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Mar 31, 2025
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Tenaris Q1 2025 Earnings Report
Tenaris reported steady earnings in Q1 2025 with stable net income and improved free cash flow.
Key Takeaways
Tenaris delivered a stable Q1 2025, maintaining earnings per share and net income at prior-quarter levels despite a year-over-year revenue decline. EBITDA improved on a comparable basis, and free cash flow was strong thanks to a reduction in working capital.
Revenue totaled $2.92 billion, down 15% year-over-year.
Net income held steady at $518 million compared to Q4 2024.
Free cash flow reached $647 million due to $224 million working capital reduction.
Net cash position increased to $4.0 billion by the end of the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Tenaris expects slight growth in Q2 2025 as average selling prices recover, with EBITDA margins expected to remain consistent with Q1 levels.
Positive Outlook
- Sales are projected to show a small increase in Q2.
- Average selling prices are expected to recover.
- Volumes are likely to remain stable.
- EBITDA margin should stay in line with Q1.
- Continued strength in US OCTG pricing driven by tariffs.
Challenges Ahead
- Outlook for oil demand has softened due to weaker global economic growth.
- OPEC+ announced plans to increase production, affecting pricing.
- Potential for reduced short-term investment by oil and gas companies.
- Lower offshore project sales in Q1 could persist.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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