Juan Lladó – Executive Chairman Eduardo San Miguel - CEO

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5 |

6 |

2024 Highlights

2025 Guidance & Highlights

Recent Business Milestones 3 |

4 | Operations performance

Financial results

INDEX

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2 |

5 |

6 |

2024 Highlights

2025 Guidance & Highlights

Recent Business Milestones 3 |

4 | Operations performance

Financial results

2024 results highlights

Guidance fulfilled

3 |

2 |

5 |

6 |

2024 Highlights

2025 Guidance & Highlights

Recent Business Milestones

4 | Operations performance

Financial results

2025

Revenues >5,200 M€

Guidance EBIT margin ~4.5%

2025

Vaca Muerta award worth 420 M€

Highlights Selected for a project in UAE for 3.3 B€

TR's ambition towards 2026

EBIT margin >5% Revenues upgraded to >5,500 M€ Back to dividend policy with 2026 results

2 |

5 |

6 |

2024 Highlights

2025 Guidance & Highlights

Recent Business Milestones 3 |

4 | Operations performance

Financial results

Recent Business Milestones

Hassi Messaoud Power projects Vaca Muerta

Project relaunch signed with Sonatrach

2.1 B€ (already in backlog)

3 combined cycle projects in Middle East

2.3 B€ (2024 order intake)

EPmCm for YPF for the Vaca Muerta project

420 M€

(2025 order intake)

| Hassi Messaoud

Relaunch of Hassi Messaoud Project has been agreed and signed with Sonatrach – awarded in 2019 and suspended after Covid outbreak
Sinopec becomes TR´s partner for the project
New price, scope, schedule and contract conditions agreed: 4.1 B€ total contract value
Key development in the south of Algeria and of national interest
TR and Sonatrach strengthen their relationship

* TR's stake in the project

| Power projects in Middle East

3 combined cycle projects in Middle East
7.3 GW of total installed capacity in 3 projects
Key development for the country

• LNTP already signed & Full NTP expected in Q1 2025

& undisclosed client

2.3 B€* (2024 order intake)

* TR's stake in the project

EPmCm + procurement package for YPF for the Vaca Muerta project
Strategic project for Argentina (largest oil project in the country)
Second project awarded after Covid

420 M€ (2025 order intake)

2 |

5 |

6 |

2024 Highlights

2025 Guidance & Highlights

Recent Business Milestones 3 |

4 | Operations performance

Financial results

Operations performance |

First two modules' shipments, corresponding to the Ethane Cracker racks, successfully completed
Modules constructed in Abu Dhabi (UAE) and shipped to Antwerp (Belgium) in November 2024
TR's contract included 100% project services
Largest petrochemical investment made in Europe in the last 20 years

Operations performance |

Resid upgrade project in Singapore to convert fuel oil and other products into higher-value lube base stocks and distillates
Mechanical completion expected in Q1 2025
Supporting ongoing commissioning activities
More than 30 Million safe man-hours

Modernization of the Talara refinery, one of the largest investments of its kind in Latin America
High quality diesel and gasoline fuels production aligned with stringent environmental requirements
100% milestones for plant start-up achieved