Technip Energies (TE.PA): Updating estimates ahead of 2Q26 results

Research evidence excerpt

Technip Energies (TE.PA): Updating estimates ahead of 2Q26 results

Equity Research

7 July 2026 | 4:02PM CEST

We make adjustments to our 2Q26 estimates (release due on 30/07/2026) reflecting Michele Della Vigna, CFA

+39(02)8022-2242 |

the latest news flow and industry trends. Our full-year EPS estimates change by michele.dellavigna@gs.com

Goldman Sachs Bank Europe SE - Milan

-4.7%/-4.5%/-1.1% in 2026/27/28 on slightly lower revenue and margins impacted branch

by the war in the Middle East. We do not view these changes as material, and there is Anastasia Shalaeva

no change to our investment view or rating. However, we adjust our price target to +971(4)214-9908anastasia.shalaeva@gs.com|

€36.0 from €37 in accordance with the changes in estimates. Goldman Sachs International

Yulia Bocharnikova

+44(20)7051-6299 |

yulia.bocharnikova@gs.com

Latest Investor Discussions and 2Q26 Trends Goldman Sachs International

1. Repair work represents an opportunity, but likely not a high-margin EPC one. Quentin Marbach

+44(20)7774-7644 |

While repair activity post disruptions in the Middle East could provide quentin.marbach@gs.com

Goldman Sachs International

incremental revenue opportunities, management framed this primarily as

Will Chen

services- and repair-related work rather than large-scale EPC contracts, implying +971(4)214-9942 | will.y.chen@gs.com Goldman Sachs International

a lower-margin opportunity than the core project portfolio.

2. 2026 guidance broadly supported. Based on current assumptions and absent a

meaningful deterioration in operating conditions, management’s comments

suggest 2026 guidance remains achievable.

3. Backlog continues to strengthen. The company highlighted exceptionally

strong order momentum in 2Q26, with backlog potentially around 50% higher