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Tenaris S.A. Form 6-K Summary: Consolidated Financial Statements for the Year Ended December 31, 2025

Business Context and Reporting Period

This Form 6-K filing, dated February 18, 2026, presents the Consolidated Financial Statements for Tenaris S.A. for the fiscal years ended December 31, 2025, 2024, and 2023. Tenaris is a global manufacturer of steel tubular products, primarily for the oil and gas industry. The company operates through one major reportable segment, "Tubes," and maintains a global footprint with significant operations in North and South America, Europe, and the Asia-Pacific region.

Key Financial Metrics (Year Ended December 31, 2025)

Material Changes vs. Prior Period

• Revenue Decline: Net sales decreased by approximately 4.3% to $11.98 billion in 2025 compared to $12.52 billion in 2024. This follows a significant decline from 2023 levels ($14.87 billion), reflecting continued volatility in the oil and gas sector and lower drilling activity.
• Profitability Pressure: Operating income declined 5.6% to $2.28 billion, and Net Income attributable to shareholders dropped 5.1% to $1.93 billion. Gross margin compressed slightly due to cost pressures and lower sales volumes.
• Debt Reduction: Total borrowings decreased significantly by 30% to $306 million, down from $437 million in 2024. The company maintained a low debt-to-equity ratio of 0.02.
• Shareholder Returns: The company continued an aggressive share buyback program. In 2025, it repurchased approximately 60.2 million shares under the third buyback program and cancelled 90.8 million shares previously held in treasury, reducing issued share capital.
• Legal Provisions: The company recorded a provision of $14.4 million in 2025 related to ongoing litigation regarding the acquisition of participation in Usiminas, compared to $107.2 million in 2024.

Guidance, Outlook, Risks, and Unusual Items

• Dividend Proposal: The Board intends to propose an annual dividend of $0.89 per share ($1.78 per ADS) for approval at the May 2026 shareholder meeting. This includes the interim dividend of $0.29 per share paid in November 2025.
• Share Buybacks: A third share buyback program of up to $1.2 billion was approved in May 2025. As of December 31, 2025, the company had repurchased approximately $1.125 billion worth of shares under this program.
• Key Risks:
  • Geopolitical and Trade: New U.S. tariffs on steel imports (increased to 50% for many products) and Canadian tariff rate quotas introduced in 2025 create uncertainty for supply chains and costs. Antidumping duty proceedings regarding imports from Argentina and Mexico remain ongoing, though rates were reduced for the first review period.
  • Argentina Exposure: Foreign exchange controls and currency volatility in Argentina continue to pose risks. The company holds a net short exposure of approximately $8.8 million in Argentine pesos.
  • Legal Contingencies: Significant litigation remains regarding the Usiminas acquisition (CSN claims), with a potential exposure of approximately $114.9 million if the company does not prevail. Other proceedings include Petrobras-related claims and U.S. patent infringement litigation.
• Climate Change: Tenaris has invested over $700 million in the past four years to reduce carbon emissions, including the construction of wind farms in Argentina. The company does not currently believe climate-related matters require material adjustments to asset valuations.

Investor Verification Checklist

• Verify the final outcome of the U.S. Department of Commerce antidumping duty reviews for Argentina and Mexico to assess potential refund receivables or future deposit rate changes.
• Monitor the status of the CSN litigation regarding the Usiminas acquisition, as the potential liability of ~$115 million remains contingent on the Supreme Federal Tribunal's ruling.
• Assess the impact of the new 50% U.S. steel tariffs and Canadian quota restrictions on future gross margins and North American sales volumes.
• Review the execution of the third share buyback program and the timing of the cancellation of the 60 million treasury shares currently held.
• Track the evolution of the Argentine peso exchange rate and the lifting of foreign exchange controls, given the company's significant operational exposure in the region.