Press release (260227 FY 25 ResultsRL)

• 2025 sales: €719.3 million, down 6.3% versus 2024, reflecting broad market weakness and lower global volumes, particularly in lower value-added products.
• Adjusted EBITDA: €105.8 million (-1.1% vs. 2024), with a 14.7% margin (vs. 13.9% in 2024), supported by a premium product mix and operating cost discipline.
• Order backlog stands at €1,233 million, remaining at high levels with a significant share of high value-added, high-margin products, in line with the company's strategy.
• Net financial debt: €344.8 million at year-end 2025; net debt/adjusted EBITDA of 3.3x, driven by working capital associated with the ramp-up of strategic projects.
• Dividend proposal: €6.4 million, subject to approval by the General Shareholders' Meeting, maintaining a 40% pay-out policy on adjusted net profit.
• The Abu Dhabi plant ended last year fully operational, and execution of the ADNOC contract exceeded the volumes initially planned for 2025.
• For 2026, the company maintains a prudent outlook in a highly volatile environment, focusing on cash generation, working capital control and profitable growth.

showed sustained performance supported by Tubacex's integrated model, geographic diversification and exposure to multiple high value-added sectors and niches, which helped cushion the impact of tariff-related uncertainty in the U.S. market since April 2025.

At the operating level, the Group posted adjusted EBITDA of €105.8 million (-1.1% vs. 2024) and an adjusted EBITDA margin of 14.7% (vs. 13.9% in 2024), reflecting a higher value-added product mix and cost discipline. Adjusted EBIT stood at €58.3 million (-8.3% vs. 2024), while adjusted attributable net profit reached €15.9 million (-30.5% vs. 2024).

Following the publication of these results, the Board of Directors will propose to the General Shareholders' Meeting the distribution of a €6.4 million dividend, subject to approval, maintaining a shareholder remuneration policy of a 40% pay-out on adjusted net profit.

The company underlines that the 2025 figures are presented on an adjusted basis and do not include the extraordinary, non-recurring, non-cash accounting adjustments communicated in January 2026, aimed at aligning the valuation of certain assets with current market conditions.

The 2025 performance was also shaped by working capital dynamics linked to the ramp-up of strategic projects. The ADNOC contract exceeded the volumes initially planned for 2025, temporarily increasing working capital during the period, with the peak impact occurring between July and September. In the fourth quarter, progress in invoicing and collections already allowed working capital normalization to begin. At year-end 2025, net financial debt stood at €344.8 million, with net debt/adjusted EBITDA at 3.3x. The report quantifies the combined working capital impact of the ADNOC contract at €82.3 million, considering its effect across the production units involved.

Capital expenditure totalled €72.6 million, including outlays linked to the Abu Dhabi facility, which is fully operational and associated with the execution of the ADNOC contract. This investment and operating effort were carried out with a clear focus on industrial discipline and execution control, in a highly demanding technical and logistics environment.

The order backlog stands at €1,233 million, with a high concentration in complex, high value-added solutions for critical sectors. By business line, the 2025 sales mix remains diversified: E&P Gas (35.6%), E&P Oil (16.7%), Industrial (25.6%), PowerGen (7.5%), Aerospace (5.3%) and Other (9.3%). Geographically, Asia and the Middle East accounted for 44.0% of sales, followed by Europe (28.0%), the Americas (25.0%) and Africa (3.0%).

In parallel, the company highlights the contribution from agreements and technology solutions linked to premium products, including the license agreement with ADNOC for the use of the Sentinel Prime connection in non-CRA applications, within the year's performance in a demanding operating environment.

Strong positioning with strategic customers, together with a long-term agreement strategy, supports a high level of backlog in high value-added products and sustains profitability levels in a highly challenging business environment.

Looking ahead to 2026, Tubacex maintains a prudent outlook in a volatile environment, with macroeconomic and geopolitical uncertainty. Against this backdrop, the company's priorities are cash generation, working capital control, capital discipline and commercial selectivity in order intake, prioritizing projects with higher value added and profitability.

• E&P (Gas & Oil): Continues to represent a very significant share of annual sales, with deliveries primarily to Petrobras and ADNOC completed in line with the planned schedule.
• Aerospace: A very positive year, with a market increasingly oriented toward long-term programs. The United States remains a key region, and growth is expected in Europe and India.
• PowerGen: In the fourth quarter, the company recorded significant orders in Asia. In Europe, nuclear orders with EDF were confirmed, along with maintenance contracts for nuclear power plants in France.
• Industrial: The segment stands out as one of the most active areas, driven by projects linked to lower carbon-footprint fuels. A recovery in U.S. refinery maintenance is expected from the second quarter of 2026.
• Other Markets: In Low Carbon, progress in decarbonization solutions, with activity in CO₂ capture, hydrogen and coatings aimed at efficiency and emissions reduction in industrial processes.

About Tubacex

Tubacex is a global front-runner in the design, manufacturing and installation of high-value-added industrial products and services for the energy and mobility sectors. The company specializes in advanced stainless steel, corrosion-resistant alloys (CRA) and precision machining services. Driven by innovation and operational excellence, Tubacex manages an integrated value chain that spans R&D through to delivery of the finished product. It operates production facilities and service centers in more than 30 countries. Tubacex's commitment to sustainability is recognized by leading certification bodies, including SBTi validation of its science-based targets, an "A-" score from the Carbon Disclosure Project, and compliance with S&P Global sustainability benchmarks.

For further information please contact: Raquel Ruiz, Head of IR: rruiz@tubacex.com, and

Peio Garciandia, Communications Director: pgarciandia@tubacex.com.