Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. Independent Director Molly Montgomery was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 14
Tenaris S.A. Approves Annual Dividend, Payable on May 20, 2026 Tenaris S.A. announced that at the annual general shareholders' meeting held on May 12, 2026, the shareholders approved an annual dividend of USD 0.89 which represents an aggregate sum of approximately USD 0.9 billion, and which includes the interim dividend of USD 0.29 per share or approximately USD 0.3 billion, paid in November 2025. Tenaris will pay the balance of the annual dividend in the amount of USD 0.60 per share which represents approximately USD 0.6 billion, on May 20th, 2026; with a record date of May 19th, 2026, and an ex-dividend date of May 18th, 2026 for securities listed in Europe and Mexico and an ex-dividend of May 19th, 2026 for securities listed in the United States. Announcement • May 09
Tenaris S.A. Announces CEO Changes Tenaris S.A. announced that its Board of Directors appointed Gabriel Podskubka as Chief Executive Officer. Paolo Rocca will continue to serve as Chairman of the Board. The members of the Board would like to express their profound gratitude to Paolo Rocca for his outstanding leadership in building Tenaris into the clear global leader that it is today, and is pleased that Paolo will continue to serve as Chairman. Since even before Tenaris became a public company in 2002, Paolo has shown a remarkable vision in creating a unified company providing critical and uniquely differentiated products and services to customers in the energy industry. He has been the architect of the continuous growth of the company over the past 25 years, during which he has reinforced the solid industrial values which are the foundation of its success. Mr. Podskubka has served as Tenaris’s Chief Operating Officer since 2023, coordinating sales and marketing, supply chain and production operations, and product and service development. He joined Tenaris in Argentina in 1995 and has held leadership positions across marketing, commercial and industrial functions, including heading Tenaris’s Eastern European operations in 2009 and serving as president of its Eastern Hemisphere operations from 2013 to 2023. Announcement • Mar 27
Tenaris S.A. (BIT:TEN) acquired Oilfield Division of AllTorque Control Systems Inc. Tenaris S.A. (BIT:TEN) acquired Oilfield Division of AllTorque Control Systems Inc. on March 26, 2026.
Tenaris S.A. (BIT:TEN) completed the acquisition of Oilfield Division of AllTorque Control Systems Inc. on March 26, 2026. Announcement • Feb 22
Tenaris S.A., Annual General Meeting, Apr 30, 2024 Tenaris S.A., Annual General Meeting, Apr 30, 2024. Agenda: To consider approval of dividend payement. Announcement • Dec 01
Tenaris S.A. (BIT:TEN) entered into a definitive agreement to acquire Bredero Shaw International B.V. from Shawcor Ltd. (TSX:MATR) for $182.6 million. Tenaris S.A. (BIT:TEN) entered into a definitive agreement to acquire Bredero Shaw International B.V. from Shawcor Ltd. (TSX:MATR) for $166 million on August 14, 2023. The company will retain all earnings from the business until the transaction closes, and upon closing, the Company expects to receive gross sale proceeds of approximately CAD 230 million at current exchange rates, on a cash-free, debt-free basis, subject to normal working capital adjustments. The transaction is subject to regulatory approvals in Mexico and Norway. As on November 27, 2023, Norwegian and Mexican antitrust approvals have been obtained. Closing is expected to be completed within approximately six months. As of November 14, 2023, the transaction is expected to close to close by the middle of the first quarter of 2024. As on November 27, 2023, the transaction is expected to close this transaction within the coming weeks. Goldman Sachs & Co. LLC served as the Shawcor's exclusive financial advisor for this transaction. Diego Parise, Mercedes Rodríguez Giavarini, Aixa Sureda, Felicitas De Achaval, Esteban Valansi and Ignacio Bérèterbide of Mitrani, Caballero & Ruiz Moreno acted as legal advisor to Tenaris S.A. (BIT:TEN).Tenaris S.A. (BIT:TEN) completed the acquisition of Bredero Shaw International B.V. from Shawcor Ltd. (TSX:MATR) for $182.6 million on November 30, 2023. Announcement • Nov 04
Tenaris S.A. Approves Interim Dividend, Payable on November 22, 2023 Tenaris S.A. approved the payment of an interim dividend of $0.20 per share ($0.40 per ADS), or approximately $236 million. The payment date will be November 22, 2023, with an ex-dividend date on November 20, 2023 and record date on November 21, 2023. Buying Opportunity • Sep 19
Now 20% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be €19.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 5.8% per annum. Earnings is also forecast to decline by 20% per annum over the same time period. Buying Opportunity • Sep 01
Now 21% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be €19.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 5.8% per annum. Earnings is also forecast to decline by 20% per annum over the same time period. Announcement • Aug 15
enaris S.A. (BIT:TEN) entered into a definitive agreement to acquire Bredero Shaw International B.V. from Shawcor Ltd. (TSX:MATR) for $166 million . Tenaris S.A. (BIT:TEN) entered into a definitive agreement to acquire Bredero Shaw International B.V. from Shawcor Ltd. (TSX:MATR) for $166 million on August 14, 2023. The company will retain all earnings from the business until the transaction closes, and upon closing, the Company expects to receive gross sale proceeds of approximately CAD 220 million at current exchange rates, on a cash-free, debt-free basis, subject to normal working capital adjustments. The transaction is subject to regulatory approvals in Mexico and Norway. Closing is expected to be completed within approximately six months. Goldman Sachs & Co. LLC served as the Shawcor's exclusive financial advisor for this transaction. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: US$0.95 (vs US$0.54 in 2Q 2022) Second quarter 2023 results: EPS: US$0.95 (up from US$0.54 in 2Q 2022). Revenue: US$4.07b (up 46% from 2Q 2022). Net income: US$1.12b (up 76% from 2Q 2022). Profit margin: 28% (up from 23% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Announcement • Jul 06
Tenaris S.A. Appoints Martin Castro as President for Canadian Operations Tenaris S.A. has appointed Martin Castro as its new president in Canada where he will oversee all commercial, manufacturing and services operations, leading a team of approximately 1,000 in the country. Castro first joined Tenaris in 2007 in Argentina as a global markets senior analyst. In 2008, he moved to the United States where he worked in planning and commercial under various roles, including commercial vice-president. He managed four regional offices across the U.S. overseeing the company’s global key accounts, the implementation of Rig Direct and other business co-ordination responsibilities to strengthen customer partnerships. He also held the position of managing director for Tenaris’s operations in Southeast Asia and Oceania. Castro, born in Argentina, graduated from the Instituto Tecnológico de Buenos Aires, Argentina, with a degree in industrial engineering. He received the degree of finance specialization from the Universidad de San Andres in Argentina, and an executive MBA from Columbia Business School in New York. Castro is a U.S. citizen. Buying Opportunity • Jun 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.8%. The fair value is estimated to be €16.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 4.4% per annum. Earnings is also forecast to decline by 16% per annum over the same time period. Upcoming Dividend • May 15
Upcoming dividend of US$0.34 per share at 3.8% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Austrian dividend payers (5.2%). Lower than average of industry peers (4.5%). Announcement • May 05
Tenaris S.A. Approves Dividend for the Year 2022, Payable on May 24, 2023 Tenaris S.A. held its AGM on May 3, 2023. The shareholders meeting also approved an annual dividend of USD 0.51 per share (or USD 1.02 per ADR), which represents an aggregate sum of approximately USD 602 million, and which includes the interim dividend of USD 0.17 per share (USD 0.34 per ADR), or approximately USD 201 million, paid in November 2022. Tenaris will pay the balance of the annual dividend in the amount of USD 0.34 per share (or USD 0.68 per ADR), in U.S. dollars, on May 24, 2023, with an ex-dividend date of May 22, 2023, and record date of May 23, 2023. Reported Earnings • Apr 09
Full year 2022 earnings released: EPS: US$2.16 (vs US$0.93 in FY 2021) Full year 2022 results: EPS: US$2.16 (up from US$0.93 in FY 2021). Revenue: US$11.8b (up 80% from FY 2021). Net income: US$2.55b (up 132% from FY 2021). Profit margin: 22% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €13.40, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Energy Services industry in Europe. Total returns to shareholders of 193% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.92 per share. Buying Opportunity • Mar 16
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €17.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 91%. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings is forecast to decline by 13% per annum over the same time period. Announcement • Feb 18
Tenaris S.A., Annual General Meeting, May 03, 2023 Tenaris S.A., Annual General Meeting, May 03, 2023. Buying Opportunity • Feb 18
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €20.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 91%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings is forecast to decline by 12% per annum over the same time period. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: US$2.16 (vs US$0.93 in FY 2021) Full year 2022 results: EPS: US$2.16 (up from US$0.93 in FY 2021). Revenue: US$11.8b (up 80% from FY 2021). Net income: US$2.55b (up 132% from FY 2021). Profit margin: 22% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 16
Upcoming dividend of US$0.17 per share Eligible shareholders must have bought the stock before 21 November 2022. Payment date: 23 November 2022. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of Austrian dividend payers (5.3%). Lower than average of industry peers (3.6%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Simon Ayat was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: US$0.51 (vs US$0.28 in 3Q 2021) Third quarter 2022 results: EPS: US$0.51 (up from US$0.28 in 3Q 2021). Revenue: US$2.97b (up 70% from 3Q 2021). Net income: US$606.5m (up 84% from 3Q 2021). Profit margin: 20% (up from 19% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Nov 04
Tenaris S.A. Approves an Interim Dividend, Payable on November 23, 2022 The board of directors of Tenaris S.A. approved the payment of an interim dividend of $0.17 per share ($0.34 per ADS), or approximately $201 million. The payment date will be November 23, 2022, with an ex-dividend date on November 21, 2022 and record date on November 22, 2022. Board Change • Sep 03
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Simon Ayat was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 09
Tenaris S.A. (BIT:TEN) entered into an agreement to acquire Benteler Steel & Tube Corporation from Benteler North America Corp. for $460 million Tenaris S.A. (BIT:TEN) entered into an agreement to acquire Benteler Steel & Tube Corporation from Benteler North America Corp. for $460 million on July 7, 2022. The deal value is on a cash free and debt free basis. The acquisition will include US$52 million of working capital. The transaction is subject to regulatory approvals, including approval by the U.S. antitrust authorities, consent by Louisiana Economic Development and other local entities, and other customary conditions. The transaction is expected to close during the fourth quarter of 2022. Announcement • Jun 03
Tenaris Resolves U.S. Securities and Exchange Commission Investigation into Legacy Issue in Brazil Tenaris S.A. has resolved a previously disclosed investigation by the U.S. Securities and Exchange Commission (“SEC”) into allegations of improper payments between 2008 and 2013 to a manager of the Petróleo Brasileiro S.A. (“Petrobras”) for the benefit of Tenaris’s Brazilian subsidiary Confab Industrial S.A. (“Confab”). The U.S. Department of Justice (“DOJ”) has informed Tenaris that it has closed its parallel inquiry into this matter without taking action. Tenaris voluntarily notified the SEC and DOJ of this matter in 2016 and believes the resolution with the SEC is in the best interest of the Company and its stakeholders. The Company cooperated fully with investigators, as the SEC noted in its Order Instituting Proceedings. Under the settlement with the SEC, Tenaris neither admits nor denies the SEC’s findings and will pay USD 53,100,338 in disgorgement and prejudgment interest and a USD 25,000,000 civil penalty to conclude the matter. Upon learning of these allegations in connection with an inquiry by Brazilian authorities, Tenaris conducted, with the assistance of external counsel, an internal investigation and found no evidence corroborating any involvement by Tenaris or its directors, officers or employees in respect of improper payments. Any such payments were made pursuant to an arrangement between a third party working for Confab and a Petrobras official. An internal investigation commissioned by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including improperly obtained contracts. Announcement • May 27
Italian Court Dismisses Case Against Tenaris’s Chairman and Chief Executive Officer and Two Other Board Members over Allegedly Improper Payments Tenaris S.A. announced that the Milan court of first instance overseeing an investigation in Italy into allegedly improper payments made in Brazil prior to 2014 for the supposed benefit of Confab Industrial S.A., a Brazilian subsidiary of the Company, dismissed for lack of jurisdiction the case brought by the public prosecutor against each of Tenaris’s Chairman and Chief Executive Officer Paolo Rocca and Board members Gianfelice Rocca and Roberto Bonatti, and the Company’s controlling shareholder, San Faustin S.A. The court stated that “the criminal proceeding should not even have been initiated”. The public prosecutor may appeal the decision. Upcoming Dividend • May 16
Upcoming dividend of US$0.28 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Austrian dividend payers (4.6%). Lower than average of industry peers (3.7%). Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: US$0.43 (vs US$0.09 in 1Q 2021) First quarter 2022 results: EPS: US$0.43 (up from US$0.09 in 1Q 2021). Revenue: US$2.37b (up 100% from 1Q 2021). Net income: US$502.8m (up 373% from 1Q 2021). Profit margin: 21% (up from 9.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 27%, compared to a 25% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 7 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Simon Ayat was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Mar 29
Now 20% undervalued Over the last 90 days, the stock is up 47%. The fair value is estimated to be €16.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings is also forecast to grow by 2.1% per annum over the same time period. Announcement • Feb 18
Tenaris S.A., Annual General Meeting, May 03, 2022 Tenaris S.A., Annual General Meeting, May 03, 2022. Agenda: To consider the payment of dividends. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.93 (up from US$0.54 loss in FY 2020). Revenue: US$6.52b (up 27% from FY 2020). Net income: US$1.10b (up US$1.73b from FY 2020). Profit margin: 17% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 31%, compared to a 21% growth forecast for the industry in Austria. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 17
Tenaris S.A. Proposes Dividend for Year 2021, Payable on May 25, 2022 Tenaris S.A. announced that upon approval of the Company annual accounts in March 2022, the board of directors intends to propose, for approval of the annual general shareholders meeting to be held on May 3, 2022, the payment of dividends in an aggregate amount of approximately $484 million, which would include the interim dividend of approximately $153 million paid in November 2021. If the annual dividend is approved by the shareholders, a dividend of $0.28 per share ($0.56 per ADS), or approximately $331 million, will be paid on May 25, 2022, with an ex-dividend date on May 23, 2022 and record date on May 24, 2022. Buying Opportunity • Jan 21
Now 21% undervalued Over the last 90 days, the stock is up 4.8%. The fair value is estimated to be US$13.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% per annum over the last 3 years. The company has become profitable over the last year. Upcoming Dividend • Nov 15
Upcoming dividend of US$0.13 per share Eligible shareholders must have bought the stock before 22 November 2021. Payment date: 24 November 2021. Trailing yield: 2.3%. Lower than top quartile of Austrian dividend payers (3.5%). Lower than average of industry peers (4.1%). Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$0.28 (vs US$0.028 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$1.75b (up 73% from 3Q 2020). Net income: US$329.9m (up US$362.8m from 3Q 2020). Profit margin: 19% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Board Change • Sep 19
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Simon Ayat was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Aug 06
Tenaris S.A. Provides Sales Guidance for the Third Quarter of 2021 Tenaris S.A. provided sales guidance for the third quarter of 2021. The company anticipates sales will continue to increase in the third quarter, led by North and South America but tempered by ongoing destocking in the Middle East and a seasonal slow down in Europe. Announcement • May 06
Tenaris S.A. Approves Dividend, Payable on May 26, 2021 The annual general meeting of Tenaris S.A. held on May 3, 2021 approved an annual dividend of USD 0.21 per share (or USD 0.42 per ADR), which represents an aggregate sum of approximately USD 248 million, and which includes the interim dividend of USD 0.07 per share (USD 0.14 per ADR) or approximately USD 83 million, paid in November 2020. Tenaris will pay the balance of the annual dividend in the amount of USD 0.14 per share (or USD 0.28 per ADR), in U.S. dollars on May 26, 2021, with an ex-dividend date of May 24, 2021. Announcement • Feb 26
Tenaris S.A., Annual General Meeting, May 03, 2021 Tenaris S.A., Annual General Meeting, May 03, 2021. Agenda: To propose the payment of dividends. Announcement • Feb 19
Tenaris S.A. to Report Q4, 2020 Results on Feb 24, 2021 Tenaris S.A. announced that they will report Q4, 2020 results on Feb 24, 2021 
