Financial Data and Key Metrics Changes - In Q4 2019, sales reached $1.7 billion, down 17% year-over-year and 1% sequentially, primarily due to a slowdown in Argentina and lower prices in the Americas [6][10] - Quarterly EBITDA was $290 million, down 10% sequentially, with EBITDA margins decreasing to around 17% due to a drop in average selling prices and higher professional fees related to the IPSCO acquisition [6][10] - Cash flow from operations was $264 million, and the net cash position rose by $60 million to $990 million after an interim dividend payment of $153 million and capital expenditures of $80 million [7][12] Business Line Data and Key Metrics Changes - Average selling prices in the tubes operating segments declined by 3% compared to Q4 2018 and Q3 2019 [6][10] - The integration of IPSCO is expected to initially act as a drag on results due to high inventory and operational losses, but synergies are anticipated to improve profitability in the second half of 2020 [13][45] Market Data and Key Metrics Changes - In the U.S. market, despite a 10% drop in rig count, the company maintained sales levels due to a significant drop in imports, which fell to 35% of demand in Q4 2019 [25][26] - The company expects a low recovery in Argentina and sees potential growth in the Gulf of Mexico and Brazil in the second half of 2020 [78][79] Company Strategy and Development Direction - The company aims to strengthen its position in key markets through the integration of IPSCO and the expansion of its technology portfolio [14][16] - A focus on reducing environmental impact and improving operational efficiency is emphasized, with a commitment to sustainability [17][20] Management's Comments on Operating Environment and Future Outlook - Management noted that 2019 was more challenging than expected, with a prolonged adjustment in drilling activity in the U.S. and political uncertainty in Argentina affecting investment [9][10] - The company does not expect substantial changes in the market environment in 2020, but is cautious about the potential impact of the Coronavirus on the global economy and oil prices [20][21] Other Important Information - The Board proposed an annual dividend of $0.41 per share, which includes the interim dividend already paid [7] - The company completed significant investments to improve air quality and reduce its environmental footprint [17][19] Q&A Session Summary Question: North American numbers and rig count performance - Management explained that despite a reduction in rig count, they maintained their position due to a significant drop in imports and leveraging their manufacturing footprint [25][26] Question: IPSCO asset performance and Q1 drag - Management acknowledged that IPSCO's performance would negatively impact Q1 results but emphasized that synergies would gradually improve profitability [29][45] Question: Expectations for first quarter revenues - Management indicated that Q1 EBITDA margins would align with Q4 margins, affected by IPSCO's drag and other costs [38][41] Question: Pricing expectations in the first quarter - Management noted that pricing dynamics are complex, with a 5% reduction in Pipe Logix pricing not fully reflected in their pricing [43] Question: Cash flow expectations for 2020 - Management expects a positive contribution from working capital in 2020, estimating around $200 million [73][74] Question: Extraordinary expenses related to IPSCO - Management estimated extraordinary expenses for Q1 to be in the range of $15 million to $20 million [80] Question: Normalized margins for IPSCO - Management stated that they expect to establish leadership in the market and improve margins through synergies and operational efficiencies [67][69] Question: International market pricing - Management indicated that international pricing remains competitive, with some positive momentum in specific niches [71] Question: Joint venture in Russia - Management confirmed that the joint venture in Russia is progressing well, with a planned investment of around $70 million for 2020 [92][94]

Tenaris S.A. (NYSE:TS) Q3 2019 Earnings Conference Call October 31, 2019 10:00 AM ET Company Participants Giovanni Sardagna – Director-Investor Relations Paolo Rocca – Chairman and Chief Executive Officer Alicia Mondolo – Chief Financial Officer Gabriel Podskubka – President-Eastern Hemisphere Operations Luca Zanotti – President-U.S. Operations Germán Curá - Vice Chairman Conference Call Participants Frank McGann – Bank of America Igor Levi – BTIG Sean Meakim – JPMorgan David Anderson – Barclays Marc Bianch ...

Tenaris SA (NYSE:TS) Q2 2019 Earnings Conference Call August 1, 2019 9:00 AM ET Company Participants Giovanni Sardagna - IR Director Paolo Rocca - Chairman & CEO Alicia Mondolo - CFO Gabriel Podskubka - President, Eastern Hemisphere Edgardo Carlos - CFO Guillermo Vogel - Vice Chairman Germán Curá - Vice Chairman Luca Zanotti - President, U.S.A. Operations Conference Call Participants Igor Levi - BTIG Frank McGann - Bank of America Merrill Lynch John Anderson - Barclays Bank Ian MacPherson - Simmons & Compan ...

Tenaris S.A (NYSE:TS) Q1 2019 Earnings Conference Call May 3, 2019 8:30 AM ET Company Participants Giovanni Sardagna – Investor Relations Paolo Rocca – Chairman and Chief Executive Officer Luca Zanotti – President of our U.S. Operations Gabriel Podskubka – President of our Eastern Hemisphere Operations Guillermo Vogel – Vice Chairman and member of our Board of Directors Edgardo Carlos – Chief Financial Officer German Cura – Vice Chairman and member of our Board of Directors Conference Call Participants Igor ...

WHEN: Friday May 3rd 2019 MARK YOUR CALENDAR Dear Financial Community Member: Tenaris S.A. would like to invite you to participate in a conference call to discuss the Company's First Quarter 2019 results. Please note that the press release will be issued after market close on Thursday, May 2nd 2019. Representing Tenaris will be Paolo Rocca, Chairman and Chief Executive Officer; Germán Curá, Board member and Vice Chairman, Guillermo Vogel, Board member and Vice Chairman; Edgardo Carlos, Chief Financial Offic ...

Financial Risks - The company is exposed to foreign exchange rate risk due to operations in multiple currencies, which could adversely affect financial condition and results of operations[66]. - The company's ability to pay dividends is dependent on the financial health of its subsidiaries and may be restricted by legal and contractual limitations[78]. - Cyberattacks pose a significant risk, potentially leading to operational disruptions and financial losses[77]. Regulatory Compliance - Compliance with anti-corruption laws is critical, as violations could lead to governmental investigations, fines, and impact sales and profitability[67]. - Environmental regulations are becoming more stringent, potentially increasing operating costs and negatively impacting financial condition and results of operations[69]. - Compliance with local procedural requirements is necessary for the enforceability of judgments[88]. Operational Risks - The company’s oil and gas products are subject to inherent risks, including well failures and environmental liabilities, which could result in significant damages[72]. - Defects in specialty tubing products may lead to claims for damages, impacting financial condition and operational performance[74]. Intellectual Property - Limitations on intellectual property rights could result in revenue loss and diminished competitive advantage[76]. Shareholder Rights - The controlling shareholder holds 60.45% of shares, which may lead to decisions that do not align with the interests of minority shareholders[82]. - Holders of ADSs may face challenges in exercising certain shareholder rights, which could limit their influence over corporate actions[84]. Jurisdictional Challenges - The Company is organized under the laws of Luxembourg, complicating enforcement of judgments against it outside this jurisdiction[88]. - Most of the Company's assets and directors are located in different jurisdictions, impacting investors' ability to serve process[88]. - Investors may face challenges in enforcing judgments based on civil liability provisions of their home countries' laws against the Company and its officers[88]. - There is uncertainty regarding the enforceability of civil liability actions based on securities laws outside the jurisdiction where judgments are rendered[88]. - The Company may not be subject to the civil liability provisions of U.S. federal securities laws in Luxembourg courts[88]. - Investors not domiciled in Luxembourg may find it difficult to initiate original actions in Luxembourg courts[88]. - The public policy of the applicable jurisdiction may affect the enforceability of judgments[88].

Tenaris S.A. (NYSE:TS) Q4 2018 Earnings Conference Call February 21, 2019 9:00 AM ET Company Participants Giovanni Sardagna – Investor Relations Officer Paolo Rocca – Chairman and Chief Executive Officer Gabriel Podskubka – President of our Eastern Hemisphere Operations Luca Zanotti – President of our U.S. Operations German Cura – Vice Chairman Edgardo Carlos – Chief Financial Officer Conference Call Participants Igor Levi – BTIG Frank McGann – Bank of America Ian MacPherson – Simmons Michael Rae – Redburn ...