• Revenue for the period up to 31 May 2022 exceeded €220 million, an increase of 125% year-on-year. 
• Tubos Reunidos generated EBITDA of more than €8 million, an increase of €20 million compared to the same period last year, in line with its strategic plan. 
• Tubos Reunidos expects to achieve a similar performance to this for the period up to 31 December, thanks to its existing portfolio which exceeds €230 million and market dynamics in the energy sector. 
• With regard to market forecasts, it should be noted that the North American market, particularly the upstream (OCTG) and midstream sectors, as well as the European market with products from the mechanics sector, are the main drivers of demand. A revival is expected in the downstream sector, both in refining and petrochemicals, as well as in power generation.  

Amurrio, Álava, 30 June 2022 — Today, Tubos Reunidos held its Annual General Meeting in Bilbao. In his speech, the company's Chairman & CEO, Francisco Irazusta, noted that "we are in a moderately optimistic scenario in which we must continue working day after day, without forgetting the uncertainties that currently exist in all global economies as a result of the increase in raw material costs, supply chains issues and unprecedented energy costs, and the resulting impacts they are having on inflation".

Tubos Reunidos has been generating positive EBITDA since February. As Francisco Irazusta noted, "the last few years have been difficult for us and we have had to make sacrifices, but our shareholders, employees, financial institutions and public bodies have shown us no small amount of support, and we wholeheartedly thank them for their commitment to our company. There is still much work to be done. Tubos Reunidos' energy and raw material costs have been significantly impacted since the invasion of Ukraine, and these costs continue to fluctuate considerably due to market tensions. Despite this, and thanks to the enormous effort to adapt made by the entire Tubos Reunidos team, we have achieved positive EBITDA, and we are confident that we can maintain this in the current challenging market environment. In the coming years, we will have to meet the demanding obligations that we entered into with the companies that have placed their trust in us. The markets dictate the pace, but we are in line with the roadmap outlined in our strategic plan". It should also be noted that the improvement of the North American market, particularly the upstream (OCTG) and midstream sectors, as well as the European market with products from the mechanics sector, are the main drivers of demand. A revival of the downstream sector is also expected, both in refining and petrochemicals, as well as in power generation, with multiple projects currently stalled expected to offer the greatest value-generation opportunity for Tubos Reunidos.
2021–2026 Strategic Plan.

The 2021 financial year, during which the company was focused on liquidity management, was particularly complex, with a gradual recovery during the second half of the year as spending associated with our business activity also increased. This growth in activity in the midst of cost increases for raw materials (scrap metal and ferroalloys), energy (electricity and natural gas) and transport, all of which are extremely important for our business, had a negative impact on our profit and loss account for the financial year. However, these impacts were largely forecast in our budget.

Payments from FASEE (Fondos de apoyo a la Solvencia de Empresas Estratégicas — Spain's Strategic Companies Solvency Support Fund), as well as the debt restructuring agreement signed on 22 July 2021, has enabled the company to start implementing its strategic plan, which includes the following key points: 1. The Group's manufacturing companies in Spain—Tubos Reunidos Industrial, Productos Tubulares and Acecsa—have been merged; 2. The commercial launch of Tubos Reunidos Group, the new name of the merged company, has been carried out; 3. Staff have adapted to a more efficient structure through soft employee departures; 4. Working conditions for staff at the Amurrio and Trápaga plants for the 2017–2021 and 2018–2021 periods, respectively, have been agreed with the company's committees, thus normalising employee relations. The foundations have also been laid for the orderly transfer of staff from the Sestao steel mill to the Group's new steel mill located in Amurrio; 5. Last, but not least, investments to improve processes have begun at both plants, and the Group's new steel mill in Amurrio will be commissioned in the fourth quarter.

Forecasts
Up to 31 May 2022, the company's revenue was more than €220 million, a 125% increase year-on-year, with improved margins and EBITDA of more than €8 million, an increase of €20 million compared to the same period of the previous year. Tubos Reunidos is confident that it will be able to continue managing market fluctuations and generating positive EBITDA in line with its current results, supported by an optimised, high-value portfolio of over €230 million, which aims to minimise the risk of increasing costs and maximise profits.

The Tubos Reunidos model is based on maximising the company's flexibility so that it can adapt to its highly volatile markets in a fast and efficient way. This volatility is here to stay, but the energy sector is currently in the middle of an accelerated development and transition phase due to major ongoing events.

About Tubos Reunidos
Tubos Reunidos is a company listed on the Spanish stock market, with more than 130 years of experience. It is a global leader in special niche segments of seamless steel pipe products. The Group has five production units in Amurrio and Subillabide (Álava, Spain), Valle de Trápaga (Bizkaia, Spain), Pamplona (Navarra, Spain) and Texas (USA). Inclusion of Tubos Reunidos stocks in the IBEX® GENDER EQUALITY Index from 20 June 2022.