Tenaris S.A. - ADR

Fourth Quarter and Annual Results: Tenaris reported fourth-quarter sales of $3 billion, up 5% year-over-year. Annual net income was $2 billion on net sales of $12 billion, with free cash flow of $2 billion distributed to shareholders through dividends and buybacks.

Margins and Costs: EBITDA for Q4 2025 decreased 5% sequentially to $717 million (24% of sales), impacted by 50% Section 232 tariffs in the U.S. The company's margin resilience is expected to face pressure from the costs of raw materials, particularly hot-rolled coils, which are forecasted to affect margins more significantly in Q2 2026 but could recover in Q3 and Q4.

Dividend Increase: The Board proposed an annual dividend of $0.89 per share, a 7% increase compared to the previous year, reinforcing Tenaris's commitment to return capital to shareholders amidst stable financial performance. This is part of a broader $1.2 billion share buyback program planned through May 2026.