Tubacex plummets on the stock market, with a drop of 7% at the stock market opening this Wednesday and maintains the sharp falls throughout the session. This decrease comes after the company reported that will record an extraordinary negative impact of 46 million euros on the net profit of the 2025 results.
This impact derives from voluntary and non-recurring accounting adjustments.
Specifically, Tubacex led the falls in the Continuous Market, with a decrease of 7.46%, reaching a price of 3.35 euros per share around 10:00 a.m.
Accounting adjustments and their impact on results
The decision to make voluntary and non-recurring accounting adjustments has been made by the administrative body of Tubacex. These adjustments seek to adapt the valuation of the group’s assets to the longest maturation periods in the market. The company estimates a total negative impact on its accounts for fiscal year 2025, which will be reflected in different areas:
-
Gross operating result (Ebitda): 31 million euros.
-
Net operating result (Ebit): 50 million euros.
-
Net profit: 46 million euros.
Factors that have caused the adjustments
The effects of these accounting adjustments are mainly due to an update in the valuation of inventories, in line with the longer maturation periods of the market. Likewise, an impairment has been recorded at the Durant plant (United States), inaugurated in 2020, due to the extension of the deadlines to achieve the initially planned objectives.
Impact on the financial situation of Tubacex
It is important to note that these adjustments will not have a cash effect, which means that they will not imply cash outflows or alter the group’s financial capacity. Therefore, Tubacex has confirmed that it maintains its financial strength and continues to reduce its net financial debt.
Maintenance of dividend policy
Despite the adjustments, the company will maintain its dividend policy unchanged, calculated as a ‘pay-out’ on net profit excluding extraordinary adjustments. The objective is to separate shareholder remuneration from non-recurring and non-monetary effects.
Future of Tubacex and next steps
Tubacex plans to hold a ‘Capital Markets Day’ in the first half of 2026 to present the strategic update and capital allocation framework in greater detail. This event will include the return metrics that will guide the company’s future decisions.
Regarding current performance, the company has assured that it remains «in line» with market consensus expectations. No deterioration in operating business or change in commercial trend has been reported. These are simply specific accounting adjustments that will be reflected in the 2025 annual accounts, which will be published on February 27, 2026.