Tenaris Consolidated Condensed Interim Financial Statements: insider trades · Italy · Consob

About Tenaris Consolidated Condensed Interim Financial Statements

Tenaris is a global reference company in seamless and welded steel pipe products, serving primarily the oil and gas industry while also addressing industrial, mechanical, and structural applications. Listed on Borsa Italiana (FTSE MIB) and operating in Italy, the company is widely followed by European investors as a large-cap industrial and energy-related name. Its operating headquarters are in Luxembourg, but its industrial and commercial footprint spans Europe, the Americas, the Middle East, Africa, and Asia-Pacific. Tenaris traces its roots to the Techint group and the creation of Siderca in Argentina; the company was later reorganized into its current form in the early 2000s to become a truly global tubular solutions specialist. Tenaris’s business model is built around the design, manufacturing, and sale of OCTG products (casing and tubing), line pipe, and mechanical and structural tubes, complemented by related services. The company also offers premium connection technologies and technical support for demanding onshore and offshore projects. Its competitive strength comes from industrial integration, metallurgical know-how, a strong R&D culture, and the ability to provide reliable solutions across the energy value chain. This positioning allows Tenaris to serve exploration and production customers, pipeline operators, and selected non-energy industrial end markets. From a competitive standpoint, Tenaris holds a strong position in the global tubular market for energy applications. Its scale, international manufacturing network, and long-standing customer relationships support its franchise. At the same time, the business remains cyclical and highly sensitive to upstream investment levels, oil and gas prices, regional supply-demand balances, and trade or regulatory dynamics. That cyclicality is an important consideration for investors evaluating earnings quality and margin resilience. Recent corporate updates in 2025 and the 2025 annual report point to a company focused on operational execution, manufacturing efficiency, and disciplined capital allocation. Tenaris published its quarterly and annual results through 2025 into 2026, underscoring its ability to operate through a volatile market backdrop. For French-, Belgian-, and Swiss-based investors, Tenaris remains an internationally diversified industrial energy player with meaningful cash generation potential, a global customer base, and a prominent listing on Borsa Italiana (FTSE MIB) in Italy.