Tubacex (TUB) Q3 2026 earnings summary

Executive summary

• 9M sales were €475.6M, down 9.6% YoY, and EBITDA was €54.0M, with an 11.4% margin, amid lower activity and Abu Dhabi disruption.

• The €1,162.4M order book was slightly above June, signaling initial stabilization after several quarters of decline.

• Premium products, diversification and efficiency supported profitability; priorities include normalizing operations, reducing working capital and converting opportunities into profitable orders.

Financial highlights

• 9M sales were €475.6M versus €525.9M; EBITDA was €54.0M versus €84.6M, down 36.2% YoY, and margin was 11.4% versus 16.1%.

• EBIT was €17.9M, down 64.4% YoY; profit before tax was -€2.4M and attributable net income was -€5.5M versus €16.7M in 9M 2025.

• Q3 sales were €152.0M, down 7.6% YoY; EBITDA was €16.2M, down 31.8%, with a 10.6% margin versus 14.4%.

• Excluding Middle East conflict-related operating-cost overruns and assuming normal activity, EBITDA margin would have been within the strategic target range.

Outlook and guidance

• Q4 is expected to remain challenging as tariff, regulatory and geopolitical uncertainty continues to delay investment decisions and awards.

• Potential awards in OCTG, Umbilicals, Nuclear and A&D, plus negotiated projects, could support a gradual 2027 recovery; timing depends on customer decisions and pipeline conversion.

• 2027 recovery is expected to be supported by the contracted order book, operational and logistics normalization, and conversion of opportunities, with lower working capital and stronger cash generation as priorities.

• EU safeguard measures effective since July could support a gradual European recovery if translated into new orders.