TS · Tenaris S.A.

Tenaris S.A.'s Annual General Meeting on May 12, 2026, delivered strong shareholder endorsement across all 11 resolutions, signaling confidence in management despite a reported loss for 2025 absorbed by retained earnings. The standout investor event is the approval of a robust US$0.89 per share annual dividend, affirming capital return discipline amid robust cash generation implied by the payout capacity. This includes the previously paid interim dividend of US$0.29 per share, with the balance of US$0.60 per share (US$1.20 per ADS) set for payment on May 20, 2026, representing approximately US$0.6 billion. Board continuity was reinforced by re-electing key figures like Paolo Rocca and reducing the board to 10 members for streamlined governance. Compensation approvals lock in predictable director pay at US$115,000 base plus audit committee supplements, while the 2025 compensation report's approval provides transparency on executive rewards. Auditor continuity with Forvis Mazars, capped fees in key currencies, and Audit Committee flexibility ensure audit integrity. Share repurchase authorization renews flexibility for capital allocation, potentially supporting EPS accretion, alongside modernized electronic communications to enhance shareholder access and efficiency.