Technip Energies, a leading Engineering & Technology company for the energy transition, announced its unaudited financial results for the first half of 2024.
Arnaud Pieton, CEO of Technip Energies, commented:“Technip Energies delivered a strong first half performance, which puts us well on track to achieve our full-year guidance. Our revenues grew by double digits year-over-year, driven by positive backlog evolution and strong demand for our offerings, while robust execution ensured continued margin strength. Our consistent underlying free cash flow generation and balance sheet support ongoing investments into strategic growth initiatives, our people, and our assets, preparing T.EN for the future.”
“We achieved significant commercial success with two major LNG project awards in the Middle East, which enhance our leadership in low-carbon, electrified plants – a strategic objective for T.EN – and evidence this industry’s clear intent to decarbonise. We also benefited from sustained strength in TPS orders, which grew by nearly 15 percent year-over-year, reflecting high demand across our offerings and our ability to deliver innovative and reliable solutions to our customers. This momentum in orders is reflected in a very healthy backlog position, up 8% year-to-date, and equivalent to around three years of revenue.”
“The excellent visibility offered by our backlog combined with the breadth and quality of our commercial pipeline underpins our strong outlook. We continue to see natural gas playing an important role in securing a low-carbon world. This includes LNG, with high-quality opportunities, notably in East Africa, North America, and the Middle East. We are also experiencing strong engagement in the decarbonised markets for blue molecules, which use gas as a feedstock, and where T.EN offers a differentiated portfolio of technologies and solutions. Combined, these markets represent a €45 billion opportunity for T.EN through 2026, for which we are well positioned.”
“Beyond our commercial successes, we have made strong progress in executing our other strategic objectives to reinforce our longer-term growth outlook and open up new plays for T.EN. This includes the launch of Rely Clear100+, a productised solution for a 100 megawatt, pre-engineered green hydrogen plant, as well as launching the eMAX series – a suite of electric and automated loading arms. In addition, our technology development programs are progressing well, supported by our network of labs. We are accelerating economic solutions for green and circular polyester. This includes the commissioning of our Reju company’s state-of-the-art demonstration plant for textile-to-textile recycling.”
“Finally, I would like to thank our teams for their outstanding performance and dedication in the first half of the year. I am proud of what we have achieved together, and I look forward to building on our momentum in the second half of the year and beyond.”
Key Financials – Adjusted IFRS
| In € millions (except EPS and percent) | H1 2024 | H1 2023 |
|---|---|---|
| Revenue | 3,164.3 | 2,838.7 |
| Recurring EBIT | 227.3 | 207.7 |
| Recurring EBIT margin percent | 7.2% | 7.3% |
| Net profit | 188.1 | 125.3 |
| Diluted earnings per share (1) | €1.04 | €0.70 |
| Order intake | 4,006.8 | 8,959.6 |
| Backlog | 16,951.7 | 18,892.3 |
Key Financials – IFRS
| In € millions (except EPS) | H1 2024 | H1 2023 |
|---|---|---|
| Revenue | 3,039.2 | 2,830.3 |
| Net profit | 186.4 | 127.2 |
| Diluted earnings per share (1) | €1.03 | €0.71 |
H1 2024 and H1 2023 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 181,459,062 and 179,325,740 respectively.
2024 Full Company Guidance – Adjusted IFRS
| Range | |
|---|---|
| Revenue | €6.1 – 6.6 billion |
| Recurring EBIT margin | 7.0% – 7.5% |
| Effective tax rate | 26% – 30% |
| Diluted earnings per share (1) | Double-digit growth |
Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices.
(1) Diluted earnings per share growth indication excludes potential enhancement from share buyback programme.
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