TUBOS REUNIDOS (TRG) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 rose 19% year-over-year to €205.8 million, driven by a strong backlog from late 2024 despite adverse market conditions and exchange rates.

• Operating income was negative at €10.8 million, and net income attributable to the parent company was a loss of €28.4 million, reflecting the impact of US tariffs and reduced demand.

• EBITDA was negative at €0.7 million, down from €5.3 million in H1 2024, with tariffs estimated to have a €15 million negative impact on EBITDA.

• Measures implemented include cost containment, operational efficiency, and temporary redundancies at the TRPT plant.

Financial highlights

• Revenue: €205.8 million (+19.1% YoY); EBITDA: €-0.7 million (down from €5.3 million YoY); Operating income: €-10.8 million (vs. €-2.8 million YoY).

• Net income: €-28.4 million (vs. €40.4 million YoY); EBITDA margin: -0.3% (down from 3.1% YoY).

• Cash flow from operations: €4.8 million (down 67.4% YoY); Net financial debt: €243.7 million (up 4% from end-2024).

• CapEx: €4 million (down 36.3% YoY); Consolidated net equity: €184.6 million (down 8.3% from end-2024).

Outlook and guidance

• Second half of 2025 expected to remain uncertain due to ongoing US tariffs and geopolitical conflicts.

• Hopes for a US-EU agreement to reduce tariffs and stabilize the market by August.

• Strategic focus on alternative markets (Canada, India, Saudi Arabia) and strengthening European presence.

• Priorities include cost and investment control to protect liquidity and prepare for potential demand recovery.