Tenaris S.A. (NYSE:TS) reported a 4% increase in third-quarter 2026 revenue to $3.10 billion, exceeding analysts’ expectations as higher sales in North America supported the company’s financial performance.
The Luxembourg-based steel pipe manufacturer recorded revenue above the consensus forecast of $2.99 billion, while adjusted EBITDA reached $756 million, compared with market expectations of $651 million.
Tenaris shares advanced more than 3% following the announcement.
The company also reported an improvement in its adjusted EBITDA margin and expects further increases in revenue and profitability during the fourth quarter.
Third-Quarter Revenue Exceeds Market Expectations
Tenaris generated revenue of $3.10 billion for the three months ended 30 September 2026, compared with $2.98 billion in the corresponding period of 2025.
The result exceeded analysts’ consensus expectations by approximately 3.7%.
Adjusted EBITDA reached $756 million, slightly above the $753 million reported a year earlier and approximately 16.1% higher than the consensus forecast of $651 million.
The adjusted EBITDA margin increased to 24.4%, compared with 21.9% in the second quarter.
Tenaris attributed the sequential margin improvement to a more favourable product mix and operational efficiency across its manufacturing activities.
Seamless Tube Volumes Remain Stable
Tenaris reported seamless tube sales volumes of 780,000 metric tonnes during the third quarter, unchanged from the corresponding period last year.
Average selling prices increased 2% compared with the previous quarter, reaching approximately $3,000 per tonne.
The increase in selling prices contributed to revenue performance despite broadly stable year-on-year shipment volumes.
The company continued to supply steel tubular products for oil and gas drilling, production and pipeline applications across its international markets.
North American Revenue Increases 14%
North America recorded revenue of $1.65 billion during the third quarter, representing an increase of 14% compared with the same period in 2025.
The growth was supported by higher sales of oil country tubular goods (OCTG) and line pipe products.
Demand for tubular products used in drilling and energy infrastructure contributed to the regional performance.
North America remained a principal contributor to the company’s quarterly revenue, accounting for approximately 53% of total sales.
Asia Pacific, Middle East and Africa Revenue Declines 17%
Tenaris reported revenue of $595 million across Asia Pacific, the Middle East and Africa, representing a 17% decrease compared with the third quarter of 2025.
However, sales in the region increased sequentially, supported by deliveries to customers in Kuwait and Iraq.
The figures reflected differing demand and shipment patterns across the company’s geographic markets.
The improvement from the previous quarter partially offset the year-on-year decline in regional revenue.
Free Cash Flow Reaches $268 Million
Tenaris generated free cash flow of $268 million during the third quarter.
The company ended September with a net cash position of $3.8 billion.
The cash position reflects the company’s financial resources after accounting for its debt obligations.
Tenaris did not provide additional details on shareholder distributions or changes to its capital allocation policy in the update.
Fourth-Quarter Revenue and EBITDA Expected to Increase
Tenaris expects both revenue and adjusted EBITDA to increase during the fourth quarter of 2026.
The company anticipates higher demand and selling prices for OCTG products in North America, alongside increased shipments to offshore energy projects.
Management indicated that fourth-quarter performance could establish a new quarterly revenue and EBITDA baseline entering 2027.
The outlook assumes no significant change in the geopolitical environment.
The company continues to monitor demand conditions across its regional markets as it prepares for the next financial year.
More About Tenaris
Tenaris S.A. (BIT:TEN) (NYSE:TS) is a Luxembourg-based manufacturer and supplier of steel pipes and related services for the global energy industry. The company produces seamless and welded tubular products used in oil and gas drilling, production, transportation and other industrial applications, serving customers across North America, South America, Europe, Asia, the Middle East and Africa.