Record Revenue and Recurring EBITDA Growth
Revenue reached EUR 7.2 billion, up 5% year-over-year, and recurring EBITDA rose 5% to EUR 638 million. EPS (excluding nonrecurring items) increased ~4% year-over-year.
Strong Free Cash Flow and High Cash Conversion
Free cash flow excluding nonrecurring items increased ~5% to EUR 578 million. Cash conversion from recurring EBITDA (excluding nonrecurring items) exceeded 90% (noted as >91% in remarks). Group gross cash was >EUR 3.8 billion and economic net cash adjusted for project cash is approximately EUR 1 billion.
Enhanced Shareholder Returns
Proposed dividend of EUR 1.00 per share (up 18% year-over-year) and a EUR 150 million share buyback program. Management targets distributing 25-35% of recurring free cash flow and expects to return ~EUR 300 million to investors in 2026 (~5% of market cap).
Project Delivery Momentum and Major Award (NFW)
Project delivery revenues increased 10% to EUR 5.4 billion. Announced award of North Field West (two 8 mtpa LNG trains) complementing existing NFE/NFS work and bringing 82 mtpa of LNG under construction globally. Management expects strong near-term award momentum and guided project delivery revenues for 2026 at EUR 6.3–6.7 billion with ~8% EBITDA margin.
TPS Margin Expansion and Strategic Acquisition (AM&C)
TPS achieved EBITDA margins up 140 basis points to 14.3% despite a 9% revenue decline. Closed acquisition of AM&C on Dec 31 (immediately accretive): AM&C expected to contribute >EUR 200 million revenue in 2026 with EBITDA margins around 25%, strengthening recurring revenue mix and TPS growth trajectory.
Safety and Sustainability Progress
Surpassed 320 million worked hours in 2025 with zero fatalities. Scope 1 & 2 emissions reduced by 46% versus baseline. Launched a new 2030 sustainability roadmap and scorecard that integrates sustainability into value creation.
Solid Returns and Operational Efficiency
Reported a 19% return on equity. Capital expenditure remained low (~1% of revenue, EUR 89 million). Demonstrated operational execution (replication/modularization/digital) and disciplined capital deployment to improve earnings quality.