Italy · Delayed Price · Currency is EUR Tenaris Earnings Call Transcripts
Fiscal Year 2026
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Second quarter sales and earnings declined due to Middle East disruptions and higher costs, but investments in the Americas and a strong offshore backlog support a positive outlook for Q4. The board doubled the interim dividend, reflecting strong cash generation and balance sheet.
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First quarter sales and EBITDA grew year-over-year despite Middle East disruptions, with strong cash flow and a robust net cash position. Q2 faces revenue and margin pressure from regional conflict, but recovery is expected in the second half, supported by North American and offshore growth.
Fiscal Year 2025
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Q4 2025 sales rose 5% year-over-year to $3B, with stable margins and strong cash flow. Offshore and Latin America segments are set for growth in 2026, while U.S. tariffs and raw material costs remain key risks. Shareholder returns remain robust via dividends and buybacks.
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Q3 sales rose 2% year-over-year to $3B, with EBITDA margin at 25% and strong cash returns to shareholders. U.S. tariffs and high inventories are pressuring margins, but stable sales and a robust offshore backlog are expected into 2026.
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Q2 2025 saw sequential growth in sales and EBITDA, with strong free cash flow and significant shareholder returns. Tariff hikes and high U.S. inventories are pressuring margins, but domestic and offshore project backlogs support a positive 2026 outlook.
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Q1 2025 saw sales of $2.9B, up sequentially but down year-over-year, with EBITDA margin rising to 24% and net cash reaching $4B. Management expects stable Q2 results but anticipates lower US activity in H2 if oil prices stay low, while offshore and NOC projects remain resilient.
Fiscal Year 2024
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2024 delivered strong financials, major contract wins, and increased shareholder returns, despite a fatal accident and market headwinds. Outlook for 2025 is cautiously optimistic, with margin stability expected and potential improvement depending on US tariff decisions.
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Q3 2024 saw a 10% year-over-year sales decline but a sequential EBITDA increase, with strong free cash flow and a $4B net cash position. Offshore project wins and a 35% dividend hike support a positive outlook, with growth expected in North and South America in 2025.
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Maintains global leadership in energy pipe solutions, leveraging innovation, digitalization, and integrated services to address stable-to-growing oil and gas demand. Strong financials, robust ESG initiatives, and strategic regional positioning support continued resilience and growth.
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Q2 2024 saw lower sales and margins due to weaker prices and volumes, with a strong net cash position and robust free cash flow. The outlook for H2 anticipates a 10%-15% volume decline, ongoing cost reductions, and continued market challenges, especially in the Americas and Middle East.