PJSC TMK (TMK or the Group), a leading supplier of steel pipes, pipe solutions and related services for various sectors of the economy, announces its audited consolidated results of operations for the year ended December 31, 2025, in accordance with International Financial Reporting Standards (IFRS).

By the end of 2025, the demand for pipe products has decreased. The ongoing geopolitical uncertainty, along with the harsh monetary policy conditions of the Bank of Russia, led to a decrease in business activity in almost all pipe-consuming industries. The slowdown in industrial production and the implementation of investment projects continued to put pressure on demand dynamics. A drop in pipe purchases in the domestic market was observed by enterprises of the fuel and energy complex (fuel and energy complex), as well as consumers of industry and regional markets. At the same time, in the medium term, the basis is being created for the restoration of steel pipe consumption due to the formation of pent-up demand simultaneously with the resumption of major infrastructure projects.

Against the background of a reduction in sales volumes, TMK's revenue in 2025 decreased by 24.0% to RUB 404.4 billion. Adjusted EBITDA (hereinafter referred to as EBITDA) fell by 19.2% year–on-year and amounted to 74.7 billion rubles. The EBITDA margin increased by 1.1 percentage points and amounted to 18.5%. The growth of financial expenses against the background of the tight monetary policy of the Bank of Russia continued to put pressure on the Group's net result. However, a gradual decrease in the level of interest rates and the cost of debt financing led to a reduction in the weighted average rate on bank loans and TMK bonds – as of the end of 2025 it was at 16.8% (as of the end of 2024 - 19.8%). We expect that further monetary policy easing will help optimize the company's financial expenses in the medium term.

On January 1, 2026, TMK completed the merger of eight key controlled companies into the parent company. Volzhsky Trubny (VTZ), Pervouralsky Novotrubny (PNTZ), Seversky Trubny (STZ), Sinarsky Trubny (SinTZ), Taganrog Metallurgical (TAGMET) Both the Chelyabinsk Pipe Rolling (ChelPipe) Plants, as well as TMK Pipeline Solutions and the TMK Trading House, have continued their activities as branches of PJSC TMK since January 1, 2026. The changes were made in order to optimize the corporate management structure and increase operational efficiency by consolidating key business processes and intra-group financial flows. The joining of subsidiaries to TMK will strengthen inter-factory cooperation, free up working capital, and expand opportunities.

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