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    Daniel Thomson • BNP Paribas Exane

    Daniel Thomson's questions to Tenaris SA (TS) leadership

    Daniel Thomson's questions to Tenaris SA (TS) leadership • Q1 2025

    Question

    Daniel Thomson asked how the recent decline in the share price factors into the company's thinking on the pace of share buybacks versus maintaining a defensive cash balance. He also inquired about the timeline and mechanics for reauthorizing the buyback program after the May meeting.

    Answer

    Chairman and CEO Paolo Rocca stated that the renewal of the buyback authorization is on the agenda for the General Assembly. Following its expected approval, the new Board of Directors will consider all factors, including the market outlook and other potential uses of cash, to determine the best course of action and the pace of any future repurchases. No subsequent approvals are needed after the board decides to proceed.

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    Daniel Thomson's questions to Tenaris SA (TS) leadership • Q4 2024

    Question

    Daniel Thomson asked about the impact of Pipe Logix price increases on contracts outside of the U.S. He sought to understand what proportion of ex-U.S. contracts are linked to the index and the typical time lag for these price changes to feed through to the company's P&L.

    Answer

    Chairman and CEO Paolo Rocca clarified that the Pipe Logix index is primarily used in pricing formulas for long-term agreements within the Americas (U.S., Mexico, Canada, South America) and is not widely used elsewhere. He noted that price increases from the index feed into these contracts with a delay of one to two quarters.

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    Daniel Thomson's questions to Technip Energies NV (THNPY) leadership

    Daniel Thomson's questions to Technip Energies NV (THNPY) leadership • Q1 2025

    Question

    Daniel Thomson of BNP Paribas Exane asked about the progress of developing a bundled offering for the U.S. decarbonized power market, particularly for data centers, and whether management considers the market worth pursuing.

    Answer

    CEO Arnaud Pieton confirmed that conversations are progressing and are 'more than wishful thinking.' He stated that work is ongoing with equipment providers to develop a bundled solution, including market and technological assessments. He sees strong future potential in this market, leveraging Technip Energies' mature and proven technologies.

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    Daniel Thomson's questions to Technip Energies NV (THNPY) leadership • Q1 2024

    Question

    Daniel Thomson inquired about the proportion of U.S. opportunities in the low-carbon bid pipeline and the potential impact of the U.S. election on investment decisions. He also asked for an outlook on petrochemical projects given low ethylene margins.

    Answer

    Executive Arnaud Pieton stated the low-carbon pipeline is roughly split one-third each among the U.S., Europe, and the Middle East. He believes key U.S. sectors like solar, blue hydrogen, and CCS will advance regardless of election outcomes. On petchem, he acknowledged a temporary slowdown but noted strong inquiries for 2025 and beyond, with a growing focus on decarbonizing existing assets.

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