Tecnicas Reunidas: Another approach to the crisis

研报英文原文证据摘录

Tecnicas Reunidas: Another approach to the crisis

Equity Research

European Energy Services

14 May 2026

Tecnicas Reunidas

Another approach to the crisis

First LookTRE recognised a EUR45mn provision for the impact of the

Middle East crisis, but underlying performance was solid

TRE.MC/TRE SM OVERWEIGHT

European Energy Services POSITIVETecnicas has introduced a third approach to recognising the costs associated with the on-

Price Target EUR 49.00going Middle East crisis. Some companies have expensed the costs and changed guidance;

Price (13-May-26) EUR 31.12some have said no impact as yet, expecting to catch up later in the year, and now, Tecnicas

Potential Upside/Downside +57.5%has provisioned for the extra costs it expects. These will be discussed with clients in due

Source: Bloomberg, Barclays Research

course, we expect. Outside of that performance was strong with a 7% EBIT beat versus

Bloomberg consensus and the company expects to see "significant very short-term

awards" with the Power division highlighting an imminent pipeline. With 68% of backlog European Energy Services

in the Middle East and >1000 shipments already impacted, some hit from the crisis was to Mick Pickup

be expected, and a EUR45mn hit, if unrecovered, relative to a net cash position above +44 (0)20 3134 6695

mick.pickup@barclays.comEUR360mn is annoying, but manageable. Hence we see results as supportive.

Barclays, UK

Underlying EBIT beats on strong execution: 1Q26 revenues of EUR1,583mn were a small 1.5% Pratik Kadam

beat versus consensus (Barclays EUR1,511mn; consensus EUR1,560mn). Adjusted EBIT of +91 (0)22 6175 2301

EUR76mn represented a strong 7% beat versus consensus (EUR71mn) and a margin of 4.8%, pratik.kadam@barclays.com

versus Barclays and consensus at 4.4%.