Tenaris (TEN) investor relations material

Executive summary

• Q2 2025 sales were $3.09 billion, up 6% sequentially but down 7% year-over-year; EBITDA rose 5% sequentially to $733 million, with a margin of 23.7%.

• Net income for Q2 2025 was $542 million, up 5% sequentially and 59% year-over-year; EPS increased 5% sequentially and 68% year-over-year.

• H1 2025 net sales were $6.01 billion, down 11% year-over-year; net income was $1.06 billion, slightly below the prior year.

• Free cash flow for Q2 2025 was $538 million; net cash position at June 30, 2025, was $3.7 billion after $600 million in dividends and $237 million in share buybacks.

• Strong global project execution included deliveries to major projects in Brazil, Alaska, Nigeria, Angola, and the Mediterranean.

Financial highlights

• Q2 2025 net sales: $3.09 billion; operating income: $583 million; net income: $542 million; EBITDA: $733 million.

• Gross profit for H1 2025 was $2.07 billion, down from $2.49 billion year-over-year.

• Basic and diluted EPS for H1 2025 was $0.99, compared to $0.97 in the same period last year.

• Net cash provided by operating activities was $1.49 billion, compared to $1.82 billion year-over-year.

• Cash and cash equivalents at June 30, 2025, were $572 million, down from $675 million at year-end 2024.

Outlook and guidance

• H2 2025 sales expected to decline moderately due to lower drilling activity and reduced line pipe shipments.

• Margins for H2 2025 anticipated to be affected by increased tariff costs, projected within the 20–25% range.

• Offshore project backlog is strong into 2026, with new awards in Suriname, Brazil, and Nigeria.

• U.S. tariffs on steel products increased to 50%, expected to reduce imports and support domestic prices.

• Argentine market volatility and foreign exchange controls continue to pose risks, with 16% of sales and 12% of equity exposed to Argentina.