Technip Energies has kicked off 2026 with a sharp commercial surge, booking more than €6 billion in new orders in Q1 and pushing its backlog above €20 billion. This is even as Middle East instability disrupted project execution and forced a downgrade to parts of its outlook.
The energy engineering group reported revenue of €1.8 billion for the quarter, with EBITDA of €149 million and free cash flow of €132 million (excluding working capital and provisions), reflecting an 89% conversion from EBITDA.
Chief Executive Officer Arnaud Pieton said the company’s performance underscored operational resilience despite geopolitical disruption.
“Our first quarter performance demonstrates our resilience in the face of significant operational disruptions stemming from the Middle East conflict. Despite these challenges, and thanks to the adaptability and determination of our teams, Technip Energies (T.EN) delivered solid revenues and EBITDA, and generated strong free cash flows.”
He highlighted the scale of new business momentum, noting: “We achieved considerable commercial success in the first quarter with more than €6 billion of awards that surpassed our total order intake for the whole of 2025.
"These wins reinforce our leadership in LNG and Sustainable Aviation Fuels, while materially strengthening our backlog to a new high of more than €20 billion. This provides Technip Energies with excellent visibility for the coming years and reinforces our medium-term growth outlook.”
However, he also warned of continued disruption linked to the Middle East conflict, which has affected project execution, logistics, and site activity.
“We stand in solidarity with all those affected by the conflict in the Middle East. From the outset, we implemented a comprehensive crisis management framework to safeguard our global workforce and protect our contractual positions.
"Some of our worksites experienced temporary stoppages, followed by phased resumptions under enhanced safety protocols, working at all times in coordination with authorities and customers. Currently, our sites are nearing full mobilization.”
The company said two main financial impacts are emerging: delayed project execution and additional safety-related costs. While it expects cost recovery through contractual protections, timing remains uncertain.
“While the situation in the Middle East remains fluid, we see two main channels of impact on our business. First, project execution, where progress has been affected by site disruptions and logistical challenges, deferring revenue into later periods.
"Second, incremental costs are being incurred for safety and business continuity. While we expect cost recovery through strong contractual protections, the exact timing and extent is dependent upon the evolution of the conflict and the outcome of commercial discussions.
"For these reasons, and assuming the situation in the Middle East normalizes by the end of the second quarter, we estimate that around €500-600 million in revenue will be deferred beyond 2026, while the impact on project margins should be substantially mitigated.”
Despite near-term pressure, management struck an optimistic tone on structural demand drivers, pointing to energy security, diversification, and decarbonization trends as long-term supports for growth.
“A global supply shock of this scale underscores the need for higher investment. National sovereignty agendas call for development of additional capacity and greater diversification – both geographically and across energy sources.
"It also demonstrates the importance of circularity in addressing local supply certainty. In this environment, Technip Energies has a critical role to play in advancing energy security and decarbonization. Supported by the continued execution of our strategy, our financial strength, and our global presence, Technip Energies is exceptionally well positioned to navigate the current uncertainty and to thrive in the years ahead.”
