Tenaris (TEN) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales were $3 billion, up 2% year-over-year but down 3% sequentially, with resilient U.S. and Canada sales offsetting declines in the North Sea and Middle East offshore projects.

• EBITDA for Q3 2025 was $753 million, including a $34 million gain from U.S. antidumping deposit returns; adjusted EBITDA was $719 million, or 24% of sales.

• Net income for Q3 2025 was $453 million, nearly flat year-over-year but down 16% sequentially; operating income rose 11% year-over-year to $597 million.

• Free cash flow in Q3 2025 was $133 million after $318 million in operating cash flow and $185 million in capex; net cash position declined to $3.5 billion after $351 million in share buybacks.

• Interim dividend of $0.29 per share (up 7% year-over-year), totaling ~$300 million, approved for payment in November 2025.

Financial highlights

• Q3 2025 EPS was $0.85 per ADS, up 5% year-over-year but down 14% sequentially.

• EBITDA margin was 25% (24% adjusted for one-off gain); Q3 2025 Tubes operating margin was 20.6%.

• For the first nine months of 2025, net sales were $8.99 billion, down 7% year-over-year; net income was $1.51 billion, down 3%.

• Free cash flow for the first nine months was $1.3 billion, down from $1.9 billion in the prior year period.

• Share buybacks totaled $351 million in Q3 2025 and $825 million in the first nine months.

Outlook and guidance

• Q4 2025 sales expected to remain stable, with EBITDA projected to decline by single digits due to higher tariff-related costs.

• Margin guidance for Q4 is 20%-25%, slightly lower than Q3.

• Middle East business expected to remain stable and resilient into next year, with a strong offshore backlog building for 2026.

• Argentina's energy sector activity is expected to increase gradually following favorable election results and improved financing conditions.

• Management continues to monitor market volatility, especially in Argentina, and is adapting business strategy to evolving conditions.