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9M 2025 RESULTS / PAG. 1 OCT 2025RESULTS RELEASENINE MONTHS 2025
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9M 2025 RESULTS / PAG. 2 MAINCONSIDERATIONS Tubacex closes the first nine months of the year withsales of €525.9Mand anEBITDA of €84.6M.TheEBITDA marginreaches16.1%, driven by the licensing agreement with ADNOC for the use of itsconnection in non-CRA applications, akey strategic milestonethat positions Sentinel Prime as the preferredpremium connection for carbon OCTG tubing in Abu Dhabi.The 2025 fiscal year is unfolding in an environment marked byoverall market weakness, impacting salesvolumes across all business segments, particularly in the most commoditized, lower value-added areas.A favorable sales mix andstrong positioning in premium productsallow the company to maintain anEBITDAmargin above the 15% strategic target. Achieving this in such a weak market confirms the company’s solidstrategic positioning.Despite the challenging market conditions, theorder backlog stands at €1,266M, with a significant share ofhigh value-added, high-margin products.TheOCTG CRAsupplycontract with ADNOC is exceeding the initial volume expectations for 2025, and thispositive outlook remains for 2026. This acceleration has generated a combined effect of €115M on the Group’sworking capital, with a corresponding impact on the net financial debt figure.Thesafeguard measures for the steel sector recently announced by the European Unionare expected to havea positive effect, although they remain a proposal whose details and implementation timeline are yet to bedefined.The activity, production, and sales volumes expected for the fourth quarterwill progressively include thepositive impact of theOCTG CRA supply contract for ADNOC,which already represents a highly significantproduction volume for the year.Given the instability of the market, the company is reassessing all scenarios for fiscal year2026,implementingall necessary measures tosecure current margins and recover activity volumes across all business lines.2025: YEAR OF STRONG PROFITABILITY AND DEBT REDUCTION WITH POSITIVE OUTLOOK FOR 2026 SALES€525.9MEBITDA€84.6 MEBITDA Margin16.1%NFD / EBITDA3.5xNET PROFIT€16.7M 9M 2025 IN FIGURES
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9M 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) 9M 2025Sept. 25% Var. Q3 2025 310.240.4% 9M 2024 255.02.4xDec. 24-55.2 Q3 2024Net ProfitNet Margin569.178.113.7%45.88.0%18.23.2%14.22.5%171.128.016.4%18.310.7%8.95.2%7.74.5%-7.6%8.4%10.2%48.4%525.984.616.1%50.49.6%26.95.1%17.5%16.73.2%-3.9%-15%-28.7%-25.7%164.423.714.4%13.18.0%6.64.0%-85.7%1.10.7%+120.8+144.2431.059.5%399.33.5x+23.5-31.7+5.8Var. (€M) 316.043.6%Sept. 25Dec. 24310.240.4%Estimate ex-ADNOC
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9M 2025 RESULTS / PAG. 4 Sales figure 7.6% lower than in the same period of 2024.General market weakness:-Affecting activity volumes, especially in lower value-added products.Nickel price:-Downward trend in nickel prices, with a cumulative decrease of 0.3% during theperiod and an average price 10.9% lower than in 9M 2024.USD/€ exchange rate:-Continued depreciation of the USD throughout 2025, with a cumulative declineof over 14% for the year.-This effect impacts the sales figure at a time when the Group’s businessstrategy is strongly positioned in dollar-denominated markets, such as theMiddle East and the USA.The activity, production, and sales volumesexpected for the fourthquarter will progressively include thepositive impact of the OCTG CRAsupply contract for ADNOC.Financial deleveragingexpected in the last quarter of the year.Very positive outlook for profitability and financial deleveraging in 2026,while remaining attentive to the evolution of the global macroeconomicenvironment.EBITDA increases by 8.4%compared to the first nine months of 2024,maintaining amargin above the 15% strategic target.The strong order backlog, with a significant share of high value-addedproducts, will allow thecompany to continue meeting this strategicobjective in the coming quarters.SALESEBITDAOUTLOOK MAIN FIGURES FROM THE INCOME STATEMENTSALES€MEBITDA€M9M 2024 9M 2025569.1525.9Q3 2024 Q3 2025171.1164.4 13.7%9M 202416.1%9M 202578.184.616.4%Q3 202414.4%Q3 202528.023.7EBITDA Margin
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9M 2025 RESULTS / PAG. 5 Cash impactsCapex 9M 2025:€47MThis Capex includes the investment in theAbu Dhabi plant, which secures adifferentiated competitive position forTubacex in the Middle East.Dividend of €25M approved and fully paid off.Working CapitalMake-to-order manufacturing strategy (linkbetween net financial debt and working capital).TheADNOC order is exceeding the initiallyexpected volumes for 2025, leading to a reboundin working capital.Thecombined impactof theADNOC contractmanufacturing across all production units involvedamounts to €115 million in working capital.Billings and collections expected in the last quarterof the year will enable a reduction in leverage.WE REITERATE THE TARGET OF OUR STRATEGIC PLAN 2027 NFD/EBITDA < 2xFinancial strengthCash of €124.8M & liquidity of €179.9MSolvencyEquity to Total Assets 34%MAIN FIGURES FROM THE BALANCE SHEET: NET FINANCIAL DEBTNet Financial Debt€MWorking Capital Evolution€MDec 24 Sept 25310.2431.0SIGNIFICANT DELEVERAGING EXPECTED IN THE SECOND HALF OF THE YEAR WITH THE START OF INVOICING FOR MAJOR ORDERS2.4xDec 243.5xSept 25255.0399.3NFD/EBITDA
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9M 2025 RESULTS / PAG. 6 REVENUES BREAKDOWN BREAKDOWN BY SECTORBREAKDOWN BY DESTINATION 34.0%E&P Gas16.0%E&P Oil7.0%PowerGen27.0%Industrial16.0%Precision & New markets37.0%Asia & ME29.0%America30.0%Europe4.0%AfricaPREMIUM PRODUCTSStrong positioning withstrategic customers, together with the strategy ofsigninglong-term agreements, is allowing the company to maintain a high orderbacklog in high value-added products andprofitability levels above the strategictarget.ORDER INTAKEGeneral market weakness and a consequent slowdown in order intakedue toglobalmacroeconomic uncertainty.This slowdown is particularly evident in morecommoditized products, which hadalready shown greater weakness throughout last year.Despite this, severalsignificant high value-added projects are currently underquotation.SECTOR DIVERSIFICATIONDiversified 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 EASTThe Group’s sales maintain significant weight in the Gas Upstream sector and the Asian and Middle East regions, in line with the strategic objectives.
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9M 2025 RESULTS / PAG. 7 BACKLOG EVOLUTIONROBUST SITUATION OF THE BACKLOG The order backlog has decreased compared to the end of 2024 due to the overallmacroeconomic uncertainty causing general market weakness, as well as theprogress in the execution of the ADNOC order.Book-to-bill ratioThe backlog remains concentrated in high value-added projects.The quality of the order backlog and the product mix support the expectation ofmaintaininghigh profitability levelsin the coming quarters.ROLLING 9M 20250.5xTOTAL BACKLOG INCLUDING ADNOC’S CONTRACT€1,266M=
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9M 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€1,266M(1)BOOK-TO-BILL0.5x (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), Oceannering (BP – Tiber Project) and Navitas Petroleum (Sea Lion Project)Nuclear•Orders for Heankley Point (EDF)Low Carbon:•Order for the first carbon capture project in a bioenergy plant in Brazil (OCTG CRA and Sentinel Prime).•Fertilizer order for CasaleNew businesses: U.S. market share leaders in the space exploration industry. ROBUST BACKLOGE&P Gas77,3%E&P Oil11,1%Industry4,6%New businesses 4,8%PowerGen2,2%Backlog breakdown:Sales breakdown (9M 2025):E&P Gas34,0%E&P Oil16,0%Industry27,0%New businesses16,0%PowerGen7,0%1) Including the mega order from ADNOC for gas extractionIndutrial / Gas•Several orders for BP Tangguh
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9M 2025 RESULTS / PAG. 9 UPSTREAMOCTG-Brazil:-DeliveringBúziosandSépia-Atapuorders for Petrobras and starting to use Tubacex’s proprietarySentinel connection in the Brazilian market.-Additional project quotations for the coming quarters.-Abu Dhabi:-Threading lines are now fully operational..-In June, the facility obtained the API 5CRA certification for the cold rolling process: producing tubesand threading connections with the Sentinel joint.-ADNOC has already installed multiple wells with the Sentinel Prime connection, with volumesincreasing faster than initially expected..-Thelicensing agreementfor the use ofSentinel Primewith ADNOC positions this connection as thepremium solution for carbon OCTG pipes in the UAE, with progressive deployment expected overthe coming months and in upcoming tenders.-Positive outlook in the CRA (Corrosion Resistant Alloys) sector, with quotations increasing inIraq, Kuwait, theCaspian Sea, Oman, and Qatar.Drilling-Middle East: order intake increased vs. Q2; strategic rental orders from SLB, Baker Hughes, and Weatherfordreinforce growth outlook into early 2026.-Asia: market remains competitive; stronger customer engagement and growing onshore activity, mainly inChina.-Norway: stable performance with slight growthand medium-term expansion potential tied to Norway-basedglobal customers.-North America(US & Canada):weak marketand capital discipline keeping order intake low, but rentalbusiness improving with new customers; pricing pressure persists in Canada.-Guyana: record-high revenue in Q3 and further growth expected in Q4, supported by Surinam demand andnew 2026 tender with TFMC. COMMERCIAL REMARKS (I) E&P OIL&GAS (i)
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9M 2025 RESULTS / PAG. 10 COMMERCIAL REMARKS (I) E&P OIL&GAS (ii)SURF-Global Subsea/SURF spending(equipment, installation, and services) is estimatedto grow around 10%through 2027.-Brazil: strong expansion expectedin pre-salt project demand, with spending up 18% year-on-year.-Emerging regions: discoveries inGuyana and Namibiacontinue to attract investment and subsea infrastructuredevelopment.-Europe/ Norway: Reactivation of subsea activity, with a record 45 exploration wells led by major operators.-Commercial activity:inquiry levelsremain steady andabove expectations.-Order book:12-month visibilitymaintained in theumbilicals segment.-Outlook: sustained subsea market growth expected, supported by strong activity in Brazil and renewedoffshore investment globally.Offshore-Theoffshore industryis going through agrowth phasedriven by new large “greenfield” projects, deepwaterexpansion, and the recovery of exploration spending.-Offshore spending is expected to increase, led by projects in theMiddle East, Brazil, the United Kingdom, andNorway.-Ultra-deepwater drillingis one of the most dynamic areas: operators are seeking new reserves in deeperzones, and technological improvements (better control, lower cost per depth unit, improved pressuremanagement) are allowing these operations to expand their scope.-However, there arechallenges: geopolitics remains a major risk factor, with sanctions, uncertainty in somemarkets (MENA, Africa, Russia), and supply chain bottlenecks that may delay projects.-Outlook: positive medium-term outlook, supported by higher offshore spending and the start-up of newprojects, despite persistent external risks.
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9M 2025 RESULTS / PAG. 11 Market remains lowspecially on CAPEX across all regions.Project decisions have been delayed, kept on hold and in some cases re budgeted due to current geo-politicalissues.Some pick up on heater business on OPEXside with decisions within Q4.INDUSTRIALPOWERGEN COMMERCIAL REMARKS (II) INDUSTRIAL & POWERGENNuclear:-Nuclear activity is mainly focused onmaintenance projects in Europe, primarily withEDF, under a“fast-track”Supply Agreement.-Ongoing negotiationsfor future EDF plantsin the UK and France, as well as withWestinghouse inPoland.-Tubacex isactively positioning itself in SMRs,with long-term value proposals aimed at becoming astrategic supplier, although negotiations are being delayed as designers adjust the budgets for the firstunits (FOAK).Conventional:-Several refurbishment projects forbiomass plantsin Northern Europe.-Expected to enter negotiations for new projects in India in Q4.-Strong demand continues for newUSCpower plants inIndia and China.
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9M 2025 RESULTS / PAG. 12 LOW CARBONCarbon Capture, Utilization, and Storage (CCUS)-Global CCUS capacity reached 50 Mt/year, projected to rise to 430 Mt/year by 2030.-Northern Lights (Norway) stored its first CO₂ volumes, setting a scalable model for Europe.-In the UK, a CO₂ injection well test successfully completed 15 injection cycles and 11 offshore refills, totaling3,500+ tonnes of CO₂ injected — the first CO₂ injection well in the region.-In the US, major tech companies are reshaping the carbon market by promoting permanent removal strategies(bio-oil injection, mineralization) over traditional offsets.-TubacexCRA OCTG solutions and the Sentinel Premiumconnection have astrong track record in CCUS, having alreadysupplied four projects and currently participating in several tenders in North America, the UK, and Asia.Ammonia & Fertilizers-Continued margin pressure in Europe due to high energy and carbon costs, while local production gains traction inemerging regions; Asia remains highly competitive.-New Melamine and Urea order in China, along with progress in technology industrialization and first direct maintenanceorders confirming the strength of the bundled offer.Tubacoat-Tubacoat isconsolidating market sharein CCR (Continuous Catalytic Regenerator) applications, with consecutive ordersfrom refiners in Europe and Asia.-Participated in the Latin American Refining Technology Conference (LARTC) Conference in Brazil, receiving interest fromseveral refiners in the region, reinforcing its positioning in South America and developing new fouling applicationopportunities.Hydrogen & Electrolyzers-The green hydrogen sector isprogressing more slowly than expected, with project delays and reduced investmentmomentum.-Despite this, theIEA forecasts low-emission hydrogen production to reach 37 Mt/year by 2030.-Tubacex Low Carbon Solutions remains well positioned, supporting the energy transition with advanced materialexpertisefor process industries. COMMERCIAL REMARKS (III) LOW CARBON
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9M 2025 RESULTS / PAG. 13 Aerospace & Defense-Solid order intake from recurring clients.-Active collaboration with leading OEMs on newqualification programmesandmaterial developments.-Growth expected in Q4–Q1 inspecial technologies and coatings, and market diversification across theAmericas, Europe, andAsia(notably India).-Favorable long-term outlooksupported by increasing defense budgets and strong global market growth(A&D projected to double in value by 2034).Hydraulic & Instrumentation (H&I)-Market Overview:-The global H&I market remains weak due to oversupply and slow industrial recovery, especiallyin Europe, Middle East and Africa (EMEA).-Asia-Pacific (APAC) shows greater potential, driven by India, LNG, and energy projects.-Demand remains soft in commodity tubing, with stability coming from nuclear, aerospace, andLNG/offshore segments.-Tubacex Development:-In the US (Salem & Durant), capabilities expanded for hydrogen-related applications.-Strategic positioning in Abu Dhabi, India, and the US enhances access to LNG, hydrogen, andclean-energy projects.-Outlook:-Demand expected to bottom out in Q4 2025, followed by a gradual recovery through 2026.-Medium-term upside supported by LNG expansion, ADNOC execution, and nuclear buildouts.NEW BUSINESESSCOMMERCIAL REMARKS (IV) NEW BUSINESESS
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9M 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 KPIs9M 2025Goal 20301.240.1934.7%82.1%87.7%11.5%9.932.434.4 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)
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9M 2025 RESULTS / PAG. 15 STOCK INFORMATIONStock Evolution€/shareGROWTH POTENTIAL SIGNIFICANT GROWTH POTENTIAL ACCORDING TO MARKET CONSENSUS Key Data €/share (09.30.25)3.53€Market Cap. (€M)€446.7M% evolution+8.4%# shares outsanding126,549,251Maximun4.39€ (March. 6)Minimum3.22€ (April 7)Average Target Price(1)5.02€ Potencial Upside(2)47.6%Source: Bolsas y Mercados1) Average target Price on 30thOctober according to Market consensus2) With respect to the market close on 30thOctober3,13,33,53,73,94,14,34,531/12/202414/01/202528/01/202511/02/202525/02/202511/03/202525/03/202508/04/202522/04/202506/05/202520/05/202503/06/202517/06/202501/07/202515/07/202529/07/202512/08/202526/08/202509/09/202523/09/20253.53€4.39€3.22€+8.4%
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9M 2025 RESULTS / PAG. 16 2025POSITIVE YEAR IN A CHALLENGING ENVIRONMENTPROFITABILITYA year of strong profitability and deleveraging despite global macroeconomic uncertainty..2026Positive outlook for profitability and deleveraging in 2026.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 DHABIADNOC contract exceeding the initially planned volumes.
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9M 2025 RESULTS / PAG. 17 REASONS TO INVEST IN TUBACEXSTRATEGIC PLAN 2027NT2: NEW TUBACEX NEXT TRANSITIONDRIVING SUSTAINABLE VALUE AND ENTERING INTO A NEW PHASE OF VALUE CREATION FOR OUR SHAREHOLDERSA 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
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A P P E N D I X
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9M 2025 RESULTS / PAG. 19 CONSOLIDATED INCOME STATEMENT DETAIL% var.Q3 2025Q3 2024% var.9M 20259M 2024(€M) -3.9%164.4171.1-7.6%525.9569.1Sales-122.6%(1.6)7.2-33.1%25.638.2Change in inventories64.0%4.82.9207.6%31.410.2Other income-20.3%(61.9)(77.6)-16.1%(222.2)(264.9)Cost of materials3.9%(36.6)(35.2)12.0%(131.2)(117.1)Personnel expenses12.7%(45.4)(40.3)-8.0%(144.8)(157.4)Other operating costs-15.5%23.728.08.4%84.678.1EBITDA14.4%16.4%16.1%13.7%EBITDA Margin 9.5%(10.6)(9.7)5.9%(34.2)(32.3)Depreciation & Amortization-28.7%13.118.310.2%50.445.8EBIT8.0%10.7%9.6%8.0%EBIT Margin-31.4%(6.4)(9.4)-14.9%(23.5)(27.6)Financial Results and FX-25.7%6.68.948.4%26.918.2Profit Before Taxes and Min4.0%5.2%5.1%3.2%Margin-85.7%1.17.717.5%16.714.2Net Profit0.7%4.5%3.2%2.5%Net Margin
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9M 2025 RESULTS / PAG. 20 %var.09/30/2512/31/24(€M)-5.7%111.1117.7Intangible assets-2.0%337.1343.8Tangible assests25.5%122.998.0Financial assets2.1%571.1559.5Non-current assets7.0%453.0423.2Inventories58.3%121.376.6Receivables9.0%34.431.6Other account receivables196.7%5.51.8Other current assets-12.5%3.23.7Derivative financial instruments-47.2%124.8236.4Cash & equivalents-4.0%742.1773.2Current assets-1.5%1,313.21,332.7TOTAL ASSETS%var.09/30/2512/31/24(€M)-7.2%351.0378.0Equity, Group Share-4.2%99.8104.1Minority interests-6.5%450.8482.2Equity39.8%235.5168.4Interest-bearing debt 34.6%101.775.5Provisions and others38.2%337.1244.0Non-current liabilities-10.6%288.6323.0Interest-bearing debt-13.2%2.12.4Derivative financial instruments-24.4%143.3189.6Trade and other payables-0.4%91.391.6Other current liabilities-13.4%525.3606.6Current liabilities-1.5%1,313.21,332.7TOTAL EQUITY & LIABILITIES CONSOLIDATED BALANCE SHEETDETAIL
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9M 2025 RESULTS / PAG. 21 HISTORICAL QUARTERLY EVOLUTION: SALES & EBITDASales€MEBITDA€M % EBITDA MarginQ3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025107.686.4173.3207.2171.1164.46.1%Q3 20205.5%Q3 202114.3%Q3 202214.2%Q3 202316.4%Q3 2024 Q3 20256.64.724.829.528.014.4%23.7
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9M 2025 RESULTS / PAG. 22 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.
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9M 2025 RESULTS / PAG. 23 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.
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9M 2025 RESULTS / PAG. 24