Tubacex, S.a. · BME:TUB
Tubacex — H1 2026 Earnings Presentation
19 slides from Tubacex's earnings presentation, Jul 24, 2026
Slide 1: Results Release H1 2026 Results
Results Release H1 2026 Results July 2026
Slide 2: H1 2026 | Executive summary
H1 2026 | Executive summary H1 2026 IN In H1 2026, Tubacex posted sales of €323.6M and EBITDA of €37.9M, with an 11.7% margin, in a very FIGURES complex global environment. Lower order intake in 2025 continued to weigh on the semester, in a new scenario of tariff and regulatory policies, with a
Slide 3: Main Financial Figures
MAIN FINANCIAL FIGURES H1 2025 H1 2026 % Var. (€M) Sales 361.4 323.6 -10.5% The EBITDA, working capital and net financial 61.0 37.9 -37.9% debt figures for the EBITDA semester are directly 16.9% 11.7% related to the effects of 37.4 12.9 -65.6% instability in the Middle EBIT 10.3% 4.0% East, which ha
Slide 4: Main Figures from the Income Statement
MAIN FIGURES FROM THE INCOME STATEMENT SALES Sales €M Sales reached €323.6M, down 10.5% vs. H1 2025, in a very complex environment. 361.4 323.6 The semester reflects the carry-over from lower order intake in 2025, driven by uncertainty stemming from tariffs and a more volatile commercial environ
Slide 5: Key Balance Sheet Figures: Net Financial Debt
KEY BALANCE SHEET FIGURES: NET FINANCIAL DEBT Working Capital Working Capital €M Working capital stands at €349.0M at the end of June, versus €323.9M in December 2025. 323.9 349.0 The increase is mainly due to the impact of disruptions associated with Abu Dhabi, which have affected planning, sch
Slide 6: Sales Breakdown | By sector and geography
SALES BREAKDOWN | By sector and geography In H1 2026, the sales mix shows a significant weighting of strategic businesses, with E&P as the main contributor (50.2%, E&P Gas + E&P Oil). PowerGen and Aerospace account for a more moderate share of sales, but one linked to segments with high structur
Slide 7: Order Book
ORDER BOOK CURRENT BACKLOG 1,148M€(1) At the end of H1 2026, the order book stood at €1,148M, remaining at relevant levels. Backlog Breadown The order book maintains a predominant weight of E&P Gas (77.8%) and remains concentrated in high value- added products. E&P Gas The commercial pipeline
Slide 8: Commercial Activity | Key Trends
COMMERCIAL ACTIVITY | Key Trends H1 2026 was marked by a demanding commercial environment, with heightened geopolitical uncertainty and still limited visibility in some markets. Greater traction in premium businesses and long-execution projects. More pressure in markets exposed to the cycle, pricing
Slide 9: Commercial Activity | Sector Evolution
COMMERCIAL ACTIVITY | Sector Evolution E&P (GAS & OIL) INDUSTRY OCTG: maintained operational activity in Abu Dhabi and supply to ADNOC, Process Industry: remained weak in projects and Opex, although maintenance despite the impact of the geopolitical environment. In Brazil, activity with is gradu
Slide 10: Main ESG KPIs
MAIN ESG KPIs Indicator Ud. 2019* H1 2026 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 0.23 0.28 GAV % total % Renewable Energy 0% 34.1% 40% energy CIRCULAR Waste recycled % total 60.5% 84.3% 95% ECONOMY generated
Slide 11: Share Price performance | Tubacex share in 2026
Share Price performance | Tubacex share in 2026 Tubacex share price performance H1 2026 (€/share) Key data 3,8 Max: 3.62€ # shares 126,549,251 3,6 3.35€ 3,4 €/share (30.06.26) 3.35€ 3,2 3,0 Market Cap. (€M) €423.9M 2,8 2.775€ Annual Low 2,6 Min: 2.775€ (Mar. 30) 3.62€ 2,4 Annual High (Jan. 13) 9-feb
Slide 12: H1 2026 Summary | Operational discipline and cash focus
H1 2026 Summary | Operational discipline and cash focus in a still challenging environment MARKET ENVIRONMENT ABU DHABI BACKLOG AND PIPELINE A weaker and more volatile environment, Operational and logistics disruptions since An order book of €1,148M and a solid marked by geopolitical uncertainty and
Slide 13: 2026: Outlook
2026: Outlook 3Q will be affected by summer seasonality and by a still challenging commercial and geopolitical environment. The new tariff and regulatory policies, together with the conflict in the Middle East, continue to weigh on visibility. Market Environment The defense measures adopted by
Slide 14: Appendix
APPENDIX le, TUBACEX GROUP
Slide 15: Consolidated Income Statement Detail
CONSOLIDATED INCOME STATEMENT DETAIL (€M) H1 2025 H1 2026 % var. Q2 2025 Q2 2026 % var. Sales 361.4 323.6 -10.5% 179.1 169.5 -5.4% Change in inventories 27.2 (4.5) n.m. 9.8 (18.1) -148.0% Other income 26.7 23.3 -12.8% 13.1 11.6 -11.4% Cost of materials (160.4) (116.9) -27.1% (76.6) (50.5) -34.1% Per
Slide 16: Consolidated Balance Sheet
CONSOLIDATED BALANCE SHEET (€M) 31/12/25 30/06/26 %var. (Mill.€) 31/12/25 30/06/26 %var. Intangible assets 114.7 112.4 -2.0% Equity, Group Share 292.3 291.5 -0.3% Tangible assests 321,1 329.4 2.6% Minority interests 101.8 105.9 4.1% Financial assets 117.0 99.2 -15.2% Equity 394.1 397.5 0.9% 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: H1 2026 RESULTS / PAG. 19
H1 2026 RESULTS / PAG. 19