(Alliance News) - Tenaris SA reported on Thursday that it closed the first quarter of the year with a net profit of USD564 million, up from USD461 million in the same period of 2025.

Revenue amounted to USD3.10 billion, an increase from USD2.92 billion in the prior-year period. The group, the company noted in a statement, 'started the year strongly, recording a 4% sequential increase in sales, despite headwinds in the Middle East since March caused by the war with Iran and the closure of the Strait of Hormuz'.

Sales benefited from higher seasonal activity in Canada, a limited recovery in Mexico, increased offshore sales in Brazil, inventory restocking by customers in North Africa, and the pull-forward of shipments in Saudi Arabia.

First-quarter Ebitda stood at EUR735 million, compared to EUR717 million recorded as of March 31, 2025.

Operating income reached USD584 million, up from USD554 million in the same period of 2025.

During the quarter, free cash flow amounted to USD503 million and, after allocating USD90 million to share buybacks, the net cash position stood at USD3.8 billion as of March 31, 2026.

Margins remained stable, as higher costs related to maintenance shutdowns were offset by lower tariff costs. Operating income and Ebitda grew in line with sales, while net profit benefited from improvements in non-operating components, Tenaris further specified.

For the second quarter, the statement reads, 'sales will be affected by reduced shipments in the Middle East. Margins will be penalized by rising logistics costs, as well as lower absorption of fixed costs'.

For the second half of 2026, the company expects a recovery in sales and margins, provided that the Strait of Hormuz is reopened in the short term.

Finally, the company announced that the board of directors has appointed Gabriel Podskubka as chief executive officer.

It announced today that the board of directors has appointed Gabriel Podskubka as CEO. Paolo Rocca will continue to serve as chairman of the board.

Podskubka had served as Tenaris's chief operating officer since 2023, with responsibility for sales and marketing, supply chain, manufacturing operations, and product and service development. Having joined the company in Argentina in 1995, he has held various leadership roles across marketing, commercial, and industrial areas, leading Eastern European operations in 2009 before becoming president of Eastern Hemisphere operations from 2013 to 2023.

By Chiara Bruschi, Alliance News reporter

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