[6-K] Tenaris S. A. Current Report (Foreign Issuer)
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.
Punti salienti del 2掳 trimestre 2025: Le vendite nette sono aumentate del 6% rispetto al trimestre precedente, raggiungendo 3,09 miliardi di dollari, ma risultano inferiori del 7% rispetto al 2掳 trimestre 2024. L'EBITDA ha raggiunto 733 milioni di dollari (+5% QoQ) con un margine del 23,7%. L'utile netto 猫 salito a 542 milioni di dollari (+5% QoQ, +56% YoY). I ricavi dai tubi sono cresciuti del 6% sequenzialmente, grazie a prezzi OCTG pi霉 elevati che hanno compensato un calo dell'1% nei volumi; i volumi di tubi saldati sono diminuiti del 16% QoQ.
Liquidit脿 e ritorni: Il flusso di cassa operativo 猫 stato di 673 milioni di dollari e gli investimenti in capitale (capex) di 135 milioni, generando un flusso di cassa libero di 538 milioni. Dopo aver pagato dividendi per 600 milioni e riacquistato azioni per 237 milioni, Tenaris ha chiuso il trimestre con una solida posizione di cassa netta di 3,7 miliardi di dollari. L'utile per azione per ADS ha raggiunto 0,99 dollari.
Vista sul primo semestre: Le vendite sono diminuite dell'11% su base annua a 6,0 miliardi di dollari a causa del calo dei prezzi in Nord America; il margine EBITDA 猫 sceso al 23,8%. Il flusso di cassa libero ha totalizzato 1,2 miliardi e l'utile per azione 猫 cresciuto del 4% grazie alla riduzione del numero di azioni.
Prospettive: La direzione prevede un moderato calo delle vendite e una pressione sui margini nella seconda met脿 del 2025, a causa di un'attivit脿 di perforazione pi霉 debole e da tariffe pi霉 elevate sull'acciaio statunitense, sebbene prezzi OCTG pi霉 solidi dovrebbero offrire un parziale sollievo.
Aspectos destacados del 2T 2025: Las ventas netas aumentaron un 6% trimestralmente hasta 3,09 mil millones de d贸lares, pero fueron un 7% inferiores al 2T 2024. El EBITDA alcanz贸 733 millones de d贸lares (+5% QoQ) con un margen del 23,7%. El ingreso neto subi贸 a 542 millones de d贸lares (+5% QoQ, +56% interanual). Los ingresos por tubos aumentaron un 6% secuencialmente, ya que los precios m谩s altos de OCTG compensaron una ca铆da del 1% en volumen; los vol煤menes de tubos soldados cayeron un 16% QoQ.
Flujo de caja y retornos: El flujo de caja operativo fue de 673 millones de d贸lares y la inversi贸n en capital (capex) de 135 millones, generando un flujo de caja libre de 538 millones. Tras pagar 600 millones en dividendos y ejecutar recompras de acciones por 237 millones, Tenaris cerr贸 el trimestre con una s贸lida posici贸n neta de caja de 3,7 mil millones de d贸lares. Las ganancias por ADS alcanzaron 0,99 d贸lares.
Visi贸n del primer semestre: Las ventas cayeron un 11% interanual hasta 6,0 mil millones de d贸lares debido al debilitamiento de los precios en Norteam茅rica; el margen EBITDA baj贸 al 23,8%. El flujo de caja libre totaliz贸 1,2 mil millones y las ganancias por acci贸n crecieron un 4% gracias a la reducci贸n del n煤mero de acciones.
Perspectivas: La direcci贸n prev茅 una moderada ca铆da en ventas y presi贸n en los m谩rgenes en el segundo semestre de 2025 debido a una actividad de perforaci贸n m谩s d茅bil y mayores aranceles al acero en EE.UU., aunque precios m谩s firmes de OCTG deber铆an ofrecer un alivio parcial.
2025雲� 2攵勱赴 欤检殧 雮挫毄: 靾滊Г於滌潃 鞝勲秳旮� 雽�牍� 6% 歃濌皜頃� 30鞏� 9觳滊 雼煬毳� 旮半頄堨溂雮� 2024雲� 2攵勱赴 雽�牍� 7% 臧愳唽頄堨姷雼堧嫟. EBITDA電� 7鞏� 3觳� 3氚彪 雼煬(+5% QoQ)搿� 23.7%鞚� 毵堨鞚� 氤挫榾鞀惦媹雼�. 靾滌澊鞚奠潃 5鞏� 4觳� 2氚彪 雼煬搿� 鞝勲秳旮� 雽�牍� 5%, 鞝勲厔 霃欔赴 雽�牍� 56% 歃濌皜頄堨姷雼堧嫟. 韸滊笇 毵れ稖鞚� OCTG 臧�瓴� 靸侅姽鞙茧 1% 臧愳唽頃� 氍茧焿鞚� 靸侅噭頃橂┌ 鞝勲秳旮� 雽�牍� 6% 歃濌皜頄堨溂氅�, 鞖╈爲 韸滊笇 氍茧焿鞚� 鞝勲秳旮� 雽�牍� 16% 臧愳唽頄堨姷雼堧嫟.
順勱笀 氚� 靾橃澋: 鞓侅梾 順勱笀 頋愲鞚� 6鞏� 7觳� 3氚彪 雼煬, 鞛愲掣鞝� 歆�於滌潃 1鞏� 3觳� 5氚彪 雼煬搿�, 鞛夓棳 順勱笀 頋愲鞚� 5鞏� 3觳� 8氚彪 雼煬毳� 旮半頄堨姷雼堧嫟. 6鞏� 雼煬鞚� 氚半嫻旮� 歆�旮夑臣 2鞏� 3觳� 7氚彪 雼煬鞚� 鞛愳偓欤� 毵れ瀰 頉�, 韰岆倶毽姢電� 攵勱赴 毵愳棎 37鞏� 雼煬鞚� 臧曤牓頃� 靾滍槃旮� 靸來儨毳� 鞙犾頄堨姷雼堧嫟. ADS雼� 欤茧嫻靾滌澊鞚�(EPS)鞚� 0.99雼煬鞐� 雼枅鞀惦媹雼�.
靸侂皹旮� 鞝勲: 攵侂 歆�鞐� 臧�瓴� 鞎届劯搿� 毵れ稖鞚� 鞝勲厔 霃欔赴 雽�牍� 11% 臧愳唽頃� 60鞏� 雼煬毳� 旮半頄堦碃, EBITDA 毵堨鞚� 23.8%搿� 頃橂澖頄堨姷雼堧嫟. 鞛夓棳 順勱笀 頋愲鞚� 12鞏� 雼煬鞓�鞙茧┌, 欤检嫕 靾� 臧愳唽 雿曤秳鞐� EPS電� 4% 歃濌皜頄堨姷雼堧嫟.
鞝勲: 瓴届榿歆勳潃 2025雲� 頃橂皹旮办棎 鞁滌稊 頇滊彊 霊旐檾鞕� 氙戈淡 觳犼皶 甏�靹� 鞚胳儊鞙茧 毵れ稖 臧愳唽鞕� 毵堨 鞎曤皶鞚� 鞛堨潉 瓴冹溂搿� 鞓堨儊頃橂倶, 臧曧暅 OCTG 臧�瓴╈澊 攵�攵勳爜鞚� 鞕勴檾毳� 鞝滉车頃� 瓴冹溂搿� 氤搓碃 鞛堨姷雼堧嫟.
Points forts du 2e trimestre 2025 : Les ventes nettes ont augment茅 de 6 % en glissement trimestriel pour atteindre 3,09 milliards de dollars, mais restent inf茅rieures de 7 % par rapport au 2e trimestre 2024. L'EBITDA a atteint 733 millions de dollars (+5 % QoQ) avec une marge de 23,7 %. Le r茅sultat net a progress茅 脿 542 millions de dollars (+5 % QoQ, +56 % en glissement annuel). Les revenus des tubes ont augment茅 de 6 % s茅quentiellement, les prix OCTG plus 茅lev茅s compensant une baisse de volume de 1 % ; les volumes de tubes soud茅s ont chut茅 de 16 % QoQ.
Tr茅sorerie et rendements : Le flux de tr茅sorerie op茅rationnel s'est 茅lev茅 脿 673 millions de dollars et les d茅penses d'investissement (capex) 脿 135 millions, g茅n茅rant un flux de tr茅sorerie disponible de 538 millions. Apr猫s avoir vers茅 600 millions de dividendes et rachet茅 pour 237 millions d'actions, Tenaris a cl么tur茅 le trimestre avec une solide position nette de tr茅sorerie de 3,7 milliards de dollars. Le BPA par ADS a atteint 0,99 dollar.
Vue du premier semestre : Les ventes ont chut茅 de 11 % en glissement annuel 脿 6,0 milliards de dollars en raison d'un affaiblissement des prix en Am茅rique du Nord ; la marge EBITDA est descendue 脿 23,8 %. Le flux de tr茅sorerie disponible s'est 茅lev茅 脿 1,2 milliard et le BPA a tout de m锚me augment茅 de 4 % gr芒ce 脿 une r茅duction du nombre d'actions.
Perspectives : La direction pr茅voit une baisse mod茅r茅e des ventes et une pression sur les marges au second semestre 2025 en raison d'une activit茅 de forage plus faible et de tarifs douaniers am茅ricains plus 茅lev茅s sur l'acier, bien que des prix OCTG plus fermes devraient offrir un soulagement partiel.
Highlights Q2 2025: Der Nettoumsatz stieg im Quartalsvergleich um 6 % auf 3,09 Mrd. USD, lag jedoch 7 % unter dem Niveau des 2. Quartals 2024. Das EBITDA erreichte 733 Mio. USD (+5 % QoQ) bei einer Marge von 23,7 %. Der Nettogewinn stieg auf 542 Mio. USD (+5 % QoQ, +56 % im Jahresvergleich). Der Umsatz mit Rohren stieg sequenziell um 6 %, da h枚here OCTG-Preise einen Volumenr眉ckgang von 1 % ausglichen; geschwei脽te Rohrvolumen sanken um 16 % QoQ.
Barmittel & Renditen: Der operative Cashflow betrug 673 Mio. USD, die Investitionen (Capex) lagen bei 135 Mio. USD, was einen freien Cashflow von 538 Mio. USD ergab. Nach Dividendenauszahlungen von 600 Mio. USD und Aktienr眉ckk盲ufen im Wert von 237 Mio. USD beendete Tenaris das Quartal mit einer starken Nettokassenposition von 3,7 Mrd. USD. Das Ergebnis je ADS lag bei 0,99 USD.
贬补濒产箩补丑谤别蝉眉产别谤蝉颈肠丑迟: Der Umsatz sank im Jahresvergleich um 11 % auf 6,0 Mrd. USD, da die Preise in Nordamerika nachgaben; die EBITDA-Marge fiel auf 23,8 %. Der freie Cashflow belief sich auf 1,2 Mrd. USD, und das Ergebnis je Aktie stieg aufgrund einer reduzierten Aktienanzahl um 4 %.
Ausblick: Das Management erwartet f眉r das zweite Halbjahr 2025 einen moderaten Umsatzr眉ckgang und Margendruck aufgrund einer schw盲cheren Bohraktivit盲t und h枚heren US-Stahlz枚llen, wobei stabilere OCTG-Preise teilweise Entlastung bieten sollten.
- Sequential improvement: Net sales, EBITDA and net income all rose 5-6 % versus Q1 2025 while margins held at 23.7 %.
- Robust liquidity: Net cash position of $3.7 bn after $837 m of shareholder distributions enhances financial flexibility.
- Ongoing capital returns: $600 m dividends and $237 m buybacks reduced share count and lifted EPS 68 % YoY.
- Year-over-year contraction: Q2 net sales down 7 % and first-half sales down 11 % on weaker North-American pricing.
- Guidance implies decline: Management expects lower sales and margin compression in H2 2025 due to softer drilling and higher tariffs.
- Volume weakness: Welded tube volumes fell 16 % QoQ and 21 % YoY, indicating reduced project activity.
Insights
TL;DR: Sequential uptick and solid cash, but YoY contraction and soft H2 guide keep story neutral.
Quarterly momentum improved: sales +6 %, EBITDA +5 %, margins steady near 24 %. Litigation noise that hurt 2024 comps inflates YoY growth, masking a 7 % sales drop. Cash generation remains a key strength; net cash of $3.7 bn (鈮�25 % of market cap) underpins the 7 % dividend yield and ongoing buybacks. However, management signals lower volumes and tariff-driven cost headwinds for H2, limiting upside. Valuation support from cash and shareholder returns offsets cyclical risks, justifying a neutral stance.
TL;DR: Pricing resilience in OCTG encouraging, but drilling slowdown and tariffs threaten near-term demand.
North-American OCTG price gains and offshore deliveries sustained Q2 top-line growth despite lower volumes. Yet welded pipe shipments 鈥� typically project-driven 鈥� dropped 21 % YoY, signalling weaker downstream projects. Management expects further volume softness as OPEC+ ramps production and global rig counts lag. The doubled U.S. steel tariff (25 %鈫�50 %) could erode margins until price increases flow through. Investors should watch import trends and Pemex-related activity for demand signals.
Punti salienti del 2掳 trimestre 2025: Le vendite nette sono aumentate del 6% rispetto al trimestre precedente, raggiungendo 3,09 miliardi di dollari, ma risultano inferiori del 7% rispetto al 2掳 trimestre 2024. L'EBITDA ha raggiunto 733 milioni di dollari (+5% QoQ) con un margine del 23,7%. L'utile netto 猫 salito a 542 milioni di dollari (+5% QoQ, +56% YoY). I ricavi dai tubi sono cresciuti del 6% sequenzialmente, grazie a prezzi OCTG pi霉 elevati che hanno compensato un calo dell'1% nei volumi; i volumi di tubi saldati sono diminuiti del 16% QoQ.
Liquidit脿 e ritorni: Il flusso di cassa operativo 猫 stato di 673 milioni di dollari e gli investimenti in capitale (capex) di 135 milioni, generando un flusso di cassa libero di 538 milioni. Dopo aver pagato dividendi per 600 milioni e riacquistato azioni per 237 milioni, Tenaris ha chiuso il trimestre con una solida posizione di cassa netta di 3,7 miliardi di dollari. L'utile per azione per ADS ha raggiunto 0,99 dollari.
Vista sul primo semestre: Le vendite sono diminuite dell'11% su base annua a 6,0 miliardi di dollari a causa del calo dei prezzi in Nord America; il margine EBITDA 猫 sceso al 23,8%. Il flusso di cassa libero ha totalizzato 1,2 miliardi e l'utile per azione 猫 cresciuto del 4% grazie alla riduzione del numero di azioni.
Prospettive: La direzione prevede un moderato calo delle vendite e una pressione sui margini nella seconda met脿 del 2025, a causa di un'attivit脿 di perforazione pi霉 debole e da tariffe pi霉 elevate sull'acciaio statunitense, sebbene prezzi OCTG pi霉 solidi dovrebbero offrire un parziale sollievo.
Aspectos destacados del 2T 2025: Las ventas netas aumentaron un 6% trimestralmente hasta 3,09 mil millones de d贸lares, pero fueron un 7% inferiores al 2T 2024. El EBITDA alcanz贸 733 millones de d贸lares (+5% QoQ) con un margen del 23,7%. El ingreso neto subi贸 a 542 millones de d贸lares (+5% QoQ, +56% interanual). Los ingresos por tubos aumentaron un 6% secuencialmente, ya que los precios m谩s altos de OCTG compensaron una ca铆da del 1% en volumen; los vol煤menes de tubos soldados cayeron un 16% QoQ.
Flujo de caja y retornos: El flujo de caja operativo fue de 673 millones de d贸lares y la inversi贸n en capital (capex) de 135 millones, generando un flujo de caja libre de 538 millones. Tras pagar 600 millones en dividendos y ejecutar recompras de acciones por 237 millones, Tenaris cerr贸 el trimestre con una s贸lida posici贸n neta de caja de 3,7 mil millones de d贸lares. Las ganancias por ADS alcanzaron 0,99 d贸lares.
Visi贸n del primer semestre: Las ventas cayeron un 11% interanual hasta 6,0 mil millones de d贸lares debido al debilitamiento de los precios en Norteam茅rica; el margen EBITDA baj贸 al 23,8%. El flujo de caja libre totaliz贸 1,2 mil millones y las ganancias por acci贸n crecieron un 4% gracias a la reducci贸n del n煤mero de acciones.
Perspectivas: La direcci贸n prev茅 una moderada ca铆da en ventas y presi贸n en los m谩rgenes en el segundo semestre de 2025 debido a una actividad de perforaci贸n m谩s d茅bil y mayores aranceles al acero en EE.UU., aunque precios m谩s firmes de OCTG deber铆an ofrecer un alivio parcial.
2025雲� 2攵勱赴 欤检殧 雮挫毄: 靾滊Г於滌潃 鞝勲秳旮� 雽�牍� 6% 歃濌皜頃� 30鞏� 9觳滊 雼煬毳� 旮半頄堨溂雮� 2024雲� 2攵勱赴 雽�牍� 7% 臧愳唽頄堨姷雼堧嫟. EBITDA電� 7鞏� 3觳� 3氚彪 雼煬(+5% QoQ)搿� 23.7%鞚� 毵堨鞚� 氤挫榾鞀惦媹雼�. 靾滌澊鞚奠潃 5鞏� 4觳� 2氚彪 雼煬搿� 鞝勲秳旮� 雽�牍� 5%, 鞝勲厔 霃欔赴 雽�牍� 56% 歃濌皜頄堨姷雼堧嫟. 韸滊笇 毵れ稖鞚� OCTG 臧�瓴� 靸侅姽鞙茧 1% 臧愳唽頃� 氍茧焿鞚� 靸侅噭頃橂┌ 鞝勲秳旮� 雽�牍� 6% 歃濌皜頄堨溂氅�, 鞖╈爲 韸滊笇 氍茧焿鞚� 鞝勲秳旮� 雽�牍� 16% 臧愳唽頄堨姷雼堧嫟.
順勱笀 氚� 靾橃澋: 鞓侅梾 順勱笀 頋愲鞚� 6鞏� 7觳� 3氚彪 雼煬, 鞛愲掣鞝� 歆�於滌潃 1鞏� 3觳� 5氚彪 雼煬搿�, 鞛夓棳 順勱笀 頋愲鞚� 5鞏� 3觳� 8氚彪 雼煬毳� 旮半頄堨姷雼堧嫟. 6鞏� 雼煬鞚� 氚半嫻旮� 歆�旮夑臣 2鞏� 3觳� 7氚彪 雼煬鞚� 鞛愳偓欤� 毵れ瀰 頉�, 韰岆倶毽姢電� 攵勱赴 毵愳棎 37鞏� 雼煬鞚� 臧曤牓頃� 靾滍槃旮� 靸來儨毳� 鞙犾頄堨姷雼堧嫟. ADS雼� 欤茧嫻靾滌澊鞚�(EPS)鞚� 0.99雼煬鞐� 雼枅鞀惦媹雼�.
靸侂皹旮� 鞝勲: 攵侂 歆�鞐� 臧�瓴� 鞎届劯搿� 毵れ稖鞚� 鞝勲厔 霃欔赴 雽�牍� 11% 臧愳唽頃� 60鞏� 雼煬毳� 旮半頄堦碃, EBITDA 毵堨鞚� 23.8%搿� 頃橂澖頄堨姷雼堧嫟. 鞛夓棳 順勱笀 頋愲鞚� 12鞏� 雼煬鞓�鞙茧┌, 欤检嫕 靾� 臧愳唽 雿曤秳鞐� EPS電� 4% 歃濌皜頄堨姷雼堧嫟.
鞝勲: 瓴届榿歆勳潃 2025雲� 頃橂皹旮办棎 鞁滌稊 頇滊彊 霊旐檾鞕� 氙戈淡 觳犼皶 甏�靹� 鞚胳儊鞙茧 毵れ稖 臧愳唽鞕� 毵堨 鞎曤皶鞚� 鞛堨潉 瓴冹溂搿� 鞓堨儊頃橂倶, 臧曧暅 OCTG 臧�瓴╈澊 攵�攵勳爜鞚� 鞕勴檾毳� 鞝滉车頃� 瓴冹溂搿� 氤搓碃 鞛堨姷雼堧嫟.
Points forts du 2e trimestre 2025 : Les ventes nettes ont augment茅 de 6 % en glissement trimestriel pour atteindre 3,09 milliards de dollars, mais restent inf茅rieures de 7 % par rapport au 2e trimestre 2024. L'EBITDA a atteint 733 millions de dollars (+5 % QoQ) avec une marge de 23,7 %. Le r茅sultat net a progress茅 脿 542 millions de dollars (+5 % QoQ, +56 % en glissement annuel). Les revenus des tubes ont augment茅 de 6 % s茅quentiellement, les prix OCTG plus 茅lev茅s compensant une baisse de volume de 1 % ; les volumes de tubes soud茅s ont chut茅 de 16 % QoQ.
Tr茅sorerie et rendements : Le flux de tr茅sorerie op茅rationnel s'est 茅lev茅 脿 673 millions de dollars et les d茅penses d'investissement (capex) 脿 135 millions, g茅n茅rant un flux de tr茅sorerie disponible de 538 millions. Apr猫s avoir vers茅 600 millions de dividendes et rachet茅 pour 237 millions d'actions, Tenaris a cl么tur茅 le trimestre avec une solide position nette de tr茅sorerie de 3,7 milliards de dollars. Le BPA par ADS a atteint 0,99 dollar.
Vue du premier semestre : Les ventes ont chut茅 de 11 % en glissement annuel 脿 6,0 milliards de dollars en raison d'un affaiblissement des prix en Am茅rique du Nord ; la marge EBITDA est descendue 脿 23,8 %. Le flux de tr茅sorerie disponible s'est 茅lev茅 脿 1,2 milliard et le BPA a tout de m锚me augment茅 de 4 % gr芒ce 脿 une r茅duction du nombre d'actions.
Perspectives : La direction pr茅voit une baisse mod茅r茅e des ventes et une pression sur les marges au second semestre 2025 en raison d'une activit茅 de forage plus faible et de tarifs douaniers am茅ricains plus 茅lev茅s sur l'acier, bien que des prix OCTG plus fermes devraient offrir un soulagement partiel.
Highlights Q2 2025: Der Nettoumsatz stieg im Quartalsvergleich um 6 % auf 3,09 Mrd. USD, lag jedoch 7 % unter dem Niveau des 2. Quartals 2024. Das EBITDA erreichte 733 Mio. USD (+5 % QoQ) bei einer Marge von 23,7 %. Der Nettogewinn stieg auf 542 Mio. USD (+5 % QoQ, +56 % im Jahresvergleich). Der Umsatz mit Rohren stieg sequenziell um 6 %, da h枚here OCTG-Preise einen Volumenr眉ckgang von 1 % ausglichen; geschwei脽te Rohrvolumen sanken um 16 % QoQ.
Barmittel & Renditen: Der operative Cashflow betrug 673 Mio. USD, die Investitionen (Capex) lagen bei 135 Mio. USD, was einen freien Cashflow von 538 Mio. USD ergab. Nach Dividendenauszahlungen von 600 Mio. USD und Aktienr眉ckk盲ufen im Wert von 237 Mio. USD beendete Tenaris das Quartal mit einer starken Nettokassenposition von 3,7 Mrd. USD. Das Ergebnis je ADS lag bei 0,99 USD.
贬补濒产箩补丑谤别蝉眉产别谤蝉颈肠丑迟: Der Umsatz sank im Jahresvergleich um 11 % auf 6,0 Mrd. USD, da die Preise in Nordamerika nachgaben; die EBITDA-Marge fiel auf 23,8 %. Der freie Cashflow belief sich auf 1,2 Mrd. USD, und das Ergebnis je Aktie stieg aufgrund einer reduzierten Aktienanzahl um 4 %.
Ausblick: Das Management erwartet f眉r das zweite Halbjahr 2025 einen moderaten Umsatzr眉ckgang und Margendruck aufgrund einer schw盲cheren Bohraktivit盲t und h枚heren US-Stahlz枚llen, wobei stabilere OCTG-Preise teilweise Entlastung bieten sollten.
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 July 30, 2025
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
The attached material is being furnished to the Securities and Exchange Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris’s Press Release announcing 2025 Second Quarter Results.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 30, 2025
Tenaris, S.A.
By: /s/ Giovanni Sardagna
Giovanni Sardagna
Investor Relations Officer
 |
 |
Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com
Tenaris Announces 2025 Second Quarter Results
The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.
Luxembourg, July 30, 2025. - Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2025 in comparison with its results for the quarter ended June 30, 2024.
Summary of 2025 Second Quarter Results
(Comparison with first quarter of 2025 and second quarter of 2024)
| 2Q 2025 | 1Q 2025 | 2Q 2024 | ||||||||||||||||||
| Net sales ($ million) | 3,086 | 2,922 | 6 | % | 3,322 | (7 | %) | |||||||||||||
| Operating income ($ million) | 583 | 550 | 6 | % | 512 | 14 | % | |||||||||||||
| Net income ($ million) | 542 | 518 | 5 | % | 348 | 56 | % | |||||||||||||
| Shareholders’ net income ($ million) | 531 | 507 | 5 | % | 335 | 59 | % | |||||||||||||
| Earnings per ADS ($) | 0.99 | 0.94 | 5 | % | 0.59 | 68 | % | |||||||||||||
| Earnings per share ($) | 0.50 | 0.47 | 5 | % | 0.29 | 68 | % | |||||||||||||
| EBITDA* ($ million) | 733 | 696 | 5 | % | 650 | 13 | % | |||||||||||||
| EBITDA margin (% of net sales) | 23.7 | % | 23.8 | % | 19.6 | % | ||||||||||||||
* EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales.
In the second quarter, our sales rose 6% sequentially reflecting an increase in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.
Our free cash flow for the quarter amounted to $538 million and, after spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025.
Market Background and Outlook
Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline.
Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time.
For the second half, as anticipated in our last conference call, our sales will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will also be affected by the recent increase in tariff costs.
Analysis of 2025 Second Quarter Results
Tubes
The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:
| Tubes Sales volume (thousand metric tons) | 2Q 2025 | 1Q 2025 | 2Q 2024 | |||||||||||||||||
| Seamless | 803 | 775 | 4 | % | 805 | 0 | % | |||||||||||||
| Welded | 179 | 212 | (16 | %) | 228 | (21 | %) | |||||||||||||
| Total | 982 | 987 | (1 | %) | 1,033 | (5 | %) | |||||||||||||
The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:
| Tubes | 2Q 2025 | 1Q 2025 | 2Q 2024 | |||||||||||||||||
| (Net sales - $ million) | ||||||||||||||||||||
| North America | 1,403 | 1,244 | 13 | % | 1,439 | (2 | %) | |||||||||||||
| South America | 531 | 552 | (4 | %) | 599 | (11 | %) | |||||||||||||
| Europe | 215 | 208 | 3 | % | 269 | (20 | %) | |||||||||||||
| Asia Pacific, Middle East and Africa | 771 | 761 | 1 | % | 823 | (6 | %) | |||||||||||||
| Total net sales ($ million) | 2,920 | 2,765 | 6 | % | 3,130 | (7 | %) | |||||||||||||
| Services performed on third party tubes ($ million) | 110 | 101 | 8 | % | 102 | 7 | % | |||||||||||||
| Operating income ($ million) | 554 | 514 | 8 | % | 459 | 21 | % | |||||||||||||
| Operating margin (% of sales) | 19.0 | % | 18.6 | % | 14.7 | % | ||||||||||||||
Net sales of tubular products and services increased 6% sequentially and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria.
Operating results from tubular products and services amounted to a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments.
Others
The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:
| Others | 2Q 2025 | 1Q 2025 | 2Q 2024 | |||||||||||||||||
| Net sales ($ million) | 166 | 157 | 6 | % | 192 | (14 | %) | |||||||||||||
| Operating income ($ million) | 29 | 36 | (21 | %) | 52 | (45 | %) | |||||||||||||
| Operating margin (% of sales) | 17.3 | % | 23.1 | % | 27.3 | % | ||||||||||||||
Net sales of other products and services increased 6% sequentially and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw materials and energy sold to third parties which had a lower margin.
Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees, taxes, and other expenses.
Other operating results amounted to a loss of $6 million in the second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024. In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.
Financial results amounted to a gain of $32 million in the second quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.
Equity in earnings (losses) of non-consolidated companies generated a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.
Income tax charge amounted to $105 million in the second quarter of 2025, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income tax charge reflects better results at several subsidiaries.
Cash Flow and Liquidity of 2025 Second Quarter
Net cash generated by operating activities during the second quarter of 2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million.
With capital expenditures of $135 million, our free cash flow amounted to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our net cash position amounted to $3.7 billion at June 30, 2025.
Analysis of 2025 First Half Results
| 6M 2025 | 6M 2024 | Increase/(Decrease) | ||||||||||
| Net sales ($ million) | 6,008 | 6,763 | (11 | %) | ||||||||
| Operating income ($ million) | 1,133 | 1,323 | (14 | %) | ||||||||
| Net income ($ million) | 1,060 | 1,098 | (4 | %) | ||||||||
| Shareholders’ net income ($ million) | 1,038 | 1,072 | (3 | %) | ||||||||
| Earnings per ADS ($) | 1.94 | 1.87 | 4 | % | ||||||||
| Earnings per share ($) | 0.97 | 0.93 | 4 | % | ||||||||
| EBITDA* ($ million) | 1,429 | 1,637 | (13 | %) | ||||||||
| EBITDA margin (% of net sales) | 23.8 | % | 24.2 | % |
* EBITDA in 6M 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $1,808 million, or 26.7% of sales.
Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback.
Cash flow provided by operating activities amounted to $1.5 billion during the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position amounted to $3.7 billion at the end of June 2025.
The following table shows our net sales by business segment for the periods indicated below:
| Net sales ($ million) | 6M 2025 | 6M 2024 | Increase/(Decrease) | |||||||||||||||||
| Tubes | 5,686 | 95 | % | 6,421 | 95 | % | (11 | %) | ||||||||||||
| Others | 322 | 5 | % | 342 | 5 | % | (6 | %) | ||||||||||||
| Total | 6,008 | 6,763 | (11 | %) | ||||||||||||||||
Tubes
The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:
| Tubes Sales volume (thousand metric tons) | 6M 2025 | 6M 2024 | Increase/(Decrease) | |||||||||
| Seamless | 1,578 | 1,582 | 0 | % | ||||||||
| Welded | 390 | 496 | (21 | %) | ||||||||
| Total | 1,969 | 2,078 | (5 | %) |
The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:
| Tubes | 6M 2025 | 6M 2024 | Increase/(Decrease) | |||||||||
| (Net sales - $ million) | ||||||||||||
| North America | 2,647 | 3,028 | (13 | %) | ||||||||
| South America | 1,083 | 1,216 | (11 | %) | ||||||||
| Europe | 423 | 522 | (19 | %) | ||||||||
| Asia Pacific, Middle East and Africa | 1,532 | 1,656 | (7 | %) | ||||||||
| Total net sales ($ million) | 5,686 | 6,421 | (11 | %) | ||||||||
| Services performed on third parties tubes ($ million) | 211 | 294 | (28 | %) | ||||||||
| Operating income ($ million) | 1,068 | 1,245 | (14 | %) | ||||||||
| Operating margin (% of sales) | 18.8 | % | 19.4 | % |
Net sales of tubular products and services decreased 11% to $5,686 million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and Canada and 7% internationally compared to the first half of 2024.
Operating results from tubular products and services amounted to a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on margins.
Others
The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:
| Others | 6M 2025 | 6M 2024 | Increase/(Decrease) | |||||||||
| Net sales ($ million) | 322 | 342 | (6 | %) | ||||||||
| Operating income ($ million) | 65 | 78 | (17 | %) | ||||||||
| Operating margin (% of sales) | 20.2 | % | 23.0 | % |
Net sales of other products and services decreased 6% to $322 million in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina.
Operating results from other products and services amounted to a gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived from our oilfield services business in Argentina and from the sale of sucker rods.
Selling, general and administrative expenses, or SG&A, declined from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.
Other operating results amounted to a loss of $50 thousand in the first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.
Financial results amounted to a gain of $67 million in the first half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income.
Equity in earnings (losses) of non-consolidated companies generated a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.
Income tax amounted to a charge of $187 million in the first half of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.
Cash Flow and Liquidity of 2025 First Half
Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion (including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction in working capital of $276 million) in the first half of 2024.
Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half of 2024.
Following a dividend payment of $600 million in May 2025 and share buybacks of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025.
Conference call
Tenaris will hold a conference call to discuss the above reported results, on July 31, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.
To listen to the conference please join through one of the following options:
ir.tenaris.com/events-and-presentations or
https://edge.media-server.com/mmc/p/dy4pxaxk
If you wish to participate in the Q&A session please register at the following link:
https://register-conf.media-server.com/register/BI13b7d2b9dcce43d79257fc8cfbdde30c
Please connect 10 minutes before the scheduled start time.
A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations
Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.
Consolidated Condensed Interim Income Statement
| (all amounts in thousands of U.S. dollars) | Three-month period ended June 30, | Six-month period ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Net sales | 3,085,672 | 3,321,677 | 6,007,884 | 6,763,221 | ||||||||||||
| Cost of sales | (2,013,639 | ) | (2,143,614 | ) | (3,934,494 | ) | (4,277,666 | ) | ||||||||
| Gross profit | 1,072,033 | 1,178,063 | 2,073,390 | 2,485,555 | ||||||||||||
| Selling, general and administrative expenses | (483,633 | ) | (496,688 | ) | (940,698 | ) | (1,004,820 | ) | ||||||||
| Other operating income | 4,317 | 9,461 | 16,105 | 25,485 | ||||||||||||
| Other operating expenses | (9,983 | ) | (179,127 | ) | (16,150 | ) | (182,847 | ) | ||||||||
| Operating income | 582,734 | 511,709 | 1,132,647 | 1,323,373 | ||||||||||||
| Finance Income | 63,669 | 68,884 | 142,113 | 125,173 | ||||||||||||
| Finance Cost | (9,712 | ) | (15,722 | ) | (21,457 | ) | (36,305 | ) | ||||||||
| Other financial results, net | (22,294 | ) | 4,021 | (53,735 | ) | (56,447 | ) | |||||||||
| Income before equity in earnings of non-consolidated companies and income tax | 614,397 | 568,892 | 1,199,568 | 1,355,794 | ||||||||||||
| Equity in earnings (losses) of non-consolidated companies | 32,651 | (82,519 | ) | 46,686 | (34,340 | ) | ||||||||||
| Income before income tax | 647,048 | 486,373 | 1,246,254 | 1,321,454 | ||||||||||||
| Income tax | (105,342 | ) | (138,147 | ) | (186,684 | ) | (223,003 | ) | ||||||||
| Income for the period | 541,706 | 348,226 | 1,059,570 | 1,098,451 | ||||||||||||
| Attributable to: | ||||||||||||||||
| Shareholders' equity | 531,323 | 335,186 | 1,038,254 | 1,072,166 | ||||||||||||
| Non-controlling interests | 10,383 | 13,040 | 21,316 | 26,285 | ||||||||||||
| 541,706 | 348,226 | 1,059,570 | 1,098,451 | |||||||||||||
Consolidated Condensed Interim Statement of Financial Position
| (all amounts in thousands of U.S. dollars) | At June 30, 2025 | At December 31, 2024 | ||||||||||||||
| (Unaudited) | ||||||||||||||||
| ASSETS | ||||||||||||||||
| Non-current assets | ||||||||||||||||
| Property, plant and equipment, net | 6,168,254 | 6,121,471 | ||||||||||||||
| Intangible assets, net | 1,362,262 | 1,357,749 | ||||||||||||||
| Right-of-use assets, net | 147,197 | 148,868 | ||||||||||||||
| Investments in non-consolidated companies | 1,575,101 | 1,543,657 | ||||||||||||||
| Other investments | 1,009,677 | 1,005,300 | ||||||||||||||
| Deferred tax assets | 835,954 | 831,298 | ||||||||||||||
| Receivables, net | 152,215 | 11,250,660 | 205,602 | 11,213,945 | ||||||||||||
| Current assets | ||||||||||||||||
| Inventories, net | 3,486,537 | 3,709,942 | ||||||||||||||
| Receivables and prepayments, net | 244,958 | 179,614 | ||||||||||||||
| Current tax assets | 415,626 | 332,621 | ||||||||||||||
| Contract assets | 60,182 | 50,757 | ||||||||||||||
| Trade receivables, net | 1,892,116 | 1,907,507 | ||||||||||||||
| Derivative financial instruments | 2,676 | 7,484 | ||||||||||||||
| Other investments | 2,482,514 | 2,372,999 | ||||||||||||||
| Cash and cash equivalents | 572,289 | 9,156,898 | 675,256 | 9,236,180 | ||||||||||||
| Total assets | 20,407,558 | 20,450,125 | ||||||||||||||
| EQUITY | ||||||||||||||||
| Shareholders' equity | 16,583,542 | 16,593,257 | ||||||||||||||
| Non-controlling interests | 211,117 | 220,578 | ||||||||||||||
| Total equity | 16,794,659 | 16,813,835 | ||||||||||||||
| LIABILITIES | ||||||||||||||||
| Non-current liabilities | ||||||||||||||||
| Borrowings | 4,361 | 11,399 | ||||||||||||||
| Lease liabilities | 94,170 | 100,436 | ||||||||||||||
| Derivative financial instruments | 1,552 | — | ||||||||||||||
| Deferred tax liabilities | 472,640 | 503,941 | ||||||||||||||
| Other liabilities | 296,990 | 301,751 | ||||||||||||||
| Provisions | 61,746 | 931,459 | 82,106 | 999,633 | ||||||||||||
| Current liabilities | ||||||||||||||||
| Borrowings | 319,919 | 425,999 | ||||||||||||||
| Lease liabilities | 53,917 | 44,490 | ||||||||||||||
| Derivative financial instruments | 9,254 | 8,300 | ||||||||||||||
| Current tax liabilities | 298,803 | 366,292 | ||||||||||||||
| Other liabilities | 792,982 | 585,775 | ||||||||||||||
| Provisions | 156,387 | 119,344 | ||||||||||||||
| Customer advances | 139,751 | 206,196 | ||||||||||||||
| Trade payables | 910,427 | 2,681,440 | 880,261 | 2,636,657 | ||||||||||||
| Total liabilities | 3,612,899 | 3,636,290 | ||||||||||||||
| Total equity and liabilities | 20,407,558 | 20,450,125 | ||||||||||||||
Consolidated Condensed Interim Statement of Cash Flows
| (all amounts in thousands of U.S. dollars) | Three-month period ended June 30, | Six-month period ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Cash flows from operating activities | ||||||||||||||||
| Income for the period | 541,706 | 348,226 | 1,059,570 | 1,098,451 | ||||||||||||
| Adjustments for: | ||||||||||||||||
| Depreciation and amortization | 150,002 | 138,509 | 296,408 | 313,951 | ||||||||||||
| Bargain purchase gain | — | (2,211 | ) | — | (2,211 | ) | ||||||||||
| Provision for the ongoing litigation related to the acquisition of participation in Usiminas | 8,650 | 170,610 | 18,527 | 170,610 | ||||||||||||
| Income tax accruals less payments | (36,660 | ) | (84,340 | ) | (90,793 | ) | (113,562 | ) | ||||||||
| Equity in earnings (losses) of non-consolidated companies | (32,651 | ) | 82,519 | (46,686 | ) | 34,340 | ||||||||||
| Interest accruals less payments, net | (4,616 | ) | (14,573 | ) | (13,039 | ) | (2,635 | ) | ||||||||
| Changes in provisions | 628 | (6,277 | ) | (1,765 | ) | (4,732 | ) | |||||||||
| Changes in working capital | 26,499 | 285,066 | 250,316 | 275,518 | ||||||||||||
| Others, including net foreign exchange | 19,589 | 17,672 | 21,609 | 52,448 | ||||||||||||
| Net cash provided by operating activities | 673,147 | 935,201 | 1,494,147 | 1,822,178 | ||||||||||||
| Cash flows from investing activities | ||||||||||||||||
| Capital expenditures | (135,454 | ) | (161,318 | ) | (309,292 | ) | (333,415 | ) | ||||||||
| Changes in advances to suppliers of property, plant and equipment | (18,769 | ) | (13,467 | ) | (5,853 | ) | (10,515 | ) | ||||||||
| Cash decrease due to deconsolidation of subsidiaries | (1,848 | ) | — | (1,848 | ) | — | ||||||||||
| Acquisition of subsidiaries, net of cash acquired | — | 25,946 | — | 25,946 | ||||||||||||
| Loan to joint ventures | — | (1,391 | ) | (1,359 | ) | (2,745 | ) | |||||||||
| Proceeds from disposal of property, plant and equipment and intangible assets | 56,829 | 723 | 57,729 | 6,135 | ||||||||||||
| Dividends received from non-consolidated companies | 41,348 | 53,136 | 41,348 | 53,136 | ||||||||||||
| Changes in investments in securities | 94,299 | (277,085 | ) | (131,337 | ) | (1,036,752 | ) | |||||||||
| Net cash used in investing activities | 36,405 | (373,456 | ) | (350,612 | ) | (1,298,210 | ) | |||||||||
| Cash flows from financing activities | ||||||||||||||||
| Dividends paid | (600,317 | ) | (458,556 | ) | (600,317 | ) | (458,556 | ) | ||||||||
| Dividends paid to non-controlling interest in subsidiaries | (27,264 | ) | — | (27,264 | ) | — | ||||||||||
| Changes in non-controlling interests | — | (5 | ) | — | 1,115 | |||||||||||
| Acquisition of treasury shares | (236,744 | ) | (492,322 | ) | (473,932 | ) | (803,386 | ) | ||||||||
| Payments of lease liabilities | (15,392 | ) | (16,614 | ) | (30,047 | ) | (33,382 | ) | ||||||||
| Proceeds from borrowings | 128,874 | 365,149 | 476,443 | 1,195,096 | ||||||||||||
| Repayments of borrowings | (145,831 | ) | (418,521 | ) | (574,956 | ) | (1,172,599 | ) | ||||||||
| Net cash used in financing activities | (896,674 | ) | (1,020,869 | ) | (1,230,073 | ) | (1,271,712 | ) | ||||||||
| Decrease in cash and cash equivalents | (187,122 | ) | (459,124 | ) | (86,538 | ) | (747,744 | ) | ||||||||
| Movement in cash and cash equivalents | ||||||||||||||||
| At the beginning of the period | 758,952 | 1,323,056 | 660,798 | 1,616,597 | ||||||||||||
| Effect of exchange rate changes | (338 | ) | (15,237 | ) | (2,768 | ) | (20,158 | ) | ||||||||
| Decrease in cash and cash equivalents | (187,122 | ) | (459,124 | ) | (86,538 | ) | (747,744 | ) | ||||||||
| At June 30, | 571,492 | 848,695 | 571,492 | 848,695 | ||||||||||||
Exhibit I – Alternative performance measures
Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.
EBITDA, Earnings before interest, tax, depreciation and amortization.
EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.
EBITDA is calculated in the following manner:
EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).
EBITDA is a non-IFRS alternative performance measure.
| (all amounts in thousands of U.S. dollars) | Three-month period ended June 30, | Six-month period ended June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Income for the period | 541,706 | 348,226 | 1,059,570 | 1,098,451 | |||||||||||
| Income tax charge | 105,342 | 138,147 | 186,684 | 223,003 | |||||||||||
| Equity in earnings (losses) of non-consolidated companies | (32,651 | ) | 82,519 | (46,686 | ) | 34,340 | |||||||||
| Financial Results | (31,663 | ) | (57,183 | ) | (66,921 | ) | (32,421 | ) | |||||||
| Depreciation and amortization | 150,002 | 138,509 | 296,408 | 313,951 | |||||||||||
| EBITDA | 732,736 | 650,218 | 1,429,055 | 1,637,324 | |||||||||||
Free Cash Flow
Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.
Free cash flow is calculated in the following manner:
Free cash flow = Net cash (used in) provided by operating activities - Capital expenditures.
Free cash flow is a non-IFRS alternative performance measure.
| (all amounts in thousands of U.S. dollars) | Three-month period ended June 30, | Six-month period ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net cash provided by operating activities | 673,147 | 935,201 | 1,494,147 | 1,822,178 | ||||||||||||
| Capital expenditures | (135,454 | ) | (161,318 | ) | (309,292 | ) | (333,415 | ) | ||||||||
| Free cash flow | 537,693 | 773,883 | 1,184,855 | 1,488,763 | ||||||||||||
Net Cash / (Debt)
This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.
Net cash/ debt is calculated in the following manner:
Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments - Borrowings (Current and Non-Current).
Net cash/debt is a non-IFRS alternative performance measure.
| (all amounts in thousands of U.S. dollars) | At June 30, | |||||||
| 2025 | 2024 | |||||||
| Cash and cash equivalents | 572,289 | 850,236 | ||||||
| Other current investments | 2,482,514 | 2,452,375 | ||||||
| Non-current investments | 1,002,523 | 1,120,834 | ||||||
| Derivatives hedging borrowings and investments | (3,698 | ) | — | |||||
| Current borrowings | (319,919 | ) | (559,517 | ) | ||||
| Non-current borrowings | (4,361 | ) | (21,386 | ) | ||||
| Net cash / (debt) | 3,729,348 | 3,842,542 | ||||||
Operating working capital days
Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.
Operating working capital days is calculated in the following manner:
Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.
Operating working capital days is a non-IFRS alternative performance measure.
| (all amounts in thousands of U.S. dollars) | At June 30, | |||||||
| 2025 | 2024 | |||||||
| Inventories | 3,486,537 | 3,834,623 | ||||||
| Trade receivables | 1,892,116 | 2,185,425 | ||||||
| Customer advances | (139,751 | ) | (298,158 | ) | ||||
| Trade payables | (910,427 | ) | (1,020,453 | ) | ||||
| Operating working capital | 4,328,475 | 4,701,437 | ||||||
| Annualized quarterly sales | 12,342,688 | 13,286,708 | ||||||
| Operating working capital days | 128 | 129 | ||||||
Source:
FAQ
What were Tenaris (TS) Q2 2025 net sales and growth rates?
How did Tenaris's EBITDA and margin perform in Q2 2025?
What is Tenaris's current net cash position?
What guidance did management provide for the second half of 2025?
How did OCTG pricing affect Q2 2025 results?
