TUB Q2 2025 Earnings Presentation

Page 1

H1 2025 RESULTS / PAG. 1 JULY 2025RESULTS RELEASEFIRST HALF 2025

Page 2

H1 2025 RESULTS / PAG. 2 MAINCONSIDERATIONS Tubacex closes the first six months of the year withsales of €361.4M, an EBITDA of €61.0M.The EBITDA margin reaches 16.9%,supported by the licensing agreement with ADNOC for the use of itsconnection in non-CRA applications — a key strategic milestone that positions Sentinel Prime as the preferredpremium connection for carbon OCTG tubing in Abu Dhabi.The first half of the year has taken place in anadverse economic environment, impacting the Group’s activityvolumes. Nevertheless, the results achieved reflect Tubacex’sresilienceand the success of itsstrategicpositioning.Order backlog stands at €1.4 billion, with a strong focus on high value-added products, in line with the targetsset out in the Strategic Plan.Theinvestment inthe new plant inAbu Dhabihas beensuccessfully completed, both in terms of executingthe planned investments and obtaining the corresponding product and process qualifications. In the second halfof the year, this will lead to asignificant increase in billingsin the emirate.2025 will be a year of good results,with a significant reduction in leverage in the second half, supported by thestart of billings for the ADNOC contract and the deliveries of Petrobras orders.The global uncertaintycaused by thetariff warhas led to a slowdown in order intake throughout the entirehalf-year, particularly in lower value-added products. However, thedirect impact of tariffs is limiteddue to theGroup’s significant industrial presence in the U.S.Tubacex maintains apositive outlook for the full year, while remainingcautious in the face of the globalenvironmentof uncertainty, which requires continuous monitoring of market conditions. Nevertheless, theGroup reaffirms itscommitment to the objectives of the NT2 2027 plan.2025 IS SHAPING UP TO BE A YEAR OF GOOD RESULTS, MAINTAINING OUR COMMITMENT TO THE 2027 OBJECTIVES SALES€361.4MEBITDA€61.0 MEBITDA Margin16.9%NFD / EBITDA3.1xNET PROFIT€15.6M H1 2025 IN FIGURES

Page 3

H1 2025 RESULTS / PAG. 3 MAIN FINANCIAL FIGURES (1) Net Financial Debt – Working Capital (€M)SalesEBITDAEBITDA MarginEBITEBIT MarginEarnings Before TaxesMarginWorking CapitalWorking Capital / SalesNet Financial DebtNet Financial Debt/ EBITDAStructural Net Financial Debt(1) % Var. Var. (M€) H1 2025Jun. 25% Var. Q2 2025310.240.4% H1 2024 255.02.4xDec. 24-55.2 Q2 2024Net ProfitNet Margin398.050.112.6%27.46.9%9.22.3%6.51.6%211.425.111.9%13.96.6%4.42.1%3.41.6%-9.2%21.8%36.1%120.3%361.461.016.9%37.410.3%20.35.6%140.9%15.64.3%-15.3%19.7%32.0%108.8%179.130.016.8%18.410.3%9.15.1%126.3%7.74.3%+74.4+114.0384.652.6%369.03.1x+39.6-15.6

Page 4

H1 2025 RESULTS / PAG. 4 Sales figure 9.2% lower than H1 2024.Nickel price:-Downward trend in nickel prices, with a cumulative drop of 0.6% in the first halfand an average price 12.3% lower than in H1 2024-Particularly sharp decline in Q2 2025 (-7% vs. Q1 2025).USD/€ exchange rate:-Ongoing depreciation of the USD throughout 2025, with a cumulative declineof 12.8% in the first half.-This effect, particularly sharp in the second quarter, has impacted the salesfigure at a time when the Group’s business strategy is strongly positioned indollarized markets, such as the Middle East and the USA.Manufacturing of major ordersthat will begin to be invoiced from thesecond half of the year.Closely monitoring theevolution of the global macroeconomic situation.Even in this context,positive outlook for full-year results and margins.Financial deleveragingin the second half of the year.We remaincommitted to meeting the objectives of the NT2 2027 Plan.EBITDA increases by 21.8% compared to H1.The start of billings for the orders for Petrobras and ADNOC will supportmaintaining this level of EBITDA in the coming quarters. SALESEBITDAOUTLOOK MAIN FIGURES FROM THE INCOME STATEMENTSALES€MEBITDA€MH1 2024 H1 2025398.0361.4Q2 2024 Q2 2025211.4179.1 12.6%H1 202416.9%H1 202550.161.011.9%Q2 202416.8%Q2 202525.130.0EBITDA Margin

Page 5

H1 2025 RESULTS / PAG. 5 Cash impactsCapex H1 2025:€41.6MThis Capex includes the investment in theAbu Dhabi plant, which secures adifferentiated competitive position forTubacex in the Middle East.Dividend approved and paid out in H1 2025:€25M.Working CapitalMake-to-order manufacturing strategy (linkbetween net financial debt and working capital)Thecombined impactof theAbu Dhabi projectmanufacturing across all involved production unitsexceeds €120 million in working capitalas of theend of June, having already reached its peak.Starting in July, billings for the project begin,bringing a positive impact on operationaldeleveraging.WE REITERATE THE TARGET OF OUR STRATEGIC PLAN 2027 NFD/EBITDA < 2xFinancial strengthCash of €134.2M & liquidity of €216.6MSolvencyEquity to Total Assets 33%MAIN FIGURES FROM THE BALANCE SHEET: NET FINANCIAL DEBTNet Financial Debt€MWorking Capital Evolution€MDec 24 Jun 25310.2384.6SIGNIFICANT DELEVERAGING EXPECTED IN THE SECOND HALF OF THE YEAR WITH THE START OF INVOICING FOR MAJOR ORDERS2.4xDec 243.1xJun 25255.0369.0NFD/EBITDA

Page 6

H1 2025 RESULTS / PAG. 6 REVENUES BREAKDOWN BREAKDOWN BY SECTORBREAKDOWN BY DESTINATION 31.0%E&P Gas17.0%E&P Oil6.0%PowerGen29.0%Industrial17.0%Precision & New markets48.0%Asia & ME24.0%America25.0%Europe3.0%AfricaPREMIUM PRODUCTSGood positioning withkey customersand the strategy of signinglong-termagreementsare allowing us to maintain a high backlog level in strategic andadded-value products.ORDER INTAKESlowdown in order intake in recent monthsdue toglobal macroeconomicuncertainty.This slowdown is particularly noticeable incommodityproducts, which hadalready shown greater weakness throughout last year.Astrong pipeline of project awardsis expected in the coming quarters, whichreinforces the Group’s visibility.SECTOR DIVERSIFICATIONDiversified sales mix by sector with the right positioning to take advantage of both current and future low-emission energy sources, as well as the so-called transition energies(gas and nuclear).The strategy of diversification into different sectors has proven successful in reducing the Group's cyclicality.UPSTREAM GAS IN ASIA AND THE MIDDLE EASTThe Group’s sales maintain significant weight in the Gas Upstream sector and the Asian and Middle East regions, in line with the strategic objectives.

Page 7

H1 2025 RESULTS / PAG. 7 BACKLOG EVOLUTIONROBUST SITUATION OF THE BACKLOG The order backlog has decreased compared to the end of 2024 due to overallmacroeconomic uncertainty.Book-to-bill ratioThe backlog remains concentrated in high value-added projects.Book-to-bill ratio for the last twelve months stands at 0.7x, due to the slowdown indemand in recent months, but the backlog remains at historically high levels.The quality of the order backlog in terms of product mix ensureshigh levels ofprofitability throughout the entire year.ROLLING H1 20250.7xTOTAL BACKLOG INCLUDING ADNOC’S CONTRACT€1,400M=

Page 8

H1 2025 RESULTS / PAG. 8 Upstream OCTG: •Petrobras: OCTG CRA solutions (casing, tubing, and connections) as well as logistics services, maintenance, and technical support.•ADNOC: Major order of $1 billion for gas extraction. Some significant projects and end users:CURRENT BACKLOG€1,400M(1)BOOK-TO-BILL0.7x (LTM) THE CURRENT BACKLOG AND ITS MIX REPRESENT THE BEST POSSIBLE DEFENSE OF PROFITABILITY IN A MACROECONOMIC ENVIRONMENT MARKED BY UNCERTAINTYSubsea: •Awardings for MFX (Petrobras) and Oceannering (BP – Tiber Project).Power Gen: •Conventional: strong demand of Ultra Super Critical plants in India and China (lower emissions).•Nuclear: maintenance works nuclear french fleet for EDF.Low Carbon:•Moeve Green Project: Andalusian Green Hydrogen Valley, themost ambitious renewable hydrogen project in Europe.•Order for the first carbon capture project in a bioenergy plant in Brazil (OCTG CRA and Sentinel Prime).New businesses: U.S. market share leaders in the space exploration industry. ROBUST BACKLOGE&P Gas77,6%E&P Oil10,8%Industry3,9%New businesses 4,7%PowerGen3,0%Backlog breakdown:Sales breakdown (H1 2025):E&P Gas31,0%E&P Oil17,0%Industry29,0%New businesses17,0%PowerGen6,0%1) Including the $1 billion gas extraction order from ADNOC

Page 9

H1 2025 RESULTS / PAG. 9 UPSTREAMOCTG-Brazil: Tubacex has startedproduction and machining of the new Buzios and Sepia-Atapu ordersforPetrobras, initiating Tx Services activity related to Sentinel One.-Abu Dhabi:-Threading line is fully operational, and ramping up activity.-Tubacex obtainedAPI 5CRAcertification in June for thecold pilgeringprocess and is starting to rollpipes in that plant.-ADNOC is already installing Tubacex CRA pipes with Sentinel Prime connection in its wellsandincreasing requested volumes faster than initially expected.-Thelicensing agreementfor the use of Sentinel Prime withADNOCpositions this connection as the premiumconnection for carbon OCTG pipes in the country, so its deployment is expected to increase progressively overthe coming months, as well as in upcoming tenders.-Robust quoting activity in the CRA(Corrosion Resistant Alloys) sector, with increasing quotes in Iraq, Kuwait,Caspian Sea, Oman, and Qatar.Drilling-The global drilling services market remainsunder pressure.-Capital disciplineis limiting new manufacturing investment.-Focus shifting to extending asset life → more equipment repair opportunities.-USA:-Challenging environment: lower rig counts, suppressed demand, reduced pricing.-Political instability and tariff uncertainty driving outlook.-North Sea: activity remainedflatin Q2 versus Q1, with limited improvement, although the Norway businessshowed minor financial progress.-InMiddle East,despite significant political instability in the region, drilling activity remainsstable. COMMERCIAL REMARKS (I) E&P OIL&GAS (i)

Page 10

H1 2025 RESULTS / PAG. 10 COMMERCIAL REMARKS (I) E&P OIL&GAS (ii)SURF-Increase in incoming inquiriescompared to last year, a trend expected to continue through year-end.-Over 12 months of backlog in the umbilical tube segment, with key ongoing projects such as Block 58 forTOTAL.-Guyana and Namibiahave become strategic hotspots for new offshore exploration, with major discoveriesattracting investments and SURF infrastructure development.-Norway:Record investment in drilling in 2025, paving the way for anew wave of projectswith awardsexpected between late 2026 and 2027..Offshore-The offshore industry is experiencing a phase ofsustained growth; exploration is expanding due to the needto stabilize global demand.-Ultradeepwater drilling: expected to grow significantly, driven by the need to access deeper and morecomplex reserves, supported by technological advancements enabling operations at greater depths andpressures.-Geopolitical uncertaintyis causing delays and disruptions in exploration and production, but the overalloutlook remains positive.

Page 11

H1 2025 RESULTS / PAG. 11 Thedistribution market, and downstreamin general, was characterized in H1 by:Clear weakness in the European market, particularly due to declining sales in Germany, where sectorssuch as chemicals are expected to fall by up to 3% annually.Weakness in raw material prices, especially nickel.Relative and temporary strength in the North American market, where many importers have anticipatedthe imposition of tariffs.INDUSTRIALStrong demand forUSC (ultra-supercritical coal)power plant projects with orders in China and India, to besupplied from Spain and India.The technology developed in these power plants increases their efficiency while reducing CO2emissions.Milestone at India plant: first local order of premium material with Shot Peening.Limited activity in nuclear due to early design phase, thoughcontracts are expectedto close for the Italian plantin Q3.Excellent mid- to long-term project outlookin Europe, U.S., Canada, and India.Strong positioning in bothlarge-scale plants(EDF, Westinghouse) andSMR(Small Modular Reactors) designs.POWERGEN COMMERCIAL REMARKS (II) INDUSTRIAL & POWERGEN

Page 12

H1 2025 RESULTS / PAG. 12 LOW CARBONCarbon Capture, Utilization, and Storage (CCUS)-TheOne Big Beautiful Bill (TOB3) Act approved in the U.S., withmajor implications for CCUS technologies: increasedtax credits and new regulations to streamline CCUS project approval and execution.-Bioenergy carbon capture project (Brazil) successfully delivered; installation planned for 2H 2025 (OCTG CRA withour own proprietary connection Sentinel Prime).Ammonia & Fertilizers-Majorlow-carbon ammonia projects are progressingin the Middle East (UAE, Saudi Arabia), Australia, and Africa,highlighting the shift toward climate-friendly fertilizers.-Order forUremium29tubes for Heat Exchanger’s new combi-reactor application, reinforcing Tubacex's position in theurea segment.-First direct orders from end users (maintenance packages), validating Tubacex Fertilizers & Chemicals BU's bundledsupply strategy.Tubacoat-Ourceramic coatingtechnology is consolidating as a solution in the petrochemical industry to mitigate fouling andcorrosion in high-temperature applications.-Success story:corrosion protection in refinery air-preheaters, with 5x performance increase with outside coating.-New applicationsunder evaluation: Carbon black industry (tyre pyrolysis) and Aerospace sector (fouling andcorrosion challenges).Hydrogen & Electrolyzers-Low-carbon hydrogen represents a solution to decarbonization challenges across many sectors (e.g., transportation,power generation, energy storage).-Development of the hydrogen sector has been slowdue to high costs, low demand, and supply chain delays.-Technical workshop hosted by Tubacex Low Carbon Solutions with EPCs and major engineering firms.Strong valueproposition:-Specialized grades for hydrogen and ammonia fertilizer industries.-Value-added services for electrolyzers. COMMERCIAL REMARKS (III) LOW CARBON

Page 13

H1 2025 RESULTS / PAG. 13 Aerospace & Defense-Strong projected growth of the market, from $1.1 trillion to $2.1 trillion by 2034.-Aerospace & Defense customersare actively seeking next-generation materials that withstand extremeconditions, reduce weight, and improve efficiency thus increasing demand for seamless tubes.-Tubacex is well positionedto take advantage of major programmes and scale up within the industryDreadnought Program for submarines, Future Combat Air System (FCAS) , AUKUS, etc.-Tubacex is positioned asa qualified supplier for defense componentsand reinforces its role inEuropean and global defense programmes.Hydraulic & Instrumentation (H&I)-Significantly weaknessdue to a global oversupply caused by the economic slowdown across nearlyevery industry — with the exception of aerospace.-Geopolitical uncertainty is contributing to this slowdown-Europe, Middle East & Africa (EMEA): strong competition from European and non-Europeanplayers.-Asia Pacific (APAC): Stable growth potential, with a strong CNG(Compressed Natural Gas)market. Market share is increasing thanks to expanded capacity and increased competitivenessat the Tubacex-India mill.-Americas: Markets in the Americas have yet to recover.NEW BUSINESESSCOMMERCIAL REMARKS (IV) NEW BUSINESESS

Page 14

H1 2025 RESULTS / PAG. 14 ENVIRONMENTSUSTAINABLE VALUE CHAINPEOPLEENERGY & CLIMATECIRCULARECONOMYSUPPLAY CHAINDIVERSITYPROFFESIONALDEVELOPMENTHEALTH & SAFETY Energy Intensity(1) Scope 1 y 2 Emissions intensity(2) % Renewable EnergyWaste recycled% suppliers evaluated on ESG factorsGender pay GapTraining delivery per employeeLost Time Injury Frequency Rate [LTIFR] EvolutionSeverity Rate Evolution IndicatorUd.2019*Mwh/GAVTon CO2/GAV% total energyHours/FTE2019BasisRatio%% total generated2.850.7060.5%0%11.5%13.7100100 MAIN ESG KPIsH1 2025Goal 20301.310.2033.8%82.5%87.7%11.5%9.937.434.4 2.130.2840%95%99%10.1%1525250%2019Basis*2020 and 2021 are not considered as representative years due to Covid-19 and strike in some sites1. Group companies intensities weight by energy use2. Group companies intensities weight by emissionsGAV: Gross Added Value (€k)

Page 15

H1 2025 RESULTS / PAG. 15 STOCK INFORMATIONStock Evolution€/shareGROWTH POTENTIAL SIGNIFICANT GROWTH POTENTIAL ACCORDING TO MARKET CONSENSUS Key Data €/share (06.30.25)4.195€Market Cap. (€M)€530.9M% evolution+20.9%# shares outsanding126,549,251Maximun4.39€ (March. 6)Minimum3.22€ (April 7)Average Target Price(1)5.27€ Potencial Upside(2)42%Source: Bolsas y Mercados1) Average target Price on 23rdJuly according to Market consensus2) With respect to the market close on 23rdJuly3,13,33,53,73,94,14,34,531/12/202407/01/202514/01/202521/01/202528/01/202504/02/202511/02/202518/02/202525/02/202504/03/202511/03/202518/03/202525/03/202501/04/202508/04/202515/04/202522/04/202529/04/202506/05/202513/05/202520/05/202527/05/202503/06/202510/06/202517/06/202524/06/20254.195€4.39€3.22€+20.9%

Page 16

H1 2025 RESULTS / PAG. 16 ADNOC CONTRACTSITUATION UPDATEContract for the supply of 30,000 tons of OCTG CRA solutions for gas extraction.Threading plant operational since late 2024.Investment in cold pilgering plant successfully completed, including the corresponding product and process qualifications. Full operations expected during the second half of 2025.Initial project billings beginning in July 2025.The contract includes the construction of a cold finishing and threading plant in Abu Dhabi.Tube manufacturing for the project began in 2024 at the company’s Spanish facilities.

Page 17

FY 2023 RESULTS / PAG. 17 KEY MILESTONE OF THE YEARGranting ADNOC the rights to use Sentinel Prime® in Carbon Steel OCTG (no CRA). LICENSE AGREEMENT WITH ADNOC$50M Transaction.Technology designed to meet the highest industry demands.API CAL IV:2017 Certification.Strengthens strategic collaboration with ADNOC.H1 2025 RESULTS/ PAG. 17

Page 18

H1 2025 RESULTS / PAG. 18 2025POSITIVE YEAR IN A CHALLENGING ENVIRONMENTPROFITABILITYA year of good results and deleveraging, despite the global macroeconomic uncertainty.STRATEGIC PLANStrong commitment to achieving the 2027 strategic objectives.BACKLOGOrder backlog maintained at high levels, with a high share of premium products.SENTINEL PRIME®Licensing agreement with ADNOC for its use in carbon materials within the country. MACROECONOMIC UNCERTAINTYCaution is necessary given the global economic environment.ABU DHABICommissioning of the Abu Dhabi plant as part of the awarded mega contract, with initial billings already underway.

Page 19

H1 2025 RESULTS / PAG. 19 REASONS TO INVEST IN TUBACEXSTRATEGIC PLAN 2027NT2: NEW TUBACEX NEXT TRANSITIONDRIVING SUSTAINABLE VALUE AND ENTERING INTO A NEW PHASE OF VALUE CREATION FOR OUR SHAREHOLDERSA world leader in unique advanced industrial solutions for energy and mobility.With a fully integrated production model to capture the long-term growth offered by the macrotrends that are driving both sectors.Global presence with long-term agreements with strategic partners.Showing a proven solid track record of transformation, adaptation to the market ahead of trends and goal achievement.Endorsed by solid results and a strong backlog.Committed to human progress through strong sustainability objectives. TO REDUCE OIL & GAS EXPOSURE TO 1/3 OF THE BUSINESSMARKET LEADERS IN LOW CARBON BUSINESSREVENUE€1,200-1,400MIncluding potential investment in inorganic growth (M&A)EBITDA>€200MIncluding potential investment in inorganic growth (M&A)NFD / EBITDA<2XIncluding potential investment in inorganic growth (M&A)SHAREHOLDERS’ REMUNERATION30-40% PAY-OUT TO BE A POINT OF REFERENCE IN SUSTAINABILITYNT2 2027 TARGETS

Page 20

A P P E N D I X

Page 21

H1 2025 RESULTS / PAG. 21 CONSOLIDATED INCOME STATEMENT DETAIL n.m.: not meaningful % var.Q2 2025Q2 2024% var.H1 2025H1 2024(€M) -15.3%179.1211.4-9.2%361.4398.0Sales54.7%9.86.3-12.4%27.231.0Change in inventoriesn.m.13.12.1n.m.26,77.3Other income-18.4%(76.6)(93.9)-14.4(160.4)(187.2)Cost of materials17.6%(47.8%)(40.6)15.5%(94.6)(81.9)Personnel expenses-21.0%(47.6)(60.2)-15.1%(99.4)(117.1)Other operating costs19.7%30.025.121.8%61.050.1EBITDA16.8%11.9%16.9%12.6%EBITDA Margin 4.4%(11.7)(11.2)4.4%(23.6)(22.6)Depreciation & Amortization32.0%18.413.936.1%37.427.4EBIT10.3%6.6%10.3%6.9%EBIT Margin-3.3%(9.2)(9.5)-6.4%(17.1)(18.2)Financial Results and FX108.8%9.14.4120.3%20.39.2Profit Before Taxes and Min5.1%2.1%5.6%2.3%Margin126.3%7.73.4140.9%15.66.5Net Profit4.3%1.6%4.3%1.6%Net Margin

Page 22

H1 2025 RESULTS / PAG. 22 %var.06/30/2512/31/24(€M)-9.6%106.5117.7Intangible assets-1.9%337.1343.8Tangible assests19.5%117.198.0Financial assets0.2%560.7559.5Non-current assets6.2%449.5423.2Inventories53.0%117.276.6Receivables39.7%44.131.6Other account receivables134.8%4.31.8Other current assets2,3%3.73.7Derivative financial instruments-43.2%134.2236.4Cash & equivalents-2.6%753,1773.2Current assets-1.4%1,313.81,332.7TOTAL ASSETS%var.06/30/2512/31/24(€M)-10.9%336.9378.0Equity, Group Share-8.5%95.3104.1Minority interests-10.4%432.2482.2Equity52.6%257.1168.4Interest-bearing debt 40.2%105.975.5Provisions and others48.8%363.0244.0Non-current liabilities-23.8%246.1323.0Interest-bearing debt-3,0%2,32.4Derivative financial instruments-3.9%182.1189.6Trade and other payables-3.9%88.091.6Other current liabilities-14.5%518.6606.6Current liabilities-1.4%1,313.81,332.7TOTAL EQUITY & LIABILITIES CONSOLIDATED BALANCE SHEETDETAIL

Page 23

H1 2025 RESULTS / PAG. 23 HISTORICAL QUARTERLY EVOLUTION: SALES & EBITDASales€MEBITDA€M % EBITDA MarginQ2 2020 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025128.373.5195.7202.5211.4179.15.8%Q2 20200.3%Q2 202112.0%Q2 202216.7%Q2 202311.9%Q2 202416.9%Q2 20257.40.223.433.925.130.0

Page 24

H1 2025 RESULTS / PAG. 24 ALTERNATIVE PERFOMANCE MEASURES –APM ITubacex presents its results in accordance with the generally accepted accounting principles (IFRS). Furthermore, this report provides other non-IFRS financial measures, called Alternative Performance Measures (APM), which are used by management to assess the Company's performance.The definition, reconciliation and explanation of the main Alternative Performance Measures used in this report are set out below:Tubacex presents the calculation of EBIT in its Income Statement as the operating profit before interest and taxes.EBIT (Earnings Before Interestsand Taxes)EBITDA (Earnings BeforeInterests, Taxes, Depreciationsand Amortizations):EBITDA MARGINEBIT MARGINTubacex presents the calculation of the EBITDA margin as the ratio between the EBITDA and the sales figure. The EBITDA margin providesinformation on the Company’s profitability in terms of its operating processes..Tubacex presents the calculation of EBITDA in its Income Statement as the difference between the net turnover and the operating costsexcluding the provision for the amortization of fixed assets, impairment of non-current assets and results from the disposal of non-current assetsEBITDA = EBIT + Amortization + ProvisionsEBITDA provides an analysis of the Group’s operating profit before the payment of interest and taxes and it is generally used as anassessment metric by analysts, investors, rating agencies and other types of shareholders. It also provides an initial approximation to thecash generated by operating activities. Indeed, Tubacex uses EBITDA as a starting point for the calculation of the cash flow.Tubacex presents the calculation of the EBIT margin as the ratio between the EBIT and the sales figure.NET MARGINTubacex presents the calculation of the Net margin as the ratio between the Net Profit and the sales figure.PROFIT BEFORE TAXES MARGINTubacex presents the calculation of the Profit before tax margin as the ratio between the Profit before tax and the sales figure.

Page 25

H1 2025 RESULTS / PAG. 25 NET FINANCIAL DEBTWORKING CAPITALWORKING CAPITAL OVER SALESSTRUCTURAL NET FINANCIAL DEBTBOOK-TO-BILL ALTERNATIVE PERFOMANCE MEASURES –APM IITubacex presents the calculation of Net Financial Debt as the difference between the gross financial debt and the cash and cash equivalentsbalance along with the balance for temporary financial investments on the assets side of the Balance Sheet. For this calculation, Gross FinancialDebt is understood to be the sum of short-term and long-term debt with credit institutions and the bonds and other securities in the liabilities onthe Balance Sheet. Net Financial Debt provides an initial approximation to the Company’s debt position and its solvency and liquidity, by relatingcash and cash equivalents to debt on the liability side. Based on Net Financial Debt, commonly used metrics are calculated, such as the NetFinancial Debt /EBITDA debt ratio, an indicator that is widely used in the capital markets to compare different companies that is calculated bydividing the Net Financial Debt by the EBITDA.Tubacex presents the calculation of Working Capital as the sum of the Inventories and Customers entries on the Balance Sheet less the tradecreditors entry.Tubacex presents the calculation of Working Capital over sales as the ratio between the working capital and the sales figure.Tubacex presents the calculation of Structural Net Financial Debt as the difference between Net Financial Debt less Working Capital. It provides aview of the Company’s structural debt as the Working Capital is sold given that the manufacturing strategy is mainly to order.Tubacex calculates the Book-to-Bill ratio as the relationship between order intake for the period and invoicing for the same period. The result ofthis ratio provides information on the strength of demand.LIQUIDITYTubacex presents the calculation of the liquidity position as the sum of the Cash and Equivalents balance in the Balance Sheet and the authorizedbut undrawn credit lines and loans.CASH GENERATIONTubacex presents the calculation of cash generation as the reduction of Net Financial Debt between one period and the next.

Page 26

H1 2025 RESULTS / PAG. 26

Slides