Tenaris slides after flagging Middle East hit to Q2

Tenaris SA

07/05/2026 09:15

** Shares in Tenaris TENR.MI fall more than 6% after a recent rally on strong oil prices, as the steel pipe maker warned the ongoing Middle East conflict will hit its second-quarter results

** The group expects higher logistics costs and lower Middle East deliveries to hit Q2 sales and margins before a potential recovery in H2 if the Strait of Hormuz is reopened

** J.P.Morgan says the guidance commentary implies a Q2 EBITDA of around $617 million (524.4 million euros), around 9% below estimates

** Tenaris also appointed Gabriel Podskubka as its new CEO, replacing Paolo Rocca who will remain chairman

** Including today's fall, Tenaris is up over 50% YTD

(1 euro = $1.1766)

 (Reporting by Philippe Leroy Beaulieu in Gdansk)

 ((Phiilippe.leroybeaulieu@tr.com))