TS · Tenaris S.A.

Tenaris S.A. delivered solid first-quarter 2026 financial results, with net income rising 9.0% year-over-year to $564.2 million, driven by revenue growth of 6.1% to $3.10 billion and gross margin expansion from 34.2% to 33.9% — though absolute gross profit increased $48.8 million due to scale. Operating income grew 6.2%, aided by disciplined cost control: SG&A expenses rose only 2.1% despite higher sales, and other operating income improved while other operating expenses declined slightly. Finance income decreased year-over-year, but lower other financial losses — notably a $28.7 million improvement in 'Other financial results, net' — contributed meaningfully to bottom-line growth. Earnings per share increased to $0.54 (basic/diluted), up from $0.47, reflecting both higher net income and a 6.2% reduction in weighted average outstanding shares to 1.01 billion, consistent with the $89.6 million share repurchase executed in the quarter. The balance sheet remained strong, with cash and cash equivalents increasing to $1.15 billion — up from $572.6 million at March 31, 2025 — supporting continued capital returns and strategic flexibility. No forward guidance is disclosed in the filing, and the statements are explicitly labeled as unaudited interim financials for the period ended March 31, 2026.