Q2 2026 Tubacex SA Earnings Call Transcript
Key Points
- Tubacex SA (STU:TCX) closed the first half of 2026 with sales of EUR323 million and an EBITDA margin of 11.7%, demonstrating resilience in a complex global environment.
- The OCTG division maintained robust and growing sales, particularly supported by strategic operations in Abu Dhabi.
- The company has a solid order book of EUR1,148 million, with a high percentage of high added value products, especially in gas extraction.
- Tubacex SA (STU:TCX) continues to benefit from industrial and geographic diversification, reinforcing its resilience and reducing cyclicity.
- The company maintains a strong liquidity position with cash and unused lines exceeding EUR200 million, and a low structural net financial debt excluding working capital.
- Profitability was pressured by lower activity volumes and higher logistic costs, particularly due to disruptions linked to the conflict in the Middle East.
- There was a 10.5% reduction in sales compared to the first half of 2025, mainly due to market conditions and reduced volumes.
- Operating profit EBITDA dropped by almost 38%, from 16.9% to 11.7%, influenced by lower activity levels and operating leverage.
- The company faced significant logistic disruptions at its Abu Dhabi plant, leading to increased costs and inefficiencies.
- Geopolitical uncertainties and new tariff and regulatory policies continue to create a volatile and unstable market environment, affecting decision-making and project timelines.
Good morning, everyone, and welcome to the Tubacex results released for the first half of 2026. My name is Raquel Ruiz, and I'm responsible for Investor Relations. I have Josu Murguiondo, CEO; and Guillermo Perez, CFO.
We'll start with a brief presentation on the main figures and events during the period, and then we'll move on to the Q&A. I want to remind you that questions should be sent in writing, and you can use the tool that has been provided on the website.
And I'll hand over now to Josu Murguiondo.
Thank you very much, Raquel, and good morning, everyone. As Raquel said, we start with a review of the main messages for this first half of 2026 regarding figures. We closed the half year with sales of EUR323 million and EBITDA of EUR37.9 million with a margin of 11.7% in a very complex global environment as is obvious and well known.
We continue to live in a scenario with new tariffs and regulatory
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
