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Tenaris S.A. (TS) 鈥� 2025 Half-Year Form 6-K highlights

• Revenue: US$6.01 bn, down 11% YoY on 5% lower pipe volumes and 7% lower ASPs, mainly in North America.
• Profitability: Operating income fell 14% to US$1.13 bn (18.9% margin vs. 19.6%). Net income slipped 3% to US$1.06 bn; however EPS rose 4% to US$0.97 owing to share buybacks.
• EBITDA: US$1.43 bn; margin 23.8% vs. 26.7% (ex-2024 litigation charge) 鈥� a 21% absolute decline.
• Cash & Liquidity: Operating cash flow US$1.49 bn; capex US$309 m 鈫� free cash flow US$1.20 bn. Net cash position solid at US$3.73 bn.
• Capital return: US$0.83/sh annual dividend (US$0.56 balance paid May-25) and US$0.47 bn shares bought back in H1; a new US$1.2 bn buyback launched in June.
• Balance sheet: Equity US$16.79 bn; net working-capital released US$0.25 bn.
• Outlook: Management guides a 鈥渕oderate鈥� 2H revenue decline and margin pressure from recently doubled U.S. steel tariffs (25%鈫�50%) and lower drilling activity.

Key risks disclosed include tariff escalation, volatile OCTG demand, climate-related regulation, litigation, geopolitical disruptions and cybersecurity threats.

Johnson Controls International plc (JCI) filed a Form 8-K dated 1 Aug 2025 to disclose the completion of a previously announced divestiture.

• Material event (Item 8.01): On 31 Jul 2025 the company completed the sale of its residential and light commercial HVAC business to Robert Bosch GmbH under the Stock and Asset Purchase Agreement signed 23 Jul 2024.
• Regulation FD (Item 7.01): A related press release (Exhibit 99.1, dated 1 Aug 2025) was issued; the information is furnished, not filed.
• No financial terms, purchase price, or pro-forma impact are included in this filing.
• The filing lists JCI鈥檚 ordinary shares and 18 tranches of outstanding notes/debentures registered on the NYSE; no changes to these securities were reported.

The 8-K contains no financial statements (Item 9.01) other than the interactive data cover page and therefore offers limited quantitative insight into the transaction鈥檚 effect on earnings or balance sheet.

Q2 2025 highlights: Net sales rose 6 % QoQ to $3.09 bn but were 7 % below Q2 2024. EBITDA reached $733 m (+5 % QoQ) with a 23.7 % margin. Net income increased to $542 m (+5 % QoQ, +56 % YoY). Tubes revenue advanced 6 % sequentially as higher OCTG prices offset a 1 % volume dip; welded volumes fell 16 % QoQ.

Cash & returns: Operating cash flow of $673 m and capex of $135 m delivered free cash flow of $538 m. After paying $600 m in dividends and executing $237 m of share buybacks, Tenaris ended the quarter with a strong $3.7 bn net cash position. EPS per ADS reached $0.99.

First-half view: Sales dropped 11 % YoY to $6.0 bn as North-American pricing weakened; EBITDA margin slid to 23.8 %. Free cash flow totalled $1.2 bn and EPS still grew 4 % due to reduced share count.

Outlook: Management foresees a moderate sales decline and margin pressure in H2 2025 owing to softer drilling activity and higher U.S. steel tariffs, though firmer OCTG pricing should offer partial relief.

Tenaris S.A. (TS) filed a Form 6-K on 18 Jul 2025 disclosing weekly activity under the first tranche of its USD1.2 bn share buyback program launched 6 Jun 2025. Between 14鈥�18 Jul 2025 the company repurchased 2,836,581 ordinary shares on the open market, spending 鈧�45.6 m (鈮圲SD53.0 m). This represents roughly 8.8 % of the USD600 m tranche and 4.4 % of the total program authorization.

Following the purchases, Tenaris now holds 20,058,339 treasury shares, equal to 1.87 % of issued share capital. Management states that these shares will be cancelled in due course, implying a modest reduction in shares outstanding and potential accretion to per-share metrics.

No additional operating or financial figures were provided. Full transaction details are available on the company website; forward-looking language cautions that oil-and-gas demand could affect future results.

Tenaris S.A. (TS) 鈥� Schedule 13D/A Amendment No. 11 (dated 7 July 2025)

The filing updates the ownership position of the company鈥檚 long-standing controlling group 鈥� Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin (RP STAK), San Faustin S.A. and Techint Holdings S.A r.l. 鈥� in Tenaris鈥檚 ordinary shares.

• Beneficial ownership: 713,605,187 ordinary shares, representing 67.5 % of the outstanding class based on 1,071,994,930 shares issued, net of 15,396,773 treasury shares as of 4 July 2025.
• Change vs. prior filing: Ownership percentage increased by 1.02 pp (from 66.52 % to 67.54 %). The shift is solely attributable to issuer share repurchases conducted between 24 Feb 鈥� 4 Mar 2025 (2024-25 buyback) and 9 Jun 鈥� 4 Jul 2025 (2025-26 buyback); the reporting persons executed no open-market transactions.
• Voting & dispositive power: RP STAK and San Faustin report shared voting/dispositive power over the full stake, whereas Techint Holdings reports sole power.
• Organisational structure: RP STAK (Dutch foundation) controls San Faustin (Luxembourg S.A.), which wholly owns Techint Holdings (Luxembourg S.脿 r.l.).
• Governance update: Filing notes 鈥渃ertain changes in the composition of the board of directors or management鈥� of the reporting entities; specifics are not provided here but referenced in Exhibit 99.1.
• Recent activity: No criminal or civil proceedings involving the reporting persons or their principals over the past five years.

Investment take-away: The controlling group鈥檚 stake crossed the 67 % threshold without deploying additional capital, further entrenching its majority position and influence over corporate actions requiring a super-majority vote. The increase stems from Tenaris鈥檚 ongoing buyback programmes rather than insider accumulation.

Tenaris S.A. (TS) filed a Form 6-K reporting weekly progress on the first tranche of its previously announced USD 1.2 billion share-buyback program. Between 30 June and 4 July 2025, the company repurchased 1,702,505 ordinary shares for a total consideration of 鈧�27.2 million (鈮圲SD 31.98 million), averaging roughly USD 18.79 per share. After these purchases, Tenaris holds 15,396,773 treasury shares, representing 1.44 % of issued capital. Management intends to cancel the repurchased shares, which would permanently reduce the share count and be accretive to per-share metrics. The current activity represents only about 5 % of the USD 600 million earmarked for the first tranche, indicating substantial capacity for further repurchases. No operational or earnings data were disclosed; the filing is limited to the mechanics of the buyback. Investors can find transaction details on the company鈥檚 website under the Share Buyback Program section.

Tenaris has announced significant progress in its USD1.2 billion Share Buyback Program, reporting details of the First Tranche activities from June 16-20, 2025. During this period, the company:

• Repurchased 4,603,981 ordinary shares for 鈧�72,758,161 (USD83,850,276)
• Holds 8,759,170 treasury shares (0.82% of total issued share capital)
• Plans to execute up to USD600 million in open market purchases under the First Tranche

The company, a leading global supplier of steel tubes for the energy industry, intends to cancel the repurchased treasury shares. This buyback program, initially announced on June 6, 2025, demonstrates Tenaris's commitment to returning value to shareholders while maintaining its strong market position in the energy sector.