Reunidas’ techniques are removed after the presentation of your new plan

Shares in Spanish oil and gas infrastructure engineering and construction company Técnicas Reunidas rose more than 15 percentage points yesterday to set a session high of €12.43 after the unveiling New and ambitious strategic plan.

Técnicas Reunidas celebrates from Thursday to Friday. Capital Markets Day (CMD) in Abu Dhabi for analysts and institutional investors in which they explain the future strategy within the SALTA program, as well as medium- and long-term financial goals.

Cesar Sanchez-Grande, Head of Institutional Revenue Research 4explains that Técnicas Reunidas is going to create a new internal organizational structure, divided into five business units: engineering and services, energy, North America, Europe and the rest of the world and the Middle East and Asia-Pacific.

Técnicas Reunidas expects to double operating results in 5 years

This new structure will provide greater intimacy and relationships with clients, greater risk control and better talent retention. It will be implemented in the second half of this year and fully operational in 2025.

On the other hand, the program JUMP It will be divided into seven pillars:

• Intensification of service provision: with the creation of a special division to promote engineering and project management services.
• North America: Increased presence in this market, supported by carbonation and customer relationships.
• Decarbonization: Focuses on low-emission technologies, mainly hydrogen and its derivatives, carbon capture and storage, clean fuels, methane emissions management and decarbonization in other industries (cement and steel).
• Digitalization: Digital tools and artificial intelligence increase efficiency and productivity.
• Alliance with Sinopec and new alliances: which will enhance bidding and project implementation.
• Talent retention: through new internal programs.
• Reorganizing the governance model: strengthening local presence.

Tecnicas Reunidas can confirm positive profitability dynamics

NEW STRATEGIC PLAN FOR TÉCNICAS REUNIDAS

The new strategic plan of Técnicas Reunidas is going through some stages Positive balance targets for 2026:

1. Own resources are about 500 million, excluding SEPI equity credit (713 million by consensus and 538 million without SEPI).
2. We are positive on the 2026 equity loan target, barring any potential for dilution.
3. Total debt 550 million compared to consensus 462 million but not including SEPI repayment (637 million including SEPI repayment).

The strategic plan also goes through some positive outlook for 2026 earnings report and refund dividends:

• Sales around 5,000 million compared to consensus of 4,725 million.
• Ebit above 250 million vs. consensus of 181.7 million.
• EBIT margin above 5% vs. consensus of 3.8%.
• Net income above 160 million versus consensus of 107 million.
• Return to shareholder remuneration from pay 30% compared to virtually 0% (only the broker estimates the payout will be in 2026).

In addition, Renta 4 outlines impressive and aggressive targets for 2028, which include a new services division with sales of over 500 million and a contribution of 30% of operating results; Sales exceed 5,000 million and Ebit margin is within 8%.

In conclusion, Cesar Sanchez-Grande is positive about the company’s guidance for both 2026 and 2028, which clearly exceeds market consensus estimates, awaiting the company’s explanation of the steps it will take to achieve these goals.

“We estimate that the EBIT margin target for 2026 and 2028 will represent a corresponding change in the company’s strategy under the new SALTA plan.”

“In short, pending further explanation and detail, we believe these targets should have a positive impact on the stock price,” he concludes.

Judging by the screenshots BloombergTecnicas Reunidas has a market capitalization of around €975 million, trades at 15% of its earnings and offers a revaluation of 43% this year.