Tubacex, S.a. · BME:TUB
Tubacex — FY2025 Earnings Presentation
21 slides from Tubacex's earnings presentation, Feb 27, 2026
Slide 1: Results Release FY 2025 Results
Results Release FY 2025 Results February 2026
Slide 2: 2025 | Executive summary
2025 | Executive summary 2025 IN FIGURES In 2025, sales stood at €719.3M, -6.3% vs. 2024, against a backdrop of general market weakness that has affected activity volumes globally. SALES Despite this environment, the Group maintains resilient profitability, with Adjusted EBITDA of €105.8M €719.3
Slide 3: Main Financial Figures
MAIN FINANCIAL FIGURES FY 2024 FY 2025 % Var. (€M) Sales 767.5 719.3 -6.3% 107.0 105.8 -1.1% Adjusted EBITDA 13.9% 14.7% 63.5 58.3 -8.3% Adjusted EBIT 8.3% 8.1% 30.0 27.1 -9.5% Adj. Earnings Before Taxes and Min. 3.9% 3.8% 22.9 15.9 -30.5% Adjusted Net Profit 3.0% 2.2% Dec. 24 Dec.25 Var. (€M) Worki
Slide 4: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT SALES Sales €M Sales reached €719.3M, -6.3% vs. 2024 (€767.5M). 767.5 719.3 Broad market weakness throughout the year, which has weighed on activity volumes, especially in lower value-added products. Nickel price: ‒ Downward trend during the first nine mo
Slide 5: Main Figures from the Balance Sheet: Net Financial Debt
MAIN FIGURES FROM THE BALANCE SHEET: NET FINANCIAL DEBT Working Capital Working Capital €M 431.0 Build-to-order manufacturing model, with a direct link between working capital and net financial debt. The ADNOC order has exceeded the volumes initially planned for 2025, generating a temporary incr
Slide 6: Sales Breakdown | By sector and geography
SALES BREAKDOWN | By sector and geography In 2025, the sales breakdown was characterized by a balanced mix, with a high share of premium and strategic products, with E&P standing out as the main contributor (52.3%, E&P Gas + E&P Oil). Industry accounted for 25.6% of annual sales, while PowerGen
Slide 7: Order Book
ORDER BOOK CURRENT BACKLOG 1,233M€(1) At year-end, the order book stood at €1,233 million. Backlog Breadown In terms of composition, the order book shows a predominant weight of E&P Gas (79.6%) and remains concentrated in high value-added products. E&P Gas 79,6% Looking ahead to the coming qua
Slide 8: Commercial Activity | Key trends by sector
COMMERCIAL ACTIVITY | Key trends by sector E&P (GAS & OIL) INDUSTRY OCTG: maintained a very significant weight in annual sales, with deliveries Process Industry: the mid and downstream market remained weak, with mainly to ADNOC and Petrobras, carried out according to the planned CAPEX and OPEX d
Slide 9: Main ESG KPIs
MAIN ESG KPIs Indicator Ud. 2019* 2025 Goal 2030 ENVIRONMENT Mwh/ Energy Intensity(1) 2.85 1.50 2.13 GAV ENERGY & Ton CO2/ CLIMATE Scope 1 y 2 Emissions intensity(2) 0.70 0.21 0.28 GAV % total % Renewable Energy 0% 35.2% 40% energy CIRCULAR Waste recycled % total 60.5% 82.2% 95% ECONOMY generated SU
Slide 10: Share Price performance | Tubacex share in 2025
Share Price performance | Tubacex share in 2025 Tubacex share price performance 2025 (€/share) Key data High: 4.39€ 4,4 # shares 126,549,251 4,2 €/share (31.12.25) 3.335€ 4,0 3,8 Market Cap. (€M) €422.0M 3,6 3.17€ 3.335€ Annual Low (Dec. 17) 3,4 4.39€ Annual High (March 6) 3,2 Low: 3.17€ % change 20
Slide 11: 2025 Summary | Resilient execution and operational discipline in a challenging environment
2025 Summary | Resilient execution and operational discipline in a challenging environment MACROECONOMIC ABU DHABI SENTINEL PRIME® UNCERTAINTY New plant 100% operational. License agreement with ADNOC Weaker demand environment and Execution of the ADNOC contract for its use in non-CRA higher volatili
Slide 12: 2026: Outlook
2026: Outlook 2026 starts in a still volatile environment, marked by macroeconomic and geopolitical uncertainty, and a challenging backdrop. Market The opportunity pipeline remains robust, with strength in Subsea and Nuclear, although award timelines remain difficult environment to predict. In
Slide 13: Appendix
APPENDIX le, TUBACEX GROUP
Slide 14: Consolidated Income Statement (Adjusted)
CONSOLIDATED INCOME STATEMENT (Adjusted) (€M) 2024 2025 % var. Sales 767.5 719.3 -6.3% EBITDA 107.0 105.8 -1.1% EBITDA Margin 13.9% 14.7% Depreciation & Amortization (43.5) (47.5) 9.2% EBIT 63.5 58.3 -8.3% EBIT Margin 8.3% 8.1% Net Financial Result & FX (33.5) (31.1) -7.1% Profit Before Tax 30.0 27.
Slide 15: Consolidated Balance Sheet (Reported)
CONSOLIDATED BALANCE SHEET (Reported) (€M) 31/12/24 31/12/25 %var. (Mill.€) 31/12/24 31/12/25 %var. Intangible assets 117.7 114.7 -2.6% Equity, Group Share 378.0 292.3 -22.7% Tangible assests 343.8 321,1 -6.6% Minority interests 104.1 101.8 -2.3% Financial assets 98.0 117.0 19.4% Equity 482.2 394.1
Slide 16: Accounting Adjustments | Reconciliation: Statutory P&L vs. Adjusted
ACCOUNTING ADJUSTMENTS | Reconciliation: Statutory P&L vs. Adjusted Non-cash and 2025 2025 (€M) non-recurring Reported Adjusted adjustments Sales 719.3 719.3 EBITDA 75.1 30.7 105.8 EBITDA Margin 10.4% 14.7% Depreciation & Amortization (66.,1) 18.6 (47.5) EBIT 8.9 49.3 58.3 EBIT Margin 1.2% 8.1% Net
Slide 17: Accounting Adjustments | Summary of adjustments
ACCOUNTING ADJUSTMENTS | Summary of adjustments As communicated on 14 January, Tubacex has decided to record extraordinary accounting adjustments that are non-recurring and have no cash impact, affecting the 2025 annual result. Their purpose is to align the valuation of specific assets with curren
Slide 18: Accounting Adjustments | Adjustment detail
ACCOUNTING ADJUSTMENTS | Adjustment detail Adjustment 1: Inventory valuation alignment (EBITDA impact) Alignment of inventory valuation (turnover/obsolescence/NRV) to reflect longer maturation periods, in a context of solid mid- and long-term outlook in our main markets. Adjustment focused on lo
Slide 19: Alternative Performance Measures – APM I
ALTERNATIVE PERFOMANCE MEASURES – APM I Tubacex presents its results in accordance with the generally accepted accounting principles (IFRS). Furthermore, this report provides other non- IFRS financial measures, called Alternative Performance Measures (APM), which are used by management to assess the
Slide 20: Alternative Performance Measures – APM II
ALTERNATIVE PERFOMANCE MEASURES – APM II NET FINANCIAL DEBT Tubacex presents the calculation of Net Financial Debt as the difference between the gross financial debt and the cash and cash equivalents balance along with the balance for temporary financial investments on the assets side of the Balance
Slide 21: FY 2025 RESULTS / PAG. 21
FY 2025 RESULTS / PAG. 21