LUXEMBOURG, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Pursuant to applicable Luxembourg Transparency Law requirements, Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris” or the “Company”) announces that on December 17, 2025, the proportion of own ordinary shares acquired under its share buyback program and currently held in treasury has reached 5.07% of Tenaris’s voting rights. Ordinary shares repurchased under such program are being held in treasury (with their voting rights suspended) and will be ca ...

Group 1 - Tenaris S.A. announced a USD 1.2 billion Share Buyback Program, with the second tranche covering up to USD 600 million starting on November 3, 2025, and ending by April 30, 2026 [1][2] - The buyback will be executed by a primary financial institution independently, adhering to applicable regulations, including the Market Abuse Regulation [2] - Shares purchased under the Program will be cancelled in due course, authorized by the shareholders' meeting held on May 6, 2025 [3] Group 2 - Tenaris is recognized as a leading global supplier of steel tubes and related services for the energy industry and other industrial applications [5]

Financial Data and Key Metrics Changes - Third quarter sales reached $3 billion, up 2% year on year but down 3% sequentially, primarily due to lower sales to the North Sea and reduced shipments for offshore line pipe projects in the Middle East [4] - EBITDA for the quarter was $753 million, up 3% sequentially, with an EBITDA margin of 25%. Excluding a one-off gain of $34 million, EBITDA would have been $719 million or 24% of sales [4][5] - Operating cash flow was $318 million, with capital expenditure of $185 million, resulting in free cash flow of $133 million. After share buybacks of $351 million, the net cash position declined to $3.5 billion [5] Business Line Data and Key Metrics Changes - Average selling prices in the tubes operating segment decreased by 1% compared to the same quarter last year and sequentially [4] - Strong sales were noted in the U.S. for OCTG, with a shift from seamless to welded products due to tariff pressures [28] - The delivery of a significant pipeline project contributed to sales, but expectations for the fourth quarter indicate a return to previous delivery levels [28] Market Data and Key Metrics Changes - The U.S. market showed resilience with a strong customer portfolio maintaining activity levels despite softening oil prices [7] - In Argentina, the recent elections are expected to stimulate investment in the energy sector, particularly in the Vaca Muerta shale play [19] - The European market is benefiting from strengthened steel safeguard measures, which should positively impact operations [11] Company Strategy and Development Direction - The company is increasing production in the U.S. and Canada to ensure a reliable supply of high-quality products amid high tariff rates and trade restrictions [8] - A new service yard was opened in British Columbia to extend Rig Direct services, and production is ramping up to support this operation [9] - The company is focusing on sustainability, with new wind farms powering operations and reducing carbon emissions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the impact of the Argentinian elections on investment levels in the energy sector, anticipating increased rig activity and fracking operations [19] - The company expects a gradual increase in investment in the Vaca Muerta area and a positive outlook for offshore projects [10] - Management acknowledged the challenges posed by tariffs but indicated that the market is expected to stabilize, allowing for potential price recovery [21][37] Other Important Information - The board approved an interim dividend of $0.29 per share, a 7% increase compared to the previous year [6] - The company is committed to a cash return of around 11% to shareholders for the year, demonstrating resilience in a volatile environment [12] Q&A Session Summary Question: Implications of Argentinian elections on Tenaris - Management noted that the elections marked a turning point, with a clear victory for President Milei's party, leading to increased investor confidence and access to financing for oil companies [16][18] Question: Outlook for margins in Q4 - Management expects EBITDA to be lower in Q4 due to tariff impacts, estimating a range of single-digit declines [20][37] Question: Trends in sales mix and pipeline orders - Strong sales were attributed to OCTG and pipeline deliveries, with expectations for a return to previous levels in Q4 [28] Question: Profitability by region - Profitability varies by product rather than region, with offshore products generally being more profitable [92] Question: Working capital movement - The increase in working capital was driven by delayed payments from Pemex, which is expected to improve in Q4 [90][93] Question: Inventory levels and imports - Higher inventory levels were noted in welded pipes compared to seamless, with expectations for both to decrease [102] Question: Update on Mexico's oil field services - Management indicated that Pemex's financial recovery is expected to lead to increased drilling activity, benefiting Tenaris [72][108]

Financial Data and Key Metrics Changes - Third quarter sales reached $3 billion, up 2% year on year but down 3% sequentially, primarily due to lower sales to the North Sea and reduced shipments for offshore line pipe projects in the Middle East [4] - EBITDA for the quarter was $753 million, up 3% sequentially, with an EBITDA margin of 25%. Excluding a one-off gain of $34 million, EBITDA would have been $719 million or 24% of sales [4][5] - Operating cash flow was $318 million, with capital expenditure of $185 million, resulting in free cash flow of $133 million. After share buybacks of $351 million, the net cash position declined to $3.5 billion [5] Business Line Data and Key Metrics Changes - Average selling prices in the tubes operating segment decreased by 1% year on year and sequentially [4] - Sales to Rig Direct customers in the U.S. and Canada remained resilient despite overall rig activity slowing [7] - The company has been increasing production in the U.S. and Canada to ensure a reliable supply of high-quality products, with around 90% of U.S. sales of OCTG produced domestically [8] Market Data and Key Metrics Changes - The company noted a strong backlog for offshore projects, particularly in deepwater developments, which are expected to contribute significantly to future revenues [9][10] - In Argentina, the results of the Congressional midterm elections have improved conditions for financing the development of the Vaca Muerta shale play, leading to an expected increase in rig operations [10][19] Company Strategy and Development Direction - The company is focusing on increasing production in the U.S. and Canada to mitigate the impact of tariffs and trade restrictions [8] - A new service yard was opened in British Columbia to extend the scope of Rig Direct services in Canada, while production in Sault Ste. Marie is ramping up [9] - The company is also investing in renewable energy, with a new 95 megawatt wind farm operational, contributing to sustainability goals [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the Argentine market following the elections, anticipating increased investment and activity in the energy sector [19] - The company expects a gradual increase in investment in the Vaca Muerta shale play and other long-term projects [19] - Management acknowledged the impact of tariffs on costs but indicated that the company is taking steps to mitigate these effects through increased domestic production [51][93] Other Important Information - The board approved an interim dividend of $0.29 per share, a 7% increase compared to the previous year [6] - The company is experiencing a cash return of around 11% to shareholders for the year, reflecting strong financial performance [12] Q&A Session Summary Question: Implications of Argentinian elections on Tenaris - Management noted that the elections marked a turning point, with a clear victory for President Milei's party, leading to improved investor perception and access to financing for oil companies [16][18] Question: Outlook for margins in Q4 - Management expects EBITDA to be lower in Q4 due to the impact of tariffs, estimating an additional $40 million in costs related to tariffs [38][39] Question: Trends in sales and market share in North America - Management indicated that clients are gaining market share due to their resilience, and the company is also seeing increased sales despite lower rig counts [57][58] Question: Profitability by region - Management stated that profitability varies by product rather than region, with some products being more competitive than others [92] Question: Working capital movement in Q3 - The increase in working capital was attributed to delays in payments from Pemex, which is expected to improve in Q4 [93] Question: Inventory levels and imports - Management noted that inventory levels are higher for welded pipes than seamless, and both are expected to decrease moving forward [102]

Financial Data and Key Metrics Changes - Third quarter sales reached $3 billion, up 2% year on year but down 3% sequentially, primarily due to lower sales to the North Sea and reduced shipments for offshore line pipe projects in the Middle East [3] - EBITDA for the quarter was $753 million, up 3% sequentially, with an EBITDA margin of 25%. Excluding a one-off gain of $34 million, EBITDA would have been $719 million or 24% of sales [3] - Operating cash flow was $318 million, capital expenditure was $185 million, resulting in free cash flow of $133 million. After share buybacks of $351 million, the net cash position declined to $3.5 billion [4] Business Line Data and Key Metrics Changes - Average selling prices in the tubes operating segment decreased by 1% compared to the same quarter last year and sequentially [3] - The company maintained sales levels due to the strength of its customer portfolio, particularly in the U.S. and Canada, despite a slowdown in overall rig activity [7] Market Data and Key Metrics Changes - The company has increased production in the U.S. and Canada to ensure a reliable supply of high-quality products, with around 90% of U.S. sales of OCTG produced domestically [8] - The demand for electric energy is accelerating globally, with the production line for boiler and heat exchanger pipes in Europe operating at full capacity [12] Company Strategy and Development Direction - The company is focusing on increasing production in the U.S. and Canada to mitigate the impact of high tariff rates and trade restrictions [8] - A new service yard was opened in British Columbia to extend the scope of Rig Direct services, and production in Sault Ste. Marie is ramping up to support this operation [10] - The company is building a strong offshore order backlog for deliveries starting mid-next year, particularly for projects in Suriname and the Black Sea [11] Management's Comments on Operating Environment and Future Outlook - Management views the recent Argentinian elections as a turning point that could stimulate investment in the energy sector, particularly in the Vaca Muerta shale play [16][19] - The company expects an increase in the number of rigs operating in Argentina and a gradual rise in investment in energy projects [19] - Management anticipates that margins may trend lower in the fourth quarter due to the impact of tariffs on costs, with expected EBITDA in the range of single digits lower than the previous quarter [37][40] Other Important Information - The board approved an interim dividend of $0.29 per share, a 7% increase compared to the previous year [6] - The company has started operations at a new 95 megawatt wind farm, contributing to its sustainability goals [12] Q&A Session Summary Question: Implications of Argentinian elections on Tenaris - Management indicated that the elections marked a significant turning point, enhancing investor perception and access to financing for oil companies, which could stimulate investment in the energy sector [16][19] Question: Outlook for margins in the fourth quarter - Management acknowledged the impact of tariffs on costs and expected EBITDA to be lower, with margins anticipated to be slightly lower than in the third quarter [37][40] Question: Trends in sales and market share in North America - Management noted that clients are gaining market share due to their resilience and efficiency, despite lower rig counts [56] Question: Update on inventory levels and imports - Management confirmed that inventory levels are higher for welded pipes than seamless, with expectations for both to decrease [92] Question: Update on oil field services in Argentina - Management expects an increase in fracking operations and sales of pipes and services in Argentina due to improved access to financing [98] Question: Developments in Mexico and Petrobras contracts - Management highlighted positive developments in Mexico and increasing drilling activity by Petrobras, which will contribute to future sales [100]

Core Insights - Tenaris S.A. reported revenue of $2.98 billion for the quarter ended September 2025, reflecting a 2.2% increase year-over-year and surpassing the Zacks Consensus Estimate of $2.81 billion by 5.94% [1] - The company's EPS for the quarter was $0.85, up from $0.81 in the same quarter last year, exceeding the consensus EPS estimate of $0.75 by 13.33% [1] Revenue and Sales Performance - Tubes sales volume for seamless products reached 780.00 Kmt, exceeding the average estimate of 735.55 Kmt [4] - Total tubes sales volume was 979.00 Kmt, significantly higher than the three-analyst average estimate of 887.03 Kmt [4] - Welded tubes sales volume was 199.00 Kmt, surpassing the average estimate of 151.47 Kmt [4] - Net sales for Tubes in North America were $1.45 billion, above the average estimate of $1.35 billion, marking a year-over-year increase of 13.9% [4] - Net sales for Tubes in Asia Pacific, Middle East, and Africa were $716 million, slightly above the average estimate of $694.14 million, but down 5% year-over-year [4] - Net sales for Tubes in Europe were $189 million, below the average estimate of $194.81 million, representing a significant decline of 32.5% year-over-year [4] - Net sales for Tubes in South America were $520 million, exceeding the average estimate of $436.01 million, with a year-over-year increase of 7.4% [4] - Other net sales were reported at $103 million, below the average estimate of $139.44 million, reflecting a year-over-year decline of 17.6% [4] - Total net sales for Tubes amounted to $2.88 billion, surpassing the average estimate of $2.67 billion, with a year-over-year increase of 3.1% [4] Operating Income - Operating income for Other segments was $5 million, significantly lower than the average estimate of $21.23 million [4] - Operating income for Tubes was reported at $592 million, exceeding the average estimate of $462.28 million [4] Stock Performance - Tenaris shares have returned +5.4% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Tenaris S.A. reported its financial results for the third quarter of 2025, showing mixed performance compared to previous periods, with net sales slightly increasing year-on-year but declining sequentially, while operating income improved. Financial Performance - Net sales for Q3 2025 were $2,978 million, a 2% increase from Q3 2024 but a 3% decrease from Q2 2025 [3] - Operating income rose to $597 million, up 11% year-on-year and 2% sequentially [3] - Net income decreased by 1% year-on-year to $453 million, and fell 16% from the previous quarter [3] - EBITDA for Q3 2025 was $753 million, reflecting a 9% increase year-on-year, with an EBITDA margin of 25.3% [3][11] Segment Analysis - Tubes segment net sales decreased by 2% sequentially to $2,875 million but increased by 3% year-on-year [10] - Seamless pipe sales volume decreased by 3% sequentially but increased by 5% year-on-year, while welded pipe sales volume increased by 11% sequentially [10] - The North America region showed a 3% increase in net sales compared to Q2 2025, while Europe experienced a 12% decline [10] Cash Flow and Liquidity - Free cash flow for Q3 2025 was $133 million, down from $373 million in Q3 2024, primarily due to a $312 million increase in working capital [5][18] - The net cash position decreased to $3,483 million, impacted by $351 million spent on share buybacks [5][18] Dividend Announcement - The board approved an interim dividend of $0.29 per share, totaling approximately $300 million, with payment scheduled for November 26, 2025 [6][7] Market Outlook - Oil prices have softened due to increased inventories and production, leading to a volatile market environment [6] - Despite a reduction in drilling activity in the U.S., overall drilling remains resilient as operators focus on long-term strategies [8] - The company anticipates sales for Q4 2025 to remain stable compared to Q3, although costs and margins will be affected by tariff increases [9]

Group 1 - Tenaris S.A. has completed the first tranche of its USD1.2 billion Share Buyback Program, amounting to USD600 million [1][2] - During this tranche, Tenaris purchased 33,059,955 ordinary shares, which is 3.08% of its total issued share capital, for approximately €516,588,880 [2] - The shares acquired in this tranche will be held in treasury and Tenaris plans to cancel all treasury shares purchased under the Program in the future [2] Group 2 - Tenaris is recognized as a leading global supplier of steel tubes and related services for the energy industry and other industrial applications [5]

Core Points - Tenaris S.A. announced that its controlling shareholders, San Faustin S.A. and Techint Holdings S.à r.l., filed an amendment to their Schedule 13D with the SEC regarding their ownership stake in Tenaris [1] - The board of directors of San Faustin authorized Techint Holdings to sell a portion of its ordinary shares in Tenaris, ensuring that their ownership does not fall below 67% of the total outstanding shares [1] - The timing, amount, and manner of any potential sales will depend on market conditions, and there is no guarantee that any sales will occur [1] - The Reporting Persons do not currently plan to reduce their ownership below 67% but may buy or sell additional shares depending on market conditions [1] Company Overview - Tenaris is a leading global supplier of steel tubes and related services for the energy industry and other industrial applications [3]

Financial Position - Tenaris has a very solid financial base with a significant amount of cash and almost no debt, enabling it to provide good dividends and engage in share repurchases [1]