward-looking statements such as statements relating to the Company’s or management’s intent, belief or current expectations of the future growth in the Company’s business and capital expenditure in the oil and gas industry in general are subject to risks and variables that are beyond the Company’s control and that could materially and adversely affect the outcome and financial effects of the facts expressed implied or projected herein. The Company is under no obligation to update or keep current the information contained in this presentation including any looking forward-statements or to correct any inaccuracies that may later become apparent. No representation or warranty express or implied is made as to and no reliance should be placed on the fairness accuracy completeness or correctness of the information or opinions contained herein. None of the Company or any of its affiliates advisors or r epresentatives shall have any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. This document is only provided for information purposes and does not constitute nor may it be interpreted as an offer to sell or exchange or acquire or solicitation for offers to purchase any share in the Company in any jurisdiction in which (or to any person to whom) it would be unlawful to make such solicitation. Any decision to buy or invest in shares in relation to a specific issue must be made on the basis of the information contained in the relevant prospectus filed by the Company in relation to such specific issue. This document also contains, in addition to the financial information prepared in accordance with International Financial Reporting Standards (“IFRS”) and derived from our financial statements, alternative performance measures (“APMs”) as defined in the Gu idelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non -IFRS measures (“Non -IFRS Measures”). These financial measures that qualify as APMs and non -IFRS measures have been calculated with information from the Company; however, those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by our auditors. The Company uses these APMs and non-IFRS measures when planning, monitoring and evaluating its performance. The Company considers these APMs and non-IFRS measures to be useful metrics for its management and investors to compare financial measure of histori cal or future financial performance, financial position, or cash flows. Nonetheless, these APMs and non-IFRS measures should be considered supplemental information to and are not meant to substitute IFRS measures. Furthermore, companies in the Company’s industry and others may calculate or use APMs and non -IFRS measures differently, thus making them less useful for comparison purposes. For further details on APMs and Non -IFRS Measures, including its definition and explanation, please see the section on “Alternative performance measures” of the
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9M 2025 Results Non-audited accounts 16 integrated annual report for the fiscal year ended on 31 December 202 4 of the Company, published on 2 8th February 2025, and see the section on “Alternative performance measures” of the report for first half year ended on 30 June 2025 of the Company, published on 31st July 2025. Additionally, for further details on the calculation and reconciliation between APMs and Non -IFRS Measures and any applicable management indicators and the financial data of the period ended 3 0 September 2025 please see the section on “Alternative performance measures” of 9M 2025 results report document, published on 7th September 2025. All the documents are available on the Company’s website (www.tecnicasreunidas.es).