Tubacex, S.a. · BME:TUB
Tubacex — FY2024 Earnings Presentation
24 slides from Tubacex's earnings presentation, February 2025
Slide 1: Results Release Full Year 2024
RESULTS RELEASE FULL YEAR 2024 FEBRUARY 2025 FY 2024 RESULTS / PAG. 1
Slide 2: Main Considerations
MAIN CONSIDERATIONS MANUFACTURE OF THE ADNOC ORDER HAS COMMENCED ($1B) Important year for business development and, above all, for strategic products 1 2 CLOSING AND COLLECTION OF 3 Strategic agreementwith Start of production for STRATEGIC AGREEMENT WITH Launch of Sentinel Prime® ADNOC’s large-sca
Slide 3: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT Quarterly EBITDA Evolution (€M) Annual EBITDA Evolution (€M) 125.2 28.0 28.9 25.0 25.1 107.0 92.3 Covid Effect 69.6 67.1 38.1 17.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2018 2019 2020 2021 2022 2023 2024 STRUCTURAL CONSOLIDATION OF THE BUSINESS FUNDAMENTALS: PREMIUM
Slide 4: Main Financial Figures
MAIN FINANCIAL FIGURES FY 2023 FY 2024 % Var. Q4 2023 Q4 2024 % Var. (€M) Sales 852.4 767.5 -10.0% 210.4 198.5 -5.7% EBITDA 125.2 107.0 -14.6% 31.4 28.9 -8.0% EBITDA Margin 14.7% 13.9% 14.9% 14.6% EBIT 80.7 63.5 -21.3% 20.2 17.8 -11.9% EBIT Margin 9.5% 8.3% 9.6% 8.9% Earnings Before Taxes 49.6 30.0
Slide 5: Outlook
MAIN FIGURES FROM THE INCOME STATEMENT SALES Declining nickel price trend €M ‐ Average nickel price is 21.5% lower than the 2023 average, with 852.4 767.5 a cumulative drop of 7.6% throughout the year SALES 210.4 198.5 Start of production for major orders to be invoiced in 2025 Increase in mar
Slide 6: 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 280.7 Investment in Abu Dhabi plant: 60.4M€ Make‐to‐order manufacturing strategy (link Strategic investment for the manufacturing of between net financial debt and working capital) 255.0 new pro
Slide 7: Revenues Breakdown
REVENUES BREAKDOWN PREMIUM PRODUCTS New businesess Good positioning with key customers and the strategy of signing long-term E&P Gas 20.0% agreements are allowing us to maintain a high‐margin portfolio level in strategic 26.0% products ORDER INTAKE Very good figures in high value‐added products, inc
Slide 8: Backlog Evolution
BACKLOG EVOLUTION ROBUST SITUATION OF THE BACKLOG Book-to-bill ratio TOTAL BACKLOG INCLUDING ADNOC’S PROJECT ≈1,560M€ FY 2024 ≈ 0.95x Backlog remains stable compared to the 2023 year‐end This figure is concentrated in projects with high added value Book‐to‐bill ratio for the year is 0.95x, slightly
Slide 9: Commercial Remarks (I) E&P Oil&Gas
COMMERCIAL REMARKS (I) E&P OIL&GAS OCTG UPSTREAM ‐ Tubacex activity in OCTG remains consistently strong. Recently we confirmed a new contract with Petrobras for the Sepia‐Atapu concession and additional volume for the Buzios field ‐ Petrobras forward demand for CRA OCTG remains buoyant. Tubacex co
Slide 10: Commercial Remarks (II) Industrial & PowerGen
COMMERCIAL REMARKS (II) INDUSTRIAL & POWERGEN The distribution market has experienced weakness throughout the year, primarily due to the evolution of nickel INDUSTRIAL prices High‐nickel alloys and ceramic‐coated tubes have maintained high profitability levels Significant orders for high-nickel-
Slide 11: Commercial Remarks (III) Low Carbon
COMMERCIAL REMARKS (III) LOW CARBON Carbon Capture, Utilization, and Storage (CCUS) LOW ‐ The Carbon Capture, Utilization, and Storage (CCUS) market is experiencing significant developments in 2025 CARBON ‐ Focus on project execution: The industry is shifting from announcing new projects to focusi
Slide 12: Commercial Remarks (IV) New Businesses
COMMERCIAL REMARKS (IV) NEW BUSINESESS Aerospace & Defense NEW ‐ Significant Growth in the Aerospace and Defense Market in 2024 BUSINESESS Rising demand for high-performance materials for applications in next-gen aerospace & defense systems ‐ Positioned Tubacex Group as a leader in advanced materi
Slide 13: Main ESG KPIs
MAIN ESG KPIs Indicator Ud. 2019* 2024 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 0.24 0.28 GAV % total % Renewable Energy 0% 33.0% 40% energy CIRCULAR Waste recycled % total 60.5% 82.3% 95% ECONOMY generated SU
Slide 14: Stock Information
STOCK INFORMATION GROWTH POTENTIAL Stock Evolution Key Data €/share # shares outsanding 126,549,251 3,9 ‐7.0% 3.66€ 3,7 €/share (12.31.24) 3.255€ 3,5 3,3 Market Cap. (M€) 411.9M€ 3,1 3.255€ % evolution -7.0% 2,9 2,7 2.705€ Maximun 3.66€ (Dec. 5) 2,5 31/12/2023 14/01/2024 28/01/2024 11/02/2024 25/02/
Slide 15: Closing of the Strategic Agreement
CLOSING OF THE STRATEGIC AGREEMENT TUBACEX BOOSTS ITS GROWTH WITH THE ENTRY OF MUBADALA IN ITS OCTG BUSINESS SETTING UP OF A JOINT VENTURE IN WHICH TUBACEX HOLDS THE MAJORITY STAKE The operation is structured as a Joint Venture in which TUBACEX holds 51% and Mubadala Investment Company enters with 4
Slide 16: Conclusions: Growth Prospects Over the Coming Quarters
CONCLUSIONS GROWTH PROSPECTS OVER THE COMING QUARTERS ABU DHABI BACKLOG Startup of the Abu Dhabi factory as part of the High order intake rate, allowing the backlog to awarded mega project remain at historic levels with a significant share of high‐value‐added products MUBADALA STRATEGIC AGREEMENT VI
Slide 17: New Strategic Plan NT2: New Tubacex Next Transition
NEW STRATEGIC PLAN 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 INVEST IN TUB
Slide 18: Appendix
APPENDIX FY 2024 RESULTS / PAG. 18
Slide 19: Consolidated Income Statement Detail
CONSOLIDATED INCOME STATEMENT DETAIL €M FY 2023 FY 2024 % var. Q4 2023 Q4 2024 % var. Sales 852.4 767.5 ‐10.0% 210.4 198.5 ‐5.7% Change in inventories 11.3 4.0 ‐64.5% (9.6) (34.2) n.m. Other income 19.0 13.8 ‐27.3% 8.1 3.6 ‐55.5% Cost of materials (377.9) (308.2) ‐18.4% (84.8) (43.3) ‐48.9% Personne
Slide 20: Consolidated Balance Sheet Detail
CONSOLIDATED BALANCE SHEET DETAIL (€M) 31/12/23 31/12/24 %var. (€M) 31/12/23 31/12/24 %var. Intangible assets 112.6 117.7 4.6% Equity, Group Share 240.0 378.0 57.5% Tangible assets 306.7 343.8 12.1% Minority interests 53.6 104.1 94.3% Financial assets 99.1 98.0 ‐1.1% Equity 293.6 482.2 64.2% Non-cur
Slide 21: Historical Quarterly Evolution: Sales & EBITDA
HISTORICAL QUARTERLY EVOLUTION: SALES & EBITDA Sales 210.4 198.5 €M 187.7 137.2 118.6 90.0 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 EBITDA 31.4 28.9 €M 25.0 20.8 14.9% 14.6% 11.7 13.3% 12.6 15.2% 13.0% 10.6% Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 % EBITDA Margin FY 2024 RESULTS / PAG
Slide 22: 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 23: 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 24: FY 2024 RESULTS / PAG. 24
FY 2024 RESULTS / PAG. 24