Tenaris S.A. Earnings Recaps
Q3 2025
Oct 31, 2025
Tenaris reported third-quarter sales of $3 billion, reflecting a modest year-on-year increase despite sequential declines, bolstered by solid performance in North America amid softer market conditions.
Key takeaways
- Year-on-year sales grew by 2%, but sequential sales dipped by 3%, driven by lower activity in the North Sea and Middle East.
- EBITDA increased by 3% sequentially to $753 million, yielding a stable margin of 25%; adjusting for a $34 million one-off gain, EBITDA was $719 million.
- The board declared an interim dividend of $0.29 per share, a 7% increase compared to last year's dividend.
- Tenaris solidified its market position through strategic local production in North America, addressing supply chain challenges and enhancing customer service.
- The company's commitment to sustainability is evidenced by the recent activation of a new 95-megawatt wind farm in Argentina, advancing its carbon reduction goals.
Q2 2025
Aug 1, 2025
Tenaris reported a mixed performance in Q2 2025 with sales of $3.1 billion, reflecting a 7% decline year-on-year yet a 6% sequential increase, while EBITDA rose to $733 million, highlighting resilience amidst a challenging market.
Key takeaways
- Sequential sales increase driven by higher North American OCTG prices, though year-on-year sales fell.
- EBITDA margin remained stable at approximately 24%, reflecting improved operational efficiency.
- Strong cash flow with free cash flow of $538 million, despite significant dividend and share buyback commitments totaling $837 million.
- Anticipated impacts from U.S. Section 232 tariffs may bolster domestic production but create market uncertainty.
- Lower delivery expectations for offshore line pipe projects anticipated until 2026, although robust activity continues in the Guyana-Suriname Basin and Vaca Muerta shale play.