Tubacex, S.a. · BME:TUB
Tubacex — Q1 2025 Earnings Presentation
23 slides from Tubacex's earnings presentation, April 2025
Slide 1: Results Release First Quarter 2025
RESULTS RELEASE FIRST QUARTER 2025 APRIL 2025 Q1 2025 RESULTS / PAG. 1
Slide 2: Main Considerations
MAIN CONSIDERATIONS A YEAR OF GROWTH WHILE MAINTAINING THE STRATEGIC OBJECTIVES OF THE NT2 2027 PLAN Start of the year in line with the annual targets LICENSE AGREEMENT WITH The first quarter of 2025 closed with sales of €182.3M, an EBITDA of €30.9M, and a margin of 17.0%, setting ADNOC a record
Slide 3: Main Financial Figures
MAIN FINANCIAL FIGURES Q1 2024 Q1 2025 % Var. Q4 2024 Q1 2025 % Var. (€M) Sales 186.5 182.3 -2.3% 198.5 182.3 -8.1% EBITDA 25.0 30.9 23.9% 28.9 30.9 6.9% EBITDA Margin 13.4% 17.0% 14.6% 17.0% EBIT 13.5 19.0 40.4% 17.8 19.0 7.0% EBIT Margin 7.3% 10.4% 8.9% 10.4% Earnings Before Taxes & Min 4.8 11.2 1
Slide 4: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT Sales figure in line with Q1 2024, although slightly below Q4 2024 SALES €M Nickel price: - Although nickel prices have shown an upward trend throughout 198.5 SALES 186.5 Q1 2025, the average level remains 6% below Q4 2024 182.3 182.3 Manufacturing of maj
Slide 5: Main Figures from the Balance Sheet: Net Financial Debt
MAIN FIGURES FROM THE BALANCE SHEET: NET FINANCIAL DEBT Net Financial Debt CAPEX Working Capital €M 303.5 Capex Q1 2025: €20.3M Make-to-order manufacturing strategy (link This Capex includes the investment in the Abu between net financial debt and working capital) Dhabi plant, which secures a
Slide 6: Revenues Breakdown
REVENUES BREAKDOWN PREMIUM PRODUCTS Good positioning with key customers and the strategy of signing long-term Precision & New markets E&P Gas agreements are allowing us to maintain a high backlog level in strategic and 20.0% 30.0% added-value products ORDER INTAKE Slowdown in order intake in rec
Slide 7: Backlog Evolution
BACKLOG EVOLUTION ROBUST SITUATION OF THE BACKLOG Book-to-bill ratio TOTAL BACKLOG INCLUDING ADNOC’S PROJECT €1,500M ROLLING Q1 2025 = 0.9x The order backlog has slightly decreased compared to the end of 2024 due to overall macroeconomic uncertainty The backlog remains concentrated in high value-add
Slide 8: Commercial Remarks (I) E&P Oil&Gas
COMMERCIAL REMARKS (I) E&P OIL&GAS OCTG UPSTREAM - Brazil: Tubacex has started production and machining of new orders for Buzios and Sepia-Atapu, initiating Tx Services activity related to Sentinel One - Abu Dhabi: Threading line is fully operational, producing finished tubes for its first offshor
Slide 9: Commercial Remarks (II) Industrial & PowerGen
COMMERCIAL REMARKS (II) INDUSTRIAL & POWERGEN INDUSTRIAL In Q1 2025, the process industry saw a positive shift in market activity, marked by a significant increase in enquiries, particularly in Europe, for heat exchanger tubes and piping This growth was accompanied by announcements of new projec
Slide 10: Commercial Remarks (III) Low Carbon
COMMERCIAL REMARKS (III) LOW CARBON Carbon Capture, Utilization, and Storage (CCUS) LOW - Technological advancements: CARBON - R&D efforts continue to focus on improving CCUS technologies and reducing associated costs. Several projects have received funding for feasibility and engineering studies
Slide 11: Commercial Remarks (IV) New Businesses
COMMERCIAL REMARKS (IV) NEW BUSINESESS Aerospace & Defense NEW - Global increase in defense spending, particularly in Europe BUSINESESS - Tubacex is well positioned to take advantage of major programmes and scale up within the industry Dreadnought Program for submarines, Future Combat Air System (
Slide 12: Main ESG KPIs
MAIN ESG KPIs Indicator Ud. 2019* Q1 2025 Goal 2030 ENVIRONMENT Mwh/ Energy Intensity(1) 2.85 1.52 2.13 GAV ENERGY & Ton CO2/ CLIMATE Scope 1 y 2 Emissions intensity(2) 0.70 0.23 0.28 GAV % total % Renewable Energy 0% 33.1% 40% energy CIRCULAR Waste recycled % total 60.5% 81.9% 95% ECONOMY generated
Slide 13: Stock Information
STOCK INFORMATION GROWTH POTENTIAL Stock Evolution Key Data €/share # shares outsanding 126,549,251 4,5 +18.4% 4.39€ 4,3 €/share (03.31.25) 3.855€ 4,1 3,9 Market Cap. (€M) €487.8M 3,7 3.855€ 3,5 % evolution +18.4% 3,3 3.315€ 3,1 Maximun 4.39€ (March. 6) 2,9 31/12/2024 07/01/2025 14/01/2025 21/01/202
Slide 14: Strengthening of Strategic Collaboration
STRENGTHENING OF STRATEGIC COLLABORATION LICENSE AGREEMENT WITH ADNOC FOR THE USE OF SENTINEL PRIME GRANTING ADNOC THE RIGHTS TO USE SENTINEL PRIME IN CARBON STEEL OCTG (NON-CRA) $50M TRANSACTION TECHNOLOGY DESIGNED TO MEET THE HIGHEST INDUSTRY DEMANDS API CAL IV:2017 CERTIFICATION STRENGT
Slide 15: Conclusions: Optimism remains despite uncertainty
CONCLUSIONS: Optimism remains despite uncertainty 2025: A YEAR OF GROWTH MACROECONOMIC UNCERTAINTY ABU DHABI Caution is necessary given the global economic Threading line fully operational, with first billings environment expected in the second quarter ORDER BACKLOG VISIBILITY Backlog remains at his
Slide 16: New Strategic Plan Release NT2
NEW STRATEGIC PLAN RELEASE NT2: NEW TUBACEX NEXT TRANSITION NT2 2027 TARGETS DRIVING SUSTAINABLE VALUE AND TO REDUCE OIL MARKET & GAS LEADERS IN ENTERING INTO A NEW PHASE OF VALUE EXPOSURE TO LOW CARBON CREATION FOR OUR SHAREHOLDERS 1/3 OF THE BUSINESS BUSINESS TO BE A POINT REVENUE REASONS TO INVES
Slide 17: Appendix
APPENDIX TUBACEX GROUP
Slide 18: Consolidated Income Statement Detail
CONSOLIDATED INCOME STATEMENT DETAIL (€M) Q1 2024 Q1 2025 % var. Q4 2024 Q1 2025 % var. Sales 186.5 182.3 -2.3% 198.5 182.3 -8.1% Change in inventories 24.7 17.4 -29.5% (34.2) 17.4 n.m. Other income 5.2 13.6 160.3% 3.6 13.6 n.m. Cost of materials (93.3) (83.7) -10.3% (43.3) (83.7) 93.3% Personnel ex
Slide 19: Consolidated Balance Sheet Detail
CONSOLIDATED BALANCE SHEET DETAIL (€M) 12/31/24 03/31/25 %var. (€M) 12/31/24 03/31/25 %var. Intangible assets 110.6 116.8 -0.8% Equity, Group Share 244.4 368.6 -2.5% Tangible assests 313.4 343.3 -0.2% Minority interests 54.6 105.7 1.6% Financial assets 99.4 121.2 23.7% Equity 298.9 474.3 -1.6% Non-c
Slide 20: Historical Quarterly Evolution: Sales & EBITDA
HISTORICAL QUARTERLY EVOLUTION: SALES & EBITDA Sales 232.2 €M 186.5 182.3 153.7 158.1 86.5 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 30.5 30.9 EBITDA 25.0 €M 19.0 17.0% 12.0% 13.1% 13.4% 12.4 8.1% 0.1 0.1% Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 % EBITDA Margin Q1 2025 RESULTS / PAG. 2
Slide 21: 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 22: 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 23: Q1 2025 RESULTS / PAG. 23
Q1 2025 RESULTS / PAG. 23