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 [4] - EBITDA for the quarter was $717 million, down 5% sequentially, representing 24% of sales, impacted by 50% Section 232 tariffs in the U.S. [4] - 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 [5] - Free cash flow for the year amounted to $2 billion, all distributed to shareholders through dividends and buybacks [8] 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 [4] - The U.S. production and supply chain system achieved a record level of production, with 90% of U.S. sales coming from enhanced operations [10] 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 [9] - In Latin America, domestic companies raised over $4 billion for infrastructure and production expansion in the Vaca Muerta fields, with Tenaris supplying key pipelines [12] - The Middle East saw a long-term agreement for OCTG supply to Qatar's Northwest Field development, with enhanced Rig Direct services in the UAE [13] Company Strategy and Development Direction - Tenaris aims to enhance operational efficiency and digital integration while reducing environmental impact, with a commitment to sustainability [14][15] - The company is focusing on offshore projects, anticipating significant investments in deepwater developments through 2027 [58][59] - In Argentina, Tenaris is expanding its fracking and coil tubing services, expecting increased drilling activity in the second half of 2026 [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable performance in Q1 2026, despite geopolitical uncertainties and market volatility [19][20] - The company is optimistic about the offshore market's long-term prospects, with significant investments expected in deepwater projects [58][59] - Management noted that while competition in Argentina is increasing, they are analyzing market conditions to ensure competitiveness [87] Other Important Information - The board proposed an annual dividend of $0.89 per share, a 7% increase from the previous year, reflecting strong shareholder returns [6][9] - The company is actively monitoring pricing pressures in international markets, with stability observed in premium product segments [29][30] Q&A Session Questions and Answers Question: Outlook for Q1 and beyond - Management indicated relative stability in performance for Q1 2026, with expectations of results in line with Q4 2025 [19][20] Question: Margin resilience and tariff impacts - Management noted ongoing efficiency improvements and expected a slight reduction in tariff impacts in Q1 2026 compared to Q4 2025 [22][23] Question: Pricing pressure in international markets - Management observed stability in international pricing, particularly for premium products, despite some pressure in lower-end applications [29][30] Question: Buyback program philosophy - Management confirmed the continuation of the share buyback program as a key component of shareholder returns, subject to board approval [34][36] Question: Pipe Logix pricing indices - Management discussed the complexities affecting Pipe Logix pricing, with expectations of gradual alignment to higher levels over time [41][42] Question: Argentina's market evolution - Management expressed cautious optimism for increased drilling activity in Argentina, contingent on financial stability and investment confidence [46][48] Question: Venezuela opportunities - Management highlighted potential growth in Venezuela, with expectations of $50 million in revenue for 2026, depending on the return of other majors [90][92]