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Tenaris (TEN) investor relations material
Tenaris Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 sales were $3 billion, up 2% year-over-year but down 3% sequentially, with resilient U.S. and Canada sales offsetting declines in the North Sea and Middle East offshore projects.
EBITDA for Q3 2025 was $753 million, including a $34 million gain from U.S. antidumping deposit returns; adjusted EBITDA was $719 million, or 24% of sales.
Net income for Q3 2025 was $453 million, nearly flat year-over-year but down 16% sequentially; operating income rose 11% year-over-year to $597 million.
Free cash flow in Q3 2025 was $133 million after $318 million in operating cash flow and $185 million in capex; net cash position declined to $3.5 billion after $351 million in share buybacks.
Interim dividend of $0.29 per share (up 7% year-over-year), totaling ~$300 million, approved for payment in November 2025.
Financial highlights
Q3 2025 EPS was $0.85 per ADS, up 5% year-over-year but down 14% sequentially.
EBITDA margin was 25% (24% adjusted for one-off gain); Q3 2025 Tubes operating margin was 20.6%.
For the first nine months of 2025, net sales were $8.99 billion, down 7% year-over-year; net income was $1.51 billion, down 3%.
Free cash flow for the first nine months was $1.3 billion, down from $1.9 billion in the prior year period.
Share buybacks totaled $351 million in Q3 2025 and $825 million in the first nine months.
Outlook and guidance
Q4 2025 sales expected to remain stable, with EBITDA projected to decline by single digits due to higher tariff-related costs.
Margin guidance for Q4 is 20%-25%, slightly lower than Q3.
Middle East business expected to remain stable and resilient into next year, with a strong offshore backlog building for 2026.
Argentina's energy sector activity is expected to increase gradually following favorable election results and improved financing conditions.
Management continues to monitor market volatility, especially in Argentina, and is adapting business strategy to evolving conditions.
Timeline for OCTG prices to reflect US tariffs?
Actions to manage rising working capital?
When will Argentine fracking services recover?
Middle East unconventional growth outlook?
U.S. inventory and tariff impact on pricing?
Argentina election impact on energy investment?
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Q4 202518 Feb, 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.
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