Tenaris S.A. Q3 2026 Earnings Recap

Tenaris shares rose 5.2% after results that management said were better than expected, with sequential EBITDA growth and a forecast for a further step-up in fourth-quarter revenue. The outlook points to close to 10% revenue growth in Q4, driven mostly by volume, while mix is expected to limit price increases.

Key Takeaways

• Q3 sales were $3.1 billion, up 4% year over year and 5% sequentially; tube selling prices excluding third-party pipe services rose 4% year over year and 2% sequentially.
• EBITDA increased 16% sequentially to $756 million, with a 24% margin. Management attributed the recovery to favorable mix, efficient operations, and maintenance delays, despite higher raw material, energy, and logistics costs.
• Operating cash flow was $366 million, including a $270 million working-capital increase; capex was $98 million, free cash flow was $168 million, and net cash reached $3.8 billion.
• Management expects Q4 revenue to increase close to 10%, mostly on higher volume across most markets; product mix is expected to constrain price gains.
• The company reported higher U.S. drilling activity and OCTG prices, increased Saudi call-offs, and pipeline and OCTG awards in Argentina and Venezuela, while expecting offshore pipeline deliveries to increase in Q4 and into 2027.