Other relevant information - Company submits results presentation in regard to the first six months of 2026. (On business and financial situation)

Results Release

July 2026

SALES

€323.6 M

EBITDA

€37.9 M

EBITDA Margin 11.7%

NFD / EBITDA* 4,4x

H1 2026 | Executive summary

• In H1 2026, Tubacex posted sales of €323.6M and EBITDA of €37.9M, with an 11.7% margin, in a very 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 slowdown in projects and investment decisions across all markets.

• Profitability was pressured by lower activity volumes and higher logistics costs, although the premium mix

  continues to support double-digit margins.

• Since March, the semester has been affected by disruptions linked to the conflict in the Middle East, impacting planning, scheduling, production, logistics and billing across the Group's entire value chain.

• OCTG, despite the situation in the Middle East, maintains robust and growing sales, supported by Abu Dhabi, while lower value-added products remain the most exposed to market pressure.

• Industrial and geographic diversification continues to help cushion the impact of the adverse environment and reinforces the resilience of the model.

• The Company consolidates its position in key markets and products for the energy sector and expects to recover activity and results as geopolitical risks and uncertainty diminish.

• The short term will continue to be affected by seasonality and by a still demanding commercial and geopolitical environment. As the geopolitical context improves and logistics flows stabilize, the Company expects a gradual improvement in activity and results.

  *Calculated based on the last twelve months' EBITDA, before the voluntary year-end 2025 adjustments.

  The EBITDA, working capital and net financial debt figures for the semester are directly related to the effects of instability in the Middle East, which have affected the entire value chain destined for Abu Dhabi.

  This is a temporary impact, linked to operational and logistical disruptions, and should gradually normalize as the environment stabilizes.

MAIN FINANCIAL FIGURES

(€M)

H1 2025

H1 2026

323.6

37.9

11.7%

12.9

4.0%

0.6

0.2%

0.7

0.2%

1. Calculated based on last twelve months' EBITDA, before the voluntary year-end 2025 adjustments.

MAIN FIGURES FROM THE INCOME STATEMENT

Sales

SALES

€M

361.4

323.6

H1 2025 H1 2026

H1 2026 RESULTS / PAG. 5

*Calculated excluding the 2025 accounting adjustments

1) NFD - Working Capital

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 structural potential and greater technological content.

• By geography, Asia & Middle East remains the leading region (43.0%), followed by Europe (28.0%) and the Americas (27.0%).

• The positioning in premium products, the geographic diversification of the industrial base, the proximity and relationship with key global customers, and access to high-margin niche markets help sustain the business profile and reduce its cyclicality.

  Sales breakdown by sector

  Sales breakdown by market

  Others

  Aero 12.7%

  4.2%

  30.6%

  E&P Gas

  America

  27.0%

  Africa 2.0%

  43.0% Asia & ME

  Industry

  27.0%

  5.9%

  PowerGen

  19.6%

  E&P Oil

  28.0%

  Europe

  H1 2026 RESULTS / PAG. 6

  ORDER BOOK

  CURRENT BACKLOG

1,148M€(1)

• At the end of H1 2026, the order book stood at

  €1,148M, remaining at relevant levels.

• The order book maintains a predominant weight of E&P Gas (77.8%) and remains concentrated in high value-added products.

• The commercial pipeline remains solid in strategic segments, particularly subsea, nuclear, A&D and high-demand industrial applications.

• The geopolitical and commercial environment continues to create uncertainty around award and execution timelines, meaning that pipeline conversion may remain less predictable in the short term.

Backlog Breadown

Others 3,0%

Aero 2,9%

PowerGen 2,1%

Industry 3,6%

E&P Oil 10,5%

E&P Gas 77,8%

H1 2026 RESULTS / PAG. 7

1) Includes ADNOC mega contract for gas extraction.

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 and geopolitics.

E&P (GAS & OIL)

• OCTG: maintained operational activity in Abu Dhabi and supply to ADNOC, despite the impact of the geopolitical environment. In Brazil, activity with Petrobras continued to move forward, with new orders and greater visibility for H2.

• SURF: good level of activity, with backlog of more than 18 months and over

  €100M in umbilical tube orders in 2026.

• Drilling: showed resilient performance in the Western Hemisphere and Norway, while Middle East remained affected by a more demanding environment.

INDUSTRY

• Process Industry: remained weak in projects and Opex, although maintenance is gradually improving in the Americas and Europe.

• Fertilizers: maintained a structurally solid pipeline, with progress in China, Egypt and strategic opportunities.

• The environment continues to be shaped by investment caution, longer execution timelines and a greater preference for higher value-added applications.

AERO

• Aerospace & Defense: H1 evolved constructively, with greater commercial traction in Q2 and new defense orders. Progress was also made in space and aircraft engines, with a solid position in the Americas and a pipeline supported by long-cycle programmes.

POWER GEN

OTROS MERCADOS

• Hydraulic & Instrumentation: maintained stable demand, although with strong competitive pressure and price sensitivity in commodity products..

• Low Carbon continued to advance in CCUS, hydrogen, geothermal and other applications linked to the energy transition.

• The commercial focus remains on niche opportunities and higher value-added products.

COMMERCIAL ACTIVITY | Sector Evolution

MAIN ESG KPIs

ENVIRONMENT

GAV

GAV

energy

84.3%

95%

SUSTAINABLE VALUE CHAIN

CHAIN

PEOPLE

PROFFESIONAL DEVELOPMENT

HEALTH & SAFETY

Training delivery per employee

Lost Time Injury Frequency Rate [LTIFR] Evolution

Severity Rate Evolution

Hours

/FTE

2019

Basis

2019

Basis

13.7

100

100

21.6 15

38.8 25

54.7 25

*2020 and 2021 are not considered as representative years due to Covid-19 and strike in some sites

1. Group companies intensities weight by energy use

2. Group companies intensities weight by emissions GAV: Gross Added Value (€k)

Share Price performance | Tubacex share in 2026

Tubacex share price performance H1 2026 (€/share)

Max: 3.62€

Min: 2.775€

3,8

3,6

3,4

3,2

3,0

2,8

2,6

31-dic.

20-ene.

9-feb.

1-mar.

21-mar.

10-abr.

30-abr.

20-may.

9-jun.

29-jun.

2,4

• In the short term, the share price reflects an environment of lower operating visibility and greater geopolitical uncertainty. Over the medium and long term, upside continues to be supported by the quality of the backlog, the Group's structural strengths and the gradual normalization of the environment.

  THE SHARE CONTINUES TO SHOW RESILIENT PERFORMANCE IN AN ENVIRONMENT OF LOWER OPERATING VISIBILITY AND GREATER GEOPOLITICAL UNCERTAINTY

H1 2026 RESULTS / PAG. 11

Source: Stock Exchanges and Markets (Bolsas y Mercados)

H1 2026 Summary | Operational discipline and cash focus in a still challenging environment

MARKET ENVIRONMENT

A weaker and more volatile environment, marked by geopolitical uncertainty and a new scenario of tariff and regulatory policies.

ABU DHABI

Operational and logistics disruptions since March, with a temporary impact on billing and working capital. ADNOC continues to take delivery of material under a take-or-pay contract.

BACKLOG AND PIPELINE

An order book of €1,148M and a solid pipeline in strategic and high value-added segments, with greater uncertainty in award timelines.

PROFITABILITY

€323.6M in sales and €37.9M in EBITDA, with an 11.7% margin; excluding the operating overcosts arising from the conflict in the Middle East and with a normal level of activity, EBITDA margin would have been within the strategic target range.

CASH

€26M of disciplined capex, €363.1M of net financial debt and a €204M liquidity position, with the focus on working capital normalization and cash generation.

2026: Outlook

Market Environment

• 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.

• The defense measures adopted by the EU from July onwards could act as a catalyst for activity in Europe.

• The pipeline of offers and negotiation of highly relevant projects, especially in subsea and nuclear, has accelerated

  compared with year-end 2025 and H1 2026, which will influence the Company's order book and activity.

  Strengths

  • The combination of a solid order book, a more premium mix and presence in key markets continues to support activity.

  • Industrial and geographic diversification continues to cushion the cycle and reduce dependence on a single market.

  • Energy security remains a structural investment driver in the segments where Tubacex is best positioned.

  • Operational discipline and a focus on cash generation remain central management levers.

    Priorities

  • Restore full operational normality in Abu Dhabi and ensure logistics flow.

  • Defend margins and select projects with the best return profile.

  • Strengthen cash conversion and reduce working capital.

CONSOLIDATED INCOME STATEMENT

DETAIL

n.m.: not meaningful

CONSOLIDATED BALANCE SHEET

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 Company's performance. The definition, reconciliation and explanation of the main Alternative Performance Measures used in this report are set out below:

EBIT (Earnings Before Interests

and Taxes)

EBITDA (Earnings Before Interests, Taxes, Depreciations

and Amortizations):

EBITDA MARGIN EBIT MARGIN

Tubacex presents the calculation of EBIT in its Income Statement as the operating profit before interest and taxes.

Tubacex presents the calculation of EBITDA in its Income Statement as the difference between the net turnover and the operating costs excluding the provision for the amortization of fixed assets, impairment of non-current assets and results from the disposal of non-current assets

EBITDA = EBIT + Amortization + Provisions

EBITDA provides an analysis of the Group's operating profit before the payment of interest and taxes and it is generally used as an assessment metric by analysts, investors, rating agencies and other types of shareholders. It also provides an initial approximation to the cash generated by operating activities. Indeed, Tubacex uses EBITDA as a starting point for the calculation of the cash flow.

Tubacex presents the calculation of the EBITDA margin as the ratio between the EBITDA and the sales figure. The EBITDA margin provides information on the Company's profitability in terms of its operating processes.

.Tubacex presents the calculation of the EBIT margin as the ratio between the EBIT and the sales figure.

NET MARGIN Tubacex presents the calculation of the Net margin as the ratio between the Net Profit and the sales figure.

PROFIT BEFORE TAXES

MARGIN

Tubacex presents the calculation of the Profit before tax margin as the ratio between the Profit before tax and the sales figure.

ALTERNATIVE PERFOMANCE MEASURES - APM II

NET FINANCIAL DEBT

WORKING CAPITAL

WORKING CAPITAL OVER

SALES

STRUCTURAL 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 Sheet. For this calculation, Gross Financial Debt is understood to be the sum of short-term and long-term debt with credit institutions and the bonds and other securities in the liabilities on the Balance Sheet. Net Financial Debt provides an initial approximation to the Company's debt position and its solvency and liquidity, by relating cash and cash equivalents to debt on the liability side. Based on Net Financial Debt, commonly used metrics are calculated, such as the Net Financial Debt /EBITDA debt ratio, an indicator that is widely used in the capital markets to compare different companies that is calculated by dividing the Net Financial Debt by the EBITDA.

Tubacex presents the calculation of Working Capital as the sum of the Inventories and Customers entries on the Balance Sheet less the trade creditors entry.

Tubacex presents the calculation of Working Capital over sales as the ratio between the working capital and the sales figure.

Tubacex presents the calculation of Structural Net Financial Debt as the difference between Net Financial Debt less Working Capital. It provides a view of the Company's structural debt as the Working Capital is sold given that the manufacturing strategy is mainly to order.

LIQUIDITY Tubacex presents the calculation of the liquidity position as the sum of the Cash and Equivalents balance in the Balance Sheet and the authorized but undrawn credit lines and loans.

CASH GENERATION Tubacex presents the calculation of cash generation as the reduction of Net Financial Debt between one period and the next.

BOOK-TO-BILL

Tubacex calculates the Book-to-Bill ratio as the relationship between order intake for the period and invoicing for the same period. The result of this ratio provides information on the strength of demand.

TUBACEX

GROUP