Technip Energies Financial Results First Half 2023

Source: 7/27/2023, Location: Europe

- Raising adj. rec. EBIT margin outlook from 6.7% - 7.2% to 7.0% - 7.5% supported by robust first half profitability
- Adjusted order intake of €9.0bn driven by major LNG award and TPS momentum; record adjusted backlog of ~€19bn
- Exit from Arctic LNG 2 project completed
- Active deployment of strategy: Canopy by T.EN™ for CCUS, ethylene eFurnace pilot, and acquisition of Processium

Technip Energies (the “Company”), a leading Engineering & Technology company for the energy transition, today announces its unaudited financial results for the first half of 2023.

Arnaud Pieton, Chief Executive Officer of Technip Energies, commented:
“Over the second quarter, we continued to deploy our strategy to sustain leadership in LNG, support growth in TPS, and build our future core. While having successfully completed our planned exit from the Arctic LNG 2 project, we remained resolutely focused on execution, as evidenced by the strength in operating margins. As a result, we are raising full year margin guidance by 30 basis points. For revenues, we anticipate sequential improvement in the second half and we confirm our full year guidance.”

“We achieved notable commercial success with the North Field South project in Qatar - a major award that cements our position on the world’s largest LNG development with a design integrating significant carbon capture facilities. Together with other projects in backlog, Technip Energies is currently executing approximately 35% of global LNG capacity under construction.”

“The NFS award and continued order momentum for TPS have delivered robust order intake of €9 billion year-to-date, leading to a backlog of €19 billion, our highest level since the Company’s inception. This provides excellent multi-year visibility, equivalent to approximately three times our annual revenues.”

“We have reinforced our growth outlook through strategic developments in our core markets. This includes strong progress on low-carbon ethylene through the deployment of eFurnace by T.EN™ with leading customers in the US. This new product will contribute to customers fulfilling their decarbonization objectives.”

“The development of our future core progressed well with organic and inorganic initiatives announced in the period. In carbon capture, we launched Canopy by T.EN™ - a modular, configurable, and integrated suite of post-combustion carbon capture solutions for any type of emitter. In addition, we enhanced our ability to develop proprietary technologies in sustainable chemicals through the acquisition ofProcessium, a process technology development company with lab facilities that complement our existing R&D footprint in the US and Germany. We also extended our digital offering by acquiring SEED Energy, a startup that specializes in digital services for innovative, multi-technology renewable energy systems.”

“I want to thank our teams for their dedication to execution excellence and the implementation of our strategy, as well as our customers and shareholders for their continued trust in T.EN.”

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