As I prepare to retire from the Board at the conclusion of the upcoming Annual General Meeting, I do so with immense pride in what the Company has achieved since its inception in 2021. It has been a privilege to serve as Chair during these formative years and to work alongside Arnaud and the talented teams across Technip Energies to build the foundations for long-term and sustainable growth.
From the outset, our ambition was clear: to become a leading engineering and technology company for the energy transition while delivering sustainable long-term value for our stakeholders. We set out a clear strategy focused on growing revenue and margins in Project Delivery while accelerating the development of our shorter-cycle Technology, Products and Services (“TPS”) businesses that enhance overall margins and profitability.
Leveraging Technip Energies’ technology and engineering leadership to develop affordable and scalable decarbonization solutions in both Project Delivery and TPS businesses as a competitive differentiator and establishing strong positions in targeted, nascent low carbon energy markets has been another critical element of our plan.
Delivering on Our Plan in 2025
Technip Energies continued to successfully deliver on this plan in 2025. Solid project execution and the strength of our hybrid operating model contributed to a 5% year-on-year increase in both revenue and EBITDA with high free cash flow generation.
As a result, Technip Energies is trending ahead of the 2028 financial framework presented during the 2024 Capital Markets Day.
Within Project Delivery, Technip Energies has maintained industry-leading margins through strict project selectivity, disciplined risk management and productivity improvements. Our opportunity pipeline remains robust, not only in LNG and energy derivatives, but also in targeted areas such as sustainable aviation fuels (SAF) and carbon capture. Early 2026 awards, including the Qatar NFW project and the SkyNRG SAF project confirm the strong growth trajectory for the business.
At the same time, we continue to accelerate the growth of our TPS businesses, both organically and through financially accretive and synergistic acquisitions such as the AM&C transaction that closed at the end of 2025. AM&C strengthens Technip Energies’ capabilities in material sciences and catalysts while creating platforms for further product and solution development that will drive additional growth in TPS.
Through innovation and strategic partnerships, Technip Energies has built strong positions and references in carbon capture, sustainable fuels, blue hydrogen and ammonia, and circularity solutions. While affordability and scalability challenges and an uncertain policy environment have impacted the pace of the energy transition, Technip Energies remains committed to delivering the market driven low-carbon solutions our clients need today while remaining disciplined as we make investments that position Technip Energies for future value creation in these markets. Our leadership across both conventional and emerging energy markets gives us confidence that Technip Energies will succeed under a range of transition scenarios.
Digital technology, and particularly artificial intelligence, represents another important driver of value creation. Our Digital Acceleration Program (DAP), leveraging advanced analytics and large language models, remains on track to improve operational performance and deliver material cost savings. Beyond the cost efficiencies that DAP is delivering, Technip Energies remains focused on the broader opportunities to improve productivity, enhance safety, reduce risk and develop new product solutions that evolving AI models and use cases provide. This will remain a key focus for management and the Board in 2026 and beyond.
Capital Allocation
Strong free cash flow generation and a robust balance sheet allow us to invest in innovation, talent and targeted acquisitions while delivering consistently healthy returns to shareholders. This year, the Board proposed a dividend of €1 per share, representing an 18% increase over the prior year, and approved a share buyback of up to €150 million.
Importantly, heading into 2026 Technip Energies retains the financial muscle and flexibility required to support future strategic growth initiatives, including through investment in adjacent business models such as the Reju fabric recycling business and acquisitions that grow revenue and earnings quality in TPS, while maintaining a robust shareholder return policy.
Sustainability is a Driver of Value
Over the past five years, sustainability has been embedded as a core principle across the organization and we are grateful this success has earned recognition from external agencies. From the beginning, Technip Energies has viewed sustainability not as an adjunct to performance, but as integral to it. In 2025, the Board approved a new five-year sustainability roadmap and scorecard that even more closely aligns sustainability objectives with our growth strategy.
The new roadmap includes impactful targets linked to innovation in sustainable technologies, awards incorporating decarbonization solutions, avoided emissions for clients and progress in our own decarbonization efforts. Safety, employee development, and community engagement remain central priorities. In particular, safeguarding the more than 100,000 people working across Technip Energies sites is paramount. While our safety performance in 2025 continued to be strong, we recognize that constant vigilance and attention at every level of the organization, including at Board level, is essential to remaining the industry standard for safety we are today.
Board Evolution
At the upcoming Annual General Meeting, shareholders will be asked to elect two new Directors, John O’Higgins and Luc Rémont, and to re-elect the current Directors, with the exception of Francesco Venturini and myself, who will step down.
On behalf of the Board, I would like to thank Francesco for his valuable contributions to Board discussions and to the work of the Audit Committee.
Following a structured succession process, the Board has selected John O’Higgins to succeed me as Non-Executive Chair. John brings extensive experience leading listed industrial and technology companies, both as CEO and as a Non-Executive Director and Chair. Luc Rémont contributes significant CEO-level experience in energy and critical infrastructure, along with leadership experience in large-scale, technology-focused organizations undergoing digital transformation.
I am immensely proud of the Board that has been assembled. It brings the experience, diversity of perspective and rigor required to guide Technip Energies through its next phase of growth with independence and ambition.
A Personal Thank You
The progress achieved over the past five years would not have been possible without the leadership of Arnaud and his management team, the dedication of our employees, the trust of our clients, and the continued confidence of our shareholders.
I extend my sincere thanks to all who have contributed to building the Company into the success it is today.
It has been an honor to serve as Chair of Technip Energies.
Joseph Rinaldi,
Chair
A Year of Focused Execution and Strategic Progress
As we look back on 2025, I am proud to share that this year has been a defining chapter in the ongoing journey of Technip Energies. Following two successive years of strong order intake, 2025 was poised to be a year dedicated to “Execution”. Execution of the projects in our backlog and Execution of our strategy presented during our Capital Markets Day in November 2024, with, notably, the growth of our Technology, Products & Services segment (TPS). Our teams worldwide have demonstrated professionalism, flexibility and relentless drive to meet our ambitious goals, even amid a challenging macroeconomic environment.
Strengthening Our Business Model and Portfolio
Throughout the year, the robustness of our hybrid business model has been evident. Combining long-cycle Project Delivery (PD) with higher-margin, short-cycle TPS, we have maintained a balanced portfolio that offers resilience and agility.
Our disciplined approach to project execution has resulted in securing major awards, including the Blue Point Number One blue ammonia project for CF Industries and the large authorization by Commonwealth LNG for key equipment purchase orders for its LNG facility, both in Louisiana, USA, or the award by Repsol to transform, at scale, non-recyclable municipal solid waste and biomass into renewable and circular methanol.
Our commercial pipeline remains vibrant, exceeding €70 billion in prospects. It reflects the confidence our clients have in our capabilities and our strategic positioning across diverse markets, and will drive sustained growth in both our segments. An important attribute of our equity story is the clarity and confidence afforded by our multi-year backlog. This is not just our baseload, it is the foundation upon which we build sustainable free cash flow, and our enabler for effective deployment of capital and the growth of TPS. It is what allows us to look to the future with certainty and ambition.
Driving Innovation and Technological Leadership
Innovation remains at the core of our strategy. Our investments in R&D are focused on scalable, affordable, and decarbonized solutions that align with societal needs and market demands. Establishing state-of-the-art laboratories in Boston, Frankfurt, Lyon, and Chennai underscores our commitment to pioneering research that supports our clients’ transition to low-carbon energy.
In 2025, we have strengthened our industry collaborations, such as our Carbon Capture Alliance with Shell or our partnerships on SAF with LanzaJet. And our Reju initiative on textile circularity is progressing well with the demonstration of the technology at industrial scale at our pilot in Frankfurt and the selection of three industrial sites in the Netherlands, France and the USA.
In parallel, we launched our Digital Acceleration Plan, targeting €100 million in cost savings and incremental revenues by 2028, and implemented the “AI for All” program to strengthen the skills of all our employees.
The acquisition and successful integration of Ecovyst’s Advanced Materials & Catalysts (AM&C) business have further bolstered our technological capabilities. This strategic move positions us at the forefront of catalysts and materials science, enabling us to offer innovative solutions across industries and accelerate our growth in sustainable chemicals and materials.
Advancing Sustainability and People-Centric Initiatives
Sustainability remains a fundamental pillar of our corporate purpose. In 2025, we made significant strides on our sustainability commitments, including avoiding emissions for our clients, safety improvements, and learning opportunities for our employees.
Technip Energies achieved an outstanding milestone in 2025, reaching 323 million workhours without fatality. This is a true testament to our strong HSE culture. Safety excellence requires constant vigilance. Safety is not just a priority, but a core value with zero tolerance for deviation. We now move forward with a new ambitious sustainability program for the 2026 – 2030 period. Named Evolve and supported by 3 pillars - Innovate, Deliver and Empower – it is designed to accelerate change across our business and deliver lasting value.
Our people being our greatest assets, I am proud of the WeCare program, launched in early April, and which exemplifies our dedication to their well-being, fostering a safe, inclusive, and balanced work environment. And we continue to invest in talent development to ensure that our teams are equipped with the skills and mindset necessary to lead in an evolving energy landscape.
Financial Strength and Shareholder Value
In 2025, we set new benchmarks for revenue and EBITDA at respectively €7.2 billion and €638 million, with high free cashflow generation. Reflecting the strength of these results and our solid business outlook, we propose an 18% annual dividend increase and announce the launch of a €150 million share buyback program, affirmations of our confidence in sustained growth and value creation.
Our strategic priorities are clear: be the reference company in project delivery, grow our services business, be a recognized technology and solutions player and have the financial capacities to venture into adjacent business models.
Looking Ahead: Opportunities and Challenges in 2026
The global energy landscape continues to evolve, driven by megatrends such as rising energy demand, decarbonization imperatives, and the shift toward circular solutions.
We are constantly reminded that there will be no transition that is not an affordable one. Our role at Technip Energies is to find and deliver those affordable solutions, at an industrial scale. We have built strong positions in some transition markets (SAF, hydrogen, CCS), and while the growth in those markets may be slower than projected a few years ago, Technip Energies is present and a recognized leader. Importantly, this comes in addition to the long-term growth outlook for our core markets, which remains compelling with natural gas and circularity being critical to power and decarbonize the world. Our diversified portfolio, technological leadership, and operational excellence position us well to navigate this complex environment: with already the SkyNRG SAF greenfield plant award in the Netherlands in January and the major NFW LNG award in Qatar in February, we expect to achieve our highest-ever annual order intake in 2026.
The context formed by our business environment and our competition confirms the need to continue modernizing our EPC practice to remain the leader we are. The power of “replication” is immense, and replication is favored everywhere possible (Coral Norte FLNG following Coral Sul FLNG or NFW LNG following NFS LNG); the solutions delivered through our Digital Acceleration Plan, which for most are powered by AI are being widely adopted. So, we enter 2026 in a very strong financial health with a strengthening backlog and net cash of approximately €1 billion, providing flexibility to invest strategically in technology, growth opportunities, and shareholder returns. We are also initiating 2026 guidance, anticipating further year-over-year growth in revenue and EBITDA, and we are trending comfortably ahead in establishing Technip Energies as an €800 million-plus EBITDA company, an ambition we first declared at our 2024 Capital Markets Day.
A Heartfelt Thank You and a Confident Outlook
In conclusion, I would like to extend my sincere appreciation to our Chair Joe Rinaldi for his five years of exemplary leadership of our Board, marked by professionalism, authority, and care, as well as for his valuable guidance in my position of CEO.
I also wish to express my deep gratitude to our dedicated teams around the globe; your engagement, creativity, and resilience remain fundamental to our continued success. Looking ahead to 2026, I am confident that our strategic direction, commitment to technological innovation, and disciplined execution will drive sustained value for all stakeholders.
Together, we are building a world designed to last, delivering affordable, sustainable, and resilient energy solutions that meet the needs of today and tomorrow. Thank you for your trust, partnership, and ongoing commitment to our shared purpose.
Arnaud Pieton,
Chief Executive Officer