The first half of 2026 unfolded in a particularly challenging commercial and geopolitical environment, marked by continued uncertainty around investment decisions and significant operational and logistics disruption linked to the situation in the Middle East.
Against this backdrop, Tubacex maintained a double-digit EBITDA margin, supported by operating discipline, the contribution of premium products and the Group’s industrial and geographic diversification. The second quarter also showed some improvement in commercial activity across several strategic areas, particularly subsea, nuclear, aerospace and defence.
The subsea business now has more than 18 months of backlog and has secured over €100 million in umbilical tube orders during 2026. In nuclear, Tubacex added relevant references together with its partners and secured its first order for a small modular reactor, or SMR, project, strengthening its position in a technology expected to play an increasingly important role in energy security and carbon-free power generation.
Aerospace & Defence also continued to develop positively, with new orders and progress in space and aircraft engine applications. These developments reflect Tubacex’s ability to transfer its advanced materials expertise and integrated industrial model to applications characterised by demanding technical requirements and long qualification cycles.
The order backlog stood at €1.148 billion at the end of June, with a strong concentration in high value-added products and long-cycle applications.
Looking ahead to the second half of the year, the company’s priorities are focused on restoring full operational normality at its Abu Dhabi facility, improving logistics flows, reducing working capital, protecting margins, and strengthening cash generation and conversion.
