Technip Energies (AO) | Buy | Q2 preview on 30 July (=)

研报英文原文证据摘录

Technip Energies (AO) | Buy | Q2 preview on 30 July (=)

#EarningsPreview

Release date: 16 July 2026

Bertrand Hodée

Head of Oil & Gas

+33 1 70 98 85 83

bhodee@keplercheuvreux.com

BuyTechnip Energies

France | Energy equip. & services Beta Profile: MCap: EUR5.7bn Country Top Picks

Target Price: EUR45.00 Bloomberg: TE FP Reuters: TE.PA

Current Price: EUR33.16 Free float 76%

Up/downside: 35.7% Avg. daily volume (EURm) 39.2

YTD abs performance 2.1% Market data: 15 July 2026

52-week high/low (EUR) 41.64/31.50

Q2 preview on 30 July (=)

Key points:

Strong Q2 order intakes as already flagged of c.EUR6bn (BtB of 3.2x) with backlog up 50% vs. EOY25 level.

Q2 pre-close call was reassuring (see here).

Our Q2 estimates are slightly below consensus (not a concern to us). It is difficult to calibrate the phasing of the annual EUR600m

revenues deferral in the Middle East in a particular quarter.

We expect the group to confirm the conditional 2026 guidance (revenues and margins), although risks obviously remain if the

situation deteriorates in the Middle-East. Buy reiterated.

Reporting date 30 July

Conference call Same day at 13h00 CET

Dial in number Dial in: UK +44 1 212818004 / France: 33 170918704 / US: +1 718 7058796 Conference Code 880901

Table 1:Q2 earning preview

Technip Energies (EURm) KECH VA

Q225A Q126A Q226E YOY QOQ Q226

Projet Delivery 1,334 1,341 1,410 6% 5% 1,430

Technology, Products and Services (TPS) 460 441 465 1% 5% 471

Net Sales 1,793 1,782 1,875 5% 5% 1,901

Projet Delivery 101 94 89 94

Technology, Products and Services (TPS= 72 68 68 68

Corporate costs (16) (13) (15) (14)

Adjusted EBITDA 157 149 142 148

Clean EBITDA margin (%) 8.8% 8.3% 7.6% 7.8%

EBITDA margin Project Delivery 7.6% 7.0% 6.3% 6.6%

EBITDA margin Technology, Products and Services 15.6% 15.3% 14.6% 14.4%