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Tenaris (TEN) investor relations material

Tenaris Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

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.

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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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