Tubacex (AO) | Hold | Signs another EUR80m umbilical order

Research evidence excerpt

Tubacex (AO) | Hold | Signs another EUR80m umbilical order

News comment

Release date: 23 June 2026

Inigo Egusquiza

Head of Iberian Equity Research

+34 914 36 5112

iegusquiza@keplercheuvreux.com

HoldTubacex

Spain | Metals & mining Beta Profile: MCap: EUR416.1M

Target Price: EUR3.50 Bloomberg: TUB SM Reuters: TUBA.MC

Current Price: EUR3.29 Free float 70%

Up/downside: 6.4% Avg. daily volume (EURm) 2.1

YTD abs performance -1.3% Market data: 22 June 2026

52-week high/low (EUR) 4.20/2.75

Signs another EUR80m umbilical order

Key points:

Signs another EUR80m umbilical order for offshore projects in Guyana, Angola and the North Sea.

Reinforcing Tubacex's positioning in one of the highest valued-added niches (OCTG and umbilical). EUR100m umbilical orders

YTD.

Prudent view for Q2 2026. Robust opportunity pipeline, although with uncertainty around award timelines. Tubacex is doing its

homework, controlling working capital, cash generation and debt whilst contemplating drastic internal measures (a temporary

workforce reduction plan). Tubacex enjoys a challenging short-term environment, with structural strengths intact over the mid to

long term.

Signs another EUR80m umbilical order for offshore projects in Guyana, Angola and the North Sea

Tubacex has announced this morning the award of new orders worth more than EUR80m in umbilical tubes for a global subsea

technology provider. Umbilical tubes are critical components in subsea systems. Integrated into the umbilical cables that connect

surface facilities with subsea infrastructure, they enable the transport of hydraulic fluids, chemical products and control signals

required for the operation of wells and equipment installed on the seabed. These applications require materials capable of