Earnings release
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Giovanni Sardagna Tenaris 1-888-300-5432 www.tenaris.com Tenaris Announces 2026 Third 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 I FRS Accounting Standards as issued by the International Accounting Standard s 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, November 4, 2026 . - Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended September 30, 2026 in comparison with its results for the quarter ended September 30, 2025. Summary of 2026 Third Quarter Results (Comparison with second quarter of 2026 and third quarter of 2025) 3Q 2026 2Q 2026 3Q 2025 Net sales ($ million) 3,102 2,967 5% 2,978 4% Operating income ($ million) 598 494 21% 597 0% Net income ($ million) 521 492 6% 453 15% Shareholders’ net income ($ million) 509 477 7% 446 14% Earnings per ADS ($) 1.01 0.95 6% 0.85 19% Earnings per share ($) 0.50 0.47 6% 0.43 19% EBITDA* ($ million) 756 649 16% 753 0% EBITDA margin (% of net sales) 24.4% 21.9% 25.3% *EBITDA in the third quarter of 2025 includes a $34 million gain recorded for the return of U.S. antidumping deposits paid on OCTG imports from Argentina for which the duty rate had been revised downwards. If this gain was not included EBITDA would have amounted to $719 million, or 24.1% of sales. In the third quarter, our sales recovered 5% sequentially on higher demand in North America and an increase in shipments to customers in the Middle East. Our EBITDA margin also recovered sequentially, despite higher raw material, energy and logistic costs, reflecting a favorable product mix and efficient industrial performance, as well as the postponement of maintenance programs at some of our facilities. Net income increased 6% sequentially to $521 million, as the improvement in operating income was partially offset by a higher income tax charge and lower financial results and earnings from non-consolidated companies. During the quarter, our free cash flow amounted to $268 million, which included an increase of $270 million in working capital, and our net cash position amounted to $3.8 billion at September 30, 2026.
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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 responding to the increase in demand and higher raw material and logistic costs, while OCTG inventories are gradually drawn down. In the Middle East, the conflict continues to cause disruption to shipping through the strait of Hormuz, although flows of oil have increased using ship- to-ship transfers. Drilling activity in the region has slowly started to recover as oil producers increase production and exports from the region. In the fourth quarter, we expect an increase in our sales and EBITDA reflecting higher OCTG demand and prices in North America and an increase in shipments to offshore projects. The fourth quarter should set a new quarterly baseline for our sales and EBITDA going into 2027, assuming no significant change in the geopolitical context.
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Analysis of 2026 Third 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) 3Q 2026 2Q 2026 3Q 2025 Seamless 780 768 2% 780 0% Welded 196 179 10% 199 (1%) Total 976 946 3% 979 0% 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 3Q 2026 2Q 2026 3Q 2025 (Net sales - $ million) North America 1,652 1,471 12% 1,450 14% South America 447 508 (12%) 520 (14%) Europe 234 267 (12%) 189 24% Asia Pacific, Middle East and Africa 595 557 7% 716 (17%) Total net sales ($ million) 2,927 2,803 4% 2,875 2% Services performed on third party tubes ($ million) 69 91 (24%) 109 (37%) Operating income ($ million) 557 465 20% 592 (6%) Operating margin (% of sales) 19.0% 16.6% 20.6% Net sales of tubular products and services increased 4% sequentially and 2% year on year . Overall volumes increased 3% sequentially with a 2% increase in seamless volumes and a 10% increase in welded. Average selling prices increased 2% sequentially, excluding services performed on third party pipes. Sequentially, sales increased in North America, thanks to higher sales of OCTG in the region and higher sales of line pipe to distributors in the United States. In South America, sales declined due to lower sales of pipes for pipelines in Argentina and lower sales of coating services in Guyana. In Europe, sales declined due to lower sales of OCTG in Turkey and seasonally lower sales of mechanical pipe to distributors. In Asia Pacific, Middle East and Africa, sales increased due to deliveries to Kuwait and Iraq and higher sales in North Africa. Operating results from tubular products and services amounted to a gain of $557 million in the third quarter of 2026 compared to a gain of $465 million in the previous quarter and a gain of $592 million in the third quarter of 2025. Operating income in the quarter improved sequentially following the improvement in sales, with higher absorption of fixed costs, lower maintenance expenses and a more efficient industrial performance offsetting an increase in raw material, logistic and energy costs.
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Others The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below: Others 3Q 2026 2Q 2026 3Q 2025 Net sales ($ million) 175 164 7% 103 70% Operating income ($ million) 41 29 40% 5 781% Operating margin (% of sales) 23.3% 17.8% 4.5% Net sales of other products and services increased 7% sequentially and 70% year on year. Sequentially sales increased mainly due to higher sales of excess raw materials and energy. In the third quarter of 2026 there were one-off gains of $11 million from the sale of land, recovery of tariffs and the reversion of provisions. Selling, general and administrative expenses, or SG&A, amounted to $472 million, or 15.2% of net sales, in the third quarter of 2026, compared to $ 484 million, 16.3% in the previous quarter and $435 million, 14.6% in the third quarter of 2025. Sequentially, the decrease in SG&A is mainly due to lower labor costs, services and fees and provisions for contingencies, partially offset by higher logistic costs. Financial results amounted to a gain of $22 million in the third quarter of 2026, compared to a gain of $32 million in the previous quarter and a gain of $37 million in the third quarter of 2025. Financial results of the quarter are mainly attributable to a $ 29 million net finance income from the return of our portfolio investments, net of a $7 million loss from foreign exchange transactions and derivatives. Equity in earnings (losses) of non-consolidated companies generated a gain of $38 million in the third quarter of 2026, compared to a gain of $48 million in the previous quarter and a loss of $9 million in the third quarter of 2025. These results are mainly derived from our participation in Ternium (NYSE:TX). Income tax charge amounted to $136 million in the third quarter of 2026, compared to $82 million in the previous quarter and $172 million in the third quarter of 2025. Cash Flow and Liquidity of 2026 Third Quarter Net cash generated by operating activities during the third quarter of 2026 was $366 million, compared to $518 million in the previous quarter and $318 million in the third quarter of 2025. With capital expenditures of $ 98 million, our free cash flow amounted to $268 million during the quarter. Our net cash position amounted to $3.8 billion at September 30, 2026.
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Analysis of 2026 First Nine Months Results 9M 2026 9M 2025 Increase/(Decrease) Net sales ($ million) 9,169 8,986 2% Operating income ($ million) 1,675 1,729 (3%) Net income ($ million) 1,578 1,512 4% Shareholders’ net income ($ million) 1,527 1,484 3% Earnings per ADS ($) 3.02 2.79 8% Earnings per share ($) 1.51 1.39 8% EBITDA* ($ million) 2,141 2,183 (2%) EBITDA margin (% of net sales) 23.3% 24.3% *EBITDA in 9M 2025 includes a $34 million gain from the return of U.S. antidumping deposits paid on OCTG imports from Argentina for which the duty rate had been revised downwards. If this gain was not included EBITDA in 9M 2025 would have amounted to $2,149 million, or 23.9% of sales. Our sales in the first nine months of 2026 increased 2% compared to the first nine months of 2025 as our Tubes sales increased 1% mainly due to higher prices in North America and our Others sales increased 19% mainly due to higher sales of oilfield services in Argentina. On a comparable basis EBITDA decreased slightly while e arnings per share increased 8 % following higher results from associated companies and the reduction of outstanding shares due to the share buyback. Cash flow provided by operating activities amounted to $ 1.5 billion during the first nine months of 2026, net of an increase in working capital of $354 million. After capital expenditures of $334 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $606 million and share buybacks for $90 million in the first nine months , our net cash position amounted to $ 3.8 billion at the end of September 2026. The following table shows our net sales by business segment for the periods indicated below: Net sales ($ million) 9M 2026 9M 2025 Increase/(Decrease) Tubes 8,662 94% 8,560 95% 1% Others 507 6% 426 5% 19% Total 9,169 8,986 2% 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) 9M 2026 9M 2025 Increase/(Decrease) Seamless 2,332 2,359 (1%) Welded 586 589 (1%) Total 2,918 2,948 (1%)
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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 9M 2026 9M 2025 Increase/(Decrease) (Net sales - $ million) North America 4,597 4,097 12% South America 1,486 1,603 (7%) Europe 715 612 17% Asia Pacific, Middle East and Africa 1,864 2,248 (17%) Total net sales ($ million) 8,662 8,560 1% Services performed on third party tubes ($ million) 268 320 (16%) Operating income ($ million) 1,566 1,660 (6%) Operating margin (% of sales) 18.1% 19.4% Net sales of tubular products and services increased 1% to $8,662 million in the first nine months of 2026, compared to $8,560 million in the first nine months of 2025 as a 2% increase in average selling prices was partially offset by a 1% decrease in volumes. Average drilling activity in the first nine months of 2026 increased 1% in the United States and Canada and remained flat internationally compared to the first nine months of 2025. Operating results from tubular products and services amounted to a gain of $1,566 million in the first nine months of 2026 compared to a gain of $1,660 million in the first nine months of 2025. During 2026 our operating results were impacted by higher tariff costs in the United States. Others The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below: Others 9M 2026 9M 2025 Increase/(Decrease) Net sales ($ million) 507 426 19% Operating income ($ million) 109 70 57% Operating margin (% of sales) 21.5% 16.4% Net sales of other products and services increased 19% to $507 million in the first nine months of 2026, compared to $426 million in the first nine months of 2025. The increase is mainly due to higher sales of oilfield services in Argentina and higher sales of excess raw materials. Operating results from other products and services amounted to a gain of $109 million in the first nine months of 2026, compared to a gain of $70 million in the first nine months of 2025. These results were primarily driven by our oilfield services business in Argentina and by sales of sucker rods, coiled tubing and pipes for plumbing applications. Selling, general and administrative expenses, or SG&A, amounted to $1,423 million in the first nine months of 2026 and $1,376 million in the first nine months of 2025, representing 15.5% and 15.3% of sales, respectively. Financial results amounted to a gain of $104 million in the first nine months of 2026, compared to a gain of $104 million in the first nine months of 2025. Financial results of the first nine months are
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mainly attributable to a $123 million net finance income from the net return of our portfolio investments. Equity in earnings (losses) of non-consolidated companies generated a gain of $119 million in the first nine months of 2026, compared to a gain of $38 million in the first nine months of 2025. These results are mainly derived from our participation in Ternium (NYSE:TX). Income tax amounted to a charge of $321 million in the first nine months of 2026, compared to $358 million in the first nine months of 2025. Cash Flow and Liquidity of 2026 First Nine Months Net cash provided by operating activities during the first nine months of 2026 amounted to $1.5 billion (net of an increase in working capital of $ 354 million), compared to cash provided by operations of $1.8 billion (including an increase in working capital of $62 million) in the first nine months of 2025. Capital expenditures amounted to $ 334 million in the first nine months of 2026, compared to $ 495 million in the first nine months of 2025. Free cash flow amounted to $1.2 billion in the first nine months of 2026, compared to $1.3 billion in the first nine months of 2025. Following a dividend payment of $606 million in May 2026 and share buybacks of $90 million during the first nine months of 2026, our net cash position amounted to $3.8 billion at the end of September 2026.
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Conference call Tenaris will hold a conference call to discuss the above reported results, on November 5, 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/g8dg3gut If you wish to participate in the Q&A session please register at the following link: https://register-conf.media-server.com/register/BIfa12a674640146cd8deb50112f9f5b36 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.
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Consolidated Condensed Interim Income Statement (all amounts in thousands of U.S. dollars) Three-month period ended September 30, Nine-month period ended September 30, 2026 2025 2026 2025 (Unaudited) (Unaudited) Net sales 3,102,349 2,978,140 9,169,433 8,986,024 Cost of sales (2,033,518) (1,946,125) (6,065,807) (5,880,619) Gross profit 1,068,831 1,032,015 3,103,626 3,105,405 Selling, general and administrative expenses (472,057) (434,969) (1,422,755) (1,375,667) Other operating income 7,637 7,226 16,868 23,331 Other operating expenses (6,896) (7,641) (22,358) (23,791) Operating income 597,515 596,631 1,675,381 1,729,278 Finance income 40,290 56,181 158,029 198,294 Finance cost (11,507) (9,636) (35,077) (31,093) Other financial results, net (6,867) (9,877) (18,529) (63,612) Income before equity in earnings of non -consolidated companies and income tax 619,431 633,299 1,779,804 1,832,867 Equity in earnings (losses) of non -consolidated companies 37,690 (8,955) 119,029 37,731 Income before income tax 657,121 624,344 1,898,833 1,870,598 Income tax (135,859) (171,698) (321,278) (358,382) Income for the period 521,262 452,646 1,577,555 1,512,216 Attributable to: Shareholders' equity 509,107 445,694 1,526,945 1,483,948 Non-controlling interests 12,155 6,952 50,610 28,268 521,262 452,646 1,577,555 1,512,216
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Consolidated Condensed Interim Statement of Financial Position (all amounts in thousands of U.S. dollars) At September 30, 2026 At December 31, 2025 (Unaudited) ASSETS Non-current assets Property, plant and equipment, net 6,102,335 6,205,082 Intangible assets, net 1,352,357 1,357,116 Right-of-use assets, net 150,084 144,557 Investments in non-consolidated companies 1,652,701 1,561,212 Other investments 1,170,663 758,085 Deferred tax assets 834,364 834,168 Receivables, net 129,287 11,391,791 139,211 10,999,431 Current assets Inventories, net 3,939,555 3,602,058 Receivables and prepayments, net 205,183 268,798 Current tax assets 359,463 364,640 Contract assets 19,780 35,264 Trade receivables, net 2,059,505 1,920,840 Derivative financial instruments 15,753 1,875 Other investments 2,145,322 2,306,760 Cash and cash equivalents 806,457 9,551,018 572,647 9,072,882 Total assets 20,942,809 20,072,313 EQUITY Shareholders' equity 16,853,172 16,599,191 Non-controlling interests 267,977 229,877 Total equity 17,121,149 16,829,068 LIABILITIES Non-current liabilities Borrowings 356 368 Lease liabilities 97,265 94,903 Derivative financial instruments - 207 Deferred tax liabilities 389,895 442,248 Other liabilities 333,459 310,707 Provisions 57,808 878,783 48,418 896,851 Current liabilities Borrowings 336,573 305,354 Lease liabilities 51,012 48,346 Derivative financial instruments 7,810 14,123 Current tax liabilities 263,773 386,586 Other liabilities 975,495 377,088 Provisions 160,989 173,152 Customer advances 165,391 168,832 Trade payables 981,834 2,942,877 872,913 2,346,394 Total liabilities 3,821,660 3,243,245 Total equity and liabilities 20,942,809 20,072,313
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Consolidated Condensed Interim Statement of Cash Flows (all amounts in thousands of U.S. dollars) Three-month period ended September 30, Nine-month period ended September 30, 2026 2025 2026 2025 (Unaudited) (Unaudited) Cash flows from operating activities Income for the period 521,262 452,646 1,577,555 1,512,216 Adjustments for: Depreciation and amortization 158,558 156,841 465,327 453,249 Provision for the ongoing litigation related to the acquisition of participation in Usiminas 4,331 6,907 19,972 25,434 Income tax accruals less payments (21,489) 26,979 (119,929) (63,814) Equity in earnings of non-consolidated companies (37,690) 8,955 (119,029) (37,731) Interest accruals less payments/collections, net 16,075 1,730 33,158 (11,309) Changes in provisions 8 (19,160) (22,745) (20,925) Changes in working capital (270,166) (312,422) (353,886) (62,106) Others, including net foreign exchange (4,831) (4,221) 20,805 17,388 Net cash provided by operating activities 366,058 318,255 1,501,228 1,812,402 Cash flows from investing activities Capital expenditures (98,449) (185,384) (334,384) (494,676) Changes in advances to suppliers of property, plant and equipment (13,036) 4,937 (3,053) (916) Cash decrease due to deconsolidation of subsidiaries - - - (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 11,784 391 12,795 58,120 Dividends received from non-consolidated companies - - 29,863 41,348 Changes in investments in securities (28,010) 214,247 (314,385) 82,910 Net cash used in investing activities (127,711) 34,191 (544,883) (316,421) Cash flows from financing activities Dividends paid - - (605,790) (600,317) Dividends paid to non-controlling interest in subsidiaries (5,090) (3,000) (6,322) (30,264) Acquisition of treasury shares - (351,463) (89,562) (825,395) Payments of lease liabilities (17,019) (16,615) (50,682) (46,662) Proceeds from borrowings 159,575 95,998 515,808 572,441 Repayments of borrowings (124,098) (92,143) (483,133) (667,099) Net cash used in financing activities 13,368 (367,223) (719,681) (1,597,296) Increase (decrease) in cash and cash equivalents 251,715 (14,777) 236,664 (101,315) Movement in cash and cash equivalents At the beginning of the period 556,983 571,492 572,444 660,798 Effect of exchange rate changes (2,407) (9,754) (2,817) (12,522) Increase (decrease) in cash and cash equivalents 251,715 (14,777) 236,664 (101,315) At September 30, 806,291 546,961 806,291 546,961
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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 September 30, Nine-month period ended September 30, 2026 2025 2026 2025 Income for the period 521,262 452,646 1,577,555 1,512,216 Income tax charge 135,859 171,698 321,278 358,382 Equity in earnings (losses) of non-consolidated companies (37,690) 8,955 (119,029) (37,731) Financial Results (21,916) (36,668) (104,423) (103,589) Depreciation and amortization 158,558 156,841 465,327 453,249 EBITDA 756,073 753,472 2,140,708 2,182,527
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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 September 30, Nine-month period ended September 30, 2026 2025 2026 2025 Net cash provided by operating activities 366,058 318,255 1,501,228 1,812,402 Capital expenditures (98,449) (185,384) (334,384) (494,676) Free cash flow 267,609 132,871 1,166,844 1,317,726 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 September 30, 2026 2025 Cash and cash equivalents 806,457 547,183 Other current investments 2,145,322 2,442,088 Non-current investments 1,163,945 823,781 Derivatives hedging borrowings and investments 863 (2,179) Current borrowings (336,573) (325,338) Non-current borrowings (356) (2,251) Net cash / (debt) 3,779,658 3,483,284
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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 September 30, 2026 2025 Inventories 3,939,555 3,506,607 Trade receivables 2,059,505 2,146,036 Customer advances (165,391) (182,924) Trade payables (981,834) (830,173) Operating working capital 4,851,835 4,639,546 Annualized quarterly sales 12,409,396 11,912,560 Operating working capital days 143 142