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 ...

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 ...

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].

Core Insights - The focus is on long-term investment strategies in U.S. and European equities, emphasizing undervalued growth stocks and high-quality dividend growers [1] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is highlighted as a more reliable driver of returns than valuation alone [1] - The investment approach is informed by an interdisciplinary background, enhancing both quantitative analysis and market narrative interpretation [1] Investment Strategy - The portfolio management is conducted publicly on eToro, where the company has achieved the status of a Popular Investor, allowing others to replicate real-time investment decisions [1] - The investment philosophy aims to balance asset accumulation with the freedom to choose work that aligns with personal values and expression [1]

Core Viewpoint - Analysts forecast that Tenaris S.A. will report quarterly earnings of $0.76 per share, reflecting a year-over-year decline of 19.2%, while revenues are expected to reach $2.92 billion, showing a 2.7% increase compared to the previous year [1]. Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been adjusted upward by 2%, indicating a reassessment of initial projections by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong relationship between earnings estimate revisions and short-term stock price performance [3]. Revenue Projections - Analysts predict 'Net Sales- Others' will reach $132.18 million, indicating a year-over-year decline of 11.9% [4]. - The average estimate for 'Net Sales- Tubes' is projected at $2.80 billion, reflecting a year-over-year increase of 3.8% [5]. - 'Net Sales- Tubes- North America' is estimated at $1.39 billion, showing a significant year-over-year increase of 22.6% [5]. - 'Net Sales- Tubes- Asia Pacific, Middle East and Africa' is expected to reach $700.72 million, with a year-over-year increase of 11.4% [6]. - 'Net Sales- Tubes- Europe' is forecasted to be $184.88 million, indicating a substantial decline of 45.8% from the previous year [6]. - 'Net Sales- Tubes- South America' is projected at $517.46 million, reflecting a year-over-year decline of 13% [6]. Sales Volume Estimates - 'Tubes Sales volume - Seamless' is expected to be 763 thousand metric tons, compared to 748 thousand metric tons reported in the same quarter last year [7]. - 'Tubes Sales volume - Total' is projected at 951 thousand metric tons, up from 913 thousand metric tons in the previous year [7]. - 'Tubes Sales volume - Welded' is estimated to reach 188 thousand metric tons, compared to 164 thousand metric tons reported last year [8]. Operating Income Projections - 'Operating income- Other' is expected to be $18.35 million, down from $25.00 million reported in the same quarter last year [8]. - 'Operating income- Tubes' is projected at $476.89 million, compared to $533.00 million from the previous year [9]. Stock Performance - Shares of Tenaris have shown a return of 14.7% over the past month, contrasting with the Zacks S&P 500 composite's decline of 0.3% [9].