Tubacex (TUB) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales reached €154.2M, down 15.4% year-over-year, reflecting reduced activity amid global trade uncertainty and lower visibility from U.S. tariffs and Middle East conflict.

• EBITDA was €20.0M, a 35.4% decrease year-over-year, with a 13.0% margin maintained through operational discipline.

• Net profit was €1.3M, with profit before tax at €1.8M; net financial debt reduced to €338.8M.

• Cash generation was positive at €6M despite increased working capital and Middle East tensions.

• Order backlog totaled €1,202M, mainly in high value-added products, but with increased uncertainty in project awards and execution.

Financial highlights

• Sales: €154.2M, down 15.4% year-over-year and 20.3% sequentially from Q4 2025.

• EBITDA: €20.0M, down 35.4% year-over-year; margin at 13.0%.

• EBIT: €7.4M, down 61.2% year-over-year.

• Net income: €1.3M, down 84.0% year-over-year.

• Working capital increased to €339.2M, mainly due to Abu Dhabi disruptions.

Outlook and guidance

• Q2 2026 expected to remain volatile due to ongoing Middle East conflict, U.S. tariff uncertainty, and supply chain normalization.

• Priorities include restoring operational normality in Abu Dhabi, margin protection, and working capital normalization.

• Medium- and long-term prospects supported by energy security trends and diversification.