Tubacex has obtained a net profit of 1.3 million euros in the first quarter of the yeara figure that is located 84% below of the 7.9 million euros obtained in the same period last year, due to a «very demanding» market environmentas well as «less commercial visibility» and with «a lower level of activity». As explained by the company in a statement sent to the National Securities Market Commission (CNMV), the evolution of the business continues to reflect the «global effect of commercial uncertainty» generated from the imposition of tariffs by the United States. Tubacex assures that these rates «they have delayed and conditioned the purchase and investment decisions of the clients» of the Basque firm «at a general level». As if that were not enough, to this situation is added the outbreak of military conflict in the Middle East between the US, Israel and Iran, which has only «increased the already existing geopolitical instability.» In particular, Tubacex highlights that the month of March «was very marked for the company due to production interruptions at the Abu Dhabi plantand by disruptions in the supply chain, with a direct impact on the pace of activity and billing for the quarter«. This has been reflected in the income obtained by the company in the period, which they fall 15.4%, to 154.2 million euroscompared to the first quarter of 2025 (182.3 million) and 20.3% compared to the fourth quarter of last year (193.4 million) … and also in its forecasts Looking ahead to the second quarter, Tubacex has reiterated its «prudent» view given the continuity of the conflict in Iran and commercial uncertainty. As indicated by the listed company, its priorities focus on «restoring operational normality at the Abu Dhabi facilities, stabilizing logistics flows, protecting margins by selecting projects with greater added value and reinforcing cash conversion along with the normalization of working capital.»
REST OF RESULTS
The company has achieved a EBITDA of 20 million euros, 35.4% below from 30.9 million a year ago, and maintained an EBITDA margin at a «reasonable» level of 13%, supported by «an approach of operational discipline, geographical and industrial diversification, and thanks to the notable weight of solutions with greater added value within the group’s business mix. However, EBITDA margin fell 4 percentage points compared to the 17% registered a year ago. In addition, operating profit (EBIT) was reduced by half (-61.2%), to 7.4 million from 19 million achieved between January and March 2025. By sectors, the sales mix of the quarter it maintained a «relevant» weight of strategic businesses with greater added value:E&P Gas (28.8%) and E&P Oil (17.4%), along with Industrial (30.9%), Power Generation (5.9%), Aero (4.2%) and Others (12.8%). By geography, Asia and the Middle East accounted for 41% of sales, followed by Europe (29%), America (27%) and Africa (3%).reinforcing the group’s diversified sales profile. «The quarter reflects a sales base diversified by sectors, which provides greater balance to the current business profile and reinforces the Group’s resilience in a more volatile market environment,» explained the Basque firm. Even so, Tubacex has indicated that The commercial activity of the quarter showed uneven behavior by segments. The company has identified «greater resilience» in the SURF, aerospace and defense segment, as well as in niches such as fertilizers, together with a positive evolution in the Power Generation segments, especially nuclear and biomass. «In parallel, a demanding environment remained in H&I and the process industry, and greater pressure on hydrogen and electrolyzers, affected by delays in investment decisions and a lower conversion rate,» the company noted. At the end of March, Working capital stood at 339.2 million euros (+15.3%)compared to 323.9 million in December 2025. According to Tubacex, this increase responded mainly to the impact of operational and logistical disruptions at the Abu Dhabi plantbecause part of the stocks in transit had to be diverted and, at the end of the quarter, had not yet reached their destination. The listed company has indicated that it maintains its focus on the progressive normalization of working capital as operations and logistics flows stabilize. In addition, The order book stood at 1,202 million euros at the end of the period. By composition, it showed a majority weight of E&P Gas (78.6%) and remained concentrated on products and applications with high added value. «With a focus on the coming quarters, Tubacex maintains a robust pipeline of opportunities, especially in strategic businesses, although the geopolitical context increases uncertainty in the award and execution schedules,» the company said. Finally, net financial debt decreased by 6% in the first three months of the year. Thus, this magnitude has gone from 344.8 million euros at the end of 2025 to 338.8 million at the end of the last quarter. Nevertheless, the debt/EBITDA ratio has gone from 3.3x to 3.6x.
