Link Securities | The company expects to close the 2025 financial year with a negative attributable net result of €71.3 million, pending the incorporation of the impairment of assets affected by the decline in activity inthe US. According to preliminary and unaudited figures reported to the CNMV on Monday, consolidated EBITDA was also negative, at €22.8 million, weighed down by the decline in activity, price pressure and the impact of the dollar exchange rate.
Turnover reached €365.7 million for the year as a whole, after falling from €205.8 million in H1 2025 to €159.9 million in H2 2025, reflecting the progressive deterioration of the market. In this context, on Monday, management held a meeting with the negotiating committee representing the workers at the Amurrio and Trápaga plants to present and explain the measures in the viability plan that will affect each of the plants, including a redundancy plan (ERE).
Tubos Reunidos subsequently specified that its viability plan has three areas of action: commercial diversification, cost reduction and debt reduction.
1) Commercial diversification is achieved by focusing on key markets (Germany, Italy, Spain and Saudi Arabia), strengthening Tubos Reunidos’ position as a supplier of decarbonised products such as the O-Next® range (zero-emission pipes) and developing medium and long-term agreements with new customers.
2) The implementation of a redundancy plan (ERE) that will involve the phased elimination of 301 jobs between Amurrio and Trápaga. Tubos Reunidos wants to carry out this process in a way that minimises the social impact and is progressive, as it must simultaneously begin a process of searching for competitive suppliers.
3) In addition, debt reduction and balance sheet restructuring are established as a third essential line of action for the company. Despite having made an effort since 2021 to reduce debt, the company still faces a high level of leverage, with net debt of €263.2 million at the end of the financial year (unaudited figure) maturing in 2028.
