Luxembourg's Tenaris Q1 net sales rise 6%, beat analyst estimates

Tenaris SA

06/05/2026 22:16

Overview

Luxembourg steel pipe maker's Q1 net sales rose 6% yr/yr, beating analyst expectations

Q1 net income increased 9% yr/yr to $564 mln

Tenaris's EBITDA increased 6% compared to last year

Outlook

Tenaris expects Q2 sales to be affected by lower shipments in the Middle East

Company says Q2 margins will be impacted by higher logistics costs and lower fixed cost absorption

Tenaris expects sales and margins to recover in H2 2026 if Strait of Hormuz reopens soon

Result Drivers

REGIONAL SALES MIX - Sequential sales growth was supported by higher activity in Canada, a limited recovery in Mexico, increased offshore sales in Brazil, customer stock-building in North Africa, and advanced shipments in Saudi Arabia

COST MANAGEMENT - Margins remained stable as higher costs from maintenance shutdowns were offset by lower tariff costs

FINANCIAL AND EQUITY GAINS - Net income benefitted from improved results below the operating line, including net finance income from portfolio investments and equity earnings from non-consolidated companies

Company press release: ID:nGNX7HXfhL

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Sales
Beat
$3.10 bln
$2.97 bln (5 Analysts)
Q1 Net Income
$564 mln
Q1 EBITDA
$735 mln
Q1 Operating Income
$584 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 9 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the oil related services and equipment peer group is "buy"

Wall Street's median 12-month price target for Tenaris SA is €24.00, about 9.6% below its May 6 closing price of €26.54

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 12 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)