Tenaris SA 6-K, filed May 1, 2025

Tenaris SA (TS)

6-K 2025-05-01 For: 2025-03-31

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Added on April 06, 2026

About this 6-K

Tenaris SA filed this 6-K on May 1, 2025.

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		Three-month period ended March 31,
		2025			2024
	Notes	(Unaudited)
Net sales	3		2,922,212			3,441,544
Cost of sales	4		(1,920,855	)		(2,134,052	)
Gross profit			1,001,357			1,307,492
Selling, general and administrative expenses	5		(457,065	)		(508,132	)
Other operating income	6		11,788			16,024
Other operating expenses	6		(6,167	)		(3,720	)
Operating income			549,913			811,664
Finance Income	7		78,444			56,289
Finance Cost	7		(11,745	)		(20,583	)
Other financial results, net	7		(31,441	)		(60,468	)
Income before equity in earnings of non-consolidated companies and income tax			585,171			786,902
Equity in earnings of non-consolidated companies	8		14,035			48,179
Income before income tax			599,206			835,081
Income tax	9		(81,342	)		(84,856	)
Income for the period			517,864			750,225

Attributable to:
Shareholders' equity			506,931			736,980
Non-controlling interests			10,933			13,245
			517,864			750,225
Earnings per share attributable to shareholders' equity during the period:
Weighted average number of outstanding ordinary shares (thousands) ^(*)			1,076,982			1,160,008

Basic and diluted earnings per share (U.S. dollars per share)			0.47			0.64
Basic and diluted earnings per ADS (U.S. dollars per ADS) ^(**)			0.94			1.27

	Three-month period ended March 31,
	2025			2024
	(Unaudited)
Income for the period		517,864			750,225
Items that may be subsequently reclassified to profit or loss:
Currency translation adjustment		44,749			(26,011	)
Change in value of cash flow hedges and instruments at fair value		(20,595	)		103,207
Income tax relating to components of other comprehensive income		16,023			24,591
From participation in non-consolidated companies:
- Currency translation adjustment		13,582			(6,475	)
- Changes in the value of cash flow hedges and instruments at fair value, net of income tax		2,984			31,820
		56,743			127,132
Items that will not be reclassified to profit or loss:
Remeasurements of post-employment benefit obligations		(13	)		(18	)
Income tax on items that will not be reclassified		-			459
Remeasurements of post-employment benefit obligations of non-consolidated companies, net of income tax		(102	)		(357	)
		(115	)		84
Other comprehensive income for the period		56,628			127,216
Total comprehensive income for the period		574,492			877,441

Attributable to:
Shareholders' equity		563,076			864,462
Non-controlling interests		11,416			12,979
		574,492			877,441

		At March 31, 2025			At December 31, 2024
	Notes	(Unaudited)
ASSETS
Non-current assets
Property, plant and equipment, net	11		6,183,251			6,121,471
Intangible assets, net	12		1,359,463			1,357,749
Right-of-use assets, net	13		147,606			148,868
Investments in non-consolidated companies	17		1,574,156			1,543,657
Other investments NC	14		1,014,502			1,005,300
Deferred tax assets			838,912			831,298
Receivables, net			197,411	11,315,301		205,602	11,213,945
Current assets
Inventories, net			3,519,237			3,709,942
Receivables and prepayments, net			174,294			179,614
Current tax assets			360,416			332,621
Contract assets			51,736			50,757
Trade receivables, net			1,842,313			1,907,507
Derivative financial instruments CA	15		4,083			7,484
Other investments C	14		2,581,761			2,372,999
Cash and cash equivalents	14		770,208	9,304,048		675,256	9,236,180
Total assets				20,619,349			20,450,125
EQUITY
Shareholders' equity				17,164,683			16,593,257
Non-controlling interests				231,994			220,578
Total equity				17,396,677			16,813,835
LIABILITIES
Non-current liabilities
Borrowings			7,437			11,399
Lease liabilities	13		91,148			100,436
Deferred tax liabilities			472,789			503,941
Other liabilities			300,116			301,751
Provisions			68,969	940,459		82,106	999,633
Current liabilities
Borrowings			345,183			425,999
Lease liabilities	13		54,061			44,490
Derivative financial instruments CL	15		1,945			8,300
Current tax liabilities			304,019			366,292
Other liabilities			377,238			585,775
Provisions			139,965			119,344
Customer advances			228,086			206,196
Trade payables			831,716	2,282,213		880,261	2,636,657
Total liabilities				3,222,672			3,636,290
Total equity and liabilities				20,619,349			20,450,125

	Shareholders' equity
	Share Capital ⁽¹⁾		Treasury Shares ⁽²⁾			Legal Reserves		Share Premium		Currency Translation Adjustment			Other Reserves ⁽³⁾			Retained Earnings ⁽⁴⁾		Total			Non- controlling interests		Total
																							(Unaudited)
Balance at December 31, 2024		1,162,758		(1,355,651	)		116,276		609,733		(1,110,803	)		(570,986	)		17,741,930		16,593,257			220,578		16,813,835
Income for the period		-		-			-		-		-			-			506,931		506,931			10,933		517,864
Currency translation adjustment		-		-			-		-		44,266			-			-		44,266			483		44,749
Remeasurements of post-employment benefit obligations, net of taxes		-		-			-		-		-			(13	)		-		(13	)		-		(13	)
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes		-		-			-		-		-			(4,572	)		-		(4,572	)		-		(4,572	)
Other comprehensive income of non-consolidated companies		-		-			-		-		13,582			2,882			-		16,464			-		16,464
Other comprehensive income (loss) for the period		-		-			-		-		57,848			(1,703	)		-		56,145			483		56,628
Total comprehensive income (loss) for the period		-		-			-		-		57,848			(1,703	)		506,931		563,076			11,416		574,492
Repurchase of own shares ⁽²⁾		-		(234,934	)		-		-		-			-			-		(234,934	)		-		(234,934	)
Changes in share buyback program liability		-		-			-		-		-			243,284			-		243,284			-		243,284
Balance at March 31, 2025		1,162,758		(1,590,585	)		116,276		609,733		(1,052,955	)		(329,405	)		18,248,861		17,164,683			231,994		17,396,677

	Shareholders' equity
	Share Capital ⁽¹⁾		Treasury Shares ⁽²⁾			Legal Reserves		Share Premium		Currency Translation Adjustment			Other Reserves ⁽³⁾			Retained Earnings ⁽⁴⁾		Total			Non- controlling interests			Total
																								(Unaudited)
Balance at December 31, 2023		1,180,537		(213,739	)		118,054		609,733		(990,171	)		(603,978	)		16,742,536		16,842,972			187,465			17,030,437
Income for the period		-		-			-		-		-			-			736,980		736,980			13,245			750,225
Currency translation adjustment		-		-			-		-		(25,745	)		-			-		(25,745	)		(266	)		(26,011	)
Remeasurements of post-employment benefit obligations, net of taxes		-		-			-		-		-			441			-		441			-			441
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes		-		-			-		-		-			127,798			-		127,798			-			127,798
Other comprehensive income of non-consolidated companies		-		-			-		-		(6,475	)		31,463			-		24,988			-			24,988
Other comprehensive income (loss) for the period		-		-			-		-		(32,220	)		159,702			-		127,482			(266	)		127,216
Total comprehensive income (loss) for the period		-		-			-		-		(32,220	)		159,702			736,980		864,462			12,979			877,441
Repurchase of own shares ⁽²⁾		-		(311,064	)		-		-		-			-			-		(311,064	)		-			(311,064	)
Changes in share buyback program liability		-		-			-		-		-			11,133			-		11,133			-			11,133
Acquisition and other changes in non-controlling interests		-		-			-		-		-			-			-		-			1,120			1,120
Balance at March 31, 2024		1,180,537		(524,803	)		118,054		609,733		(1,022,391	)		(433,143	)		17,479,516		17,407,503			201,564			17,609,067

Consolidated Condensed Interim Financial Statements
For the three-month period ended March 31, 2025 - all amounts in thousands of U.S. dollars, unless otherwise stated

1	General information
2	Accounting policies and basis of presentation
3	Segment information
4	Cost of sales
5	Selling, general and administrative expenses
6	Other operating income (expense), net
7	Financial results
8	Equity in earnings of non-consolidated companies
9	Income tax
10	Dividend distribution
11	Property, plant and equipment, net
12	Intangible assets, net
13	Right-of-use assets, net and lease liabilities
14	Cash and cash equivalents and other investments
15	Derivative financial instruments
16	Category of financial instruments and classification within the fair value hierarchy
17	Investments in non-consolidated companies
18	Contingencies, commitments and restrictions to the distribution of profits
19	Developments concerning cancelled title deeds in Saudi Steel Pipe Company
20	Foreign exchange control measures in Argentina
21	Cash flow disclosures
22	Related party transactions
23	Share Buyback Program
24	Tariffs on steel imports in the United States

Three-month period ended March 31, 2025 - (Unaudited)	Tubes		Other		Total
Management view - operating income		547		38		585
Difference in cost of sales						(31	)
Differences in selling, general and administrative expenses						(1	)
Differences in other operating income (expenses) and others						(3	)
IFRS - operating income						550
Financial income (expense), net						35
Income before equity in earnings of non-consolidated companies and income tax						585
Equity in earnings of non-consolidated companies						14
Income before income tax						599

Net Sales		2,765		157		2,922
Depreciation and amortization		141		5		146

Three-month period ended March 31, 2024 - (Unaudited)	Tubes		Other		Total
Management view - operating income		793		30		823
Difference in cost of sales						(11	)
Differences in selling, general and administrative expenses						(1	)
IFRS - operating income						812
Financial income (expense), net						(25	)
Income before equity in earnings of non-consolidated companies and income tax						787
Equity in earnings of non-consolidated companies						48
Income before income tax						835


Net Sales		3,292		150		3,442
Depreciation and amortization		171		4		175

	Three-month period ended March 31,
Revenues Tubes	2025		2024
	(Unaudited)
Oil & Gas		2,466		2,953
Oil & Gas processing plants		141		155
Industrial, Power and Others		158		184
Total		2,765		3,292

	At March 31,		At December 31,
	2025		2024
		(Unaudited)
Land and Civil Buildings		29,323		29,735
Industrial Buildings, Plant and Production Equipment		89,017		91,002
Vehicles, furniture and fixtures		27,029		25,650
Others		2,237		2,481
		147,606		148,868

	Carrying		Measurement Categories				At Fair Value
March 31, 2025 - (Unaudited)	amount		Amortized Cost		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents		770,208		365,627		404,581		404,581		-		-
Other investments		2,581,761		905,038		1,676,723		1,676,723		-		-
Fixed Income (time-deposit, zero coupon bonds, commercial papers)		905,038		905,038		-		-		-		-
Bonds and other fixed income		1,283,762		-		1,283,762		1,283,762		-		-
Fund investments		392,961		-		392,961		392,961		-		-
Derivative financial instruments		4,083		-		4,083		-		4,083		-
Other Investments Non-current		1,014,502		104,088		910,414		903,356		-		7,058
Bonds and other fixed income		903,356		-		903,356		903,356		-		-
Fixed income (time-deposit, zero coupon bonds, commercial papers)		104,088		104,088		-		-		-		-
Other investments		7,058		-		7,058		-		-		7,058
Trade receivables		1,842,313		1,842,313		-		-		-		-
Receivables C and NC		423,441		171,539		-		-		-		-
Other receivables		171,539		171,539		-		-		-		-
Other receivables (non-financial)		251,902		-		-		-		-		-
Total				3,388,605		2,995,801		2,984,660		4,083		7,058
Liabilities
Borrowings C and NC		352,620		352,620		-		-		-		-
Trade payables		831,716		831,716		-		-		-		-
Other liabilities C and NC		677,354		7,037		-		-		-		-
Other liabilities		7,037		7,037		-		-		-		-
Other liabilities (non-financial)		670,317		-		-		-		-		-
Lease Liabilities C and NC		145,209		145,209		-		-		-		-
Derivative financial instruments		1,945		-		1,945		-		1,945		-
Total				1,336,582		1,945		-		1,945		-

		Three-month period ended March 31,
	Notes	2025			2024
		(Unaudited)
Cash flows from operating activities
Income for the period			517,864			750,225
Adjustments for:
Depreciation and amortization	11, 12 & 13		146,406			175,442
Provision for the ongoing litigation related to the acquisition of participation in Usiminas	6 & 18		9,877			-
Income tax accruals less payments	21		(54,133	)		(29,222	)
Equity in earnings of non-consolidated companies	8		(14,035	)		(48,179	)
Interest accruals less payments, net	21		(8,423	)		11,938
Changes in provisions			(2,393	)		1,545
Changes in working capital ^(*)	21		223,817			(9,548	)
Others, including net foreign exchange			2,020			34,776
Net cash provided by operating activities			821,000			886,977

Cash flows from investing activities
Capital expenditures	11 & 12		(173,838	)		(172,097	)
Changes in advances to suppliers of property, plant and equipment			12,916			2,952
Loan to joint ventures	17		(1,359	)		(1,354	)
Proceeds from disposal of property, plant and equipment and intangible assets			900			5,412
Changes in investments in securities			(225,636	)		(759,667	)
Net cash used in investing activities			(387,017	)		(924,754	)

Cash flows from financing activities
Changes in non-controlling interests			-			1,120
Acquisition of treasury shares	23		(237,188	)		(311,064	)
Payments of lease liabilities			(14,655	)		(16,768	)
Proceeds from borrowings			347,570			829,947
Repayments of borrowings			(429,126	)		(754,078	)
Net cash used in financing activities			(333,399	)		(250,843	)

Increase (decrease) in cash and cash equivalents			100,584			(288,620	)

Movement in cash and cash equivalents
At the beginning of the period			660,798			1,616,597
Effect of exchange rate changes			(2,430	)		(4,921	)
Increase (decrease) in cash and cash equivalents			100,584			(288,620	)
At March 31,			758,952			1,323,056

	Three-month period ended March 31,
	2025		2024
	(Unaudited)
Net sales
North America		1,279,605		1,620,616
South America		637,553		696,874
Europe		234,944		281,300
Asia Pacific, Middle East and Africa		770,110		842,754
Total		2,922,212		3,441,544

	Three-month period ended March 31,
	2025			2024
	(Unaudited)
Inventories at the beginning of the period		3,709,942			3,921,097
Plus: Charges of the period
Raw materials, energy, consumables and other		1,038,462			1,281,253
Services and fees		47,298			123,130
Labor cost		340,081			378,770
Depreciation of property, plant and equipment		112,514			119,157
Amortization of intangible assets		3,235			2,792
Depreciation of right-of-use assets		8,225			10,963
Maintenance expenses		88,939			96,283
Allowance for obsolescence		6,032			10,054
Taxes		24,938			47,028
Other		60,426			55,244
		1,730,150			2,124,674
Less: Inventories at the end of the period		(3,519,237	)		(3,911,719	)
		1,920,855			2,134,052

	Three-month period ended March 31,
	2025		2024
	(Unaudited)
Services and fees		45,190		40,253
Labor cost		170,673		181,073
Depreciation of property, plant and equipment		6,301		6,044
Amortization of intangible assets		9,365		30,165
Depreciation of right-of-use assets		6,766		6,321
Freights and other selling expenses		165,569		167,589
Provisions for contingencies		1,509		10,539
Allowances for doubtful accounts		1,778		(639	)
Taxes		27,993		38,618
Other		21,921		28,169
		457,065		508,132