Técnicas Reunidas closed the first nine months of 2026 with net profit of 119.6 million euros, which represents a 12% increase compared with the 106.9 million euros obtained in the same period of the previous year. This is what the company reported this Friday, which has decided to pay an interim dividend again and will distribute 21 million euros in January 2027, resuming this type of shareholder remuneration.
Total revenue stood at 4,794.4 million euros, 4% more than in the first nine months of 2025. Between July and September, income amounted to 1,734 million euros, 17% higher than that recorded in the second quarter.
By lines of activity, the natural gas business contributed 2,491 million euros (-22.4%) and accounted for 52% of sales. The "upstream" and refining area totaled 1,449.6 million euros (+243.5%), while petrochemicals reached 733.5 million euros (-10.1%). The low-emissions technologies segment generated 61.8 million euros (-39.6%) and other businesses contributed 58.4 million euros (+29.8%).
Gross operating result (Ebitda) stood at 233.3 million euros, 1% above the 232 million euros recorded in the first nine months of 2025. Operating result (Ebit) reached 202.6 million euros, 1% less than a year earlier, with a margin on sales of 4.2% versus 4.4% for the same period of the previous fiscal year.
This Ebit figure includes a negative impact of 45 million euros linked to the conflict in the Middle East, the positive effect of 37 million derived from the Teesside arbitration award, and a reduction of 30 million in the allocation to the extraordinary provision for litigation. The company has emphasized that it does not contemplate additional allocations to those already recognized at the beginning of the year.
If these extraordinary elements are excluded, underlying Ebit advanced 21%, to 247.6 million euros, with a margin on sales of 5.2%. In the third quarter, Ebit stood at 98 million euros (+17%), increasing the margin to 5.7%.
Historic backlog and strong pace of awards
The order backlog of Técnicas Reunidas reached, at the end of September, a record high of 14,141 million euros, which represents an increase of 23% compared with the same point in the previous year. By activities, "upstream" and refining account for 56% of the total, natural gas 38%, petrochemicals 6%, and low-emissions technologies less than 1%.
The cumulative awards in the first nine months of the year surged by 98%, to 7.552 billion euros, of which 1.679 billion correspond to the third quarter. Included within this figure are 368 million in engineering services contracts.
Among the main projects secured during the period are two packages for the development of the "offshore" Upper Zakum field in the United Arab Emirates, for more than 5.000 million euros; package three of the Dorra project in the Middle East, valued at more than 1.400 million; the Greenlight power plant that will supply a Meta data center in Canada (570 million); the EPmCm services for phase two of Coastal GasLink in Canada (more than 200 million); and the decarbonization works for the ArcelorMittal steel plant in Dunkerque (France).
Net cash, upgraded forecasts and share buyback
At the end of September 2026, the net cash position stood at 627.6 million euros, 47% more than the 427 million of September 2025. This figure includes a cash inflow of 450 million euros from the advance payment for the Upper Zakum project and an outflow of 133 million associated with the execution of guarantees for the BAPCO project and the share buyback program.
Net equity stood at 668.1 million euros after the early repayment, in December 2025, of the 175 million participating loan granted by the SEPI. In light of these results, Técnicas Reunidas has revised upward its forecasts for all of 2026: it expects to exceed 6.500 billion euros in revenue and reach an Ebit close to 295 million, with a margin close to 4.5%, above the previous estimate of around 280 million and a margin of 4.3%.
The company launched on September 16 a share buyback program for an amount of 50 million euros, with the aim of acquiring around two million shares, approximately 2.5% of the capital, which will be added to the already existing 2.7% in treasury shares.