Tenaris' first-half revenue rises to USD 6.1 billion

According to Tenaris’ financial results for the second quarter of 2026, the company’s net sales in the first half of the year increased by 1% year on year, from USD 6.008 billion in the same period last year to USD 6.067 billion.

During the same period, EBITDA decreased by 3% year on year to USD 1.385 billion, while operating income fell by 5% to USD 1.078 billion. Net income stood at USD 1.056 billion, remaining close to the level recorded in the same period last year.

Pipe shipments declined by 1%

First-half sales in Tenaris’ pipe segment, its core business, increased by 1% year on year to USD 5.734 billion, accounting for 95% of the company’s total sales.

Meanwhile, total seamless and welded pipe shipments decreased by 1% to 1.942 million tonnes. Seamless pipe shipments declined by 2% to 1.553 million tonnes, while welded pipe shipments remained broadly stable year on year at 389,000 tonnes.

The company reported that average pipe selling prices increased by 2% in the first half of the year, mainly supported by higher prices in North America.

Second-quarter sales fell by 4%

Tenaris’ net sales in the second quarter of 2026 decreased by 4% year on year to USD 2.967 billion. Second-quarter EBITDA also fell by 11% to USD 649 million, while the EBITDA margin declined from 23.7% in the same period last year to 21.9%.

The company stated that the decline in quarterly sales was partly due to the postponement of shipments to customers in the Middle East, as the Strait of Hormuz was effectively closed for most of the period. Higher unit logistics costs, lower absorption of fixed costs due to reduced capacity utilization and higher raw material costs also weighed on profitability.

OCTG sales in Türkiye increased

In the European market, Tenaris reported an increase in OCTG sales in Türkiye during the second quarter. The company also began deliveries of offshore line pipe for the development of the Sakarya Gas Field in the Black Sea.

Sales in the Asia-Pacific, Middle East and Africa region declined due to delayed deliveries to Kuwait and Iraq, as well as the concentration of North African shipments in the previous quarter.

Tenaris recorded capital expenditures of USD 236 million in the first half of the year, while free cash flow reached USD 900 million. The company reported a net cash position of USD 3.6 billion as of the end of June 2026.