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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
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Tenaris
Tenaris (TEN) investor relations material
Tenaris Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2026
Executive summary
Net sales for Q2 2026 were $2.97 billion, down 4% sequentially and year-over-year, mainly due to shipment delays to the Middle East from the closure of the Strait of Hormuz.
EBITDA for Q2 2026 was $649 million, down 12% sequentially and 11% year-over-year, with net income at $492 million, down 13% year-over-year, impacted by lower fixed cost absorption and higher raw material and logistics costs.
Despite disruptions, operations in Saudi Arabia and the UAE continued, while shipments to Iraq, Kuwait, and Qatar were postponed.
Investments are ongoing in the U.S., Canada, and Argentina to expand capacity and support increased drilling activity.
Interim dividend of $0.59 per share ($1.18 per ADS) was approved for payment in November 2026.
Financial highlights
For the first half of 2026, net sales were $6.07 billion (up 1% year-over-year), EBITDA $1.39 billion (down 3%), and net income $1.06 billion (flat year-over-year).
Q2 2026 net income was $492 million, and earnings per share were $0.47, down 4% year-over-year.
Free cash flow for Q2 2026 was $396 million; net cash position at quarter-end was $3.6 billion after $606 million in dividend payments.
Operating cash flow for H1 2026 was $1.14 billion, down from $1.49 billion year-over-year.
Capital expenditures were $121 million in Q2 2026 and $236 million in H1 2026.
Outlook and guidance
Sales and EBITDA for the second half of 2026 are expected to remain in line with the first half, with a stronger fourth quarter anticipated due to higher volumes and some pricing improvement.
The reopening of the Strait of Hormuz is considered an upside scenario, with $130 million in backlog ready to ship if conditions improve.
Q3 is expected to be affected by seasonality and product mix, while Q4 should benefit from higher prices and volumes.
The company expects continued volatility in energy prices and supply chains due to ongoing Middle East conflict and global trade tensions.
Closing of the Artrom Steel Tubes S.A. acquisition is expected in Q4 2026, pending regulatory approvals.
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Latest events from Tenaris
- Q1 2026 saw strong sales and net income growth, but faces Middle East and legal risks.TEN
Q1 2026 - Q4 sales up 5% year-over-year, with strong cash flow and major shareholder returns.TENQ4 2025
- Q3 2025 saw resilient sales, strong cash returns, and margin pressure from tariffs and legal risks.TENQ3 2025
- Q2 2025 delivered higher sales and profits, but H2 faces margin and sales headwinds from tariffs and litigation.TENQ2 2025
- Drives global growth with innovation, ESG leadership, and strong financial performance.TENInvestor Update
- Q3 sales and profit fell year-over-year, but cash flow, buybacks, and outlook remain strong.TENQ3 2024
- Q2 2024 profit and sales fell, but cash flow and net cash position remained strong.TENQ2 2024
- Q1 sales up sequentially, EBITDA margin 24%, but legal and oil price risks remain.TENQ1 2025
- Sales and profit fell in 2024, but cash flow and shareholder returns remained strong.TENQ4 2024
Next Tenaris earnings date
Q3 20265 Nov, 2026
Tenaris
Next Tenaris earnings date
Q3 20265 Nov, 2026
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Frequently asked questions
Tenaris S.A. manufactures and supplies steel pipe products and related services for the energy industry. The company serves oil and gas exploration and production companies with tubular technologies, rig services, and pipe coating solutions. It operates manufacturing facilities and service centers globally. The company is headquartered in Luxembourg City, Luxembourg, and its shares are listed on the BIT.