Tenaris S.A. forecast higher fourth-quarter sales and EBITDA after third-quarter net income rose 15% year over year, pointing to North American pipe demand and offshore shipments as support for the outlook.
Sales for the three months through Sept. 30 totaled $3.102 billion, 4% above the same period in 2025 and 5% higher than in the second quarter. Net income was $521 million, compared with $453 million a year earlier. Operating income was $598 million, against $597 million.
EBITDA, which Tenaris identifies as a non-IFRS measure, reached $756 million, equal to 24.4% of sales; a year earlier it was $753 million and 25.3%. Third-quarter 2025 EBITDA included a $34 million gain tied to returned U.S. antidumping deposits. Without that gain, the company said the year-earlier quarter would have posted $719 million in EBITDA, or 24.1% of sales.
Tenaris said drilling activity had strengthened in the United States, Canada and Argentina. It pointed to customer progress on offshore projects it described as cost-competitive and said U.S. OCTG inventories continued to decline. Higher demand and costs for raw materials and logistics supported OCTG prices, the company said.
A better product mix, more efficient industrial performance and maintenance postponed at some plants helped raise the EBITDA margin from the second quarter, Tenaris said. Higher costs for raw materials, energy and logistics weighed on results.
Cash from operations totaled $366 million. After $98 million in capital spending, free cash flow was $268 million, another non-IFRS measure; net cash stood at about $3.8 billion at Sept. 30. Tenaris said its interim financial statements were unaudited and prepared under IFRS Accounting Standards.
MT Newswires, citing FactSet estimates, reported analyst expectations of $0.82 per ADS and $3.03 billion in revenue, compared with Tenaris figures of $1.01 per ADS and $3.102 billion in sales.
Tenaris listed a results conference call for 8 a.m. ET Nov. 5.
