Technip Energies reports €12.7 billion first-half orders and €25 billion backlog
The unaudited half-year results pair a larger order book with lower conditional margin guidance for Project Delivery.
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Technip Energies reported first-half 2026 order intake of €12.7 billion and a backlog of €25 billion in unaudited results announced on 30 July. The company said the backlog had increased by more than 50% since the beginning of the year and represented approximately three years of revenue. These figures describe orders and future contracted work, not revenue already recognised during the first six months or cash received from customers in that period.
Half-year revenue was €3.7 billion, with EBITDA of €212 million after recognition of provisions. The company reported free cash flow of €183 million excluding working capital and provisions, equivalent to an 86% conversion from EBITDA on that stated basis. The exclusions are part of the definition used in the announcement. They should remain attached to the cash-flow figure rather than being omitted when comparing it with other companies' differently defined performance measures.
The operating review highlighted disruption and contractual challenges linked to the Middle East situation. Management said its projects remained mobilised and activity had stabilised during the second quarter. It also said that expected cost recovery depended on the evolving situation and commercial discussions. That qualification separates contractual expectations from amounts already recovered and explains why the published outlook remained conditional on operating conditions during the second half.
For Project Delivery, the company retained revenue guidance of €5.7 billion to €6.3 billion but reduced expected EBITDA margin to above 5.0%, from a previous range of 6.5% to 7.5%. Technology, Products and Services retained revenue guidance of €1.9 billion to €2.2 billion while its expected margin increased to approximately 15%, from about 14.5%. These are the segment expectations stated in July, rather than final results for the full year.
Major second-quarter awards included Commonwealth LNG in the United States and Coral Norte FLNG in Mozambique. The company said roughly 75% of new awards over the preceding 24 months originated outside the Middle East. Together, the order figures, project examples and regional mix describe the commercial position behind the enlarged backlog. The results announcement nevertheless distinguishes that longer-term workload from the near-term earnings effects of disruption, provisions and the conditions attached to future margin guidance.
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