Company: TNRSF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001171843-25-006840
Chunk: 2

Company: TENARIS SA
Filing Date: 2025-10-30
Form: 6-K
Chunk 2
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 included in the company’s Consolidated Condensed Interim Financial Statements as of September 30, 2025.

In the third quarter, our sales of tubular products and services held up remarkably well as our Rig Direct® customers in US and Canada maintained a more stable level of activity than the rest of the market and we were able to complete some shipments ahead of schedule in the Middle East. Our sales in our Argentine fracking and coiled tubing services unit, however, were affected by a temporary lack of activity. Our margins also held up well although they still do not reflect the full impact of recent tariff increases.

Free cash flow for the quarter declined to $133 million as working capital rose by $312 million, largely due to an increase in trade receivables. Our net cash position also declined to $3,483 million as we spent a further $351 million in our share buyback program.

Interim Dividend Payment

Our board of directors approved the payment of an interim dividend of $0.29 per share ($0.58 per ADS), or approximately $300 million, according to the following timetable:

Market Background and Outlook

Oil prices have softened as inventories and production from OPEC+ countries, deepwater and shale plays across the Americas increase, but remain volatile amidst a high level of geopolitical and economic uncertainty. Although there has been some reduction in oil drilling in recent months in the United States, Canada and Saudi Arabia, overall drilling activity remains resilient as operators focus on the longer-term outlook and reducing operational costs.

In the United States, following the increase in tariffs on imports of steel products from 25% to 50% in June, OCTG imports are coming down from the high levels of the first half but inventories remain at high levels and OCTG prices have yet to reflect the increased costs of the tariffs.

In Argentina, the results of the mid-term congressional elections may reduce uncertainty and improve financing conditions for the further development of the Vaca Muerta shale play.

For the fourth quarter, we expect our sales to remain close to the level of the third quarter, but our costs and margins will be affected by the full impact of the increase in tariff costs.

Analysis of 2025 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 2025 |     | 2Q 2025 |     |     |     | 3