Tenaris Announces 2026 Second Quarter Results
Rhea-AI Summary
Tenaris (NYSE:TS) reported 2Q 2026 net sales of $2.97 billion, down 4% sequentially and year on year, with operating income of $494 million and EBITDA of $649 million (21.9% margin vs. 23.7% in 1Q 2026). Net income was $492 million, or $0.47 per share.
Results were affected by postponed shipments to the Middle East due to the effective closure of the Strait of Hormuz, higher logistics and raw material costs, and lower fixed-cost absorption. Free cash flow reached $396 million, and net cash stood at $3.6 billion on June 30, 2026, after a $606 million dividend. For 1H 2026, net sales rose 1% to $6.07 billion, EBITDA was $1.39 billion (22.8% margin), and earnings per share increased 4% versus 1H 2025, supported by share buybacks.
The board approved an interim dividend of $0.59 per share ($1.18 per ADS), about $600 million, payable on November 25, 2026. Tenaris also announced board and committee changes, including appointing Alicia Móndolo as Vice Chair overseeing Sustainability, Risk Management and Compliance.
Positive
- Net cash position of $3.6 billion at June 30, 2026
- 1H 2026 net sales up 1% to $6.07 billion
- 1H 2026 EPS up 4% year on year, helped by share buybacks
- Q2 2026 free cash flow of $396 million; 1H free cash flow about $0.9 billion
- North America Tubes sales up 11% in 1H 2026 vs. 1H 2025
- Interim dividend of $0.59 per share (~$600 million) approved for November 25, 2026
Negative
- Q2 2026 net sales down 4% sequentially and year on year to $2.97 billion
- Q2 2026 EBITDA margin fell to 21.9% from 23.7% in 1Q 2026
- Q2 2026 operating income down 15% sequentially to $494 million
- Asia Pacific, Middle East, Africa Tubes sales down 22% sequentially in Q2 2026; down 17% in 1H 2026 vs. 1H 2025
- 1H 2026 operating income down 5% year on year, mainly due to U.S. tariff costs
- Other operating loss of $6 million in 1H 2026 from litigation provision related to a Usiminas participation
AI-generated analysis. How Rhea-AI works. Not financial advice.
The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.
LUXEMBOURG, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended June 30, 2026 in comparison with its results for the quarter ended June 30, 2025.
Summary of 2026 Second Quarter Results
(Comparison with first quarter of 2026 and second quarter of 2025)
| 2Q 2026 | 1Q 2026 | 2Q 2025 | ||||
| Net sales ($ million) | 2,967 | 3,100 | ( | 3,086 | ( | |
| Operating income ($ million) | 494 | 584 | ( | 583 | ( | |
| Net income ($ million) | 492 | 564 | ( | 542 | ( | |
| Shareholders’ net income ($ million) | 477 | 541 | ( | 531 | ( | |
| Earnings per ADS ($) | 0.95 | 1.07 | ( | 0.99 | ( | |
| Earnings per share ($) | 0.47 | 0.54 | ( | 0.50 | ( | |
| EBITDA ($ million) | 649 | 735 | ( | 733 | ( | |
| EBITDA margin (% of net sales) | ||||||
| Weighted average shares outstanding (thousands) | 1,009,640 | 1,010,193 | 1,068,721 | |||
| Outstanding shares at the end of the period (thousands) | 1,009,640 | 1,009,640 | 1,058,901 | |||
In the second quarter, our sales decreased
During the quarter, our free cash flow amounted to
Interim Dividend Payment
Our board of directors approved the payment of an interim dividend of
- 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:
| Tubes Sales volume (thousand metric tons) | 2Q 2026 | 1Q 2026 | 2Q 2025 | ||||
| Seamless | 768 | 784 | ( | 803 | ( | ||
| Welded | 179 | 211 | ( | 179 | |||
| Total | 946 | 995 | ( | 982 | ( | ||
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:
| Tubes | 2Q 2026 | 1Q 2026 | 2Q 2025 | |||
| (Net sales - $ million) | ||||||
| North America | 1,471 | 1,474 | 1,403 | |||
| South America | 508 | 531 | ( | 531 | ( | |
| Europe | 267 | 214 | 215 | |||
| Asia Pacific, Middle East and Africa | 557 | 712 | ( | 771 | ( | |
| Total net sales ($ million) | 2,803 | 2,931 | ( | 2,920 | ( | |
| Services performed on third party tubes ($ million) | 91 | 109 | ( | 110 | ( | |
| Operating income ($ million) | 465 | 545 | ( | 554 | ( | |
| Operating margin (% of sales) | ||||||
Net sales of tubular products and services decreased
Operating results from tubular products and services amounted to a gain of
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:
| Others | 2Q 2026 | 1Q 2026 | 2Q 2025 | |||
| Net sales ($ million) | 164 | 169 | ( | 166 | ( | |
| Operating income ($ million) | 29 | 39 | ( | 29 | ||
| Operating margin (% of sales) | ||||||
Net sales of other products and services decreased
Selling, general and administrative expenses, or SG&A, amounted to
Financial results amounted to a gain of
Equity in earnings of non-consolidated companies generated a gain of
Income tax charge amounted to
Cash Flow and Liquidity of 2026 Second Quarter
Net cash generated by operating activities during the second quarter of 2026 was
With capital expenditures of
Analysis of 2026 First Half Results
| 6M 2026 | 6M 2025 | Increase/(Decrease) | |
| Net sales ($ million) | 6,067 | 6,008 | |
| Operating income ($ million) | 1,078 | 1,133 | ( |
| Net income ($ million) | 1,056 | 1,060 | |
| Shareholders’ net income ($ million) | 1,018 | 1,038 | ( |
| Earnings per ADS ($) | 2.02 | 1.94 | |
| Earnings per share ($) | 1.01 | 0.97 | |
| EBITDA ($ million) | 1,385 | 1,429 | ( |
| EBITDA margin (% of net sales) | |||
| Weighted average shares outstanding (thousands) | 1,009,956 | 1,072,974 | |
| Outstanding shares at the end of the period (thousands) | 1,009,640 | 1,058,901 | |
Our sales in the first half of 2026 increased
Cash flow provided by operating activities amounted to
The following table shows our net sales by business segment for the periods indicated below:
| Net sales ($ million) | 6M 2026 | 6M 2025 | Increase/(Decrease) | ||
| Tubes | 5,734 | 5,686 | |||
| Others | 333 | 322 | |||
| Total | 6,067 | 6,008 | |||
Tubes
The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:
| Tubes Sales volume (thousand metric tons) | 6M 2026 | 6M 2025 | Increase/(Decrease) |
| Seamless | 1,553 | 1,578 | ( |
| Welded | 389 | 390 | |
| Total | 1,942 | 1,969 | ( |
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:
| Tubes | 6M 2026 | 6M 2025 | Increase/(Decrease) |
| (Net sales - $ million) | |||
| North America | 2,945 | 2,648 | |
| South America | 1,039 | 1,083 | ( |
| Europe | 481 | 423 | |
| Asia Pacific, Middle East and Africa | 1,269 | 1,532 | ( |
| Total net sales ($ million) | 5,734 | 5,686 | |
| Services performed on third party tubes ($ million) | 199 | 211 | ( |
| Operating income ($ million) | 1,010 | 1,068 | ( |
| Operating margin (% of sales) | |||
Net sales of tubular products and services increased
Operating results from tubular products and services amounted to a gain of
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:
| Others | 6M 2026 | 6M 2025 | Increase/(Decrease) |
| Net sales ($ million) | 333 | 322 | |
| Operating income ($ million) | 68 | 65 | |
| Operating margin (% of sales) | |||
Net sales of other products and services increased
Operating results from other products and services amounted to a gain of
Selling, general and administrative expenses, or SG&A, amounted to
Other operating results amounted to a loss of
Financial results amounted to a gain of
Equity in earnings of non-consolidated companies generated a gain of
Income tax amounted to a charge of
Cash Flow and Liquidity of 2026 First Half
Net cash provided by operating activities during the first half of 2026 amounted to
Capital expenditures amounted to
Following a dividend payment of
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
| (all amounts in thousands of U.S. dollars) | Three-month period ended June 30, | Six-month period ended June 30, | ||
| 2026 | 2025 | 2026 | 2025 | |
| (Unaudited) | (Unaudited) | |||
| Net sales | 2,966,626 | 3,085,672 | 6,067,084 | 6,007,884 |
| Cost of sales | (1,981,966) | (2,013,639) | (4,032,289) | (3,934,494) |
| Gross profit | 984,660 | 1,072,033 | 2,034,795 | 2,073,390 |
| Selling, general and administrative expenses | (484,107) | (483,633) | (950,698) | (940,698) |
| Other operating income | 2,791 | 4,317 | 9,231 | 16,105 |
| Other operating expenses | (9,342) | (9,983) | (15,462) | (16,150) |
| Operating income | 494,002 | 582,734 | 1,077,866 | 1,132,647 |
| Finance income | 52,970 | 63,669 | 117,739 | 142,113 |
| Finance cost | (11,906) | (9,712) | (23,570) | (21,457) |
| Other financial results, net | (8,956) | (22,294) | (11,662) | (53,735) |
| Income before equity in earnings of non-consolidated companies and income tax | 526,110 | 614,397 | 1,160,373 | 1,199,568 |
| Equity in earnings of non-consolidated companies | 47,963 | 32,651 | 81,339 | 46,686 |
| Income before income tax | 574,073 | 647,048 | 1,241,712 | 1,246,254 |
| Income tax | (81,938) | (105,342) | (185,419) | (186,684) |
| Income for the period | 492,135 | 541,706 | 1,056,293 | 1,059,570 |
| Attributable to: | ||||
| Shareholders' equity | 477,137 | 531,323 | 1,017,838 | 1,038,254 |
| Non-controlling interests | 14,998 | 10,383 | 38,455 | 21,316 |
| 492,135 | 541,706 | 1,056,293 | 1,059,570 | |
Consolidated Condensed Interim Statement of Financial Position
| (all amounts in thousands of U.S. dollars) | At June 30, 2026 | At December 31, 2025 | ||
| (Unaudited) | ||||
| ASSETS | ||||
| Non-current assets | ||||
| Property, plant and equipment, net | 6,147,589 | 6,205,082 | ||
| Intangible assets, net | 1,355,974 | 1,357,116 | ||
| Right-of-use assets, net | 147,129 | 144,557 | ||
| Investments in non-consolidated companies | 1,619,204 | 1,561,212 | ||
| Other investments | 1,089,080 | 758,085 | ||
| Deferred tax assets | 813,183 | 834,168 | ||
| Receivables, net | 116,296 | 11,288,455 | 139,211 | 10,999,431 |
| Current assets | ||||
| Inventories, net | 3,716,159 | 3,602,058 | ||
| Receivables and prepayments, net | 168,406 | 268,798 | ||
| Current tax assets | 383,643 | 364,640 | ||
| Contract assets | 29,537 | 35,264 | ||
| Trade receivables, net | 1,927,777 | 1,920,840 | ||
| Derivative financial instruments | 14,570 | 1,875 | ||
| Other investments | 2,225,725 | 2,306,760 | ||
| Cash and cash equivalents | 557,057 | 9,022,874 | 572,647 | 9,072,882 |
| Total assets | 20,311,329 | 20,072,313 | ||
| EQUITY | ||||
| Shareholders' equity | 16,962,791 | 16,599,191 | ||
| Non-controlling interests | 255,872 | 229,877 | ||
| Total equity | 17,218,663 | 16,829,068 | ||
| LIABILITIES | ||||
| Non-current liabilities | ||||
| Borrowings | 357 | 368 | ||
| Lease liabilities | 98,226 | 94,903 | ||
| Derivative financial instruments | - | 207 | ||
| Deferred tax liabilities | 395,239 | 442,248 | ||
| Other liabilities | 321,569 | 310,707 | ||
| Provisions | 59,429 | 874,820 | 48,418 | 896,851 |
| Current liabilities | ||||
| Borrowings | 301,534 | 305,354 | ||
| Lease liabilities | 46,833 | 48,346 | ||
| Derivative financial instruments | 5,363 | 14,123 | ||
| Current tax liabilities | 270,253 | 386,586 | ||
| Other liabilities | 443,284 | 377,088 | ||
| Provisions | 155,029 | 173,152 | ||
| Customer advances | 129,925 | 168,832 | ||
| Trade payables | 865,625 | 2,217,846 | 872,913 | 2,346,394 |
| Total liabilities | 3,092,666 | 3,243,245 | ||
| Total equity and liabilities | 20,311,329 | 20,072,313 | ||
Consolidated Condensed Interim Statement of Cash Flows
| Three-month period ended June 30, | Six-month period ended June 30, | ||||
| 2026 | 2025 | 2026 | 2025 | ||
| (Unaudited) | (Unaudited) | ||||
| Cash flows from operating activities | |||||
| Income for the period | 492,135 | 541,706 | 1,056,293 | 1,059,570 | |
| Adjustments for: | |||||
| Depreciation and amortization | 155,329 | 150,002 | 306,769 | 296,408 | |
| Provision for the ongoing litigation related to the acquisition of participation in Usiminas | 5,291 | 8,650 | 15,641 | 18,527 | |
| Income tax accruals less payments | (99,486) | (36,660) | (98,440) | (90,793) | |
| Equity in earnings of non-consolidated companies | (47,963) | (32,651) | (81,339) | (46,686) | |
| Interest accruals less payments/collections, net | (5,983) | (4,616) | 17,083 | (13,039) | |
| Changes in provisions | (16,036) | 628 | (22,753) | (1,765) | |
| Changes in working capital | 37 | 26,499 | (83,720) | 250,316 | |
| Others, including net foreign exchange | 34,201 | 19,589 | 25,636 | 21,609 | |
| Net cash provided by operating activities | 517,525 | 673,147 | 1,135,170 | 1,494,147 | |
| Cash flows from investing activities | |||||
| Capital expenditures | (121,456) | (135,454) | (235,935) | (309,292) | |
| Changes in advances to suppliers of property, plant and equipment | 4,530 | (18,769) | 9,983 | (5,853) | |
| Cash decrease due to deconsolidation of subsidiaries | - | (1,848) | - | (1,848) | |
| Acquisition of subsidiaries, net of cash acquired | - | - | (4,507) | - | |
| Loan to joint ventures | - | - | - | (1,359) | |
| Repayment of loan by joint ventures | - | - | 68,788 | - | |
| Proceeds from disposal of property, plant and equipment and intangible assets | 518 | 56,829 | 1,011 | 57,729 | |
| Dividends received from non-consolidated companies | 29,863 | 41,348 | 29,863 | 41,348 | |
| Changes in investments in securities | (364,472) | 94,299 | (286,375) | (131,337) | |
| Net cash used in investing activities | (451,017) | 36,405 | (417,172) | (350,612) | |
| Cash flows from financing activities | - | - | - | - | |
| Dividends paid | (605,790) | (600,317) | (605,790) | (600,317) | |
| Dividends paid to non-controlling interest in subsidiaries | (1,232) | (27,264) | (1,232) | (27,264) | |
| Acquisition of treasury shares | - | (236,744) | (89,562) | (473,932) | |
| Payments of lease liabilities | (18,137) | (15,392) | (33,663) | (30,047) | |
| Proceeds from borrowings | 107,802 | 128,874 | 356,232 | 476,443 | |
| Repayments of borrowings | (137,232) | (145,831) | (359,034) | (574,956) | |
| Net cash used in financing activities | (654,589) | (896,674) | (733,049) | (1,230,073) | |
Decrease in cash and cash equivalents | (588,081) | (187,122) | (15,051) | (86,538) | |
| Movement in cash and cash equivalents | |||||
| At the beginning of the period | 1,152,104 | 758,952 | 572,444 | 660,798 | |
| Effect of exchange rate changes | (7,040) | (338) | (410) | (2,768) | |
| Decrease in cash and cash equivalents | (588,081) | (187,122) | (15,051) | (86,538) | |
| At June 30, | 556,983 | 571,492 | 556,983 | 571,492 | |
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.
| (all amounts in thousands of U.S. dollars) | Three-month period ended June 30, | Six-month period ended June 30, | ||
| 2026 | 2025 | 2026 | 2025 | |
| Income for the period | 492,135 | 541,706 | 1,056,293 | 1,059,570 |
| Income tax charge | 81,938 | 105,342 | 185,419 | 186,684 |
| Equity in earnings of non-consolidated companies | (47,963) | (32,651) | (81,339) | (46,686) |
| Financial Results | (32,108) | (31,663) | (82,507) | (66,921) |
| Depreciation and amortization | 155,329 | 150,002 | 306,769 | 296,408 |
| EBITDA | 649,331 | 732,736 | 1,384,635 | 1,429,055 |
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.
| (all amounts in thousands of U.S. dollars) | Three-month period ended June 30, | Six-month period ended June 30, | ||
| 2026 | 2025 | 2026 | 2025 | |
| Net cash provided by operating activities | 517,525 | 673,147 | 1,135,170 | 1,494,147 |
| Capital expenditures | (121,456) | (135,454) | (235,935) | (309,292) |
| Free cash flow | 396,069 | 537,693 | 899,235 | 1,184,855 |
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.
| (all amounts in thousands of U.S. dollars) | At June 30, | |
| 2026 | 2025 | |
| Cash and cash equivalents | 557,057 | 572,289 |
| Other current investments | 2,225,725 | 2,482,514 |
| Non-current investments | 1,082,192 | 1,002,523 |
| Derivatives hedging borrowings and investments | 1,265 | (3,698) |
| Current borrowings | (301,534) | (319,919) |
| Non-current borrowings | (357) | (4,361) |
| Net cash / (debt) | 3,564,348 | 3,729,348 |
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.
| (all amounts in thousands of U.S. dollars) | At June 30, | |
| 2026 | 2025 | |
| Inventories | 3,716,159 | 3,486,537 |
| Trade receivables | 1,927,777 | 1,892,116 |
| Customer advances | (129,925) | (139,751) |
| Trade payables | (865,625) | (910,427) |
| Operating working capital | 4,648,386 | 4,328,475 |
| Annualized quarterly sales | 11,866,504 | 12,342,688 |
| Operating working capital days | 143 | 128 |
Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com
