Tubacex (TUB) Q2 2026 earnings summary

Executive summary

• Sales for H1 2026 reached €323.6 million, down 10.5% year-over-year, with EBITDA at €37.9 million (11.7% margin), reflecting lower order intake and a challenging global environment, especially due to Middle East disruptions.

• Profitability was pressured by lower activity volumes and higher logistics costs, but a premium product mix and diversification supported double-digit margins and business resilience.

• Strategic sectors such as gas extraction, production, and nuclear remained key contributors, with Abu Dhabi as a major market.

• The order book closed at €1.148 billion, heavily weighted toward high value-added products and strategic sectors like E&P Gas, subsea, nuclear, and aerospace.

• Industrial and geographic diversification helped cushion adverse impacts and reinforced resilience.

Financial highlights

• Sales declined 10.5% year-over-year to €323.6 million, mainly due to lower market volumes and project delays.

• EBITDA margin dropped from 16.9% to 11.7%, with EBITDA at €37.9 million, and EBIT fell 65.6% to €12.9 million.

• Net profit was €0.7 million, down 95.8% year-over-year, with net margin at 0.2%.

• Working capital increased to €349.0 million (51.2% of sales); net financial debt rose to €363.1 million (4.4x EBITDA).

• CapEx for H1 2026 was €26 million, focused on maintenance, efficiency, and premium product initiatives; liquidity exceeded €200 million, and equity solvency stood at 33%.

Outlook and guidance

• Short-term outlook remains cautious due to ongoing geopolitical and commercial uncertainty, with seasonality expected to affect Q3.

• Gradual improvement in activity and results is anticipated as geopolitical risks stabilize and logistics normalize.

• EU trade defence measures and a strong pipeline in subsea and nuclear are expected to support recovery.

• Management priorities include restoring operational normality in Abu Dhabi, defending margins, and reducing working capital.