确认增长路径：一个符合预期的季度，利润率稳步提升，收入可见性更好

Restricted - External TRE.MC/TRE SMOVERWEIGHTUnchangedEuropean Energy ServicesPOSITIVEUnchangedPrice TargetEUR 22.00UnchangedPrice (14-May-25)EUR 17.61Potential Upside/Downside+24.9%Source: Bloomberg, Barclays ResearchMarket Cap (EUR mn)1414Shares Outstanding (mn)80.30Free Float (%)49.4252 Wk Avg Daily Volume (mn)0.2Dividend Yield (%)N/AReturn on Equity TTM (%)25.60Current BVPS (EUR)4.98Source: BloombergPrice PerformanceExchange-MC52 Week rangeEUR 18.01-9.39Source: IDCLink to Barclays Live for interactive chartingEuropean Energy ServicesMick Pickup+44 (0)20 3134 6695mick.pickup@barclays.comBarclays, UKPratik Kadam+91 (0)22 6175 2301pratik.kadam@barclays.comBarclays, UK may realise early revenues. Moreover, the company also provided FY26 guidance, which is alsounchanged, with revenue to be over EUR5.5bn and margins above 5%.Still the value play:Tecnicas has been the strongest performer in our coverage universe thisyear, up by 57% versus the sector up by 2%, albeit it had a weak end to 2024. Despite theperformance, the stock still trades in 5.1x 2025EV:EBITDA versus Technip Energies on 8.9x andMaire on 7.7x. This is despite it having the faster growth potential, on our numbers, at 23% paover the 2024-27 period versus 15% for its peers. Hence we still see value in the stock, with 25%upside potential to our EUR22/shr DCF-based price target. We remain OWTRE.MC: Financial and Valuation Metrics EPS (EUR)FY Dec20232024202520262027EPS0.87A1.15A1.84E2.43E3.15EPrevious EPS0.87A1.15A1.84E2.43E3.15EConsensus EPS0.76A1.12A1.67E2.04E2.26EP/E20.115.39.67.35.6Consensus numbers are from Bloomberg received on 14-May-2025; 12:50 GMTSource: Barclays Research 2 Analyst(s) Certification(s):I, Mick Pickup, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Tecnicas Reunidas(TRE.MC, 14-May-2025, EUR 17.61), Overweight/Positive, J/K/NUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosed