Despite global challenges, Tubacex achieves its second-best financial results in history in 2024
In a year marked by geopolitical complexities and extraordinary factors such as the investment in the construction and commissioning of our Abu Dhabi production facility—which began partial operations in November and is expected to be fully operational in the first half of 2025—and delays in Petrobras’ project awards, Tubacex has demonstrated resilience and strategic vision. These temporary impacts will translate into strong returns in the coming year and beyond.
2024 in numbers:
✅€767.5M in total sales
✅ €107M EBITDA (13.9% margin) – second-highest in company history
✅ €22.9M net profit
✅ €1.6B order backlog, ensuring long-term visibility
✅ Net financial debt of €255M, with a solid DFN/EBITDA ratio of 2.4x
Strategic milestones in 2024:
🔹 Mubadala Investment enters our OCTG business, reinforcing our long-term vision
🔹 Strengthened ties with Petrobras for CRA OCTG solutions
🔹 Launch of Sentinel® Prime, a revolutionary premium connection technology
🔹 Manufacturing for ADNOC’s major order underway
🔹 Strengthened leadership in umbilical tubes for the energy transition
Looking ahead: A record-breaking 2025 awaits
With a fully operational Abu Dhabi plant, the largest OCTG order in the company’s history ($1B) will significantly boost revenue. We anticipate historic record figures across key financial indicators.
In alignment with our NT2 Strategic Plan, we reaffirm our commitment to reaching €1.2-1.4B in sales and +€200M EBITDA by 2027, while maintaining our financial discipline and a DFN/EBITDA ratio below 2x.
The Board will propose a dividend distribution of 25 million euros at the next Shareholders’ Meeting, reinforcing our commitment to shareholder value.
2025 marks the beginning of a new growth phase for Tubacex, leveraging innovation, strategic partnerships, and operational excellence.
