Companies reporting this week are generally global Eqmt. & Tech suppliers, making tariffs somewhat more in focus, and while none are pure-plays, most have a good chunk of NAm land exposure, making activity/pricing expectations in this market a key focus. Constructive GTLS, TS; Cautious NBR. Key Takeaways For stocks reporting this week, GTLS, NBR, NOV*, TS (*note: NOV reported 2Q results yesterday), we lower our 2025 / 2026E EBITDA by 2% / 4%. See revisions details in What's Changed? , our earnings cheat she ...

Financial Data and Key Metrics Changes - The company's second quarter sales reached EUR 3.1 billion, down 7% year-on-year but up 6% sequentially, primarily due to increased North American OCTG prices and stable volumes [4] - EBITDA for the quarter was up 5% sequentially to USD 733 million, with an EBITDA margin close to 24% [4] - Operating cash flow was USD 673 million, with capital expenditure of USD 135 million, resulting in a free cash flow of USD 538 million [5] - The net cash position amounted to EUR 3.7 billion at the end of the quarter after dividend payments and share buybacks [5] Business Line Data and Key Metrics Changes - Average selling prices in the Tubes operating segment decreased by 2% compared to the same quarter last year but increased by 6% sequentially [4] - The cost of sales rose by 5%, mainly due to product mix differences and higher tariff payments [5] Market Data and Key Metrics Changes - The U.S. Section 232 tariff on steel imports increased from 25% to 50%, creating market uncertainty and affecting competitive dynamics [8] - The company expects that the current broad-based tariff approach will eventually shift to a more specific product-based approach, impacting prices once excess inventories are drawn down [9] Company Strategy and Development Direction - The company is well-positioned to serve the U.S. market with its strong domestic production base and efficient seamless pipe mill [9] - The company is focusing on expanding its service bases in emerging markets like Suriname and the Vaca Muerta shale play in Argentina, which are key growth areas [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted that while drilling activity has slowed in several areas, sales rose sequentially, indicating a solid industrial and commercial position [6] - The company anticipates lower sales in the third quarter due to various factors, including lower invoicing in fracking operations and reduced shipments of line pipe [18][20] - Management expressed confidence in the long-term outlook for the offshore market, with a positive backlog building for 2026 [24][26] Other Important Information - The company has set up local service bases to support operations in the Guyana-Suriname Basin and is involved in developing pipeline infrastructure in Argentina [11][12] - The company is actively monitoring the M&A environment and is open to opportunities that align with its growth strategy [102] Q&A Session Summary Question: Outlook for 2025 considering tariff impacts and activity levels - Management expects lower sales in the third quarter due to various factors, including lower invoicing in fracking operations and reduced shipments of line pipe [18][20] Question: Insights on project pipeline for 2026 - Management indicated a positive outlook for the offshore market and is building an important backlog for 2026, with several projects expected to be sanctioned soon [24][26] Question: Margin expectations for Q3 and Q4 - Management expects margins to be slightly below the current quarter but within the range of 20% to 25% [37] Question: Sales outlook in Argentina - Management noted a reduction in rigs operating in Argentina and a cautious approach to investments in Vaca Muerta, impacting overall sales [39][42] Question: Impact of imports on market share - Management indicated that imports represent a significant share of demand in the U.S., and the increased tariffs are expected to impact prices and market dynamics [47] Question: Update on Pemex and its impact on operations - Management expressed optimism about Pemex's financial situation and its potential to increase operational activity, which could positively impact sales [72][73] Question: Exposure to gas markets in the U.S. - Management confirmed exposure to gas markets, particularly in Haynesville and Appalachia, with expectations for growth in these areas [80][81] Question: Current inventory levels and pricing dynamics - Management noted that inventory levels have increased due to elevated imports, which is putting pressure on prices [88]

Financial Data and Key Metrics Changes - Second quarter sales reached EUR 3.1 billion, down 7% year-on-year but up 6% sequentially, mainly due to increased North American OCTG prices and stable volumes [4] - EBITDA for the quarter was up 5% sequentially to USD 733 million, with an EBITDA margin close to 24% [4] - Operating cash flow was USD 673 million, with capital expenditure of USD 135 million, resulting in free cash flow of USD 538 million [5] - Net cash position amounted to EUR 3.7 billion at the end of the quarter after dividend payments and share buybacks [5] Business Line Data and Key Metrics Changes - Average selling prices in the Tubes operating segment decreased by 2% year-on-year but increased by 6% sequentially [4] - The company expects lower sales in the third quarter due to reduced invoicing in fracking operations and lower shipments of line pipe [16][20] Market Data and Key Metrics Changes - The U.S. Section 232 tariff on steel products increased from 25% to 50%, creating market uncertainty and affecting pricing dynamics [7] - The company anticipates that the current broad-based tariff approach will eventually shift to a more specific product-based approach [7] - The company noted that imports are expected to decrease as excess inventories are drawn down [8] Company Strategy and Development Direction - The company is focused on maintaining a strong U.S. domestic production base and enhancing its Rig Direct service to differentiate itself in the market [8] - The company is building local service bases in the Guyana Suriname Basin to support operations for major clients [11] - The acquisition of Shawcor is expected to enhance the company's ability to serve clients with a competitive offer and short lead times [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's solid industrial and commercial position despite a slowdown in drilling activity in some regions [6] - The outlook for the third quarter includes expectations of lower sales and invoicing due to various factors, including maintenance activities [20] - Management indicated that while the rig count in North America may not see a strong reduction, pricing dynamics will be influenced by tariff impacts [18] Other Important Information - The company has received significant project awards, including for the supply of casing and tubing for major projects in Brazil, Alaska, Nigeria, Angola, and the Mediterranean [9][11] - The company is optimistic about the development of the Vaca Muerta shale play in Argentina, despite current challenges [12][41] Q&A Session Summary Question: Outlook for 2025 considering tariff impacts and activity levels - Management noted that visibility for the third quarter is clearer, but the fourth quarter remains uncertain due to tariff negotiations and market dynamics [16][20] Question: Margins outlook for Q3 and Q4 - Management expects margins to be slightly below the current quarter but within the range of 20% to 25% [38] Question: Sales outlook in Argentina - Management indicated that the situation in Argentina is affected by reduced rig counts and cautious investment approaches [41] Question: Impact of imports on market share - Management stated that imports represent a significant share of demand in the U.S., and the tariff will impact pricing and market dynamics [49] Question: Potential for bringing forward share buybacks - Management confirmed that the second tranche of share buybacks will be considered in the upcoming Board meeting [51] Question: Sensitivity of revenues generated in Mexico - Management provided insights into the number of rigs operated by Pemex and the potential for increased shipments in the future [100] Question: Expectations for the Middle East market - Management noted that while Saudi Arabia has seen reduced activity, other regions in the Middle East are maintaining stable drilling levels [71] Question: Exposure to gas markets in the U.S. - Management highlighted the company's growing activity in gas markets, particularly in Haynesville and Appalachia [86] Question: Inventory levels and pricing dynamics - Management discussed the impact of increased imports on inventory levels and pricing pressures in the U.S. market [92]

Core Insights - Tenaris S.A. reported a revenue of $3.09 billion for the quarter ended June 2025, reflecting a decrease of 7.1% year-over-year, while EPS increased to $0.99 from $0.59 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $3.01 billion by 2.54%, and the EPS also surpassed the consensus estimate of $0.88 by 12.5% [1] Financial Performance Metrics - Tubes Sales volume for Seamless was 803.00 Kmt, exceeding the average estimate of 778.36 Kmt [4] - Total Tubes Sales volume reached 982.00 Kmt, slightly above the average estimate of 978.87 Kmt [4] - Welded Tubes Sales volume was 179.00 Kmt, below the average estimate of 200.50 Kmt [4] - Net sales for Tubes in North America were $1.4 billion, surpassing the average estimate of $1.26 billion, but showing a year-over-year decline of 0.5% [4] - Net sales for Tubes in Asia Pacific, Middle East, and Africa were $771 million, below the estimated $809.92 million, representing a 4.8% decline year-over-year [4] - Net sales for Tubes in Europe were $215 million, slightly above the average estimate of $208.36 million, but down 19.5% year-over-year [4] - Net sales for Tubes in South America were $531 million, below the average estimate of $566.22 million, reflecting an 8.8% decline year-over-year [4] - Revenues from Other segments were $166 million, exceeding the average estimate of $157.38 million, but down 34.4% year-over-year [4] - Total Revenues from Tubes were $2.92 billion, above the average estimate of $2.86 billion, but down 4.9% year-over-year [4] - Operating income from Other segments was $29 million, slightly below the average estimate of $32 million [4] - Operating income from Tubes was $554 million, in line with the average estimate of $551.36 million [4] Stock Performance - Tenaris shares returned +3.2% over the past month, compared to the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Viewpoint - Tenaris S.A. reported its financial results for the second quarter of 2025, showing a sequential increase in net sales and operating income compared to the first quarter of 2025, but a decline compared to the same quarter in 2024 [2][3][4]. Financial Performance - Net sales for Q2 2025 were $3,086 million, a 6% increase from Q1 2025 but a 7% decrease from Q2 2024 [3][4]. - Operating income rose to $583 million in Q2 2025, up 6% sequentially and 14% year-on-year [3][4]. - Net income for Q2 2025 was $542 million, reflecting a 5% increase from Q1 2025 and a 56% increase from Q2 2024 [3][4]. - EBITDA for Q2 2025 was $733 million, a 5% increase from Q1 2025 and a 13% increase from Q2 2024 [3][4]. Segment Analysis - Tubes segment net sales increased 6% sequentially to $2,920 million but decreased 7% year-on-year [9][10]. - Seamless pipe sales volume was 803 thousand metric tons in Q2 2025, a 4% increase from Q1 2025, while welded pipe sales volume decreased by 16% [9][10]. - North America saw a 13% increase in net sales for the Tubes segment compared to Q1 2025, driven by higher OCTG prices [9][10]. Cash Flow and Liquidity - Free cash flow for Q2 2025 was $538 million, with a net cash position of $3.7 billion as of June 30, 2025 [5][18]. - Cash generated from operating activities was $673 million in Q2 2025, down from $821 million in Q1 2025 [17][18]. Market Outlook - Oil prices have softened due to OPEC+ production cuts and subdued demand growth amid economic uncertainty [6][7]. - U.S. OCTG imports are expected to decline due to increased tariffs, which may lead to higher prices over time [7]. Operational Efficiency - Selling, general and administrative expenses (SG&A) were $484 million, representing 15.7% of net sales in Q2 2025, slightly up from 15.6% in Q1 2025 [12]. - Operating working capital days were 128 days as of June 30, 2025, compared to 129 days in the previous year [53].

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 June 27, 2025 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 _Ö_ Form 40-F ___ The attached material is being furnished to the Securities and Exchange Commission p ...

LUXEMBOURG, June 18, 2025 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”, or the “Company”) announced today that the Company’s controlling shareholder, San Faustin S.A. (“San Faustin”), has notified the Company that, as a result of Tenaris’s open market repurchases of own shares under its share buyback program publicly announced on May 27, 2025, San Faustin has passively crossed a voting rights threshold triggering a notice requirement under the Luxembourg Transparency ...

Core Insights - The article emphasizes the importance of conducting thorough due diligence before making investment decisions, highlighting that past performance does not guarantee future results [3]. Group 1 - The content expresses that the author's opinions are personal and do not constitute investment recommendations [2]. - It is noted that the author has no financial positions in the companies mentioned, indicating a lack of conflict of interest [1]. - The article clarifies that the views expressed may not reflect those of the platform as a whole, underscoring the diversity of opinions among contributors [3].

Group 1 - Tenaris S.A. announced a Share Buyback Program covering up to USD 1.2 billion, with a non-discretionary buyback agreement with a primary financial institution [1][2] - The buyback program will be executed in compliance with applicable regulations, allowing purchases during closed periods [2] - The first tranche of the program will cover up to USD 600 million and will commence on June 9, 2025, ending no later than December 8, 2025 [3] Group 2 - Ordinary shares purchased under the program will be cancelled in due course, following the authority granted by the general meeting of shareholders held on May 6, 2025 [3] - Tenaris is recognized as a leading global supplier of steel tubes and related services for the energy industry and other industrial applications [5]

Group 1 - Tenaris S.A. announced a share buyback program of up to $1.2 billion, representing approximately 74 million shares or 6.9% of its outstanding shares [1] - The buyback program is driven by significant cash flow generation and a strong balance sheet, with a maximum limit of 10% of the company's shares [2] - The program is expected to launch in June 2025 and will be executed through a primary financial institution [2] Group 2 - The buybacks may be paused or ceased at any time, subject to compliance with applicable laws and regulations [3] - Updates on the buyback program will be provided via press releases and on the Investors section of Tenaris's corporate website [3] - The buybacks will be conducted in compliance with the Market Abuse Regulation and other relevant regulations [3] Group 3 - Tenaris is a leading global supplier of steel tubes and related services for the energy industry and other industrial applications [5]