Group 1 - Tenaris S.A. has received a notification of a securities transaction from a person discharging managerial responsibilities, in compliance with Regulation (EU) No 596/2014 and applicable Luxembourg laws [1] - The notification has been filed with the Luxembourg Commission de Surveillance du Secteur Financier and the Luxembourg Stock Exchange, and is accessible online [1] - Information on transactions reported by persons discharging managerial responsibilities in Tenaris is publicly available on the company's website [1] Group 2 - Tenaris is a leading global supplier of steel tubes and related services for the energy industry and certain other industrial applications [2]

Tenaris (NYSE:TS) is one of the cheap energy stocks to buy right now. On February 19, Tenaris reported financial results for 2025, closing the year with $12 billion in annual sales and a robust net cash position of $3.3 billion. Despite a challenging geopolitical landscape and the heavy impact of 50% Section 232 tariffs in the US, the company generated $2 billion in free cash flow for the year. Q4 specifically saw sales of $3 billion, which was a 5% year-over-year increase, supported by steady demand in ...

Core Viewpoint - Tenaris S.A. has decided to terminate the second tranche of its Share Buyback Program effective March 3, 2026, due to market volatility and potential financial implications [1][3]. Group 1: Share Buyback Program Details - The second tranche of the Share Buyback Program was initially announced on May 27, 2025, with a total value of USD 600 million [2]. - This tranche commenced on November 3, 2025, and was scheduled to conclude by April 30, 2026 [2]. - As of the announcement, Tenaris has repurchased 29,295,219 ordinary shares at an aggregate cost of approximately USD 583.6 million, nearing the completion of its targeted repurchases [2]. Group 2: Rationale for Termination - The decision to terminate the buyback program was influenced by high market volatility, which could lead to significant additional payouts to the counterparty under the existing buyback agreement [3]. - The termination was executed following the expiration of the blackout period related to the company's annual earnings release on February 20, 2026 [3]. Group 3: Future Considerations - The board of directors of Tenaris will evaluate the possibility of pursuing additional buyback programs in the future [4].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Tenaris S.A. (TS) - Tenaris S.A. currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance [3] Price Performance - Over the past week, TS shares have increased by 7.55%, outperforming the Zacks Steel - Pipe and Tube industry, which rose by 0.94% [5] - In a longer timeframe, TS shares have risen by 17.62% over the past month, compared to the industry's 9.74% [5] - Over the last quarter, TS shares have increased by 29.93%, and over the past year, they are up 38.4%, while the S&P 500 has only moved 5.97% and 14.19%, respectively [6] Trading Volume - TS's average 20-day trading volume is 1,541,966 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, three earnings estimates for TS have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $3.30 to $3.42 [9] - For the next fiscal year, one estimate has moved upwards, with no downward revisions during the same period [9] Conclusion - Given the strong momentum indicators and positive earnings outlook, TS is recommended as a 2 (Buy) stock with a Momentum Score of A, making it a potential candidate for near-term investment [11]

FORM 6 - K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a - 16 or 15d - 16 of the Securities Exchange Act of 1934 As of February 18, 2026 TENARIS, S.A. (Translation of Registrant's name into English) 26, Boulevard Royal, 4th floor L-2449 Luxembourg (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F. Form 20-F ✓ Form 40-F ___ Date: February 18, 2 ...

Financial Data and Key Metrics Changes - In Q4 2025, sales reached $3 billion, a 5% increase year-over-year and a 1% increase sequentially, driven by resilient sales to rig direct customers in the U.S. and Canada [4] - EBITDA for the quarter was $717 million, down 5% sequentially, representing 24% of sales, impacted by 50% Section 232 tariffs in the U.S. [4] - The net cash position decreased to $3.3 billion after dividend payments, share buybacks, and capital expenditures [5] - The company proposed an annual dividend of $0.89 per share, a 7% increase compared to the previous year [6] Business Line Data and Key Metrics Changes - Average selling prices in the tube operating segment decreased by 1% year-over-year and were flat sequentially [4] - The U.S. production and supply chain system achieved a record level of production, with 90% of U.S. sales coming from this system [10] Market Data and Key Metrics Changes - In the U.S. and Canada, the oil and gas industry saw consolidation and productivity improvements, with a lower rig count impacting operations [9] - In Latin America, domestic companies raised over $4 billion for infrastructure and production expansion in the Vaca Muerta fields [12] - The Middle East saw a long-term agreement for OCTG supply to Qatar's Northwest Field development, with enhanced Rig Direct services in the UAE [13] Company Strategy and Development Direction - The company aims to enhance operational efficiency and digital integration while reducing environmental impact [13][14] - Tenaris is focusing on offshore projects and expects to renew its order backlog as new offshore projects are sanctioned globally [11] - The company is investing in expanding its fracking and coiled tubing service business in Argentina [12] Management's Comments on Operating Environment and Future Outlook - Management noted the resilience of operations amid geopolitical disruptions and lower activity in key markets, with a stable performance expected in Q1 2026 [8][19] - The company anticipates a gradual increase in drilling activity in Argentina in the second half of 2026, driven by increased investment confidence [44] - Management expressed caution regarding long-term forecasts due to market volatility but indicated a stable outlook for margins and results in the near term [19][20] Other Important Information - The company is actively monitoring pricing pressures in international markets, with stability observed in premium products [29] - The company is assessing competitive dynamics in Argentina following a tender loss to an Indian company, considering potential anti-dumping actions [87] Q&A Session Questions and Answers Question: Outlook for Q1 and beyond - Management indicated relative stability in performance for Q1, with results expected to be in line with Q4 [19] Question: Margin resilience and tariff impacts - Management noted ongoing efficiency improvements and expected a slight reduction in tariff impacts in Q1 [22][23] Question: Pricing pressure in international markets - Management observed stability in premium product pricing, with some pressure in lower-end applications [30] Question: Buyback philosophy - Management confirmed ongoing share buyback programs, with decisions to be made based on cash availability and market conditions [36] Question: Pipe Logix pricing indices - Management discussed the impact of welded pipe imports on pricing indices and anticipated a gradual alignment with higher hot-rolled coil prices [41][42] Question: Argentina's market dynamics - Management highlighted increased investment confidence post-elections and expected a gradual increase in drilling activity in 2026 [44][46] Question: Venezuela opportunities - Management indicated potential for $50 million in revenue from Venezuela in 2026, with upside potential depending on market developments [90] Question: Middle East and Mexico outlook - Management noted ongoing high activity levels in the Middle East and gradual improvements in Pemex's situation in Mexico [100][98]

Tenaris (NYSE:TS) Q4 2025 Earnings call February 19, 2026 07:30 AM ET Company ParticipantsCarlos Gómez Álzaga - CFOGabriel Podskubka - COOGiovanni Sardagna - Investor Relations OfficerGuillermo Moreno - President, U.S. OperationsPaolo Rocca - Chairman and CEOConference Call ParticipantsAlessandro Pozzi - Senior Equity Research AnalystArun Jayaram - Senior Equity Research AnalystJamie Franklin - VP of Energy Equity Research and Senior AnalystKévin Roger - Head of Energy Equipment & Services and Senior Equity ...

Financial Data and Key Metrics Changes - In Q4 2025, sales reached $3 billion, a 5% increase year-over-year and a 1% increase sequentially, driven by resilient sales to rig direct customers in the U.S. and Canada [3] - EBITDA for the quarter was $717 million, down 5% sequentially, representing 24% of sales, impacted by 50% Section 232 tariffs in the U.S. [3] - The net cash position decreased to $3.3 billion due to a $300 million interim dividend, $537 million in share buybacks, and $123 million in capital expenditures [4] - Free cash flow for the year was $2 billion, fully distributed to shareholders through dividends and buybacks [6] Business Line Data and Key Metrics Changes - Average selling prices in the tube operating segment decreased by 1% year-over-year and were flat sequentially [3] - The U.S. production and supply chain system achieved a record level of production, with 90% of U.S. sales coming from enhanced operational efficiency [8] Market Data and Key Metrics Changes - In the U.S. and Canada, the oil and gas industry saw consolidation and productivity improvements, with a lower rig count impacting operations [7] - In Latin America, domestic companies raised over $4 billion for infrastructure and production expansion in the Vaca Muerta fields, while in Venezuela, services to Chevron resumed [11] - The Middle East saw a long-term agreement for OCTG supply to Qatar and enhanced Rig Direct services in the UAE, with a focus on reducing environmental impact [12][13] Company Strategy and Development Direction - Tenaris aims to enhance its operational efficiency and digital integration while reducing environmental impact, with a commitment to sustainability [13] - The company is focusing on offshore projects and expects to renew its order backlog as new projects are sanctioned globally [10] - The strategy includes increasing the annual dividend by 7% and maintaining a strong cash position to support shareholder returns [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stable performance for Q1 2026, with no immediate disruptions expected [18] - The geopolitical environment and energy market volatility make medium-term forecasts challenging, but a stable margin and top-line performance are anticipated [19] - The company is monitoring pricing pressures in international markets, particularly in premium products, while maintaining a stable pricing outlook [27][29] Other Important Information - The company is investing in expanding its fracking and coil tubing services in Argentina, anticipating increased drilling activity by the end of 2026 [11][19] - Tenaris is positioned to benefit from potential increases in offshore investments, with significant projected investments in deepwater projects for 2027 [55][56] Q&A Session Summary Question: Outlook for Q1 and beyond - Management indicated a stable performance in Q1 2026, with results expected to be in line with Q4 2025 [18] Question: Impact of tariffs on margins - Management noted ongoing efficiency improvements and a slight reduction in tariff impacts expected in Q1 2026 [21] Question: Pricing pressure in international markets - Management observed stability in premium product pricing, with some pressure in lower-end applications [27] Question: Buyback program philosophy - The buyback program remains a key component of shareholder returns, with decisions pending on future tranches [32] Question: Argentina's drilling activity - Management expects increased drilling activity in Argentina in the second half of 2026, driven by improved investment confidence [42] Question: Venezuela opportunities - Short-term revenue potential in Venezuela is estimated at $50 million for 2026, with expectations for growth as more companies resume operations [87]

Core Insights - Tenaris S.A. reported revenue of $3 billion for the quarter ended December 2025, reflecting a 5.3% increase year-over-year and exceeding the Zacks Consensus Estimate of $2.92 billion by 2.46% [1] - The company's EPS was $0.87, down from $0.94 in the same quarter last year, but it surpassed the consensus estimate of $0.76 by 14.17% [1] Financial Performance - Tubes sales volume for seamless products reached 776 Kmt, exceeding the average estimate of 762.73 Kmt [4] - Total tubes sales volume was 969 Kmt, compared to the average estimate of 951.08 Kmt [4] - Welded tubes sales volume was 193 Kmt, surpassing the average estimate of 188.35 Kmt [4] - Net sales for Tubes in North America were $1.46 billion, above the average estimate of $1.39 billion, marking a year-over-year increase of 28.7% [4] - Net sales for Tubes in Asia Pacific, Middle East, and Africa were $697 million, slightly below the average estimate of $700.72 million, with a year-over-year increase of 10.8% [4] - Net sales for Tubes in Europe were $187 million, slightly above the average estimate of $184.88 million, but represented a significant year-over-year decline of 45.2% [4] - Net sales for Tubes in South America were $501 million, below the average estimate of $517.46 million, reflecting a year-over-year decrease of 15.8% [4] - Net sales for other categories reached $156 million, exceeding the average estimate of $132.18 million, with a year-over-year increase of 4% [4] - Total net sales for Tubes were $2.84 billion, slightly above the average estimate of $2.8 billion, representing a 5.3% year-over-year increase [4] Operating Income - Operating income for other segments was reported at $38 million, significantly higher than the average estimate of $18.35 million [4] - Operating income for Tubes was $516 million, exceeding the average estimate of $476.89 million [4] Stock Performance - Tenaris shares have returned 16.6% over the past month, while the Zacks S&P 500 composite has decreased by 1.3%, indicating strong relative performance [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]

Core Insights - Tenaris S.A. reported its financial results for the fourth quarter and full year of 2025, showing resilience in sales despite challenging market conditions [2][3]. Financial Performance - In Q4 2025, net sales reached $2,995 million, a 1% increase from Q3 2025 and a 5% increase from Q4 2024 [3]. - Operating income for Q4 2025 was $554 million, down 7% from Q3 2025 and down 1% from Q4 2024 [3]. - Net income for Q4 2025 was $461 million, a 2% increase from Q3 2025 but an 11% decrease from Q4 2024 [3]. - The company reported EBITDA of $717 million in Q4 2025, reflecting a 5% decrease from Q3 2025 and a 1% decrease from Q4 2024 [3]. Cash Flow and Liquidity - Free cash flow for Q4 2025 was $665 million, with a net cash position of $3.3 billion as of December 31, 2025 [4][19]. - Cash generated from operating activities in Q4 2025 was $787 million, significantly higher than $318 million in Q3 2025 [18]. Market Background and Outlook - The oil and gas sector is experiencing volatility, but companies are optimistic about long-term demand and investment plans [5]. - Drilling activity in the U.S. and Canada is expected to remain stable, while no major changes are anticipated in other regions [5][6]. Dividend Proposal - The board of directors plans to propose a dividend of $0.89 per share, totaling approximately $900 million, subject to shareholder approval [7]. Segment Performance - In the Tubes segment, net sales for Q4 2025 were $2,839 million, a 1% decrease from Q3 2025 but a 5% increase year-on-year [8]. - Seamless pipe sales volume in Q4 2025 was 776 thousand metric tons, a 1% decrease from Q3 2025 but a 4% increase from Q4 2024 [8]. - The Others segment saw a 51% increase in net sales sequentially, driven by resumed fracking and coiled tubing services in Argentina [12]. Annual Results - For the full year 2025, net sales totaled $11,981 million, a 4% decrease from 2024 [20]. - Operating income for 2025 was $2,283 million, down 6% from 2024 [20]. - The Tubes segment reported net sales of $11,400 million for 2025, a 4% decrease from 2024 [22].