Tubacex (AO) | Hold | Grows in the nuclear segment, increasing its added-value products

Research evidence excerpt

Tubacex (AO) | Hold | Grows in the nuclear segment, increasing its added-value products

its regulatory

assessment in the United Kingdom; and in Southeast Asia, where it is exploring business opportunities.

For Tubacex, this order reinforces a strategic growth area in high-value-added nuclear applications. Tubacex already holds an

established position as a reference supplier to international customers in the nuclear sector, with framework agreements with

Westinghouse and EDF, supported by its deep knowledge of advanced materials, its seamless material manufacturing capabilities and its

experience in industrial solutions designed to operate under critical conditions of pressure, temperature, corrosion and safety.

Tubacex keeps growing in the so-called "added value segment" involving OCTG, umbilical (it recently gained an EUR80m order) and

nuclear orders, which is partly offsetting the weakness of Tubacex's traditional business. A big part of Tubacex's new projects has been

postponed as a result of the uncertainty around the Middle East conflict, which has reduced Tubacex's business profile visibility. We have

a Hold rating until visibility improves. Tubacex was planning to review its strategic business plan during H126, but this has been

postponed (most likely during 2027) until visibility improves.

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