Tenaris S.A. announced results for Q2 2025, with net sales at $3,086 million, operating income at $583 million, and net income at $542 million, all showing growth compared to Q1 2025 and Q2 2024. Earnings per share also increased, reflecting a rise in North American OCTG prices and stable volumes.

The company’s free cash flow for Q2 2025 was $538 million, resulting in a net cash position of $3.7 billion by June 30, 2025. Despite higher tariffs and cost of sales, margins remained consistent with the previous quarter. Oil prices are softening due to increased production cuts and economic uncertainties, impacting drilling activity.

Sales volumes for Tenaris’ Tubes business segment varied, with seamless pipes up 4% but welded pipes down 16% in Q2 2025 compared to Q1. Net sales by geographic region also showed fluctuations, with North America seeing a 13% increase, South America declining by 4%, Europe up 3%, and Asia Pacific, Middle East, and Africa up 1%.

In the Others business segment, net sales increased by 6% sequentially but decreased by 14% year on year, driven by higher sales of oilfield services in Argentina. Selling, general, and administrative expenses were $484 million, or 15.7% of net sales, in Q2 2025. Other operating results showed a loss of $6 million compared to a gain in the previous quarter. In the second quarter of 2024, a $171 million loss was recorded from ongoing litigation related to the acquisition of a participation in Usiminas. However, in the second quarter of 2025, a financial gain of $32 million was achieved, with equity in earnings of non-consolidated companies generating a gain of $33 million.

The income tax charge in the second quarter of 2025 amounted to $105 million, reflecting improved results at several subsidiaries. Net cash generated by operating activities during the quarter was $673 million, resulting in a free cash flow of $538 million after capital expenditures and dividend payments.

Sales in the first half of 2025 decreased by 11% compared to the first half of 2024, with EBITDA margin declining to 23.8%. Despite a 4% decrease in net income, earnings per share increased following a reduction in outstanding shares due to share buybacks. Cash flow provided by operating activities in the first half of 2025 was $1.5 billion.

Net sales from the Tubes business segment decreased by 11% in the first half of 2025, with operating income declining by 14%. Sales volumes of seamless and welded pipes also saw a decrease, with average drilling activity down compared to the previous year. Operating income for the Others segment declined by 17% in the same period. In the first half of 2025, Tenaris saw a decline in SG&A expenses, mainly due to lower taxes, labor costs, and depreciation. Other operating results improved, with a loss of $50,000 compared to $157 million in 2024. Financial results showed a gain of $67 million, while equity in earnings of non-consolidated companies generated a gain of $47 million.

Income tax charges decreased to $187 million from $223 million in the first half of 2024. Net cash provided by operating activities was $1.5 billion in 2025, with capital expenditures at $309 million. After dividend payments and share buybacks, Tenaris had a net cash position of $3.7 billion at the end of June 2025.

Tenaris will hold a conference call on July 31, 2025, to discuss the results. The call will cover financial performance and prospects for the company. To participate, listeners can join through provided links. A replay of the call will also be available on the company’s website for those who miss the live session. In the three-month period ended June 30, 2025, Tenaris reported a net cash provided by operating activities of $673,147, with a decrease in cash and cash equivalents of $187,122. The company’s EBITDA for the same period was $732,736. Free cash flow was $537,693, while net cash/(debt) stood at $3,729,348. Operating working capital days were 128.

For the six-month period ended June 30, 2025, Tenaris reported a net cash provided by operating activities of $1,494,147, with a decrease in cash and cash equivalents of $86,538. The company’s EBITDA for the same period was $1,429,055. Free cash flow was $1,184,855, while net cash/(debt) stood at $3,842,542. Operating working capital days were 129.

Read more at GlobeNewswire.

1. Apple reported a revenue of $63.9 billion in the fourth quarter, exceeding analyst expectations. The company’s net income also reached $14 billion during this period, driven by strong iPhone sales and growth in the services segment.

2. The United States added 194,000 jobs in September, falling short of the expected 500,000. The unemployment rate dropped to 4.8%, with notable gains in the leisure and hospitality sectors. Average hourly earnings increased by 0.6%.

3. Facebook announced plans to rebrand itself as Meta, focusing on the metaverse. The company reported a revenue of $29 billion in the third quarter, with a user base of 2.91 billion monthly active users across its platforms. Meta’s stock surged after the announcement.: Tenaris Announces 2025 Second Quarter Results