Tubacex, S.a. · BME:TUB
Tubacex — Q1 2026 Earnings Presentation
19 slides from Tubacex's earnings presentation, Apr 24, 2026
Slide 1: Q1 2026 Results
Results Release Q1 2026 Results April 2026
Slide 2: Q1 2026 | Executive summary
Q1 2026 | Executive summary Q1 2026 IN FIGURES In Q1 2026, sales amounted to €154.2 million, down 15.4% versus the same period in 2025, reflecting a lower level of activity in an environment of reduced visibility. The quarter continued to reflect the impact of global trade uncertainty, triggered
Slide 3: Main Financial Figures
MAIN FINANCIAL FIGURES Q1 2025 Q1 2026 % Var. Q4 2025(1) % Var. (€M) Sales 182.3 154.2 -15.4% 193.4 -20.3% 30.9 20.0 -35.4% 21.1 -5.4% EBITDA 17.0% 13.0% 10.9% 19.0 7.4 -61.2% 7.8 -6.0% EBIT 10.4% 4.8% 4.1% 11.2 1.8 -84.3% 0.2 n.m. Profit Before Tax and Minorities 6.1% 1.1% 0.1% 7.9 1.3 -84.0% (0.8)
Slide 4: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT VENTAS Sales €M Sales amounted to €154.2 million, down 15.4% versus Q1 2025 and 20.3% versus the immediately preceding quarter. 182.3 193.4 The evolution of quarterly revenue reflects, among other factors, the lower order intake recorded in 154.2 154.2 2025
Slide 5: Key Balance Sheet Figures: Net Financial Debt
KEY BALANCE SHEET FIGURES: NET FINANCIAL DEBT Working Capital Working Capital €M Working capital stood at €339.2 million at the end of March, compared with €323.9 million in December 2025. 323.9 339.2 This increase was mainly due to the impact of operational and logistics disruptions in Abu Dhab
Slide 6: Sales Breakdown | By sector and geography
SALES BREAKDOWN | By sector and geography In Q1 2026, the sales mix maintained a high weight of strategic and higher value-added businesses, with Oil & Gas E&P as the main contributor (combined contribution of 46.2%). The quarter reflects a sector-diversified sales base, which provides greater b
Slide 7: Order Book
ORDER BOOK CURRENT BACKLOG 1.202M€(1) At the end of the period, the order book stood at €1,202 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 78,6% Looking ahead to t
Slide 8: Commercial Activity | Key Trends
COMMERCIAL ACTIVITY | Key Trends Q1 2026 was marked by a demanding market environment, with high geopolitical uncertainty, lower commercial visibility and uneven performance across segments. More resilient businesses Areas under pressure A demanding environment in H&I and Process Industry. Great
Slide 9: Commercial Activity | Sector Evolution
COMMERCIAL ACTIVITY | Sector Evolution E&P (GAS & OIL) INDUSTRY OCTG: market affected by instability in the Middle East. Despite the one-off Process Industry: midstream and downstream market still weak, affected by disruptions recorded in March, Tubacex broadly maintained production activity geo
Slide 10: Main ESG KPIs
MAIN ESG KPIs Indicator Ud. 2019* Q1 2026 Goal 2030 ENVIRONMENT Mwh/ Energy Intensity(1) 2.85 1.54 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% 33.2% 40% energy CIRCULAR Waste recycled % total 60.5% 83.8% 95% ECONOMY generated
Slide 11: Share Price performance | Tubacex share in 2026
Share Price performance | Tubacex share in 2026 Tubacex share price performance Q1 2026 (€/share) Key data 3,8 Max: 3.62€ # shares 126,549,251 3,6 3,4 €/share (31.12.25) 2.83€ 3,2 Market Cap. (€M) €358.1M 3,0 2.83€ 2,8 2.775€ Annual Low (Mar. 30) 2,6 Min: 2.775€ 3.62€ Annual High 2,4 (Jan. 13) 9-feb
Slide 12: Q1 2026 Summary | Operational discipline and cash focus
Q1 2026 Summary | Operational discipline and cash focus in a demanding environment MARKET ENVIRONMENT ABU DHABI BACKLOG AND PIPELINE A weaker and more volatile Direct impact of the conflict in €1,202 million backlog and a environment, marked by global Abu Dhabi, with operational robust pipeline in s
Slide 13: 2026: Outlook
2026: Outlook Q2 2026 will continue to be marked by an environment of high commercial and geopolitical volatility. Market The continuation of the conflict in the Middle East will continue to affect both the global backdrop and operations in Abu Environment Dhabi. Global trade tensions, driven
Slide 14: Appendix
APPENDIX le, TUBACEX GROUP
Slide 15: Consolidated Income Statement Detail
CONSOLIDATED INCOME STATEMENT DETAIL (€M) Q1 2025 Q1 2026 % var. Q4 2025(1) % var. Sales 182.3 154.2 -15.4% 193.4 -20,.3% Change in inventories 17.4 13.6 -22.0% (28.3) -148.0% Other income 13.6 11.6 -14.2% 7.5 55.2% Cost of materials (83.7) (66.3) -20.8% (52.4) 26.6% Personnel expenses (46.8) (42.2)
Slide 16: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET (€M) 31/12/25 31/03/26 %var. (Mill.€) 31/12/25 31/03/26 %var. Intangible assets 114.7 113.6 -1.0% Equity, Group Share 292.3 294.1 0.6% Tangible assests 321,1 324.9 1.2% Minority interests 101.8 104.8 3.0% Financial assets 117.0 97.7 -16.4% Equity 394.1 398.9 1.2% Interest-
Slide 17: 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 18: 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 19: Q1 2026 RESULTS / PAG. 19
Q1 2026 RESULTS / PAG. 19