Technip Energies (TE) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 financial performance with 14% revenue growth to €6.85bn, recurring EBITDA up 13% to €608m, and EPS up 33% to €2.16, providing a strong platform for 2025 guidance.

• Order intake exceeded €10bn for the second consecutive year, with backlog reaching €19.6bn (+24% y/y), ensuring nearly three years of revenue visibility.

• Major contract wins included Net Zero Teesside Power (UK) and GrandMorgu FPSO (Suriname), reinforcing leadership in decarbonization and LNG.

• Proposed a 49% increase in annual dividend to €0.85/share and completed €100m share buyback, reflecting strong performance and focus on shareholder returns.

• Sustainability achievements include a 41% reduction in Scope 1 & 2 emissions since 2021 and top ESG ratings.

Financial highlights

• Revenues rose 14% year-over-year to €6.85bn, exceeding guidance; recurring EBITDA up 13% to €608m; recurring EBIT up 11% to €496m.

• Adjusted net profit rose 33% to €409m; EPS up 33% to €2.16 per share.

• Free cash flow (excluding working capital) was €519m; total FCF €748m, with 85% conversion from adjusted recurring EBITDA.

• Gross cash at year-end stood at €4.1bn; net cash above €1.4bn; adjusted liquidity €4.7bn.

• Book-to-bill ratio at 1.5 overall, with backlog up 24% to €19.6bn.

Outlook and guidance

• 2025 guidance: Project Delivery revenue €5–5.4bn (~8% EBITDA margin); TPS revenue €2–2.2bn (~13.5% EBITDA margin).

• 2028 framework: Project Delivery revenue >€6bn (~8.5% margin); TPS revenue >€2.6bn (~14.5% margin).

• Free cash flow conversion expected to remain in the 70%-85% range through 2028.

• Effective tax rate expected at 26–30%; corporate costs €50–60m; R&D spend ~€70m.

• Market outlook supported by rising global energy demand, LNG growth, and decarbonization trends.