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28.08.2026TMK publishes results of its IFRS activities for the first half of 2026
PJSC TMK (TMK or the Group), a leading supplier of steel pipes, pipe solutions and related services for various sectors of the economy, announces consolidated results of operations for the first half of 2026 in accordance with International Financial Reporting Standards (IFRS).
In the first half of 2026, the situation on the Russian steel pipe market remained difficult. Despite the reduction in the key interest rate, the monetary policy of the Bank of Russia remained tight, limiting investments and development projects for most pipe-consuming industries.
At the same time, the pipe industry continued to adapt to market realities, and there were trends in the formation of pent-up demand in the consuming industries. Thus, despite the fact that the demand for all types of steel pipes in the Russian market decreased by 4% in the first half of 2026 compared to the second half of 2025, TMK increased shipments to the Russian market by 5%.
Also, in the first half of 2026, against the background of a continuing decline in demand in the market for pipe products, a number of product segments showed a recovery trend relative to the second half of 2025. Thus, TMK's key segments, such as OCTG, linear and seamless industrial pipes, saw an increase in demand during the reporting period.
In the second half of 2026, demand for oil and gas grade pipes will be supported by the continued investment programs of key oil and gas companies, as well as the expected replenishment of inventories.
TMK remains cautiously optimistic about the growth in consumption of pipe products in the Russian market in the near future. It is predicted that major infrastructure projects, including previously postponed ones, will be launched in the segments of transportation and processing of hydrocarbons and nuclear energy.
The company continues to diversify its sales channels and aims to further strengthen its position in the target markets of the Russian Federation and neighboring countries, and also sees the potential for growth in shipments, including to non-CIS countries.
Key indicators for the first half of 2026: - The volume of sales of pipe products in the first half of 2026 amounted to 1,173 thousand tons, of which the volume of sales of seamless pipes — 1,002,5 thousand tons, welded pipes — 170,5 thousand tons. - Revenue amounted to 149.4 billion rubles. - Adjusted EBITDA amounted to 22.2 billion rubles, and the EBITDA margin was 14.8%. - Net debt as of June 30, 2026 amounted to 308.3 billion rubles. - The ratio of net debt to adjusted LTM EBITDA as of June 30, 2026 was 5.95x.
Due to negative market trends, revenue
