Profit and cash flow climb at Tenaris (NYSE: TS) in Q1 2026

Rhea-AI Filing Summary

Tenaris delivered a solid start to 2026, with first-quarter net sales of $3.10 billion, up from $2.92 billion a year earlier, helped by stronger activity in Canada, Mexico, Brazil and North Africa.

Operating income rose to $584 million and net income to $564 million, supported by stable margins and higher financial and equity income. Earnings per share increased to $0.54, while EBITDA reached $735 million, giving an EBITDA margin of about 24%.

Operating cash flow was $618 million, and after $114 million of capital spending Tenaris generated free cash flow of $503 million. Following $90 million of share buybacks, net cash stood at $3.8 billion at March 31, 2026, underscoring a very strong balance sheet.

Management highlighted disruption from the Middle East conflict and closure of the Strait of Hormuz, which is expected to pressure sales and margins in the second quarter before a projected recovery in the second half of 2026, assuming the strait is reopened.

Insights

Equity analyst

Tenaris posted steady Q1 growth, strong cash generation and faces near-term Middle East headwinds.

Tenaris grew Q1 2026 net sales to $3.10 billion, with EBITDA of $735 million and an EBITDA margin near 24%. Net income increased to $564 million, helped by stable tubular margins and better below-the-line results.

Cash generation remained robust: operating cash flow was $618 million and free cash flow $503 million. Net cash of $3.76 billion and very low borrowings indicate substantial financial flexibility, even after $90 million of share buybacks during the quarter.

Management notes that the Iran war and prolonged closure of the Strait of Hormuz will weigh on Q2 sales and margins through lower Middle East shipments and higher logistics costs. They then expect sales and margins to recover in the second half of 2026, assuming the strait reopens in the short term; actual outcomes will depend on that geopolitical development.

Key Figures

Net sales: $3.10B Net income: $564.2M EBITDA: $735.3M +5 more

8 metrics

Net sales $3.10B Three-month period ended March 31, 2026

Net income $564.2M Three-month period ended March 31, 2026

EBITDA $735.3M Three-month period ended March 31, 2026

Earnings per share $0.54/share Q1 2026 basic earnings per share

Free cash flow $503.2M Three-month period ended March 31, 2026

Net cash $3.76B Net cash at March 31, 2026

Operating cash flow $617.6M Net cash provided by operating activities, Q1 2026

Operating working capital days 136 days At March 31, 2026

Key Terms

EBITDA, Free cash flow, Net cash / (debt), Operating working capital days, +1 more

5 terms

EBITDA financial

"Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

Free cash flow financial

"With capital expenditures of $114 million, our free cash flow amounted to $503 million during the quarter."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Net cash / (debt) financial

"Net Cash / (Debt) This is the net balance of cash and cash equivalents, other current investments and fixed income investments"

Net cash/(debt) is a simple balance of a company’s liquid money (cash and equivalents) minus what it owes (short- and long-term debt); a positive number means more cash than debt, a negative number means net debt. Think of it like your bank balance after subtracting loans: it shows how much financial cushion a company has to pay bills, invest, return money to shareholders, or withstand downturns, so investors use it to gauge risk and flexibility.

Operating working capital days financial

"Operating working capital days is calculated in the following manner Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances)"

non-IFRS alternative performance measures financial

"this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days."

Form 6-K: How Foreign Companies Report to the SEC →

FORM 6 - K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a - 16 or 15d - 16 of

the Securities Exchange Act of 1934

As of May 6, 2026

TENARIS, S.A.

(Translation of Registrant's name into English)

26, Boulevard Royal, 4th floor

L-2449 Luxembourg

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or 40-F.

Form 20-F   ✓     Form 40-F  ___

The attached material is being furnished to the Securities and Exchange Commission pursuant to Rule 13a-16 and Form 6-K under the Securities Exchange Act of 1934, as amended. This report contains Tenaris’s Press Release announcing 2026 First Quarter Results.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 6, 2026

Tenaris, S.A.

By: /s/ Giovanni Sardagna

Giovanni Sardagna

Investor Relations Officer

Giovanni Sardagna

Tenaris

1-888-300-5432

www.tenaris.com

Tenaris Announces 2026 First Quarter Results

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 International Financial Reporting 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, May 6, 2026. - Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended March 31, 2026 in comparison with its results for the quarter ended March 31, 2025.

Summary of 2026 First Quarter Results

(Comparison with the fourth and first quarter of 2025)

		1Q 2026				4Q 2025								1Q 2025
Net sales ($ million)			3,100				2,995				4	%			2,922				6	%
Operating income ($ million)			584				554				5	%			550				6	%
Net income ($ million)			564				461				22	%			518				9	%
Shareholders’ net income ($ million)			541				449				20	%			507				7	%
Earnings per ADS ($)			1.07				0.87				23	%			0.94				14	%
Earnings per share ($)			0.54				0.44				23	%			0.47				14	%
EBITDA ($ million)			735				717				3	%			696				6	%
EBITDA margin (% of net sales)			23.7	%			23.9	%							23.8	%

Tenaris began the year strongly with sales rising by 4% sequentially despite the disruption in the Middle East since March caused by the Iran war and the closure of the Strait of Hormuz. Sales benefitted from seasonally higher activity in Canada, a limited recovery of activity in Mexico, higher offshore sales in Brazil, customer stock-building in North Africa and an advance of shipments in Saudi Arabia. Margins remained stable as higher costs from maintenance shutdowns were offset by lower tariff costs. Operating income and EBITDA rose in line with sales, while net income benefitted from improved results below the operating line.

 

During the quarter, our free cash flow amounted to $503 million and, after spending $90 million on share buybacks, our net cash position amounted to $3.8 billion at March 31, 2026.

Market Background and Outlook

The conflict in the Middle East and the prolonged closure of the strait of Hormuz has changed the outlook for the energy industry. Oil and LNG prices have risen and are likely to remain high for many months as available inventories are drawn down and demand and supply rebalancing takes place.

Oil and gas drilling activity in the Middle East, once the strait is reopened, will initially prioritize restoring production to previous levels and releasing any available spare production capacity. Activity in the rest of the world should benefit from increased investment in short cycle shale plays and the sanctioning of offshore projects. Over the longer term, there will be increased focus on security and diversification of supply.

In the United States, OCTG prices have started to respond to import tariffs and increases in raw material costs, in an environment where demand is expected to increase.

For the second quarter, our sales will be affected by lower shipments in the Middle East. Our margins will be impacted by higher logistics costs in addition to lower absorption of fixed costs. For the second half of 2026, we expect our sales and margins to recover, assuming the strait of Hormuz is reopened in the short term.

 

Analysis of 2026 First 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)		1Q 2026				4Q 2025								1Q 2025
Seamless			784				776				1	%			775				1	%
Welded			211				193				9	%			212				0	%
Total			995				969				3	%			987				1	%

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		1Q 2026				4Q 2025								1Q 2025
(Net sales - $ million)
North America			1,474				1,455				1	%			1,244				19	%
South America			531				501				6	%			552				(4	%)
Europe			214				187				15	%			208				3	%
Asia Pacific, Middle East and Africa			712				697				2	%			761				(6	%)
Total net sales ($ million)			2,931				2,839				3	%			2,765				6	%
Services performed on third party tubes ($ million)			109				107				2	%			101				7	%
Operating income ($ million)			545				516				6	%			514				6	%
Operating margin (% of sales)			18.6	%			18.2	%							18.6	%

Net sales of tubular products and services increased 3% sequentially and increased 6% year on year. Volumes sold increased 3% sequentially while average selling prices remained stable. In North America higher sales of OCTG in Mexico and in Canada more than compensated for lower sales in the United States. In South America sales increased due to higher sales of OCTG in Brazil and of line pipe in Argentina. In Europe sales increased thanks to higher sales of mechanical products to distributors. In Asia Pacific, Middle East and Africa sales increased as deliveries to Algeria concentrated in this quarter plus a recovery in OCTG sales in Saudi Arabia following destocking more than offset some delayed shipments in the Middle East.

Operating results from tubular products and services amounted to a gain of $545 million in the first quarter of 2026 compared to a gain of $516 million in the previous quarter and a gain of $514 million in the first quarter of 2025. Tubes operating income in the first quarter of 2026 increased driven by higher volumes with stable margins. Cost of sales remained stable as higher costs from maintenance shutdowns were offset by lower tariffs and duties.

 

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		1Q 2026				4Q 2025								1Q 2025
Net sales ($ million)			169				156				9	%			157				8	%
Operating income ($ million)			39				38				4	%			36				8	%
Operating margin (% of sales)			23.2	%			24.2	%							23.1	%

Net sales of other products and services increased 9% sequentially and increased 8% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina and higher sales of tubes for plumbing and construction applications, partially offset by lower sales of excess energy.

Selling, general and administrative expenses, or SG&A, amounted to $467 million, or 15.0% of net sales, in the first quarter of 2026, compared to $453 million, 15.1% in the previous quarter and $457 million, 15.6% in the first quarter of 2025. Sequentially, SG&A stayed flat as a percentage of sales.

Financial results amounted to a gain of $50 million in the first quarter of 2026, compared to a gain of $29 million in the previous quarter and a gain of $35 million in the first quarter of 2025. Financial result of the quarter is mainly attributable to a $53 million net finance income from the net return of our portfolio investments.

Equity in earnings of non-consolidated companies generated a gain of $33 million in the first quarter of 2026, compared to a gain of $20 million in the previous quarter and a gain of $14 million in the first quarter of 2025. These results are mainly derived from our participation in Ternium (NYSE:TX) and Usiminas.

Income tax charge amounted to $103 million in the first quarter of 2026, compared to $142 million in the previous quarter and $81 million in the first quarter of 2025. Income tax of the quarter declined mainly due to the positive effect from foreign exchange rate movements and inflation adjustment, mainly in Argentina.

 

Cash Flow and Liquidity of 2026 First Quarter

Net cash generated by operating activities during the first quarter of 2026 was $618 million, compared to $787 million in the previous quarter and $821 million in the first quarter of 2025. Cash generated by operating activities during the first quarter of 2026 is net of a working capital increase of $84 million.

With capital expenditures of $114 million, our free cash flow amounted to $503 million during the quarter. Following share buybacks of $90 million in the quarter, our net cash position amounted to $3.8 billion at March 31, 2026.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on May 7, 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/e5dnev3v

If you wish to participate in the Q&A session please register at the following link:

https://register-conf.media-server.com/register/BIc16f0602328e4ea7b7be9ef6cf51694c

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

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

 

Consolidated Condensed Interim Income Statement

(all amounts in thousands of U.S. dollars)		Three-month period ended March 31,
		2026				2025
		(Unaudited)
Net sales			3,100,458				2,922,212
Cost of sales			(2,050,323	)			(1,920,855	)
Gross profit			1,050,135				1,001,357
Selling, general and administrative expenses			(466,591	)			(457,065	)
Other operating income			6,429				11,788
Other operating expenses			(6,109	)			(6,167	)
Operating income			583,864				549,913
Finance income			64,769				78,444
Finance cost			(11,664	)			(11,745	)
Other financial results, net			(2,706	)			(31,441	)
Income before equity in earnings of non-consolidated companies and income tax			634,263				585,171
Equity in earnings of non-consolidated companies			33,376				14,035
Income before income tax			667,639				599,206
Income tax			(103,481	)			(81,342	)
Income for the period			564,158				517,864
Attributable to:
Shareholders' equity			540,701				506,931
Non-controlling interests			23,457				10,933
			564,158				517,864

 

Consolidated Condensed Interim Statement of Financial Position

(all amounts in thousands of U.S. dollars)		At March 31, 2026							At December 31, 2025
		(Unaudited)
ASSETS
Non-current assets
Property, plant and equipment, net			6,174,660							6,205,082
Intangible assets, net			1,356,543							1,357,116
Right-of-use assets, net			141,896							144,557
Investments in non-consolidated companies			1,599,844							1,561,212
Other investments			676,953							758,085
Deferred tax assets			830,408							834,168
Receivables, net			135,715			10,916,019				139,211			10,999,431
Current assets
Inventories, net			3,606,922							3,602,058
Receivables and prepayments, net			184,740							268,798
Current tax assets			340,300							364,640
Contract assets			36,141							35,264
Trade receivables, net			2,001,088							1,920,840
Derivative financial instruments			11,966							1,875
Other investments			2,265,359							2,306,760
Cash and cash equivalents			1,152,130			9,598,646				572,647			9,072,882
Total assets						20,514,665							20,072,313
EQUITY
Shareholders' equity						17,094,388							16,599,191
Non-controlling interests						253,032							229,877
Total equity						17,347,420							16,829,068
LIABILITIES
Non-current liabilities
Borrowings			360							368
Lease liabilities			93,673							94,903
Derivative financial instruments			—							207
Deferred tax liabilities			388,649							442,248
Other liabilities			316,965							310,707
Provisions			52,156			851,803				48,418			896,851
Current liabilities
Borrowings			331,091							305,354
Lease liabilities			48,393							48,346
Derivative financial instruments			8,950							14,123
Current tax liabilities			369,048							386,586
Other liabilities			385,417							377,088
Provisions			173,047							173,152
Customer advances			153,583							168,832
Trade payables			845,913			2,315,442				872,913			2,346,394
Total liabilities						3,167,245							3,243,245
Total equity and liabilities						20,514,665							20,072,313

 

Consolidated Condensed Interim Statement of Cash Flows

(all amounts in thousands of U.S. dollars)		Three-month period ended March 31,
		2026			2025
		(Unaudited)
Cash flows from operating activities
Income for the period			564,158			517,864
Adjustments for:
Depreciation and amortization			151,440			146,406
Provision for the ongoing litigation related to the acquisition of participation in Usiminas			10,350			9,877
Income tax accruals less payments			1,046			(54,133	)
Equity in earnings of non-consolidated companies			(33,376	)		(14,035	)
Interest accruals less payments, net			23,066			(8,423	)
Changes in provisions			(6,717	)		(2,393	)
Changes in working capital			(83,757	)		223,817
Others, including net foreign exchange			(8,565	)		2,020
Net cash provided by operating activities			617,645			821,000
Cash flows from investing activities
Capital expenditures			(114,479	)		(173,838	)
Changes in advances to suppliers of property, plant and equipment			5,453			12,916
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			493			900
Changes in investments in securities			78,097			(225,636	)
Net cash provided by (used in) investing activities			33,845			(387,017	)
Cash flows from financing activities
Acquisition of treasury shares			(89,562	)		(237,188	)
Payments of lease liabilities			(15,526	)		(14,655	)
Proceeds from borrowings			248,430			347,570
Repayments of borrowings			(221,802	)		(429,126	)
Net cash used in financing activities			(78,460	)		(333,399	)
Increase in cash and cash equivalents			573,030			100,584
Movement in cash and cash equivalents
At the beginning of the period			572,444			660,798
Effect of exchange rate changes			6,630			(2,430	)
Increase in cash and cash equivalents			573,030			100,584
At March 31,			1,152,104			758,952

 

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 March 31,
		2026				2025
Income for the period			564,158				517,864
Income tax charge			103,481				81,342
Equity in earnings of non-consolidated companies			(33,376	)			(14,035	)
Financial Results			(50,399	)			(35,258	)
Depreciation and amortization			151,440				146,406
EBITDA			735,304				696,319

 

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 March 31,
		2026				2025
Net cash provided by operating activities			617,645				821,000
Capital expenditures			(114,479	)			(173,838	)
Free cash flow			503,166				647,162

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 March 31,
		2026				2025
Cash and cash equivalents			1,152,130				770,208
Other current investments			2,265,359				2,581,761
Non-current investments			669,940				1,007,444
Derivatives hedging borrowings and investments			665				—
Current borrowings			(331,091	)			(345,183	)
Non-current borrowings			(360	)			(7,437	)
Net cash / (debt)			3,756,643				4,006,793

 

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 March 31,
		2026				2025
Inventories			3,606,922				3,519,237
Trade receivables			2,001,088				1,842,313
Customer advances			(153,583	)			(228,086	)
Trade payables			(845,913	)			(831,716	)
Operating working capital			4,608,514				4,301,748
Annualized quarterly sales			12,401,832				11,688,848
Operating working capital days			136				134

FAQ

How did Tenaris (TS) perform financially in Q1 2026?

Tenaris reported Q1 2026 net sales of $3.10 billion, up from $2.92 billion a year earlier. Net income reached $564 million, with EBITDA of $735 million and an EBITDA margin close to 24%, indicating solid profitability.

What were Tenaris (TS) earnings per share in Q1 2026?

Tenaris generated Q1 2026 earnings per share of $0.54, up from $0.47 in Q1 2025. Earnings per ADS were $1.07, reflecting higher operating income and stronger results from financial and equity-accounted investments.

How strong was Tenaris (TS) cash flow and net cash in Q1 2026?

Tenaris produced Q1 2026 operating cash flow of $618 million and free cash flow of $503 million. After $90 million of share buybacks, the company reported a net cash position of about $3.8 billion at March 31, 2026.

How did Tenaris (TS) segment sales perform in Q1 2026?

In Q1 2026, Tubes net sales were $2.93 billion, up 3% sequentially and 6% year on year. The Others segment delivered net sales of $169 million, rising 9% sequentially and 8% versus Q1 2025, driven by oilfield services and plumbing tubes.

What risks from the Middle East conflict did Tenaris (TS) highlight?

Tenaris noted that the Iran war and closure of the Strait of Hormuz disrupted Middle East shipments. Management expects lower sales and margins in Q2 2026 due to reduced shipments and higher logistics costs, with a recovery anticipated if the strait reopens soon.

What are Tenaris (TS) expectations for the rest of 2026?

Tenaris expects Q2 2026 sales to be lower in the Middle East and margins to face higher logistics and fixed-cost impacts. For the second half of 2026, management anticipates sales and margins recovering, assuming the Strait of Hormuz is reopened in the short term.