Tubacex, S.a. · BME:TUB
Tubacex — H1 2025 Earnings Presentation
26 slides from Tubacex's earnings presentation, July 2025
Slide 1: Results Release First Half 2025
RESULTS RELEASE FIRST HALF 2025 JULY 2025 H1 2025 RESULTS / PAG. 1
Slide 2: Main Considerations: H1 2025 in Figures
MAIN CONSIDERATIONS H1 2025 IN FIGURES Tubacex closes the first six months of the year with sales of €361.4M, an EBITDA of €61.0M. The EBITDA margin reaches 16.9%, supported by the licensing agreement with ADNOC for the use of its SALES connection in non-CRA applications — a key strategic milest
Slide 3: Main Financial Figures
MAIN FINANCIAL FIGURES H1 2024 H1 2025 % Var. Q2 2024 Q2 2025 % Var. (€M) Sales 398.0 361.4 -9.2% 211.4 179.1 -15.3% EBITDA 50.1 61.0 21.8% 25.1 30.0 19.7% EBITDA Margin 12.6% 16.9% 11.9% 16.8% EBIT 27.4 37.4 36.1% 13.9 18.4 32.0% EBIT Margin 6.9% 10.3% 6.6% 10.3% Earnings Before Taxes 9.2 20.3 120.
Slide 4: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT Sales figure 9.2% lower than H1 2024. SALES €M Nickel price: 398.0 211.4 - Downward trend in nickel prices, with a cumulative drop of 0.6% in the first half 361.4 179.1 and an average price 12.3% lower than in H1 2024 - Particularly sharp decline in Q2 2025
Slide 5: Main Figures from the Balance Sheet: Net Financial Debt
MAIN FIGURES FROM THE BALANCE SHEET: NET FINANCIAL DEBT Net Financial Debt Cash impacts Working Capital €M Capex H1 2025: €41.6M Make-to-order manufacturing strategy (link This Capex includes the investment in the between net financial debt and working capital) 369.0 Abu Dhabi plant, which sec
Slide 6: Revenues Breakdown
REVENUES BREAKDOWN PREMIUM PRODUCTS Precision & New markets Good positioning with key customers and the strategy of signing long-term 17.0% E&P Gas agreements are allowing us to maintain a high backlog level in strategic and added-value products. 31.0% ORDER INTAKE Slowdown in order intake in re
Slide 7: Backlog Evolution
BACKLOG EVOLUTION ROBUST SITUATION OF THE BACKLOG Book-to-bill ratio TOTAL BACKLOG INCLUDING ADNOC’S CONTRACT €1,400M ROLLING H1 2025 = 0.7x The order backlog has decreased compared to the end of 2024 due to overall macroeconomic uncertainty. The backlog remains concentrated in high value-added proj
Slide 8: Robust Backlog
ROBUST BACKLOG Some significant projects and end users: Upstream OCTG: • Petrobras: OCTG CRA solutions (casing, tubing, and connections) as well as logistics services, maintenance, and technical support. CURRENT BOOK-TO-BILL 0.7x (LTM) €1,400M(1) • ADNOC: Major order of $1 billion for gas extraction
Slide 9: Commercial Remarks (I) E&P Oil&Gas (i)
COMMERCIAL REMARKS (I) E&P OIL&GAS (i) UPSTREAM OCTG - Brazil: Tubacex has started production and machining of the new Buzios and Sepia-Atapu orders for Petrobras, initiating Tx Services activity related to Sentinel One. - Abu Dhabi: - Threading line is fully operational, and ramping up activity.
Slide 10: Commercial Remarks (I) E&P Oil&Gas (ii)
COMMERCIAL REMARKS (I) E&P OIL&GAS (ii) SURF - Increase in incoming inquiries compared to last year, a trend expected to continue through year-end. - Over 12 months of backlog in the umbilical tube segment, with key ongoing projects such as Block 58 for TOTAL. - Guyana and Namibia have become stra
Slide 11: Commercial Remarks (II) Industrial & PowerGen
COMMERCIAL REMARKS (II) INDUSTRIAL & POWERGEN INDUSTRIAL The distribution market, and downstream in general, was characterized in H1 by: Clear weakness in the European market, particularly due to declining sales in Germany, where sectors such as chemicals are expected to fall by up to 3% annuall
Slide 12: Commercial Remarks (III) Low Carbon
COMMERCIAL REMARKS (III) LOW CARBON Carbon Capture, Utilization, and Storage (CCUS) LOW - The One Big Beautiful Bill (TOB3) Act approved in the U.S., with major implications for CCUS technologies: increased CARBON tax credits and new regulations to streamline CCUS project approval and execution. -
Slide 13: Commercial Remarks (IV) New Businesses
COMMERCIAL REMARKS (IV) NEW BUSINESESS Aerospace & Defense NEW - Strong projected growth of the market, from $1.1 trillion to $2.1 trillion by 2034. BUSINESESS - Aerospace & Defense customers are actively seeking next-generation materials that withstand extreme conditions, reduce weight, and impro
Slide 14: Main ESG KPIs
MAIN ESG KPIs Indicator Ud. 2019* H1 2025 Goal 2030 ENVIRONMENT Mwh/ Energy Intensity(1) 2.85 1.31 2.13 GAV ENERGY & Ton CO2/ CLIMATE Scope 1 y 2 Emissions intensity(2) 0.70 0.20 0.28 GAV % total % Renewable Energy 0% 33.8% 40% energy CIRCULAR Waste recycled % total 60.5% 82.5% 95% ECONOMY generated
Slide 15: Stock Information
STOCK INFORMATION GROWTH POTENTIAL Stock Evolution Key Data €/share +20.9% # shares outsanding 126,549,251 4,5 4.39€ 4,3 €/share (06.30.25) 4.195€ 4,1 3,9 Market Cap. (€M) €530.9M 3,7 4.195€ 3,5 % evolution +20.9% 3,3 3.22€ Maximun 4.39€ (March. 6) 3,1 31/12/2024 07/01/2025 14/01/2025 21/01/2025 28/
Slide 16: Situation Update ADNOC Contract
SITUATION UPDATE ADNOC CONTRACT Contract for the supply of 30,000 tons of OCTG CRA solutions for gas extraction. The contract includes the construction of a cold finishing and threading plant in Abu Dhabi. Threading plant operational since late 2024. Investment in cold pilgering plant successfully c
Slide 17: Key Milestone of the Year: License Agreement with ADNOC
KEY MILESTONE OF THE YEAR LICENSE AGREEMENT WITH ADNOC Granting ADNOC the rights to use Sentinel Prime® in Carbon Steel OCTG (no CRA). $50M Transaction. Technology designed to meet the highest industry demands. API CAL IV:2017 Certification. Strengthens strategic collaboration with ADNOC. FYH1 2025
Slide 18: Positive Year in a Challenging Environment
MACROECONOMIC ABU DHABI SENTINEL PRIME® 2025 UNCERTAINTY Commissioning of the Abu Licensing agreement with Caution is necessary given the Dhabi plant as part of the ADNOC for its use in carbon global economic environment. awarded mega contract, with materials within the country. POSITIVE YEAR IN ini
Slide 19: Strategic Plan 2027 NT2
STRATEGIC PLAN 2027 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 TU
Slide 20: Appendix
APPENDIX TUBACEX GROUP
Slide 21: Consolidated Income Statement Detail
CONSOLIDATED INCOME STATEMENT DETAIL (€M) H1 2024 H1 2025 % var. Q2 2024 Q2 2025 % var. Sales 398.0 361.4 -9.2% 211.4 179.1 -15.3% Change in inventories 31.0 27.2 -12.4% 6.3 9.8 54.7% Other income 7.3 26,7 n.m. 2.1 13.1 n.m. Cost of materials (187.2) (160.4) -14.4 (93.9) (76.6) -18.4% Personnel expe
Slide 22: Consolidated Balance Sheet Detail
CONSOLIDATED BALANCE SHEET DETAIL (€M) 12/31/24 06/30/25 %var. (€M) 12/31/24 06/30/25 %var. Intangible assets 117.7 106.5 -9.6% Equity, Group Share 378.0 336.9 -10.9% Tangible assests 343.8 337.1 -1.9% Minority interests 104.1 95.3 -8.5% Financial assets 98.0 117.1 19.5% Equity 482.2 432.2 -10.4% No
Slide 23: Historical Quarterly Evolution: Sales & EBITDA
HISTORICAL QUARTERLY EVOLUTION: SALES & EBITDA Sales €M 202.5 211.4 195.7 179.1 128.3 73.5 Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 EBITDA 33.9 30.0 €M 25.1 23.4 16.7% 16.9% 12.0% 11.9% 7.4 5.8% 0.2 0.3% Q2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 % EBITDA Margin H1 2025 RESULTS / PAG. 23
Slide 24: 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 25: 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 26: H1 2025 RESULTS / PAG. 26
H1 2025 RESULTS / PAG. 26