Tenaris Q1 Net Sales $3.1B, EBITDA $735M and EPS up 14%
TS•Tenaris reported first-quarter net sales of $3.1 billion, up 4% sequentially and 6% year-on-year, with operating income at $584 million and EPS rising 14% year-on-year. Free cash flow reached $503 million, net cash climbed to $3.8 billion after $90 million in share buybacks.
1. First Quarter Financial Results
Tenaris delivered net sales of $3.1 billion in the quarter ended March 31, 2026, a 4% sequential and 6% year-on-year increase. Operating income rose to $584 million, net income to $564 million, EBITDA to $735 million and earnings per ADS reached $1.07, up 23% sequentially.
2. Regional Sales Drivers
Sales benefited from higher activity in Canada and Mexico, increased offshore volumes in Brazil and stock-building in North Africa. An advance of shipments to Saudi Arabia and recovering demand in Mexico offset disruptions from the Middle East conflict and Strait of Hormuz closure.
3. Cash Flow and Liquidity
Free cash flow amounted to $503 million for the quarter. After allocating $90 million to share buybacks, Tenaris reported a net cash position of $3.8 billion as of March 31, 2026.
4. Outlook and Market Conditions
Prolonged Strait of Hormuz closure is expected to reduce Q2 shipments and pressure margins through higher logistics costs and lower fixed cost absorption. Sales and margins are forecast to recover in the second half of 2026, assuming the strait reopens and global drilling activity expands.
