• This represents a 79.2% increase compared to the previous year.
  • Tubacex is finalizing the launch of the new CRA OCTG finishing and threading plant in Abu Dhabi, which will commence operations at the end of 2024 to execute the macro contract with ADNOC. Significant additional orders are also expected this year.
  • Shareholders have approved the individual and consolidated annual accounts, as well as the management reports for the fiscal year 2023.
  • Net profit was €36.3 million and consolidated sales reached €852.4 million, record figures for the company.
  • Tubacex’s EBITDA stood at €125.2 million, while the EBITDA margin was 14.7%, the highest levels in the company’s history.
  • 2024 is expected to be a year of consolidation of the new strategic cycle with a second half anticipated to show increased activity and progressive improvement in results and margins.
  • In the early months of 2024, the activation of the macro contract by ADNOC was recorded, with a minimum guaranteed value of $1 billion.
  • The company is finalizing the launch of its new CRA OCTG tube finishing and threading plant, which will begin operations before the end of the current fiscal year.
  • In May, Tubacex announced the addition of Mubadala Investment Company as a new strategic partner in its OCTG business.


Bilbao, June 27th, 2024.

Tubacex, a global leader in advanced industrial solutions for the energy and mobility sectors, held its General Shareholders’ Meeting today in Bilbao. The shareholders overwhelmingly approved the accounts for the fiscal year 2023, along with all the items on the agenda, including the ratification of the appointment of Mr. Ignacio Mataix as an Independent Director.

During his speech at the meeting, the CEO of Tubacex Group, Jesús Esmoris, commented on the shareholder remuneration policy: “The proposed ordinary dividend represents an increase of 79.2% compared to 2022 and a payout of 40%, in line with the goals of our new NT2 strategic plan. We are requesting approval today to allocate €14.5 million to dividends. In doing so, Tubacex renews its commitment to meeting the interests of our shareholders and offering them a significant improvement in their returns.” Esmoris also highlighted to shareholders: “In 2023, the value of the shares grew significantly, with a stock market revaluation of 75%”.

Following the respective shareholder vote, a total ordinary gross dividend per share of €0.118 was approved, to be paid on July 4.

Additionally, shareholders approved the management conducted by the Board of Directors during 2023, the Annual Report on Directors’ Remunerations for the past year, and the re-election of Ernst & Young as the company’s auditor.


2023: record results and solid balance

Tubacex ended fiscal year 2023 with a net profit attributable of €36.3 million, an improvement of 79.5% compared to €20.2 million the previous year, maintaining strong momentum from the preceding year. All of the Group’s businesses contributed satisfactorily to the positive result. As of December 31, 2023, the Group’s consolidated sales reached €852.3 million, an increase of 19.3% compared to 2022, achieving a record turnover.

EBITDA reached €125.2 million, 35.6% higher than the figure achieved in 2022, while the EBITDA margin was 14.7%. Both metrics are at the highest level in Tubacex’s history. The favorable market conditions helped consolidate the growth of this variable to record levels.

In 2023, Tubacex also maintained a trend towards deleveraging and strengthening its financial robustness, and as a result, the debt ratio (Net Financial Debt/EBITDA) stood at 2.2 times as of December 31, consolidating the achievement of the strategic goal with the forecast that it will decrease in future periods. The Group closed the year with a liquidity position above €300 million.


New strategic plan NT2: growth and profitability

Following the strong performance in fiscal year 2023 and the early achievement of the goals by two years, based on a solid contract portfolio, geographic diversification, and its human team, the company presented its new Strategic Plan for the period 2024-2027, called NT2, at its first Capital Markets Day held in November last year. Under this plan, Tubacex aims to achieve revenues of between €1.2 billion and €1.4 billion and an EBITDA exceeding €200 million.

CEO Jesús Esmoris stated at the meeting: “We have set ambitious goals and are confident in our ability to meet them. Our Group will exponentially accelerate its growth over the next four years while maintaining financial robustness and a healthy balance sheet. Our debt ratio will remain below 2 times at the end of 2027.”

He added, “Tubacex is an essential player in securing energy supply across various generation sources, delivering value through its range of products and services. The company maintains its goal of reducing its current contribution to gas business revenues, as a transition energy, to bring its exposure to these sectors below one-third of its sales by the end of 2027. A significant part of our activity will come from the Low Carbon unit, which will support clients in their industrial processes, optimizing them to the standards set by the current sustainability criteria,” concluded Jesús Esmoris.


2024: A year of strategic consolidation and progressive growth

Looking ahead to the entirety and close of 2024, the outlook is positive. The year is expected to be one of consolidation of the new strategic cycle with a second half anticipated to show increased activity in terms of EBITDA and margins, and with capture levels that will allow anticipating significant growth in 2025. In this regard, the order book remains at high levels, around €1.6 billion.

Moreover, Tubacex began 2024 with the activation of the first order of the macro contract signed with ADNOC, a key milestone that marks the commencement of the project with a minimum guaranteed value of $1 billion. This is complemented by the planned end-of-year launch of the CRA OCTG finishing and threading plant in Abu Dhabi to execute the macro contract. As part of the NT2 strategic plan, Tubacex also announced in May the inclusion of Mubadala Investment Company as a partner in its OCTG business. The agreement, pending the relevant approvals, envisages Mubadala holding a 49% minority stake in this activity. Thanks to this investment, Mubadala will strengthen the commercial positioning and capabilities of Tubacex in the CRA OCTG business in major markets, including the Middle East, the fastest-growing market globally in this technology. This ensures a strategic and competitive position for Tubacex in the region going forward.