Tenaris posts Q3 revenue beat on North American demand growth; shares up 3%

Tenaris S.A. reported third-quarter financial results that surpassed analyst projections on Thursday, with revenue reaching $3.10 billion for the period ended September 30, sending shares up over 3%.

The figure exceeded the analyst consensus of $2.99 billion and marked a 4% increase from $2.98 billion in the same quarter of 2025.

The Luxembourg-based pipe manufacturer’s adjusted EBITDA totaled $756 million, beating estimates of $651 million. The metric remained relatively unchanged from $753 million recorded in the third quarter of 2025. The adjusted EBITDA margin expanded to 24.4% from 21.9% in the previous quarter, attributed to favorable product mix and efficient industrial performance.

Seamless tube volumes stood at 780,000 metric tons, unchanged from the prior year. Average selling prices rose 2% sequentially to $3,000 per ton.

North American sales climbed 14% year-over-year to $1.65 billion, supported by higher OCTG and line pipe sales. Sales in Asia Pacific, Middle East and Africa fell 17% year-over-year to $595 million, though the region saw sequential growth on deliveries to Kuwait and Iraq.

The company generated free cash flow of $268 million during the quarter and maintained a net cash position of $3.8 billion at quarter end.

For the fourth quarter, Tenaris expects sales and adjusted EBITDA to rise, driven by higher OCTG demand and prices in North America and increased shipments to offshore projects. Management stated the fourth quarter should establish a new quarterly baseline for sales and EBITDA entering 2027, assuming no significant change in the geopolitical context.