Spanish seamless stainless steel pipe maker Tubacex reported a net loss of €6.2 million in the third quarter of 2026, compared with a profit of €1.1 million a year earlier. Revenue fell 7.6% to €152 million.
Quarterly EBITDA declined 31.8% to €16.2 million, while the EBITDA margin fell to 10.6% from 14.4%. For the first nine months, Tubacex recorded a net loss of €5.5 million, against a profit of €16.7 million in the same period last year. Revenue dropped 9.6% to €475.6 million and EBITDA fell 36.2% to €54 million. The EBITDA margin decreased to 11.4% from 16.1%.
Tubacex said results continued to reflect lower order intake in 2025 and a difficult business environment marked by US tariff policies, geopolitical tensions and delayed investment decisions. Since March, operational and logistical disruptions linked to instability in the Middle East have also affected the group, particularly its operations in Abu Dhabi. The disruptions have complicated planning, production, shipping and invoicing.
Lower activity, reduced absorption of fixed costs and higher energy, gas and logistics expenses weighed on profitability. However, efficiency measures, operational discipline and a focus on higher value-added products helped the company maintain a double-digit EBITDA margin.
After the Strait of Hormuz was closed, Tubacex switched to alternative logistics routes to maintain production and supply in Abu Dhabi. Some shipments remain in transit. The resulting temporary increase in inventories raised working capital requirements. At the end of September, working capital stood at €384.1 million, up €60.2 million from the end of 2025. Net financial debt rose by the same amount to €405 million.
The company expects tariff and regulatory uncertainty, geopolitical tensions and delays to investment decisions to continue affecting its performance in the fourth quarter. EU safeguard measures in force since July could support a recovery in European activity after two weak years, depending on their impact on new orders.
Tubacex spent €35 million on capital expenditure in the first nine months, mainly on efficiency improvements and selected projects involving premium, higher value-added products. For 2027, it expects potential new project awards in OCTG, subsea, nuclear, aerospace and defence to strengthen its order book and support a gradual recovery in activity.
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