LUXEMBOURG, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) ("Tenaris") today announced its results for the quarter ended September 30, 2025 in comparison with its results for the quarter ended September 30, 2024.
Summary of 2025 Third Quarter Results(Comparison with second quarter of 2025 and third quarter of 2024)
3Q 2025
2Q 2025
3Q 2024
Net sales ($ million)
2,978
3,086
(3%)
2,915
2%
Operating income ($ million)
597
583
2%
537
11%
Net income ($ million)
453
542
(16%)
459
(1%)
Shareholders' net income ($ million)
446
531
(16%)
448
(1%)
Earnings per ADS ($)
0.85
0.99
(14%)
0.81
5%
Earnings per share ($)
0.43
0.50
(14%)
0.40
5%
EBITDA* ($ million)
753
733
3%
688
9%
EBITDA margin (% of net sales)
25.3%
23.7%
23.6%
*EBITDA in the third quarter of 2025 includes a $34 million gain recorded for the return of U.S. antidumping deposits paid on OCTG imports from Argentina for which the duty rate had been revised downwards. If this gain was not included EBITDA would have amounted to $719 million, or 24.1% of sales. For more information, see note 18 "Contingencies, commitments and restrictions to the distribution of profits, U.S. Antidumping Duty Investigations" included in the company's Consolidated Condensed Interim Financial Statements as of September 30, 2025.
In the third quarter, our sales of tubular products and services held up remarkably well as our Rig Direct® customers in US and Canada maintained a more stable level of activity than the rest of the market and we were able to complete some shipments ahead of schedule in the Middle East. Our sales in our Argentine fracking and coiled tubing services unit, however, were affected by a temporary lack of activity. Our margins also held up well although they still do not reflect the full impact of recent tariff increases.
Free cash flow for the quarter declined to $133 million as working capital rose by $312 million, largely due to an increase in trade receivables. Our net cash position also declined to $3,483 million as we spent a further $351 million in our share buyback program.
Interim Dividend Payment
Our board of directors approved the payment of an interim dividend of $0.29 per share ($0.58 per ADS), or approximately $300 million, according to the following timetable:
Payment date: November 26, 2025
Record date: November 25, 2025
Ex-dividend for securities listed in the United States: November 25, 2025
Ex-dividend for securities listed in Europe and Mexico: November 24, 2025
Market Background and Outlook
Oil prices have softened as inventories and production from OPEC+ countries, deepwater and shale plays across the Americas increase, but remain volatile amidst a high level of geopolitical and economic uncertainty. Although there has been some reduction in oil drilling in recent months in the United States, Canada and Saudi Arabia, overall drilling activity remains resilient as operators focus on the longer-term outlook and reducing operational costs.
In the United States, following the increase in tariffs on imports of steel products from 25% to 50% in June, OCTG imports are coming down from the high levels of the first half but inventories remain at high levels and OCTG prices have yet to reflect the increased costs of the tariffs.
In Argentina, the results of the mid-term congressional elections may reduce uncertainty and improve financing conditions for the further development of the Vaca Muerta shale play.
For the fourth quarter, we expect our sales to remain close to the level of the third quarter, but our costs and margins will be affected by the full impact of the increase in tariff costs.
Analysis of 2025 Third Quarter Results
Tubes
The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:
Tubes Sales volume (thousand metric tons)
3Q 2025
2Q 2025
3Q 2024
Seamless
780
803
(3%)
746
5%
Welded
199
179
11%
191
4%
Total
979
982
0%
937
4%
The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:
Tubes
3Q 2025
2Q 2025
3Q 2024
(Net sales - $ million)
North America
1,450
1,403
3%
1,273
14%
South America
520
531
(2%)
484
8%
Europe
189
215
(12%)
280
(33%)
Asia Pacific, Middle East and Africa
716
771
(7%)
754
(5%)
Total net sales ($ million)
2,875
2,920
(2%)
2,790
3%
Services performed on third party tubes ($ million)
109
110
0%
97
13%
Operating income ($ million)
592
554
7%
527
12%
Operating margin (% of sales)
20.6%
19.0%
18.9%
Net sales of tubular products and services decreased 2% sequentially and increased 3% year on year. Overall volumes decreased slightly with a 3% decline in seamless volumes being offset by an 11% increase in welded volumes. Average selling prices decreased 1% mainly due to a less favorable product mix. In North America sales were stable in the United States and Canada while in Mexico sales increased supported by sales for the Trion deepwater project. In South America we had lower sales in Brazil and of coating services in Guyana largely compensated by deliveries for the Vaca Muerta Sur pipeline in Argentina. In Europe sales declined due to lower sales to the North Sea and marginally lower level of shipments of mechanical pipes to distributors. In Asia Pacific, Middle East and Africa sales declined due to lower shipments for offshore line pipe projects and for a gas processing plant in Algeria.
Operating results from tubular products and services amounted to a gain of $592 million in the third quarter of 2025 compared to a gain of $554 million in the previous quarter and a gain of $527 million in the third quarter of 2024. In the third quarter of 2025 Tubes operating income includes a $34 million gain recorded in cost of sales, reflecting the return of U.S. antidumping deposits paid on OCTG imports from Argentina for which the duty rate had been revised downwards.
Others
The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:
Others
3Q 2025
2Q 2025
3Q 2024
Net sales ($ million)
103
166
(38%)
125
(17%)
Operating income ($ million)
5
29
(84%)
10
(53%)
Operating margin (% of sales)
4.5%
17.3%
7.9%
Net sales of other products and services decreased 38% sequentially and decreased 17% year on year. Sequentially, sales decreased mainly due to lower sales of oilfield services in Argentina.
Selling, general and administrative expenses, or SG&A, amounted to $435 million, or 14.6% of net sales, in the third quarter of 2025, compared to $484 million, 15.7% in the previous quarter and $454 million, 15.6% in the third quarter of 2024. Sequentially, the decrease in SG&A is mainly due to a reversal of provisions for contingencies, lower labor costs and lower logistic costs.
Financial results amounted to a gain of $37 million in the third quarter of 2025, compared to a gain of $32 million in the previous quarter and a gain of $48 million in the third quarter of 2024. The financial result of the quarter is mainly attributable to a $47 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.
Equity in earnings (losses) of non-consolidated companies generated a loss of $9 million in the third quarter of 2025, compared to a gain of $33 million in the previous quarter and a gain of $8 million in the third quarter of 2024. This loss is mainly attributable to the result derived from our participation in Usiminas, partially offset by the positive result in Ternium (NYSE:TX).
Income tax charge amounted to $172 million in the third quarter of 2025, compared to $105 million in the previous quarter and $134 million in the third quarter of 2024. The quarter income tax charge includes the negative net effect from foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, mainly in Argentina.
Cash Flow and Liquidity of 2025 Third Quarter
Net cash generated by operating activities during the third quarter of 2025 was $318 million, compared to $673 million in the previous quarter and $552 million in the third quarter of 2024. During the third quarter of 2025 cash generated by operating activities is net of a working capital increase of $312 million.
With capital expenditures of $185 million, our free cash flow amounted to $133 million during the quarter. Following share buybacks of $351 million in the quarter, our net cash position amounted to $3.5 billion at September 30, 2025.
Analysis of 2025 First Nine Months Results
9M 2025
9M 2024
Increase/(Decrease)
Net sales ($ million)
8,986
9,679
(7%)
Operating income ($ million)
1,729
1,860
(7%)
Net income ($ million)
1,512
1,558
(3%)
Shareholders' net income ($ million)
1,484
1,520
(2%)
Earnings per ADS ($)
2.79
2.67
4%
Earnings per share ($)
1.39
1.34
4%
EBITDA* ($ million)
2,183
2,326
(6%)
EBITDA margin (% of net sales)
24.3%
24.0%
* EBITDA in 9M 2025 includes a $34 million gain from the return of U.S. antidumping deposits paid on OCTG imports from Argentina for which the duty rate had been revised downwards and in 9M 2024 includes a $174 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas.
Our sales in the first nine months of 2025 decreased 7% compared to the first nine months of 2024 as volumes of tubular products shipped decreased 2% and tubes average selling prices decreased 4% due to price declines in the Americas. Following the decrease in sales, EBITDA decreased 6% while EBITDA margin increased slightly. Operating income and EBITDA declined in line with sales. EBITDA in the first nine months of 2025 included a gain of $34 million for the return of U.S. antidumping deposits paid on OCTG imports from Argentina for which the duty rate had been revised downwards and in the first nine months of 2024 it includes a $174 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. Excluding these two effects, EBITDA in the first nine months of 2025 would have amounted to $2,149 million, or 23.9% of sales while EBITDA in the first nine months of 2024 would have amounted to $2,500 million, or 25.8% of sales. While shareholders' net income declined 2% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buybacks.
Cash flows provided by operating activities amounted to $1.8 billion during the first nine months of 2025, net of an increase in working capital of $62 million. After capital expenditures of $495 million, our free cash flow amounted to $1.3 billion. Following a dividend payment of $600 million and share buybacks for $825 million in the first nine months of 2025, our net cash position amounted to $3.5 billion at the end of September 2025.
The following table shows our net sales by business segment for the periods indicated below:
Net sales ($ million)
9M 2025
9M 2024
Increase/(Decrease)
Tubes
8,560
95%
9,212
95%
(7%)
Others
426
5%
467
5%
(9%)
Total
8,986
9,679
(7%)
Tubes
The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:
Tubes Sales volume (thousand metric tons)
9M 2025
9M 2024
Increase/(Decrease)
Seamless
2,359
2,328
1%
Welded
589
687
(14%)
Total
2,948
3,016
(2%)
The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:
Tubes
9M 2025
9M 2024
