Interpipe

Interpipe reported 1H25 revenues of $572m (+6.8% y-o-y), EBITDA of $166m (+27% y-o-y) with a 29% margin (+4.6pp y-o-y), and net income of $107m (-17% y-o-y). By segment, pipe EBITDA rose 67% y-o-y to $85m, while wheel and steel EBITDA were broadly stable at $26m and $55m, respectively. On a pass-through basis (without allocating steelmaking costs), pipe EBITDA rose 40% y-o-y to $128m, and wheel EBITDA declined 2.2% y-o-y to $36m.

Interpipe reported 1Q25 net sales of $269m (+8.7% q-o-q), while EBITDA fell 21% q-o-q to $66m, with the EBITDA margin narrowing to 25%. Net income declined by 53% q-o-q to $36m. Pipe sales rose 27% q-o-q to 147 kt, while wheel sales remained flat at 26 kt. Average realized pipe prices dropped 17% q-o-q to $1,551/t, and wheel prices declined 4.4% q-o-q to $2,211/t. Energy and input costs continued to rise overall: average electricity prices were stable q-o-q at $138/MWh (yet +60% y-o-y), while gas prices jumped 16% q-o-q to $412/tcm (+35% y-o-y) and scrap prices rose 11% q-o-q to $217/t.