Tenaris S.A., together with its subsidiaries, manufactures and supplies steel pipe products and related services for the energy industry and other industrial ...
Tenaris S.A., incorporated in 2001 and headquartered in Luxembourg, is a subsidiary of Techint Holdings S.àr.l. and part of the Techint Group. The company specializes in manufacturing and supplying steel pipe products and services primarily for the energy sector, including oil and gas exploration, production, and transportation. Its product portfolio ...Tenaris S.A., incorporated in 2001 and headquartered in Luxembourg, is a subsidiary of Techint Holdings S.àr.l. and part of the Techint Group. The company specializes in manufacturing and supplying steel pipe products and services primarily for the energy sector, including oil and gas exploration, production, and transportation. Its product portfolio includes steel casing to sustain well walls, tubing to conduct crude oil and natural gas to the surface, line pipes for transporting hydrocarbons from wells to refineries, and mechanical and structural pipes for various high-pressure applications. Additionally, Tenaris offers premium joints and couplings under the TenarisHydril brand, coiled tubing, sucker rods, and pipe coating services, along with automotive components. The company serves customers across North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. With a workforce of approximately 24,875 employees, Tenaris reported a market capitalization of around $28.6 billion as of the latest data, with a price-to-earnings ratio of 14.16 and a dividend yield of 3.3%. The company emphasizes technological innovation, operational efficiency, and sustainability, investing significantly in research and development (though R&D to revenue is minimal) and capital expenditures of about $1.52 billion (4.7% of revenue). Tenaris is led by CEO Gabriel Podskubka, who assumed the role in May 2026, with Paolo Rocca serving as Chairman. The company has a strong financial position with a low debt-to-equity ratio of 0.028 and a current ratio of 4.145, providing stability and capacity for future investments. Its long-term mission is to support the global energy transition by providing reliable, high-quality pipe solutions while maintaining a commitment to safety, environmental stewardship, and corporate responsibility.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$12.0B
-4.3%
-4.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$1.9B
-5.1%
-12.1%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+34.4%
-1.9%
-2.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+19.1%
-0.9%
-11.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+16.1%
-0.8%
-7.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$2.0B
-8.3%
-15.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+16.5%
-4.1%
-11.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
2.7%
-22.9%
-4.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
3.87x
+10.4%
-1.9%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Good day, and thank you for standing by. Welcome to the Second Quarter Tenaris S.A. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Giovanni Sardagna, Investor Relations Officer. Please go ahead.
Giovanni Sardagna : Thank you, Carmen, and welcome to Tenaris 2026 Second Quarter Conference Call. Before we start, I would like to remind you that we will be discussing forward-looking information in the call and that our actual results may vary from those expressed or implied during this call. With me on the call today are Gabriel Podskubka, our Chief Executive Officer; Carlos Gomez Alzaga, our Chief Financial Officer; and Guillermo Moreno, President of our U.S. Operations. Before passing over the call to Gabriel for his opening remarks, I would like to briefly comment our quarterly results. Our second quarter sales reached $3 billion, down 4% year-on-year and sequentially, mainly reflecting the postponement of shipments to customers in the Middle East due to the effective closure of the Strait of Hormuz for most of the quarter. Average selling prices in our Tube operating segment were basically flat compared to the corresponding quarter of last year and sequentially. Our quarterly EBITDA decreased 12% sequentially to $649 million, while our net income decreased 13% to $492 million, mainly due to lower absorption of fixed costs in addition to higher raw material and logistic costs. With operating cash flow of $518 million and capital expenditure of $121 million, our free cash flow for the quarter was $396 million. Following a dividend payment of $606 million in the quarter, our net cash position at the end of the quarter decreased to $3.6 billion. The Board of Directors approved the payment of an interim dividend of $0.59 per share or $1.18 per ADS approximately $600 million that will be paid the 25th of November. Now I will ask Gabriel to say a few words before we open the call to questions.
Gabriel Podskubka : Thank you, Giovanni, and I would like to extend a warm welcome to all of you participating in our call today. Our second quarter results clearly reflect the impact of the Middle East conflict and disruption in the Strait of Hormuz. As well as the consequent impact of logistics and energy cost increases. Even so, they also demonstrate the resilience of our performance based on the strength of our global positioning and the efficiency of our industrial operations. In the Middle East, shipments to Iraq, Kuwait and Qatar have been postponed as our customers were forced to reduce their operations and ships are unable to enter the Gulf. This situation will continue until the Hormuz Strait reopens. In Saudi Arabia and the Emirates, however, we were able to continue supply of OCTG to Aramco and ADNOC who have maintained their drilling operations fairly intact. In other regions of the world, customers are …
