Tubacex, S.a. · BME:TUB
Tubacex — 9M 2026 Earnings Presentation
20 slides from Tubacex's earnings presentation, October 2026
Slide 1: Results Presentation 9M 2026 Results
Results Presentation 9M 2026 Results October 2026
Slide 2: 9M 2026 | Executive summary
9M 2026 | Executive summary In the first nine months of 2026, Tubacex recorded sales of €475.6M and EBITDA of €54.0M, with an 11.4% margin, in a global environment that remains very challenging. 9M 2026 IN FIGURES Performance continues to reflect the lingering effects of lower order intake in 20
Slide 3: Main Financial Figures
MAIN FINANCIAL FIGURES 9M 2025 9M 2026 % Var. (€M) Sales 525.9 475.6 -9.6% EBITDA, working capital 84.6 54.0 -36.2% and net financial debt EBITDA 16.1% 11.4% continue to reflect the impact of operational and 50.4 17.9 -64.4% EBIT logistical disruptions in Abu 9.6% 3.8% Dhabi, which have affected 26.
Slide 4: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT SALES Sales €M Sales reached €475.6M, 9.6% below 9M 2025, in an environment that remains very challenging. 525.9 475.6 Performance reflects the lingering effects of lower order intake in 2025, while tariff uncertainty and geopolitical tensions in the Middle
Slide 5: Key Balance Sheet Figures: Net Financial Debt
KEY BALANCE SHEET FIGURES: NET FINANCIAL DEBT Working Capital and Net Financial Debt Working Capital €M At the end of September 2026, Working Capital stood at €384.1M and NFD at €405.0M, both €60.2M higher 384.1 than in December 2025. 323.9 The increase in both metrics is directly linked to ADNO
Slide 6: Sales Breakdown | By sector and geography
SALES BREAKDOWN | By sector and geography E&P remains the Group's main business, accounting for 55% of sales, with gas the largest contributor to the mix. Although they still account for a limited share of sales, PowerGen and Aerospace & Defense bring technological content and exposure to market
Slide 7: Order Book | Breakdown by business
ORDER BOOK | Breakdown by business KEY TAKEAWAYS TOTAL ORDER BOOK €1,162.4M After several quarters of decline, the order book is showing its first signs of stabilization and stood at €1,162.4M at the end of E&P Oil & Gas €954.7M 82.1% September, slightly above June. PowerGen €67.3M 5.8% E&P Oil
Slide 8: Commercial Update | Key Trends
COMMERCIAL UPDATE | Key Trends The third quarter combines tangible commercial progress with an uneven recovery across markets. Businesses showing positive signs Businesses with a slower recovery cycle E&P (OCTG and Umbilicals): OCTG continues to deliver robust and growing revenue, supported by Abu
Slide 9: Commercial Update | Trends by business
COMMERCIAL UPDATE | Trends by business E&P (OIL & GAS) POWERGEN OCTG: continued supply to ADNOC under the existing contract and signs of Nuclear: first orders linked to SMR projects in North America, as well as increased activity in other Middle Eastern markets. Petrobras has awarded maintenance
Slide 10: Main ESG KPIs
MAIN ESG KPIs Indicator Unit 2019* 9M 2026 Goal 2030 ENVIRONMENT MWh/ Energy Intensity(1) 2.85 1.43 2.13 GVA ENERGY & Ton CO2/ CLIMATE Scope 1 & 2 emissions intensity(2) 0.70 0.22 0.28 GVA % total % Renewable Energy 0% 35.0% 40% energy CIRCULAR Waste recycled % total 60.5% 83.4% 95% ECONOMY generate
Slide 11: Share Price performance | Tubacex share in 2026
Share Price performance | Tubacex share in 2026 Tubacex share price performance 9M 2026 (€/share) 3,8 Key data High: 3.62€ 3,6 # shares 126,549,251 3,4 €/share (30 Sep 3,2 2.925€ 2026) 2.925€ 3,0 Market Cap. (€M) €370.2M 2,8 2,6 2.455€ Year Low (21 Sep) 2,4 Low: 2.455€ 3.62€ Year High 2,2 (13 Jan) 1
Slide 12: 9M 2026 Summary | Operational discipline, cash focus and first signs of stabilization
9M 2026 Summary | Operational discipline, cash focus and first signs of stabilization MARKET ENVIRONMENT ABU DHABI ORDER BOOK AND PIPELINE Lower activity and delayed investment Alternative logistics routes have helped The order book stands at €1,162M and is decisions in a changing global tariff and
Slide 13: Outlook
Outlook The fourth quarter will remain challenging, as an uncertain tariff, regulatory and geopolitical environment continues to weigh on investment decisions. Market The EU safeguard measures in force since July could support a recovery in European activity after two years of weakness, Environm
Slide 14: Appendix
APPENDIX le, TUBACEX GROUP
Slide 15: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT (€M) 9M 2025 9M 2026 % var. Q3 2025 Q3 2026 % var. Sales 525.9 475.6 -9.6% 164.4 152.0 -7.6% Change in inventories 25.6 7.6 -70.2% (1.6) 12.1 n.m. Other income 31.4 28.2 -10.4% 4.8 4.9 3.3% Cost of materials (222.2) (194.6) -12.4% (61.9) (77.8) 25.7% Personnel expenses
Slide 16: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET (€M) 31/12/25 30/09/26 %var. (€M) 31/12/25 30/09/26 %var. Intangible assets 114.7 112.5 -1.9% Equity, Group Share 292.3 287.1 -1.8% Tangible assets 321.1 329.6 2.7% Minority interests 101.8 108.1 6.3% Financial assets 117.0 100.9 -13.8% Equity 394.1 395.2 0.3% Interest-bea
Slide 17: Alternative Performance Measures – APM I
ALTERNATIVE PERFORMANCE MEASURES – APM I Tubacex presents its results in accordance with the International Financial Reporting Standards (IFRS). Furthermore, this report provides other non- IFRS financial measures, called Alternative Performance Measures (APM), which are used by management to assess
Slide 18: Alternative Performance Measures – APM II
ALTERNATIVE PERFORMANCE MEASURES – APM II NET FINANCIAL DEBT Tubacex calculates 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 Sheet. For this
Slide 19: Alternative Performance Measures – APM III
ALTERNATIVE PERFORMANCE MEASURES – APM III ORDER BOOK Tubacex calculates the order book as the value of firm orders pending execution at the end of the reporting period. It provides information on future activity visibility and the Group's committed workload. LIQUIDITY POSITION Tubacex calculates th
Slide 20: 9M 2026 RESULTS / PAG. 20
9M 2026 RESULTS / PAG. 20