What Técnicas Reunidas does
Técnicas Reunidas, S.A. is the Spanish parent of an industrial engineering and construction group. Its registered office is at Avenida de Burgos 89, Adequa complex, building 6, Madrid; the relocation was registered in 2021. This profile uses the consolidated group for financial figures. Customers own or develop the plants: hiring TR to design facilities, procure equipment, manage construction or commission a project does not make that facility a TR-owned asset. 2025 consolidated financial statements and management report (p. 22).
From Lummus Española to international expansion
The company was incorporated on 6 July 1960. It began as Lummus Española, a partnership between Spanish entrepreneurs and The Lummus Company; corporate documentation identifies José Lladó Fernández-Urrutia as its founding chairman. In 1968 it delivered the Luján de Cuyo refinery in Argentina for YPF, its first international turnkey project. It absorbed Tecniresa and adopted the Técnicas Reunidas name in 1972. Acquiring INITEC in 2000 broadened its capabilities, and the company became listed in 2006. This history helps explain its combination of Spanish engineering, local subsidiaries and consortium-based project delivery. 2025 consolidated financial statements and management report (p. 22); Corporate history; 2023 parent-company accounts: reference to the founding chairman (p. 91).
Ownership and management
The corporate governance report records Araltec, S.L. with 32.39% of indirect voting rights at the end of 2025, through Araltec Corporación, S.L.U.; Pilar Arburúa Aspiunza held 5.23% in total. It also lists institutional investment managers. The same report states that no individual or legal entity exercises or may exercise control under securities legislation: a substantial stake does not automatically constitute majority ownership. The board page reviewed identifies Juan Lladó Arburúa as executive chairman and José Manuel Lladó Arburúa as first vice-chairman; the July 2026 presentation identifies Eduardo San Miguel as CEO. 2025 annual corporate governance report (p. 2); 2025 annual corporate governance report (p. 6); Board of directors; First-half 2026 results presentation (p. 1).
How it earns revenue
Work spans feasibility studies, conceptual and basic engineering, FEED —front-end engineering design—, detailed engineering, procurement, construction and commissioning. An EPC contract combines engineering, procurement and construction; EPCM focuses on engineering, procurement and construction management, with different contractual responsibilities. For turnkey contracts, the accounts recognise revenue as projects progress, using engineering hours, procurement and measurements of work performed. Consequently, a contract award or backlog is not revenue collected in full during that year. Cost estimates, scope changes and performance guarantees matter when assessing the business. 2025 consolidated financial statements and management report (p. 36); Coastal GasLink EPCM contract, 19 October 2026.
Activities, solutions and business names
The 2025 segment information reports revenue of €4,244.117 million from natural gas; €1,238.150 million from petrochemicals; €802.947 million from upstream and refining; €122.858 million from low-carbon technologies; and €57.784 million from other activities. These are accounting segments, not consumer product brands. TRack is the decarbonisation strategy launched in 2023, covering new plants and the transformation of existing facilities; it is not another company whose sales should be added again to group revenue. Gas and refining projects remain significant, alongside the company’s hydrogen, carbon capture, renewable fuels and raw-material recovery offerings. 2025 consolidated financial statements and management report (p. 54); 2025 consolidated financial statements and management report (p. 110).
Subsidiaries and the TR Power reorganisation
The group combines the parent with subsidiaries such as INITEC, engineering companies in different countries and interests in joint operations. The March 2026 BORME notice published the transfer of the engineering, procurement and construction business for power-generation projects to TR Power, S.L.U., directly wholly owned by Técnicas Reunidas. The 2026 interim financial statements specify that combined-cycle projects in certain geographies were transferred with effect from 1 January, with formal matters still being finalised when that document was issued. The reorganisation stays within the group. Power activity remains included in the natural-gas segment in the 2025 and first-half 2026 accounts; it should not be treated as an external disposal or an additional revenue figure. BORME: TR Power spin-off agreement, 13 March 2026; First-half 2026 consolidated financial statements (p. 20); 2025 consolidated financial statements and management report (p. 122).
Where it works and for whom
Financial geography follows the customer’s location. In 2025, the Middle East contributed €4,206.067 million of revenue; Europe, reported separately from Spain, €776.703 million; the Mediterranean region €573.236 million; Asia €505.684 million; the Americas €311.403 million; and Spain €92.763 million. This classification does not measure employees’ nationality or where each project is designed. The integrated report describes global engineering centres of excellence in India, the United Arab Emirates, Türkiye, Saudi Arabia and Chile. Engineering offices and teams are complemented by temporary deployment to customers’ construction sites. 2025 consolidated financial statements and management report (p. 55); 2025 integrated report (p. 39).
Consolidated 2025 figures
For 1 January–31 December 2025, consolidated revenue was €6,465.856 million, compared with €4,451.446 million in 2024. It arose from engineering and construction contracts and excludes €18.438 million of other operating income. Operating profit was €291.055 million; total profit was €156.416 million; and profit attributable to the parent’s shareholders was €156.737 million. The latter exceeds total profit because non-controlling interests recorded a loss. These are worldwide group figures, not Spanish sales or the parent’s separate accounts. Full-year 2025 is the selection reference for this profile; first-half 2026 figures appear separately. 2025 consolidated financial statements and management report (p. 17); 2025 consolidated financial statements and management report (p. 80).
Employees and project workforces
At the end of 2025, fully consolidated companies employed 12,046 people directly; the annual average for that scope was 11,396. The accounts separately report an average of 1,175 people in proportionately consolidated joint businesses. For construction, the management report mentions an average exceeding 38,240 subcontracted workers and a combined peak of 45,494 direct and subcontracted workers. These measures have different dates, employment relationships and boundaries and should not be added into a supposed single workforce total. Talent management includes internal mobility, technical training and engineering centres close to markets; the company identifies rapid recruitment of personnel with limited safety experience as a risk requiring control. 2025 consolidated financial statements and management report (p. 92); 2025 consolidated financial statements and management report (p. 197); 2025 consolidated financial statements and management report (p. 207); 2025 consolidated financial statements and management report (p. 211).
Innovation and technology development
The integrated report assigns €8.5 million to R&D resources in 2025. Its technology centre employs more than 70 professionals and combines research, pilot plants, scale-up and technical support. Examples include PHOS4LIFE, for producing phosphoric acid from sewage-sludge ash; RECYCLION, for recovering battery raw materials; and participation in Plastics2Olefins, which is developing a plastics-recycling demonstration plant. Research, piloting or design work does not itself demonstrate commercial industrial deployment or an emissions reduction already achieved. Digital design and project monitoring complement this industrial-process development. 2025 integrated report (p. 24); 2025 integrated report (p. 25).
Health and safety: the system’s scope
The HSE department works across design, construction, commissioning and start-up. BSI certificate OHS 571916, published by TR, certifies ISO 45001:2018 for engineering, project management, construction supervision, commissioning and the R&D activities specified in its schedule. It shows an effective date of 28 November 2025, latest issue on 20 July 2026 and expiry on 27 November 2028. It lists TR, INITEC and TR Power locations in Madrid, Abu Dhabi and the San Fernando de Henares technology centre. This updates the 2025 expiry still mentioned in the management report; it does not establish that every subsidiary, subcontractor or project worldwide is certified. BSI certificate OHS 571916: ISO 45001 and covered locations; 2025 consolidated financial statements and management report (p. 207).
Prevention during project delivery
Documented prevention includes HSE assessment before subcontractor prequalification, safety requirements in bids and design, safe-work analyses, inspections and specific investigation of significant incidents to determine corrective measures. In 2025, the company carried out 13 integrated corporate audits during engineering and 34 during construction, including ten with the commissioning department. It also developed a training application with a digital HSE passport to track competence and authorisations, and introduced audits for projects nearing completion where residual activities continued. These are specific measures reported by the company, not independent proof that all risks have been eliminated. 2025 consolidated financial statements and management report (p. 208); 2025 integrated report (p. 186).
Occupational risks and health
TR identifies falls, entrapment, falling objects, cuts, burns, leaks, gas inhalation, explosions and high temperatures among project hazards. Construction and the transition into commissioning present different risks from office work. In 2025, site training amounted to 1.77 hours for every 100 hours worked, covering direct employees and subcontractor personnel. For offices, the company reported medical examinations and influenza vaccination coordinated by its joint prevention service, alongside physiotherapy at headquarters. Incident information is shared through toolbox meetings and with project managers to communicate corrective measures. 2025 integrated report (p. 186); 2025 consolidated financial statements and management report (p. 207); 2025 consolidated financial statements and management report (p. 209).
Safety results and comparison limits
The 2025 integrated report records zero recordable injuries and zero fatalities among direct employees on construction sites; for subcontracted site workers it records 18 recordable injuries, five lost-time accidents and one death. Its note describes a worker falling from a warehouse roof during dismantling preparations without the necessary protection; the account of unauthorised access is the company’s description, not a judicial allocation of responsibility. For Spanish offices, the management report records three lost-time accidents and six without lost time. Site monitoring covers projects where TR is the main contractor or manages safety within the consortium. 2025 integrated report (p. 186); 2025 integrated report (p. 188); 2025 consolidated financial statements and management report (p. 209).
Reading the reported indicators
The integrated report records 8,031,369 hours for direct site employees and 104,632,344 for subcontracted workers. For the latter it reports a TRIR of 0.034 per 200,000 hours; the management report’s total column shows 0.035, although its male column also shows 0.034. This discrepancy is retained rather than replaced with an editorial calculation. The integrated report’s office table also includes six commuting accidents within nine recordable injuries, whereas the management report’s notes say commuting accidents are excluded from the rates. This prevents treating the rates as fully consistent. Dashes in the tables are not automatically converted to zero; the zeros cited above come from the integrated report’s explicit table. 2025 integrated report (p. 188); 2025 consolidated financial statements and management report (p. 210); 2025 consolidated financial statements and management report (p. 211).
Environment and emissions boundaries
In 2025 the company reported a standard environmental management plan for construction, replacement of mobile generators with temporary grid connections where possible, efficiency measures, and renewable-origin certified electricity in its Spanish and Italian offices. The management report records 27,312.95 tCO₂e of Scope 1 emissions, 4,791.76 tCO₂e of attributable Scope 2 emissions and 8,386.14 tCO₂e from business travel, Scope 3 category 6. Their sum should not be presented as the complete value-chain footprint: that table includes only one Scope 3 category. For Scopes 1 and 2, the final quarter was estimated from the preceding nine months. Reduction targets and solutions offered to customers are commitments or services, not proof of net impact already achieved. 2025 consolidated financial statements and management report (p. 161); 2025 consolidated financial statements and management report (p. 162); 2025 consolidated financial statements and management report (p. 163).
Contract disputes and the disclosed position
On 18 September 2026, TR told the CNMV that an award dated 7 September ordered MGT Teesside to pay a net €120 million to the TR–Samsung consortium, held 73% and 27% respectively, in the dispute begun in 2021 after contract termination and enforcement of guarantees. The same disclosure explains that, in the Sitra dispute with Bapco, interim measures blocking payment of €133 million in guarantees were lifted on 17 September; the consortium had initiated arbitration and was holding discussions. These are separate proceedings: the favourable MGT outcome does not resolve Bapco. According to TR, the two events implied a €49 million net cash outflow and a positive net earnings impact of €7 million after an extraordinary €30 million provision. This account comes from the issuer’s disclosure, not a review of the full awards. CNMV disclosure on MGT Teesside and Bapco, 18 September 2026.
Another significant dispute concerns the Turów generating unit in Poland. On 17 June 2026, Budimex disclosed an agreement between the MPE–Budimex–TR consortium and PGE: joint and several payment of PLN 135 million, a price reduction and waiver of certain claims, then subject to court approval. The amount belongs to the consortium and is not attributed in full to TR; the disclosure alone also does not establish when the settlement became final. Budimex: Turów power plant settlement, 17 June 2026.
Financing and developments after year-end
SEPI confirmed on 1 December 2025 that the remaining €257.5 million principal of an original €340 million temporary FASEE support package had been repaid early. That loan should therefore not be described as outstanding in November 2026. In the first half of 2026, TR reported revenue of €3,060.8 million and EBIT of €104.2 million, including a €45 million provision for the impact of events in the Middle East; underlying EBIT of €149.2 million excluded that charge. On 19 October it announced an EPCM contract exceeding €200 million for phase 2 of Coastal GasLink, expected to take more than four years. CGL retains pipeline ownership, operation and permits. The award adds future work and is not included in full in 2025 sales. SEPI: full repayment of FASEE support, 1 December 2025; First-half 2026 results (p. 3); Coastal GasLink EPCM contract, 19 October 2026.
Frequently asked questions
Does Técnicas Reunidas own the plants it builds?
Its core business is engineering and delivering or managing customer projects. For example, it provides EPCM services on Coastal GasLink while CGL retains pipeline ownership, operation and permits. TR should not be treated as the owner of every facility in its backlog. [1] · [2]
Which revenue figure is used?
€6,465.856 million of consolidated group revenue for January–December 2025. It excludes €18.438 million of other operating income. It is neither Spain-only sales nor the value of contracts awarded. [1]
Is TR Power outside the group?
No. The spin-off documentation identifies TR Power as a directly wholly owned subsidiary of Técnicas Reunidas. The power-generation business is reorganised within the group, without adding its revenue again. [1] · [2]
Does ISO 45001 certification automatically cover every project?
The published certificate does not establish that. BSI OHS 571916 specifies activities and locations in a site schedule. Its stated expiry date is 27 November 2028; coverage must be read from that document. [1]
Were there occupational fatalities in 2025?
The integrated report records one death among subcontracted site workers and zero among direct employees within its reported site and office scopes. These figures cannot accurately be summarised as zero fatalities across all activity. [1] · [2]
Is the SEPI loan still outstanding?
SEPI confirmed early repayment on 1 December 2025 of the remaining €257.5 million principal from the original €340 million FASEE support package. That does not imply that the group has no other debt. [1]
