The Alava-based tube manufacturer Tubacex recorded a net profit of only €700,000 between January and June, compared to €15.6 million in the same period of 2025. The company attributes the collapse to logistical disruptions arising from the conflict in the Middle East.
Tubacex, a Basque company specialised in the manufacture of stainless steel tubes, has seen its net profit reduced by 95.8% during the first half of 2026. The company announced on Friday results that reflect the impact of geopolitical instability in the Middle East on its operations.
The net profit stood at €700,000, a figure far removed from the €15.6 million obtained in the same period last year. Sales also fell by 10.5%, to €323.6 million, compared to €361.4 million in the first half of 2025.
These figures exacerbate the trend already observed in the first quarter, when net profit fell by 84%, to €1.3 million. The company had already announced a Temporary Employment Regulation File (ERTE) for eight months, which came into effect on July 7 at its plants in Llodio and Amurrio.
The gross operating profit (EBITDA) was €37.9 million, a decrease of 37.9% compared to the same period in 2025. Net financial debt rose to €363.1 million, compared to €323.9 million at the end of the previous year, while working capital reached €349 million.
The order book remains at €1.148 billion, concentrated on high value-added products. Tubes intended for exploration and production (E&P) in the oil and gas sector represent 77.8% of that portfolio. By region, Asia and the Middle East account for 43% of sales, followed by Europe (28%), America (27%), and Africa (2%).
The company attributes the increase in debt and working capital to the "temporary impact arising from operational and logistical disruptions caused by instability in the Middle East," which have affected the production, logistics, and billing of materials destined for its Abu Dhabi plant.
To maintain supply from its Abu Dhabi plant, Tubacex has had to seek alternative logistical routes due to the closure of the Strait of Hormuz. Some shipments have been temporarily held in transit, although the company assures that production at that facility has not been interrupted.
The company acknowledges that its activity during the third quarter will continue to be conditioned by the geopolitical and commercial environment, particularly by the conflict in the Middle East and the new tariff policies of the United States. Nevertheless, Tubacex expects a gradual improvement in its sales and results as these uncertainties clear up.
This collapse adds to the already negative trend of 2025, when the company closed the year with a profit decline of 30.5%, down to €15.9 million. For investors and employees of the firm, the evolution of the coming months will be key, especially regarding the resolution of the conflict in the Middle East and the recovery of demand in the energy sector.
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