Half Year 2026 Technip Energies NV Earnings Call Transcript
Key Points
- Record first-half order intake of EUR12.7 billion, driving backlog to an all-time high of EUR25 billion.
- Strong commercial diversification, with 75% of new orders over the past 24 months originating outside the Middle East.
- Robust balance sheet with gross cash of EUR4.8 billion and economic net cash of over EUR900 million.
- Technology, Products, and Services (TPS) segment delivered resilient margins, improving to 15.4%.
- Commitment to shareholder returns with EUR300 million in total capital returns for 2026, including dividends and share buybacks.
- Recurring EBITDA fell by roughly one-third year-over-year due to operational challenges in the Middle East.
- Project Delivery margins dropped to 4.3%, down 350 basis points, impacted by conflict-related costs and provisions.
- Full-year project delivery margin guidance lowered to 5% plus, reflecting a prudent outlook on the Middle East situation.
- Logistical constraints persist, with incremental costs of EUR30-40 million per quarter from alternative transport routes.
- Uncertainty around cost recovery timing and quantum, as commercial discussions with some clients remain ongoing.
Good afternoon. This is the conference operator. Welcome and thank you for joining the Technip Energies Half Year 2026 financial results and conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Phillip Lindsay, VP, Head of Investor Relations. Please go ahead, sir.
Thank you, [Eugenia]. Hello and welcome to Technip Energies financial results for the first half of 2026. On the call today, our CEO, Arnaud Pieton, will discuss our H1 performance and business highlights. This will be followed with a financial review by CFO Bruno Vibert. Arnaud will return for the outlook and conclusion before opening for questions. Before we start, I would encourage you to take note of the forward-looking statements on slide three.
I'll now pass the call over to Arnaud.
Thank you, Phil, and welcome everyone to our first
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