TENARIS (TS) Company Report

Tenaris S.A. (TS) has entered into an agreement for the second tranche of its USD 1.2 billion Share Buyback Program, which was initially announced on May 27, 2025.
This second tranche will cover up to the remainder USD 600 million of the total program.
The buyback is scheduled to begin on November 3, 2025, and is expected to conclude no later than April 30, 2026.
A primary financial institution will execute the buyback, making independent trading decisions, and ordinary shares purchased under the program will be cancelled.

Nov 2, 2025, 5:40 PM

Press Release

Tenaris Reports Q3 2025 Financial Results, Shareholder Returns, and Tariff Updates

Earnings

Dividends

Share Buyback

For the nine-month period ended September 30, 2025, Tenaris reported net sales of $8,986,024 thousand and basic and diluted earnings per share of $1.39, compared to $9,678,708 thousand in net sales and $1.34 EPS for the same period in 2024.
The company completed its second share buyback program in March 2025, repurchasing 36,862,132 ordinary shares for approximately $700 million. A third share buyback program of up to $1.2 billion was approved in May 2025, with its first tranche completing on September 30, 2025, acquiring 33,059,955 ordinary shares for approximately $588 million.
An interim dividend of $0.29 per outstanding share ($0.58 per ADS), totaling approximately $300 million, was approved for payment on November 26, 2025.
The U.S. government increased tariffs on imported steel products to 50% on June 4, 2025. Additionally, the U.S. Department of Commerce issued a final antidumping rate of 6.76% for imports from Argentina and 26.10% for imports from Mexico, with the latter determination currently under appeal.

Oct 30, 2025, 9:17 PM

6-K

TENARIS SA Announces Q3 2025 Financial Results

Earnings

Dividends

Share Buyback

TENARIS SA reported Q3 2025 net sales of $2,978 million, a 2% increase year-over-year, with operating income rising 11% to $597 million and EBITDA increasing 9% to $753 million, achieving an EBITDA margin of 25.3%.
Net income for Q3 2025 was $453 million, a 1% decrease year-over-year, with earnings per ADS at $0.85, up 5% year-over-year.
The company generated free cash flow of $133 million in Q3 2025, ending the quarter with a net cash position of $3,483 million as of September 30, 2025.
An interim dividend of $0.29 per share ($0.58 per ADS) was approved, and $351 million was spent on share buybacks during the quarter.
For Q4 2025, sales are expected to remain near Q3 levels, but costs and margins are anticipated to be affected by the full impact of increased tariff costs.

Oct 30, 2025, 9:12 PM

6-K

Tenaris Reports Q3 2025 Results, Announces Interim Dividend Increase, and Provides Q4 Outlook

Earnings

Dividends

Share Buyback

Tenaris reported Q3 2025 sales of $3 billion, a 2% increase year-on-year but a 3% sequential decrease, with EBITDA reaching $753 million (25% margin), which included a $34 million gain from U.S. anti-dumping deposit returns.
The company's net cash position decreased to $3.5 billion at the end of Q3 2025 after $351 million in share buybacks, while free cash flow for the quarter was $133 million.
An interim dividend of $0.29 per share ($0.58 per ADR) was approved, marking a 7% increase compared to the previous year's interim dividend.
Management anticipates Q4 2025 EBITDA to be lower in the single-digit range, primarily due to an estimated $40 million impact from tariffs on cost of sales, with expected EBITDA margins between 20% and 25%.
The company holds a positive outlook for Argentina's energy sector following recent elections, expecting increased investment and activity, and sees the Middle East business as stable with growth in unconventional plays and potential for a Saudi drilling rebound in 2026.

Oct 30, 2025, 1:00 PM

Transcript

Tenaris S.A. Reports Q3 2025 Results with Strong EBITDA and Announces Interim Dividend

Earnings

Dividends

Share Buyback

Tenaris S.A. reported Q3 2025 sales of $3 billion, a 2% increase year-on-year but a 3% sequential decrease, with an EBITDA of $753 million (25% margin). Adjusted EBITDA, excluding a $34 million anti-dumping gain, was $719 million (24% margin).
The company generated $133 million in free cash flow and approved an interim dividend of $0.29 per share ($0.58 per ADR), marking a 7% increase from the previous year. Its net cash position declined to $3.5 billion following $351 million in share buybacks.
Sales in the U.S. and Canada remained resilient, with 90% of U.S. OCTG sales produced domestically. For Q4, Tenaris anticipates lower EBITDA, in the single-digit range, primarily due to an estimated $40 million impact from tariffs on cost of sales, with margins expected between 20% and 25%.

Oct 30, 2025, 1:00 PM

Transcript

Tenaris S.A. Reports Q3 2025 Results and Provides Q4 Outlook

Earnings

Guidance Update

Dividends

Tenaris S.A. reported Q3 2025 sales of $3 billion, an increase of 2% year-on-year but a 3% sequential decrease. EBITDA for the quarter was $753 million, up 3% sequentially, with an EBITDA margin of 25%. Excluding a $34 million gain from anti-dumping deposits, adjusted EBITDA was $719 million or 24% of sales.
The company generated $133 million in free cash flow during Q3 2025. After $351 million in share buybacks, the net cash position declined to $3.5 billion. An interim dividend of $0.29 per share or $0.58 per ADR was approved, representing a 7% increase compared to the prior year's interim dividend.
For Q4 2025, sales are expected to be similar to Q3 levels. However, EBITDA is projected to be lower by a single-digit percentage, mainly due to an estimated $40 million impact from tariffs on steel bars entering the cost of sales. The EBITDA margin is anticipated to be in the 20% to 25% range.
U.S. market inventories are currently at approximately seven months, which is above normal levels. Further reductions in imports are expected in Q4 2025 and H1 2026, influenced by the 50% tariff.

Oct 30, 2025, 1:00 PM

Transcript

Tenaris Announces Q3 2025 Results

Earnings

Dividends

Share Buyback

Tenaris reported Q3 2025 net sales of $2,978 million, an increase of 2% compared to Q3 2024, with operating income rising 11% to $597 million and EBITDA increasing 9% to $753 million, achieving a 25.3% margin.
Net income for Q3 2025 was $453 million, resulting in Earnings per ADS of $0.85, a 5% increase from Q3 2024.
The company generated $133 million in free cash flow during Q3 2025, ending the quarter with a net cash position of $3,483 million. The board approved an interim dividend of $0.29 per share ($0.58 per ADS), and $351 million was spent on share buybacks in the quarter.
For the fourth quarter, sales are anticipated to remain close to Q3 levels, though costs and margins are expected to be affected by the full impact of increased tariff costs.

Oct 29, 2025, 8:31 PM

Press Release

Tenaris completes first tranche of share buyback program

Share Buyback

Tenaris S.A. completed the first USD600 million tranche of its USD1.2 billion Share Buyback Program on September 30, 2025.
During this tranche, which ran from June 9, 2025, to September 30, 2025, the company purchased 33,059,955 ordinary shares, representing 3.08% of its total issued share capital, for approximately USD600 million.
The purchased shares are currently held in treasury, and Tenaris intends to cancel all treasury shares acquired under the program.

Sep 30, 2025, 11:58 PM

6-K

Tenaris Completes First Tranche of Share Buyback Program

Share Buyback

Tenaris S.A. announced the completion of the first $600 million tranche of its $1.2 billion Share Buyback Program.
This tranche was conducted from June 9, 2025, to September 30, 2025.
During this period, the company acquired 33,059,955 ordinary shares, representing 3.08% of its total issued share capital, for approximately $600 million.
As of September 30, 2025, these acquired shares are held in treasury, with Tenaris intending to cancel them in due course.

Sep 30, 2025, 10:30 PM

Press Release

Tenaris Completes First Tranche of Share Buyback Program

Share Buyback

Tenaris S.A. completed the first USD600 million tranche of its USD1.2 billion Share Buyback Program on September 30, 2025.
This tranche, which ran from June 9, 2025, to September 30, 2025, involved the purchase of 33,059,955 ordinary shares.
The shares acquired represent 3.08% of Tenaris's total issued share capital and were bought for approximately USD600 million.
The purchased shares are currently held in treasury, with Tenaris intending to cancel all treasury shares acquired under the program.

Sep 30, 2025, 10:30 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for TENARIS.

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