TUBOS REUNIDOS (TRG) H2 2025 earnings summary

Executive summary

• Revenue increased by 12.9% year-over-year to €365.7 million, but profitability deteriorated sharply due to adverse market conditions and high competition.

• EBITDA for the year was negative at €-22.8 million, and net loss attributable to the parent company reached €-118.1 million, impacted by asset impairments and weak demand.

• Demand for seamless steel tubes declined significantly in H2 2025, driven by US tariff hikes, dollar depreciation, and increased competition from low-cost imports.

Financial highlights

• EBITDA margin dropped to -6.2% from 2.7% the previous year.

• Asset impairment expense of €40.8 million recognized, mainly affecting the small tube CGU.

• Net financial debt rose to €263.2 million, up 12.3% year-over-year.

• Cash and cash equivalents decreased by 32.2% to €35.0 million.

• Net equity turned negative at €-86.0 million, compared to €27.9 million in 2024.

Outlook and guidance

• A Feasibility Plan is being implemented to address high leverage and ensure viability, including production adaptation, debt renegotiation, and search for new financing.

• Strategic alliances, especially outside the US, are being pursued to boost activity.

• Until these measures succeed, the group's viability remains at risk.