Tecnicas Reunidas S A : The company sends information regarding 2020 Nine Month Results.

NINE MONTHS RESULTS

January - September 2020

CONTENTS:

1. Highlights
2. Backlog
3. Consolidated Income Statement
4. Consolidated Balance Sheet

Appendix: Alternative Performance Metrics

Nine Months Results

January - September 2020

1. MAIN HIGHLIGHTS

• Backlog of €9.2 billion
• YTD order intake of €1.9 billion
• Sales at €2,808 million
• Adjusted EBIT at €87.5 million, with a 3.1% adjusted EBIT margin1
• Adjusted Net Profit at €47.4 million. Net profit at €9.5 million
• Net cash position of €113 million

Backlog at the end of the first nine months of 2020 stood at €9.2 billion, that compares to €10.0 billion at the end of 2019.

As of the end of September 2020, the main award added to the backlog was the important refining project for Sonatrach at Haoud el-Hamra, Hassi Messaoud (Algeria), with a value of $2 billion for Técnicas Reunidas. In Q3 2020, TR added to its backlog a new environmental project for Saudi Aramco and several important FEED contracts, Front End Engineering Design. In Q4 2020, the company has recently announced the award of a project for the environmental improvement of a refinery from ENAP in Chile.

Total sales reached €2,808 million in 9M 2020, which already reflects the reprogramming of some major projects, requested from clients to adapt to the Covid environment, as well as slower execution, due to the peak spread of the pandemic during the summer in the Middle East.

Adjusted EBIT stood at €87.5 million in 9M 2020. The adjusted EBIT margin in the first nine months of 2020 was 3.1%, showing the contribution of newer projects with healthy margins and the effects of the efficiency and cost saving plans.

Técnicas Reunidas has leveraged on both its 2019 TR-ansforma efficiency plan, as well as the important cost saving initiative that has been launched to adapt to Covid. As a result of both initiatives, the company has already reached more than €102 million in cost reductions, as of the end of September 2020. That figure will escalate to € 178 million in annualized terms, with the implementation of all the measures in place over a full year.

Adjustments to EBIT are related to extraordinary restructuring and Covid costs. These are direct costs to the company, net of realized and expected client reimbursements, related to a wide variety of items such as: protection equipment; social distance and sanitizing of on-sites and home offices; repatriation flights and idleness due to both quarantines of on-sites or even some closures of sites imposed by governments; and many other non-reversal costs. The Covid-19 pandemic adversely impacted the company by € 62.1 million with an effect of €44 million already accrued in operating profit as of the end of September 2020.

Net cash position at the end of September stood at €113 million.

1 Adjusted EBIT and Adjusted net profit are defined and reconciled in the "Alternative Performance Metrics" at the end of the document.

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Nine Months Results

January - September 2020

Outlook and Guidance for 2020

The unexpected pandemic outbreak and its length uncertainty have led to a slowdown in project execution in 2020, and consequently, to award deferrals and a shift in time of sales, as some major projects have been reprogrammed. As the pandemic eases, the company expects to reflect in its accounts the higher embedded margins of the backlog, as execution and awards start to accelerate.

Still, even at this time of the year, it is difficult to provide a firm guidance for the 2020 year-end results, as the pandemic continues to spread with intensity across the world. Técnicas Reunidas most updated forecast for 2020 indicates that sales could be above € 3.5 billion, with an adjusted EBIT margin around 3.0%. Nonetheless, this budget assumes the maintenance of current conditions, with no further worsening of the environment for the rest of the year.

Juan Lladó, Técnicas Reunidas Chairman and CEO, commented:

"We are presently facing a complex scenario that requires of high management proactivity and continuous client dialog. I want to share with you how we are addressing the current situation.

First, the good news: we have to deliver the same record backlog that we reached back in February as we had no cancellations, a quality backlog with significant margins.

Second, the challenges: on the one hand, we have to minimize the impact of Covid restrictions on the execution of projects in advanced construction stage. On the other hand, we have to collaborate with customers in the reprogramming of the most recently launched projects, with obvious impacts on sales and margins.

To face these challenges, we are adjusting with determination our resources to the new environment. This means adapting to a major change from our February starting point, when we were ready for a jump in sales and a major margin improvement.

And, finally, the opportunities: reprogramming part of the backlog is frankly a major opportunity, and we are taking it, to strengthen TR for the future. It gives us the chance to execute all those projects under the best conditions, thus benefitting our customers and our company from a win-win situation.

Times will normalize, sooner or later, and we will again face a year in which the Company reverts back to the full recovery scenario that we faced in February. I believe those times are not so distant."

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Nine Months Results

January - September 2020

The main figures for 9M 2020 are the following ones:

HIGHLIGHTS	9M 2020	9M 2019		Var.
January - September	€ million	€ million		%
Backlog	9,164	10,916	-16%
Net Revenues	2,808	3,428	-18%
Adjusted EBIT (1)	87.5	43.2	103%
Margin	3.1%	1.3%
Adjusted Net profit (1)	47.4	24.1	97%
Margin	1.7%	0.7%
Net Profit (2)	9.5	24.1	-60%
Margin	0.3%	0.7%
Net Cash Position (1)	113	215	-48%

1. Figures classified as Alternative Performance Metrics ("APMs"). See appendix.
2. Profit for the year from continuining operations

Técnicas Reunidas will hold a conference call today at 16:00 CET. It can be accessed

through the link in its homepagehttp://www.tecnicasreunidas.es/en/

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