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 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].