TS

Interested in Tenaris S.A.? Here are five stocks we like better. Second-quarter performance weakened as sales fell 4% to $3 billion and EBITDA declined 12% sequentially to $649 million, pressured by Strait of Hormuz shipping disruptions, lower fixed-cost absorption, and higher raw-material and logistics costs. Tenaris approved a higher interim dividend of $0.59 per share ($1.18 per ADR), totaling about $600 million, supported by $396 million in quarterly free cash flow and $3.6 billion in net cash. Management expects second-half revenue and EBITDA to be roughly in line with the first half, while potential upside could come from resumed Gulf shipments, stronger fourth-quarter volumes and pricing, rising North American drilling activity, and an expanding offshore project backlog. Tyson Foods Offers a Meaty Opportunity for Income Investors Tenaris (NYSE:TS) reported second-quarter sales of $3 billion, down 4% from both a year earlier and the prior quarter, as shipping disruptions in the Middle East delayed deliveries to customers in Iraq, Kuwait and Qatar. Investor Relations Officer Giovanni Sardagna said the effective closure of the Strait of Hormuz for most of the quarter prevented vessels from entering the Gulf. Average selling prices in the company’s tube operating segment were broadly flat year over year and sequentially. → No Hangover: Revisiting Microsoft One Week After Earnings TSMC’s Price Hikes Could Show Which AI Chip Stocks Have Real Pricing Power Quarterly EBITDA declined 12% sequentially to $649 million, while net income fell 13% to $492 million. Sardagna attributed the decline primarily to lower fixed-cost absorption as well as higher raw-material and logistics costs. Operating cash flow totaled $580 million and capital expenditures were $121 million, resulting in free cash flow of $396 million. Following a $606 million dividend payment during the quarter, Tenaris ended the period with net cash of $3.6 billion. → MarketBeat Week in Review – 08/03 - 08/07 The 2026 Blueprint: 6 Stocks for a Brand New Portfolio The company’s board approved an interim dividend of $0.59 per share, or $1.18 per American depositary receipt, totaling about $600 million. The dividend is scheduled to be paid Nov. 25. Chief Executive Officer Gabriel Podskubka said the board’s decision to increase the interim dividend reflected Tenaris’ “strong balance sheet and sustained cash generation.” He said the company has favored dividends as a means of returning capital because of their simplicity and their role in preserving share liquidity. → Why the Landlord of the AI Boom Could Outlast the Chipmakers Podskubka said the board remains committed to shareholder returns broadly in line with prior levels, while retaining financial flexibility amid an uncertain environment and possible growth opportunities. He noted that future dividends remain subject to board decisions and shareholder approval, but indicated that the company’s historical pattern has been an interim payment representing about one-third of the total annual dividend, followed by the remaining portion in May. Tenaris has removed a near-term reopening of the Strait of Hormuz from its base-case forecast for the second half of 2026. The company previously assumed a relatively short disruption, but Podskubka said prolonged uncertainty prompted management to change that premise. The company now has approximately $130 million of material destined for Iraq, Kuwait and Qatar that is excluded from its base-case outlook. If navigation through the strait is restored, Tenaris expects it would take roughly 70 to 90 days to ship the material from its mills and invoice customers. Podskubka said the delayed shipments would represent upside to the company’s outlook, particularly because the products involved are premium, special-grade materials with relatively strong margins. Operations in Saudi Arabia and the United Arab Emirates have been less affected, he said, with Aramco and ADNOC maintaining drilling activity and Tenaris continuing supply despite added logistics challenges. Management expects second-half revenue and EBITDA to be in line with the first half, with the third quarter resembling the second quarter. The company expects a more meaningful increase in volumes and some pricing improvement in the fourth quarter, excluding any potential resumption of northern Gulf deliveries. Podskubka said fourth-quarter volumes are expected to exceed 1 million tons, which should improve fixed-cost absorption. He also said raw-material costs have increased throughout the year, but Tenaris is raising prices and expects the positive impact of those increases to be reflected in fourth-quarter sales and margins. Tenaris is seeing increased drilling activity across the United States, Canada and Argentina as customers pursue energy security and diversify supply sources, Podskubka said. Guillermo Moreno, president of Tenaris’ U.S. operations, said U.S. activity has increased by nearly 10% since the beginning of the conflict in Iran, representing about 50 additional rigs. The company expects another 10 to 15 rigs to be added through the rest of the year. Moreno said Tenaris expects U.S. shipments to increase in line with customer activity. Pipe Logix pricing has risen around 9% since the start of the year, with at least another 5% increase anticipated by year-end, he said. Tenaris’ own prices typically follow Pipe Logix movements with a one-quarter delay. In the U.S., Tenaris is adding shifts at its industrial facilities. Its Bay City mill is operating at record production levels, while the company continues investments at its Koppel steel shop and Ambridge seamless pipe mill. It is also expanding deployment of a high-torque wedge connection designed for longer laterals. Moreno said U.S. imports have remained contained in 2026, supported by Section 232 tariffs and trade cases against unfairly traded imports. Assuming favorable determinations in the newer trade cases, he said Tenaris expects imports to remain at similar levels in coming quarters unless prices rise more substantially. In Canada, Tenaris has launched a $230 million investment program intended to increase effective capacity at its Sault Ste. Marie mill. Management said the project will strengthen the company’s domestic supply capabilities. Canadian activity declined seasonally in the second quarter after a strong first quarter, but the company expects drilling activity in both oil and gas to improve over time. Tenaris said its offshore project backlog has increased and is expected to contribute to sales beginning in the fourth quarter and continuing into 2027. The company cited several developments, including Eni and TotalEnergies’ sanctioning of the Cronos project, which will transport deepwater gas from Cyprus to an LNG facility in Egypt. Tenaris has supported Eni on pipeline requirements and OCTG supply for four wells associated with the project. Tenaris also inaugurated a service center in Suriname with TotalEnergies and government officials to manage the OCTG supply chain for the GranMorgu project. The company has begun deliveries of line pipe and coating for the Sakarya project in the Black Sea. Management said shipments for Sakarya, a welded SAW pipeline project from Brazil to Turkey, began in the third quarter and are expected to continue for three or four quarters. While the project is significant, Podskubka said its average price and margin are below Tenaris’ companywide average, creating a modest product-mix effect. In Argentina, nine high-specification rigs have been added in Vaca Muerta since the start of the year, bringing the total operating count to 42. Podskubka also pointed to plans by YPF, Eni and XRG to advance the $30 billion Argentina LNG project, for which a final investment decision is expected by year-end. Tenaris expects its third fracking unit in Argentina to begin operations in the fourth quarter. Podskubka said the fracking business is EBITDA-margin accretive to Tenaris’ overall average, though he did not disclose a specific profitability figure. Tenaris SA is a global manufacturer and supplier of steel tubular products and related services, primarily serving the oil and gas industry as well as other energy and industrial markets. Its product portfolio centers on seamless and welded steel pipes used for casing, tubing and line pipe applications, alongside a range of specialty and mechanical steel tubes. The company also provides value‑added technical solutions, including premium connections, heat treatment and surface protection, to support drilling, completion and production activities. Tenaris operates an integrated industrial and commercial network that combines manufacturing, distribution and field services. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Tenaris Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Tenaris S.A. (TS) reported $2.97 billion in revenue for the quarter ended June 2026, representing a year-over-year decline of 3.9%. EPS of $0.95 for the same period compares to $0.99 a year ago. The reported revenue represents a surprise of +2.48% over the Zacks Consensus Estimate of $2.89 billion. With the consensus EPS estimate being $0.79, the EPS surprise was +20.25%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Tenaris performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Tubes Sales volume - Seamless: 768.00 Kmt versus 748.82 Kmt estimated by three analysts on average. Tubes Sales volume - Total: 946.00 Kmt compared to the 933.73 Kmt average estimate based on three analysts. Tubes Sales volume - Welded: 179.00 Kmt versus the three-analyst average estimate of 184.91 Kmt. Net Sales- Tubes- North America: $1.47 billion versus $1.39 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.9% change. Net Sales- Tubes- Asia Pacific, Middle East and Africa: $557 million versus $579.4 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -27.8% change. Net Sales- Tubes- Europe: $267 million versus $183.57 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +24.2% change. Net Sales- Tubes- South America: $508 million versus $565.54 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -4.3% change. Net Sales- Others: $164 million versus the three-analyst average estimate of $168.72 million. The reported number represents a year-over-year change of -1.2%. Net Sales- Tubes: $2.8 billion versus the three-analyst average estimate of $2.73 billion. The reported number represents a year-over-year change of -4%. Operating income- Other: $29 million compared to the $33.22 million average estimate based on two analysts. Operating income- Tubes: $465 million versus the two-analyst average estimate of $462.22 million. View all Key Company Metrics for Tenaris here>>> Shares of Tenaris have returned +7.1% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tenaris S.A. (TS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Sales: $3 billion in Q2 2026, down 4% year-on-year and sequentially. EBITDA: $649 million in Q2 2026, down 12% sequentially. Net Income: $492 million in Q2 2026, down 13% sequentially. Operating Cash Flow: $518 million in Q2 2026. Capital Expenditure: $121 million in Q2 2026. Free Cash Flow: $396 million in Q2 2026. Net Cash Position: $3.6 billion at the end of Q2 2026. Dividend: Interim dividend of $0.59 per share or $1.18 per ADR, approximately $600 million, payable November 25. Average Selling Prices: Flat in the tube operating segment compared to the prior year quarter and sequentially. Warning! GuruFocus has detected 6 Warning Signs with OHEL:METSA. Is TS fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Tenaris SA (NYSE:TS) demonstrated resilience in Q2 2026 despite Middle East disruptions, maintaining strong operational performance and global positioning. The company increased its interim dividend to $600 million, doubling the previous rate, reflecting a strong balance sheet and sustained cash generation. Tenaris SA (NYSE:TS) is investing in growth, including a $230 million program to expand Canadian mill capacity and adding worksheets at US facilities to meet rising demand. The company has a growing offshore project backlog, with new contracts like the Kronos project and GranMorgu, expected to boost sales from Q4 2026 into 2027. US drilling activity is up nearly 10% since the start of the Iran conflict, with expectations for further rig additions and price increases, benefiting Tenaris SA (NYSE:TS)'s North American operations. Tenaris SA (NYSE:TS) maintains a strong net cash position of $3.6 billion, providing financial flexibility for future growth and shareholder returns. Tenaris SA (NYSE:TS)'s Q2 2026 sales decreased 4% year-on-year and sequentially due to the closure of the Strait of Hormuz, postponing shipments to Iraq, Kuwait, and Qatar. Quarterly EBITDA fell 12% sequentially to $649 million, impacted by lower fixed cost absorption and higher raw material and logistics costs. The company faces ongoing uncertainty from the Middle East conflict, with $130 million in backlog for the upper Gulf region excluded from base-case forecasts. Q3 2026 is expected to remain weak, with similar revenue and EBITDA margins to Q2, due to continued logistics disruptions and seasonal shutdowns in Europe. The start of the Sakarya pipeline project, with below-average margins, will negatively impact product mix in Q3 2026. Raw material costs have increased and are progressively impacting sales, though price increases are expected to offset this in Q4. Q: Could you review the board's decision to double the dividend rate and shift away from the previous cash return strategy that included buybacks? Is this sustainable over the long-term?A: CEO Gabriel Podskubka confirmed the board's decision to increase the interim dividend to $600 million, doubling the previous rate, driven by the company's strong balance sheet and sustained cash generation. The board favored dividends for their simplicity and to preserve share liquidity. He stated the board remains committed to maintaining shareholder returns broadly in line with past levels while retaining financial flexibility. He noted that based on past practice and the strong balance sheet, this level of dividend could continue, with the final decision subject to shareholder approval at the Annual Meeting. Q: What assumptions are you making for the second half of 2026 regarding the Middle East disruption, and how is the underlying business performing excluding the Strait of Hormuz impact?A: CEO Gabriel Podskubka explained that the company has changed its base-case premise for the second half, no longer assuming a short-term reopening of the Strait of Hormuz. The backlog of material destined for Iraq, Kuwait, and Qatar has grown to $130 million, which is now excluded from the forecast. If the strait reopens, it would take 70-90 days to ship this premium material, representing a potential upside. Excluding this, the company expects second-half revenues and EBITDA to be in line with the first half, with Q3 similar to Q2 and a significant uptick in Q4 driven by higher oil prices boosting activity in the US, Canada, and Argentina, along with a stronger offshore market. Q: If we remove the effect of the impassable strait, what would Q4 EBITDA look like compared to Q1's $730 million?A: CEO Gabriel Podskubka confirmed that without the disruption in the northern Gulf, the Q4 projection would be "pretty much in line" with Q1's performance. He added that if the Hormuz conflict were resolved quickly, the additional $130 million in premium material could be shipped and invoiced within Q4, providing a nice upside given the higher margins on products sold in Iraq, Kuwait, and Qatar. Q: How much of the flat North American sales quarter-on-quarter reflects US pricing lagging Pipe Logix increases, and how will this evolve in the second half? At what level do imported OCTG become a competitive threat again?A: Guillermo Moreno, President of US Operations, stated that US activity has increased by almost 10% (around 50 rigs) since the conflict began, with another 10-15 rigs expected by year-end. Shipments are expected to grow in line with activity. Pipe Logix has increased around 9% since the start of the year, with at least another 5% expected by year-end; Tenaris's prices will reflect this with a one-quarter delay. Regarding imports, he noted they have been contained due to Section 232 tariffs and trade cases, and a more relevant price increase would be needed for imports to become competitive again. CEO Gabriel Podskubka added that Mexico is stable with gradual growth, while Canada is expected to grow after seasonal Q2 weakness, supported by a major $230 million capacity investment. Q: Is it correct to assume Q2 will be the weakest quarter of 2026 for EBITDA margin, with sequential improvement in the second half?A: CEO Gabriel Podskubka clarified that Q2 and Q3 will be very similar in revenues and EBITDA margin, as the lower volumes, logistic extra costs, and lower fixed-cost absorption present in Q2 will persist into Q3. The uptick will begin in Q4, when volumes are expected to exceed 1,000,000 tons, which will help support fixed-cost absorption and improve margins. Q: What is a normalized margin level for the fracking operations, and can you update us on the third set of equipment? Also, can you dive deeper into the Q3 seasonality and product mix effects?A: CEO Gabriel Podskubka stated that Q2 and Q3 will have some white space in utilization of the two fracking units in Argentina, but the third unit will start operations in Q4, increasing invoicing. He declined to disclose specific margins for competitive reasons but confirmed the business is accretive to Tenaris's average EBITDA ratio. Regarding Q3 mix, he cited seasonality in Europe with operational shutdowns and reduced customer purchasing, leading to slightly lower seamless volumes. Additionally, shipments of the large Sakarya welded pipeline from Brazil to Turkey have begun, which has a lower average price and margin than the company average, creating a slight mix effect. Q: Can you clarify if the capital return message implies a continuation of the one-third/two-third dividend split between interim and final payments?A: CEO Gabriel Podskubka confirmed that while it is ultimately a board decision, the one-third/two-third split has been the company's track record, implying this practice is likely to continue with the new, higher dividend level. Q: How are you seeing the US market in terms of rig count and pricing, and what are your expectations for shipments?A: Guillermo Moreno, President of US Operations, reported that since the beginning of the Iran conflict, US activity has increased by almost 10%, adding around 50 rigs. He expects another 10-15 rigs to be added through the rest of the year. Shipments are expected to grow in line with this activity increase. On pricing, he reiterated that Tenaris's prices follow Pipe Logix with a one-quarter delay. Pipe Logix has increased around 9% since the start of the year, with at least another 5% expected by year-end, and Tenaris's prices will reflect these increases accordingly. Q: What is the outlook for Canada and Mexico within the North American segment?A: CEO Gabriel Podskubka stated that Mexico is stable with a gradual increase in activity, supported by higher hydrocarbon prices and government incentives for private companies. Canada experienced natural seasonality in Q2 after a strong Q1, but the outlook is promising with expected increases in drilling activity. This positive outlook supports the company's decision to invest $230 million to increase capacity at its Sault Ste. Marie mill, positioning Tenaris to grow its revenue and position in Canada. Q: What are the key drivers behind the expected Q4 uptick in volumes and pricing?A: CEO Gabriel Podskubka explained that the higher oil prices driven by the Hormuz disruption are creating favorable conditions in the US, Canada, and Argentina. The strength of the offshore market is also contributing. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures. LUXEMBOURG, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2026 in comparison with its results for the quarter ended June 30, 2025. Summary of 2026 Second Quarter Results(Comparison with first quarter of 2026 and second quarter of 2025) In the second quarter, our sales decreased 4% sequentially reflecting, to a large extent, the postponement of shipments to customers in the Middle East due to the effective closure of the strait of Hormuz for most of the period. Our EBITDA margin also decreased with higher unitary logistic costs, lower absorption of fixed costs and rising raw material costs. During the quarter, our free cash flow amounted to $396 million and, after spending $606 million on dividends, our net cash position amounted to $3.6 billion at June 30, 2026. Interim Dividend Payment Our board of directors approved the payment of an interim dividend of $0.59 per share ($1.18 per ADS), or approximately $600 million, according to the following timetable: Payment date: November 25, 2026 Record date: November 24, 2026 Ex-dividend for securities listed in the United States: November 24, 2026 Ex-dividend for securities listed in Europe and Mexico: November 23, 2026 Market Background and Outlook Oil and gas drilling activity has been increasing in the USA, Canada and Argentina. In addition, customers around the world are moving forward with investments in cost-competitive offshore projects, as the industry increases its focus on security and diversification of supply. In the United States, OCTG prices have been increasing in response to higher demand and to offset higher raw material and logistic costs. In the Middle East, the conflict continues to cause disruption to shipping through the strait of Hormuz. Drilling activity in Iraq, Kuwait and Qatar has been severely affected, while, in Saudi Arabia and the UAE, it has been largely maintained. In the second half, we expect our sales and EBITDA to remain in line with the first half, despite sales continuing to be affected by lower shipments to the Middle East and higher raw material costs. There may be some upside if the shipping disruption at the strait of Hormuz ends before the end of the year. The third quarter will be additionally affected by seasonality and product mix effects, while the fourth quarter will benefit from higher prices and volumes in most regions. Changes in the Company's Board of Directors The Company’s Board of Directors has been informed at its most recent meeting that Mr. Jaime Serra Puche has resigned as a member of the Board and of its Audit Committee, for personal reasons, and that, due to other commitments, Mr. Germán Curá has resigned as Vice Chair responsible for overseeing Tenaris’s Sustainability Strategy but will continue to serve as a director. Pursuant to the authority granted to the Board of Directors under Luxembourg law and the Company's articles of association, the Board has appointed Ms. Alicia Móndolo as a member of the Board until the Company’s next shareholders meeting and as Vice Chair responsible for overseeing the Company's Sustainability Strategy, Risk Management and Compliance, and Ms. Maria Novales-Flamarique as a member of the Audit Committee. These changes will be effective upon the publication of the Company's unaudited financial statements for the second quarter of 2026. Following such changes, the Board of Directors will be composed of ten members, as follows: Mr. Paolo Rocca, Chairman; Mr. Guillermo Vogel, Vice Chair responsible for overseeing Financial Reporting and Investor Relations; Ms. Alicia Móndolo, Vice Chair responsible for overseeing Sustainability, Risk Management and Compliance; Ms. Monica Tiuba; Mr. Simon Ayat; Ms. Maria Novales-Flamarique; Mr. Gianfelice Rocca; Mr. Roberto Bonatti; Mr. Germán Curá; and Ms. Molly Montgomery. Each of Ms. Tiuba, Mr. Ayat, Ms. Novales-Flamarique and Ms. Montgomery qualify as independent directors. The Audit Committee will be composed of Ms. Monica Tiuba, as Chair, Mr. Simon Ayat and Ms. Maria Novales-Flamarique. Analysis of 2026 Second Quarter Results Tubes The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below: The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below: Net sales of tubular products and services decreased 4% sequentially and year on year, in line with the volume variation as average selling prices remained stable. Sequentially, in North America, higher sales of OCTG in the United States largely compensated for lower OCTG sales in Canada and Mexico. In South America, lower sales of OCTG in Brazil were partially compensated by an increase in Guyana, Suriname and Venezuela, while, in Argentina, lower sales for pipelines were compensated by higher sales of OCTG. In Europe, we had higher sales of OCTG in Turkey and the start of deliveries of offshore line pipe to the Sakarya Black Sea development. In Asia Pacific, Middle East and Africa, sales declined with the postponement of deliveries to Kuwait and Iraq and lower deliveries to North Africa following a concentration of such deliveries in the previous quarter. Operating results from tubular products and services amounted to a gain of $465 million in the second quarter of 2026 compared to a gain of $545 million in the previous quarter and a gain of $554 million in the second quarter of 2025. Operating income in the quarter decreased due to higher unitary logistic costs, lower absorption of fixed costs and rising raw material costs. Others The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below: Net sales of other products and services decreased 3% sequentially and decreased 1% year on year. Sequentially sales declined mainly due to lower sales of oilfield services in Argentina. Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 16.3% of net sales, in the second quarter of 2026, compared to $467 million, 15.0% in the previous quarter and $484 million, 15.7% in the second quarter of 2025. Sequentially, the increase in SG&A is mainly due to higher services and fees and increased unitary logistic costs associated to the closure of the strait of Hormuz. Financial results amounted to a gain of $32 million in the second quarter of 2026, compared to a gain of $50 million in the previous quarter and a gain of $32 million in the second quarter of 2025. Financial results of the quarter are mainly attributable to a $41 million net finance income from the net return of our portfolio investments, net of a $9 million loss from foreign exchange transactions and derivatives. Equity in earnings of non-consolidated companies generated a gain of $48 million in the second quarter of 2026, compared to a gain of $33 million in the previous quarter and a gain of $33 million in the second quarter of 2025. These results are mainly derived from our participation in Ternium (NYSE:TX) and Usiminas. Income tax charge amounted to $82 million in the second quarter of 2026, compared to $103 million in the previous quarter and $105 million in the second quarter of 2025. Cash Flow and Liquidity of 2026 Second Quarter Net cash generated by operating activities during the second quarter of 2026 was $518 million, compared to $618 million in the previous quarter and $673 million in the second quarter of 2025. With capital expenditures of $121 million, our free cash flow amounted to $396 million during the quarter. Following a dividend payment of $606 million in the quarter, our net cash position amounted to $3.6 billion at June 30, 2026. Analysis of 2026 First Half Results Our sales in the first half of 2026 increased 1% compared to the first half of 2025 as volumes of tubular products shipped decreased 1% and tubes average selling prices increased 2% driven by price increases in North America while sales in the Others segment increased 3%. EBITDA in the first half of 2026 was negatively affected by the impact of tariff costs in the United States. Earnings per share increased 4% following the reduction of outstanding shares due to the share buyback. Cash flow provided by operating activities amounted to $1.1 billion during the first half of 2026, net of an increase in working capital of $84 million. After capital expenditures of $236 million, our free cash flow amounted to $0.9 billion. Following a dividend payment of $606 million and share buybacks for $90 million in the semester, our net cash position amounted to $3.6 billion at the end of June 2026. The following table shows our net sales by business segment for the periods indicated below: Tubes The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below: The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below: Net sales of tubular products and services increased 1% to $5,734 million in the first half of 2026, compared to $5,686 million in the first half of 2025 due to a 1% decrease in volumes and a 2% increase in average selling prices driven by price increases in North America. Average drilling activity in the first half of 2026 declined 3% in the United States and Canada and 2% internationally compared to the first half of 2025. Operating results from tubular products and services amounted to a gain of $1,010 million in the first half of 2026 compared to a gain of $1,068 million in the first half of 2025. The decline in operating results is mainly due to the impact of tariff costs in the United States. Others The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below: Net sales of other products and services increased 3% to $333 million in the first half of 2026, compared to $322 million in the first half of 2025. The increase is mainly due to additional sales of excess raw materials. Operating results from other products and services amounted to a gain of $68 million in the first half of 2026, compared to a gain of $65 million in the first half of 2025. These results were primarily driven by our oilfield services business in Argentina and by sales of sucker rods, pipes for plumbing applications, and coiled tubing. Selling, general and administrative expenses, or SG&A, amounted to $951 million in the first half of 2026 and $941 million in the first half of 2025 in both cases representing 15.7% of sales. Other operating results amounted to a loss of $6 million in the first half of 2026, compared to a loss of $50 thousand in the first half of 2025. The six million loss is mainly due to the provision for ongoing litigation related to the acquisition of a participation in Usiminas. Financial results amounted to a gain of $83 million in the first half of 2026, compared to a gain of $67 million in the first half of 2025. Financial results of the semester are mainly attributable to a $94 million net finance income from the net return of our portfolio investments. Equity in earnings of non-consolidated companies generated a gain of $81 million in the first half of 2026, compared to a gain of $47 million in the first half of 2025. These results are mainly derived from our participation in Ternium (NYSE:TX) and Usiminas. Income tax amounted to a charge of $185 million in the first half of 2026, compared to $187 million in the first half of 2025. Cash Flow and Liquidity of 2026 First Half Net cash provided by operating activities during the first half of 2026 amounted to $1.1 billion (net of an increase in working capital of $84 million), compared to cash provided by operations of $1.5 billion (including a reduction in working capital of $250 million) in the first half of 2025. Capital expenditures amounted to $236 million in the first half of 2026, compared to $309 million in the first half of 2025. Free cash flow amounted to $0.9 billion in the first half of 2026, compared to $1.2 billion in the first half of 2025. Following a dividend payment of $606 million in May 2026 and share buybacks of $90 million during the first half of 2026, our net cash position amounted to $3.6 billion at the end of June 2026. Tenaris Files Half-Year Report Tenaris S.A. announces that it has filed its half-year report for the six-month period ended June 30, 2026 with the Luxembourg Stock Exchange. The half-year report can be downloaded from the Luxembourg Stock Exchange’s website at www.luxse.com and from Tenaris’s website at ir.tenaris.com. Holders of Tenaris’s shares and ADSs, and any other interested parties, may request a hard copy of the half-year report, free of charge, at 1-888-300-5432 (toll free from the United States) or 52-229-989-1159 (from outside the United States). Conference call Tenaris will hold a conference call to discuss the above reported results, on August 6, 2026, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To listen to the conference please join through one of the following options: ir.tenaris.com/events-and-presentations or https://edge.media-server.com/mmc/p/mebw5wg6 If you wish to participate in the Q&A session please register at the following link: https://register-conf.media-server.com/register/BIdf3a3ac7cf144c3f80f84a3c0df4fbe9 Please connect 10 minutes before the scheduled start time. A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations Consolidated Condensed Interim Income Statement Consolidated Condensed Interim Statement of Financial Position Consolidated Condensed Interim Statement of Cash Flows Exhibit I – Alternative performance measures Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS. EBITDA, Earnings before interest, tax, depreciation and amortization. EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt. EBITDA is calculated in the following manner: EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals). EBITDA is a non-IFRS alternative performance measure. Free Cash Flow Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base. Free cash flow is calculated in the following manner: Free cash flow = Net cash (used in) provided by operating activities - Capital expenditures. Free cash flow is a non-IFRS alternative performance measure. Net Cash / (Debt) This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks. Net cash/ debt is calculated in the following manner: Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments - Borrowings (Current and Non-Current). Net cash/debt is a non-IFRS alternative performance measure. Operating working capital days Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health. Operating working capital days is calculated in the following manner: Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365. Operating working capital days is a non-IFRS alternative performance measure. Giovanni Sardagna        Tenaris1-888-300-5432www.tenaris.com

Flowco Holdings Inc. FLOC delivered a strong first-quarter 2026 performance, supported by demand for its production-optimization, artificial-lift and emissions-management offerings. Adjusted earnings of 48 cents per share beat the Zacks Consensus Estimate of 34 cents, while revenues rose 8.9% year over year to $209.5 million and topped expectations. The results showed that Flowco is benefiting from operators’ focus on improving output from existing wells rather than relying only on new drilling. That theme is also important for oilfield service peers such as Halliburton Company HAL and Tenaris S.A. TS, which are investing in technology and efficiency-focused solutions. While FLOC’s recent run has been impressive, investors should weigh the earnings beat against valuation, estimate trends and already-strong share-price performance. Flowco’s biggest strength in the quarter came from its Production Solutions segment. Revenues in the segment were $140.2 million, up 20.8% year over year, while adjusted segment EBITDA reached $61.5 million. The segment’s 43.9% margin reflects the benefits of its rental-heavy model and demand for high-pressure gas lift, electric submersible pumps and other artificial-lift solutions. Flowco’s acquisition of Valiant Artificial Lift Solutions, completed in March, added electric submersible pumps (ESP) capabilities and expanded the company’s ability to support wells earlier in their production lives. This gives FLOC a broader lift portfolio, similar to how Halliburton and Tenaris are broadening their service offerings through technology and acquisitions. Natural Gas Technologies was less of a growth engine but remained profitable. Segment revenues were $69.4 million, down from the year-ago period, reflecting softer comparisons in some natural gas systems activity. Still, adjusted segment EBITDA improved to $29.7 million, and margin expanded to 42.8% from 37.5% a year earlier. Vapor recovery rentals helped offset weaker system sales, showing that Flowco’s emissions-management and monetization products remain relevant as producers seek both economic and environmental benefits. The company’s investor presentation highlights vapor recovery units as tools that can reduce emissions while improving economics through recovered liquids-rich gas. Image Source: Flowco Holdings On a consolidated basis, Flowco generated adjusted EBITDA of $85.5 million, up from $74.9 million in the year-ago quarter. Adjusted EBITDA margin was 40.8%, keeping profitability at a premium level despite higher corporate costs tied partly to filing, legal and transaction-related expenses. Net cash provided by operating activities was $78.7 million, and free cash flow came in at $52.3 million after capital spending. That cash generation gives FLOC flexibility to invest in growth, reduce leverage and reward shareholders. Management also returned $16.5 million through share repurchases during the quarter. In May, the board approved a 12.5% increase in the quarterly cash dividend to 9 cents per share. This shareholder-return profile adds appeal, particularly for investors comparing FLOC with larger oilfield names such as Halliburton and Tenaris. However, unlike Halliburton and Tenaris, Flowco is a smaller, more specialized company, so its stock can be more sensitive to changes in investor sentiment and expectations. FLOC’s share price momentum has been very strong. The stock is up more than 57% over the past six months, outpacing notable gains of 51% from Tenaris and 49% from Halliburton. That performance shows investor confidence in Flowco’s strategy, its Valiant acquisition and exposure to production optimization. But after such a sharp rally, the easy upside may already be reflected in the stock. Image Source: Zacks Investment Research The earnings estimate picture is mixed. The Zacks Consensus Estimate for FLOC’s 2026 earnings points to a 37% decline, followed by a 14% increase in 2027. This suggests that while longer-term growth prospects remain intact, near-term earnings expectations are not clearly moving in a straight upward line. Image Source: Zacks Investment Research Valuation is another watch point. On a forward price-to-earnings basis, FLOC trades at a premium to the broader oil/energy market. Investors comparing FLOC with Halliburton and Tenaris may find Flowco’s niche growth story appealing, but the premium valuation leaves less room for execution missteps. Image Source: Zacks Investment Research The Valiant deal is central to Flowco’s future growth case. It gives FLOC exposure to ESPs, one of the largest artificial-lift markets, and strengthens its Permian Basin presence. Management expects Valiant to contribute about $52 million of adjusted EBITDA in 2026, and early integration commentary has been positive. The combination could help Flowco cross-sell to more customers and better match lift technologies to different well stages. Still, integration, capital spending and customer adoption will determine how much of that opportunity turns into sustained earnings growth. Flowco’s first-quarter results were solid, with an earnings beat, strong margins, healthy free cash flow, a dividend increase and added growth optionality from Valiant. The company is well-positioned as producers focus on optimizing existing production, and its specialized portfolio gives it a differentiated role alongside broader oilfield service names such as Halliburton and Tenaris. However, FLOC’s strong six-month rally, premium valuation and mixed near-term earnings estimate trend suggest that investors should avoid chasing the stock aggressively after the earnings-driven optimism. Based on the write-up, FLOC stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Halliburton Company (HAL) : Free Stock Analysis Report Tenaris S.A. (TS) : Free Stock Analysis Report Flowco Holdings Inc. (FLOC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research