Meeting with Management IPO 20th anniversary July 14th, 2026 Juan Lladó – Executive Chairman Eduardo San Miguel –CEO
AGENDA 1 |
3 |IPO 20th anniversary Major awards in Middle East
TR Power
North America
Decarbonization
Services and Digitalization, AI & Robotics Middle East conflict Wrap up2 | 4 | 5 | 6 | 7 | 8 |
AGENDA 1 |
3 |IPO 20th anniversary Major awards in Middle East
TR Power
North America
Decarbonization
Services and Digitalization, AI & Robotics Middle East conflict Wrap up2 | 4 | 5 | 6 | 7 | 8 |
4 IPO 20th anniversary – Meeting with Management IPO 20th anniversary 20 years later: a stronger, more global and more diversified TR
1.8 B€
Tüpras3.2 B€
Marjan
1.1 B€
Borouge 2
2.2 B€
Al Zour
2007 2022 2023 2024 2026 2025 2024 2019 2019 2015 2012
AGENDA 1 |
3 |IPO 20th anniversary Major awards in Middle East
TR Power
North America
Decarbonization
Services and Digitalization, AI & Robotics Middle East conflict Wrap up2 | 4 | 5 | 6 | 7 | 8 |
6 IPO 20th anniversary – Meeting with ManagementProject status •World’s second largest offshore oil field •Shareholders : ADNOC and Exxon •LOA signed and project kicked -off •Largest project in TR’s history:
2 packages totaling + 5 B€ •TR as sole contractorOilfield
project
Major awards in Middle
East
in H1 2026
Middle
East will remain TR’s core region over the long run
~1.5 B€ +5 B€ ~1.5 B€
7 IPO 20th anniversary – Meeting with ManagementProject status
•Selected bidder
•Expected FID date before August •1.4 B€ contract value for TR+5 B€ ~1.5 B€ ~1.5 B€Offshore
project
Project status
•Executing early works •FNTP expected by October •1.1 B€ contract value for TR+5 B€ ~1.5 B€Power
project
~1.5 B€
Major awards in Middle
East
expected in H2 2026 Middle East will remain TR’s core region over the long run
AGENDA 1 |
3 |IPO 20th anniversary Major awards in Middle East
TR Power
North America
Decarbonization
Services and Digitalization, AI & Robotics Middle East conflict Wrap up2 | 4 | 5 | 6 | 7 | 8 |
9 IPO 20th anniversary – Meeting with ManagementGreenlight Electricity Centre in Alberta, Canad a •TR’s first project within its strategy to penetrate Data Center market for Hyperscalers •Electricity generated willbe used toenergize META Data Centers in Canada •932 MW CCGT plant, Carbon Capture Ready, expandable to 1,864 MW •Shareholders : Pembina , Morgan Stanley Infrastructure Partners and Kineticor •TR share: 570 M€ EPCm ; Aecon in charge of Construction TR
Power
H1 2026 award
10 IPO 20th anniversary – Meeting with Management•Greenlight already awarded in Canada . Power Project in Middle East expected byOctober and CCGTs forRWE expected forlate 2026 •Spin -off process completed •TR’s aim to double Power workforce by year end •Solid profitability : OEMs retain O&M contracts upon project completion
1.1 B €*
3Q26 expected award
2.2B€
Backlog as of June
~1.5 B €*
CCGTs forRWE
*Pending tobe included in thebacklog TR
Power
Strong
visibility
AGENDA 1 |
3 |IPO 20th anniversary Major awards in Middle East
TR Power
North America
Decarbonization
Services and Digitalization, AI & Robotics Middle East conflict Wrap up2 | 4 | 5 | 6 | 7 | 8 |
12 IPO 20th anniversary – Meeting with Management
North America
TR’s strong relationship with US clients opens opportunities across America
52 M€
2026 YTD
>200 M€
by year -end
70 M€
FY 2025
8 B€
for 2027 -28potential
conversion
Feasibilities ,
Pre-FEEDs and FEEDs Feasibilities , Pre-FEEDs and FEEDs EPmCm EPCm
AGENDA 1 |
3 |IPO 20th anniversary Major awards in Middle East
TR Power
North America
Decarbonization
Services and Digitalization, AI & Robotics Middle East conflict Wrap up2 | 4 | 5 | 6 | 7 | 8 |
14 IPO 20th anniversary – Meeting with Management
Decarbonization
•Partnership with SINOPEC •Green hydrogen corridor between KSA &
Europe
•EPC Final Investment Decision expected for late 2026•EPmCm contract forthetransformation and decarbonization ofArcelorMittal’s Dunkirk steel
plant
•Award builds onprevious engineering services
delivered byTR
•New steelmaking process expected toreduce CO₂ emissions byapproximately two-thirds vs. current
emissions
EPmCm for ArcelorMittal’s decarbonization facilityAcwa FEED for largest green ammonia plant worldwide
AGENDA 1 |
3 |IPO 20th anniversary Major awards in Middle East
TR Power
North America
Decarbonization
Services and Digitalization, AI & Robotics Middle East conflict Wrap up2 | 4 | 5 | 6 | 7 | 8 |
16 IPO 20th anniversary – Meeting with Management Services and Digitalization, AI & Robotics Focus on profitability
•Digitalization, AI
& Robotics
o40 M€ capex for 2026 o+400 FTE digital team at the end
of 2026•Services
oContinuous growth on a yearly basis o500 M€ top line 2028 target confirmed o~30% gross margin range maintained
AGENDA 1 |
3 |IPO 20th anniversary Major awards in Middle East
TR Power
North America
Decarbonization
Services and Digitalization, AI & Robotics Middle East conflict Wrap up2 | 4 | 5 | 6 | 7 | 8 |
19 IPO 20th anniversary – Meeting with Management45 M€ provision unchangedOn-time client paymentsMoving towards normalized execution in Middle East projects Middle East conflict
AGENDA 1 |
3 |IPO 20th anniversary Major awards in Middle East
TR Power
North America
Decarbonization
Services and Digitalization, AI & Robotics Middle East conflict Wrap up2 | 4 | 5 | 6 | 7 | 8 |
21 IPO 20th anniversary – Meeting with Management
Wrap up
6 B€ YTD order intake +8 B€ expected awards for 2026: Upper range of 1Q26 guidance Power and North America , major sources of revenues Focus on profitability : Services and Digitalization , AI & Robotics Moving towards normalized execution in Middle East projects