Tenaris SA (TS) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the third-quarter Tenaris S.A. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加泰納瑞斯公司第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Giovanni Sardagna, Investor Relations Officer. Please go ahead.

現在我謹將會議交給今天的發言人，投資者關係官喬瓦尼·薩爾達尼亞先生。請繼續。

Thank you, Gigi, and welcome to Tenaris 2025 third-quarter conference call. Before we start, I would like to remind you that we will be discussing forward-looking information during the call and that our actual results may vary from those expressed or implied during the call.

謝謝Gigi，歡迎參加Tenaris 2025年第三季電話會議。在開始之前，我想提醒各位，我們將在電話會議中討論前瞻性訊息，而我們的實際結果可能與電話會議中表達或暗示的結果有所不同。

With me on the call today are Paolo Rocca, our Chairman and CEO; Carlos Gomez Alzaga, our Chief Financial Officer; Gabriel Podskubka, our Chief Operating Officer; and Guillermo Moreno, President of our US operations.

今天與我一起參加電話會議的有：我們的董事長兼執行長 Paolo Rocca；我們的財務長 Carlos Gomez Alzaga；我們的營運長 Gabriel Podskubka；以及我們的美國業務總裁 Guillermo Moreno。

Before passing over the call to Paolo for his opening remarks, I would like to briefly comment our quarterly results. Our third quarter sales reached $3 billion, up 2% year on year, but down 3% sequentially, mainly reflecting lower sales to the North Sea and lower shipments for offshore line pipe projects in the Middle East, partially offset by a resilient level of sales to our rig direct customers in the US and Canada.

在將電話交給保羅做開場白之前，我想先簡單評論一下我們的季度業績。第三季銷售額達到 30 億美元，年增 2%，但季減 3%，主要反映北海銷售額下降以及中東海上管線項目出貨量下降，部分被美國和加拿大鑽井平台直接客戶的強勁銷售額所抵銷。

Average selling prices in our Tubes operating segment decreased 1% compared to the corresponding quarter of last year and 1% sequentially.

與去年同期相比，我們管材業務部門的平均售價下降了 1%，較上季下降了 1%。

Our EBITDA for the quarter was up 3% sequentially to $753 million with our EBITDA margin for the quarter at 25%. Our EBITDA for the quarter included $34 million gain recorded for the return of US antidumping deposits paid on OCTG imports from Argentina for which the duty rate has been revised downward. Without this one-off gain, our EBITDA would have been $719 million, or 24% of sales.

本季我們的 EBITDA 環比成長 3% 至 7.53 億美元，本季 EBITDA 利潤率為 25%。本季 EBITDA 包括因退還美國對阿根廷進口 OCTG 支付的反傾銷保證金而產生的 3,400 萬美元收益，這些阿根廷 OCTG 的關稅稅率已下調。如果沒有這筆一次性收益，我們的 EBITDA 將為 7.19 億美元，佔銷售額的 24%。

With operating cash flow of $318 million and capital expenditure of $185 million, our free cash flow for the quarter was $133 million. After share buybacks for $351 million, our net cash position declined to $3.5 billion at the end of the quarter.

本季經營現金流為 3.18 億美元，資本支出為 1.85 億美元，自由現金流為 1.33 億美元。在斥資 3.51 億美元回購股票後，截至本季末，我們的淨現金部位下降至 35 億美元。

Our Board of Directors approved the payment of an interim dividend of $0.29 per share or $0.58 per ADR to be paid on November 26. The interim dividend per share is up 7% compared to the interim dividend per share we paid last year.

我們的董事會批准派發每股 0.29 美元或每份 ADR 0.58 美元的中期股息，將於 11 月 26 日支付。與去年派發的每股中期股息相比，每股中期股息增加了7%。

Now, I will ask Paolo to say a few words before we open the call.

現在，在正式開始通話之前，我請保羅先說幾句話。

Thank you, Giovanni, and good morning to all of you. Our results in the third quarter once again highlight the unique industrial and commercial position we have built up around the world with competitive differentiation in key markets, as well as an efficient industrial performance.

謝謝你，喬瓦尼，各位早安。第三季的業績再次凸顯了我們在全球範圍內建立的獨特工業和商業地位，我們在關鍵市場實現了競爭差異化，並取得了高效的工業績效。

In the United States and Canada, where overall drilling activity has slowed, we maintained our level of sales thanks to the relative strength of our customer portfolio that due to their efficient operations, could maintain their level of activity even as oil prices softened. They have chosen to work with us for the long term and appreciate the reliable quality and performance of our products, and the benefit that our differential Rig Direct® services provide in maintaining the efficiency of their operations.

在美國和加拿大，儘管整體鑽井活動有所放緩，但由於我們的客戶組合相對強大，即使油價走軟，他們也能憑藉高效的營運維持業務活動水平，因此我們保持了銷售水平。他們選擇與我們長期合作，並讚賞我們產品的可靠品質和性能，以及我們的差動鑽機直通®服務在維持其營運效率方面所帶來的益處。

Considering the high level of tariff rates and trade restrictions, we have been increasing production in the United States and Canada to assure a reliable supply of high-quality products to our customers. Our mills in Bay City, in Hickman, and Sault Ste. Marie operated at record levels of production and high levels of operational efficiency through the quarter. Around 90% of our US sales of OCTG are produced in the United States, with the remaining 10% being mainly imports for special applications that nobody produces in the United States.

考慮到高關稅和貿易限制，我們一直在增加美國和加拿大的生產，以確保向我們的客戶可靠地供應高品質的產品。本季度，我們在貝城、希克曼和蘇聖瑪麗的工廠均實現了創紀錄的產量和較高的營運效率。我們在美國銷售的油田管材約 90% 產自美國，其餘 10% 主要為進口，用於美國無法生產的特殊用途。

In a dynamic and changing world, one of the key strengths of Tenaris is our uniquely flexible global industrial system, where we can produce locally in many regions of the world, maintaining the same high levels of quality through our fully integrated quality and HSE management systems. Two weeks ago, I was in Sault Ste. Marie to celebrate 25 years of operations in Canada with our employees and the local mayor and the MP. This mill, which is the core of our industrial presence in Canada was idle when we arrived in 2000. Today, following many years of investments, it is a leading supplier of seamless and welded pipes with accessories and coatings for the Canadian oil and gas industry.

在瞬息萬變的世界中，泰納瑞斯的關鍵優勢之一是其獨特的靈活全球工業體系，我們可以在世界許多地區進行在地化生產，並透過我們完全整合的品質和 HSE 管理系統保持同樣的高品質水準。兩週前，我前往蘇聖瑪麗，與我們的員工、當地市長和國會議員一起慶祝公司在加拿大運作 25 週年。這家工廠是我們加拿大工業存在的核心，當我們 2000 年到達時，它處於閒​​置狀態。經過多年的投資，如今該公司已成為加拿大石油和天然氣行業無縫和焊接管道及其配件和塗層的領先供應商。

Now the industry is expanding through the development of the Montney shale and export of LNG to Asia. To extend the scope of our Rig Direct® service in the region, we opened a new service yard in British Columbia, while the mill in Sault Ste. Marie is further ramping up production to supply this operations. Offshore projects, especially complex deepwater developments, which can provide significant new sources of oil and gas to meet the world's growing demand for energy, continue to move forward. Last quarter, we mentioned the contribution we will be making to the Gran Morgu development in Suriname.

現在，隨著蒙特尼頁岩氣的開發和液化天然氣向亞洲的出口，該產業正在擴張。為了擴大我們在該地區的 Rig Direct® 服務範圍，我們在不列顛哥倫比亞省開設了一個新的服務場，而蘇聖瑪麗的工廠正在進一步提高產量，以供應這些業務。海上項目，特別是複雜的深水開發項目，能夠提供重要的石油和天然氣新來源，以滿足世界日益增長的能源需求，這些項目正在繼續推進。上個季度，我們提到了我們將為蘇利南格蘭莫爾古開發案做出的貢獻。

Now, we are also gearing up for the supply of coated seamless risers and flowlines, a coated welded pipe export line and casing for TPAO’s Sakarya deepwater development in the Black Sea. With these projects, we are building a strong offshore order backlog for deliveries from the middle of next year as we look forward to the confirmation of other major offshore project FIDs.

現在，我們也正在為TPAO在黑海的薩卡里亞深水開發項目供應塗層無縫立管和輸油管線、塗層焊接管道出口管線和套管。透過這些項目，我們正在建立強大的海外訂單儲備，從明年年中開始交付，同時我們也期待其他重大海外項目最終投資決定的確認。

In Argentina, the results of the Congressional mid-term election are improving the conditions for the financing of the development of the Vaca Muerta shale play. Additional rigs are being put into operation local companies are raising fresh dollar financing for their operations, while ENI has confirmed its interest in participating in the development of new LNG export facilities.

在阿根廷，國會中期選舉的結果正在改善瓦卡穆埃爾塔頁岩油氣田開發融資的條件。隨著更多鑽井平台投入運營，當地公司正在為其營運籌集新的美元融資，而埃尼集團已確認有興趣參與開發新的液化天然氣出口設施。

Tenaris has also increased its energy production in Argentina. In September, we started operation at a new 95-megawatt wind farm, which in addition to our previously installed 100-megawatt wind farm, is now powering our steel shop and pipe facilities in Campana. In October, the two wind farms plus a small complement from our thermo-electric plant provided all the power we required for our operations in Campana, with no power purchased from the local network. The new wind farm is a further step towards our goal of reducing carbon emissions and improving the sustainability of our operations.

Tenaris公司也提高了在阿根廷的能源產量。9 月，我們啟用了一座新的 95 兆瓦風電場，加上我們先前安裝的 100 兆瓦風電場，現在為我們在坎帕納的鋼鐵車間和管道設施供電。10 月份，我們坎帕納的兩個風電場加上我們火電廠的一小部分補充電力，為我們在坎帕納的營運提供了所有所需的電力，沒有從當地電網購買任何電力。這個新的風電場是我們朝著減少碳排放和提高營運永續目標邁出的又一步。

Around the world, demand for electric energy is accelerating, our production line for boiler and heat exchanger pipes in Europe is operating at full capacity. As China continues to increase its overwhelming level of steel exports, Europe is also taking action to contain steel imports with the strengthening of its steel safeguard measures, which should benefit our operations in the region.

全球對電力能源的需求正在加速成長，我們在歐洲的鍋爐和熱交換器管道生產線正在滿載運轉。隨著中國鋼鐵出口量持續大幅成長，歐洲也採取措施遏制鋼鐵進口，加強鋼鐵保障措施，這應該有利於我們在該地區的業務運作。

In this volatile environment, Tenaris continues to demonstrate the resilience of its operations and financial performance, which is allowing us to distribute a cash return of around 11% to shareholders for the year.

在當前動盪的環境下，泰納瑞斯持續展現出其營運和財務表現的韌性，這使得我們能夠向股東派發約 11% 的年度現金回報。

We can now take any questions you may have.

現在我們可以回答您可能提出的任何問題。

(Operator Instructions) Arun Jayaram, JPMorgan Securities, LLC.

（操作員說明）Arun Jayaram，摩根大通證券有限責任公司。

Arun Jayaram from JPMorgan. Paolo, I was wondering if you could maybe elaborate a little bit more on the implications to Tenaris from the Argentinian elections.

來自摩根大通的 Arun Jayaram。Paolo，我想請你詳細談談阿根廷大選對 Tenaris 的影響。

And perhaps narrowing in and the fact that you did mention in third quarter, you saw lower activity levels, some softness in frac and coiled tubing services, what is your outlook for the fourth quarter and 2026 in Argentina, particularly as you deploy an incremental new build frac fleet?

或許可以縮小範圍，考慮到您在第三季度提到，業務活動水平有所下降，壓裂和連續油管服務出現疲軟，您對阿根廷第四季度和 2026 年的前景有何展望，尤其是在您逐步部署新的壓裂設備的情況下？

Well, thank you, Arun. Well, I would say that the Argentina election is marking an important turning point. The expectation of the market were for a substantial -- let's say, for a balanced results. But the real results has been a clear victory of the party of the President Milei with more than 40%. This has changed the -- let's say, the perception by the investors about the future sustainability and the ability to continue the transformation plan in Argentina by the present administration.

謝謝你，阿倫。我認為，阿根廷大選標誌著一個重要的轉捩點。市場預期會取得實質的——或者說，較為平衡的——結果。但實際結果是米萊總統所在的政黨取得了明顯的勝利，得票率超過 40%。這改變了——比如說——投資者對阿根廷未來永續發展能力以及現任政府繼續推動轉型計畫的看法。

Even if this was a midterm election, still, is changing the proportion and the presence in the Congress, in the two chambers. So it will allow and give more leeway for the administration for pushing ahead with this transformation plan. This has been combined with a very strong support from the American administration and a substantial financial support by the American administration.

即使這是中期選舉，仍然會改變國會兩院的席次比例和影響力。因此，這將為政府推動這項轉型計畫提供更大的空間和靈活性。此外，美國政府也給予了強而有力的支持和大量的財政援助。

This has changed the perception and the view of the financial community. There has been a very important increase in the level of stock exchange in the range of 30%. There has been a substantial reduction in the country risk, almost 400 basis points down, which was not expected or anticipated by the market. This is important, because it has changed also the willingness of financial operators to support initiatives and business in Argentina. The oil company, in particular, will have enhanced access to foreign financing for their development project.

這改變了金融界的看法和觀點。股票交易量出現了非常顯著的成長，增幅約為 30%。國家風險大幅下降，下降了近 400 個基點，這是市場沒有預料到的。這一點很重要，因為它也改變了金融機構支持阿根廷各項措施和企業的意願。特別是石油公司，將更容易獲得外國融資，用於其開發案。

Just in this week, yesterday, there has been a first issuance of bonds, Tecpetrol with USD750 million, in this week, also YPF will do something similar. So the access to finance by the oil company, in our view, will be stimulating the level of investment in this moment or at least in the last six months, the constraint on the finance for operation has been a factor in the decision-making for new investment and for big project that could be developed in the coming two, three, four years.

就在本週，昨天，Tecpetrol首次發行了7.5億美元的債券；本週，YPF也將進行類似的發行。因此，我們認為，石油公司獲得融資的管道將刺激當前的投資水平，或至少在過去六個月中，營運資金的限制一直是影響未來兩到三年內可能開發的新投資和大型專案決策的一個因素。

So we expect that gradually, there will be an increase in the investment, in development of the asset in Vaca Muerta and also a stimulus to long-term project. One example could be the ENI project for LNG. If you refer to the first quarter, I would anticipate some increase in the number of rigs operating in the country. And gradually, we will see possibly something more during 2026 and 2027 when more substantial program will proceed. So we are positive on Argentina, and the election has been a turning point, in my view, in stimulating the level of activity in the energy sector and not only in the energy sector.

因此我們預計，隨著對瓦卡穆爾塔資產開發投資的逐步增加，以及對長期專案的刺激，投資將會逐步增加。例如，ENI 的液化天然氣計畫就是一個例子。如果指的是第一季度，我預計該國營運的鑽井平台數量將會增加。隨後，我們可能會在 2026 年和 2027 年看到更多實質進展，屆時將啟動更實質的計畫。因此，我們對阿根廷持樂觀態度，在我看來，這次選舉是一個轉捩點，它刺激了能源領域甚至整個能源領域的活動水準。

Great. That's super helpful. Paolo, I was wondering if you can maybe provide your thoughts on how margins could trend in the fourth quarter. As you know, in the US, the last couple of pipe-logix index readings have been fractionally down 1.3%. The prior month, 0.5% this during October, thoughts around margins in the fourth quarter because I do think the guidance implies relatively flat sales on a sequential basis?

偉大的。這太有幫助了。Paolo，我想問你對第四季利潤率走勢的看法。如您所知，在美國，最近幾次管道物流指數讀數略微下降了 1.3%。上個月是0.5%，10月份是0.5%，我對第四季的利潤率有什麼看法？因為我認為該指引意味著銷售額環比基本持平？

Well, you are right in describing the evolution of one relevant index, that is the pipe-logix. As we mentioned in the last conference call, in a market that is in which the imported material represent a share in the range of 40%. When -- like what has been done in June this year was raising the level of tariffs to 50%, sooner or later, as we anticipated in last conference call, we'll have some impact on the price.

嗯，你對一個相關指標（即管道邏輯）的演變描述得非常準確。正如我們在上次電話會議中提到的，在這個市場中，進口材料佔比約為 40%。當——就像今年 6 月一樣，將關稅水準提高到 50% 時，正如我們在上次電話會議中所預料的那樣，遲早會對價格產生一些影響。

The point is that the accumulation of stocks before the set of the tariff in the market and a slight decline in the number of rigs are keeping pressure on prices. But as I say in the last quarter, I think that gradually sooner or later, we will see, let's say, the impact of this situation and the level of price will start to recover.

關鍵在於，關稅制定前市場上的庫存累積以及鑽井平台數量的略微下降，都對價格構成了壓力。但正如我在上個季度所說，我認為遲早我們會看到，這種情況的影響以及價格水平將開始回升。

On this, more specifically, level of stock, I would ask Guillermo to have his point of view from inside concerning, let's say, the potential evolution of this in the future.

更具體地說，關於目前的庫存水平，我想請 Guillermo 從內部人士的角度談談，比如說，未來可能的發展趨勢。

Thank you, Paolo and good morning Arun. Yes, I mean during the first three -- so far this year, we have seen a high level of imports, very high during the first semester, we started to see some decrease in the third quarter. But still, we have not seen the full impact of the 50% tariff in those imports.

謝謝你，保羅；早安，阿倫。是的，我的意思是，今年前三個月——到目前為止，我們看到進口量很高，上半年非常高，第三季開始出現一些下降。但是，我們尚未看到對這些進口商品徵收 50% 關稅的全部影響。

So we are expecting further reductions during the current quarter, and particularly in the first semester of 2026 that should allow the market to be much more balanced, today the level of inventories on the ground at around seven months, so above normal levels. And as soon as this happens, prices will have some more power to increase.

因此，我們預計本季將進一步減少，尤其是在 2026 年上半年，這將使市場更加平衡。目前，地面庫存水準約為 7 個月，高於正常水準。一旦這種情況發生，價格上漲的空間就會更大。

hank you.

謝謝。

Thanks a lot.

多謝。

Matt Smith, Bank of America.

馬特史密斯，美國銀行。

Hi there, good morning, thanks for taking my questions. I wanted to start off with a very strong sales print in the quarter, some surprises on the mix as well, especially welded sales up in the quarter. You also referenced a bit of a pull forward in Middle East orders. So just hoping you could reflect on those trends within the quarter and how you expect those mix effects to potentially change or not to change as we head into the fourth quarter, please?

您好，早安，感謝您回答我的問題。我希望本季能取得非常強勁的銷售業績，同時也希望業績組合能帶來一些驚喜，特別是焊接產品的銷售額在本季有所成長。您也提到了中東訂單的提前成長。所以，我希望您能反思本季內的這些趨勢，以及您預期這些組合效應在進入第四季時可能會發生怎樣的變化（或不會發生怎樣的變化）？

Thank you, Matt. As you see, the -- we think we had a good level of sales and we also expect for the next quarter to have a level of sales close or in line with the third quarter.

謝謝你，馬特。如您所見，我們認為我們的銷售水平良好，並且我們也預計下一季的銷售水平將接近或與第三季度持平。

Now, there has been strong sales of welded, mainly due to two factors. One is OCTG, Oil Country Tubular Goods, in the United States. Areas in which also to respond to the pressure of tariff, we are substituting some of the intermediate and surface casing with welded product instead of seamless product. This had an impact.

現在，焊接產品的銷售量強勁，主要歸功於兩個因素。在美國，OCTG（石油區管材）就是其中之一。為了應對關稅壓力，我們正在一些領域用焊接產品取代無縫產品，以取代部分中間和表面外殼。這產生了影響。

The other point is the delivery of the big pipeline, the VMOS as it's called, there is the big oil pipeline there is enhancing the evacuation of Vaca Muerta in the first stage, the 350,000 barrel a day and subsequent in 550,000. So it's very big pipeline. We are finishing the delivery of the pipes for it just in the third quarter. This has been one of the reasons.

另一點是大型輸油管的交付，即所謂的 VMOS，這是一條大型石油管道，它在第一階段增強了瓦卡穆埃爾塔油田的石油輸送能力，每天 35 萬桶，隨後將達到每天 55 萬桶。所以這是一條非常大的輸油管。我們將在第三季完成該專案管道的交付。這是原因之一。

Looking ahead, it is likely that in the fourth quarter, this ratio get back to the previous levels. I mean, we do not have similar, strong delivery for the pipeline, while in the case of the OCTG, we will continue to maintain the share of welded. So you can expect that this could be slightly lower.

展望未來，第四季這一比例很可能會恢復到先前的水平。我的意思是，我們沒有類似的強勁管道交付能力，而對於油田管材，我們將繼續保持焊接管材的份額。所以你可以預期這個數字可能會略低一些。

Okay. Perfect, thank you a lot for that color. Then I wanted to change tack on to shareholder distributions, if I could, a 7% increase in the interim DPS level today. I mean, given the extent of the cash power, you still sat on the strong performance you reported and the recent sort of announcement was referenced to the controlling shareholder family. I just wondered how sustainable the market should view the current buyback level by which I'm really referring to the $1.2 billion announcement made last year?

好的。太好了，非常感謝您提供的顏色。然後我想把話題轉向股東分紅，如果可以的話，今天將中期每股分紅水準提高 7%。我的意思是，考慮到你們雄厚的現金實力，你們仍然保持著先前公佈的強勁業績，而最近的公告也提到了控股股東家族。我只是想知道市場應該如何看待目前的股票回購規模，我指的是去年宣布的12億美元回購計畫？

I mean, that looks like something that's very affordable for 2026, too, from my perspective. I know you still have the $600 million to complete first of that original announcement, but I was hoping you could already talk to next year's decision and your early thought process there, please?

我的意思是，從我的角度來看，這看起來也是2026年非常實惠的價格。我知道你們還有6億美元來完成最初宣布的第一項計劃，但我希望你們能談談明年的決定以及你們的初步想法，好嗎？

Well, what we have in front of us, we will execute the second tranche of the buyback. And as you saw, we -- the Board approved a level of dividend more or less in line in absolute term with the previous year but higher per share due to the buyback impact. This is what we have in front of us. And then it will be up to the Board to decide what to do once we completed this second buyback. As we mentioned in the opening remarks, by the way, the 11% return for shareholder is, let's say, good showing a good performance of the company.

好，接下來我們將執行第二階段的回購計畫。正如你所看到的，董事會批准的股息水準與上一年的絕對值基本一致，但由於股票回購的影響，每股股息更高。這就是我們眼前所面臨的情況。完成第二次股票回購後，下一步該怎麼做，將由董事會決定。正如我們在開場白中提到的，11% 的股東回報率可以說是相當不錯，這表明公司業績良好。

I mean, in this moment, Tenaris has shown resilience in a very volatile environment and delivering to the shareholder, I mean, a very substantial return in our view.

我的意思是，在當前動盪的環境中，泰納瑞斯展現了強大的韌性，並為股東帶來了非常可觀的回報（在我們看來）。

Thank you very much, I’ll pass it on.

非常感謝，我會轉述的。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD Cowen。

Hi, thank you. The press release commented on some additional tariff cost headwind in 4Q related to this, I guess, second to 30% to 25%. We previously talked about that, I think, being the 25% being equivalent to about $70 million of quarterly EBITDA or quarterly cost.

您好，謝謝。新聞稿中提到，第四季關稅成本將面臨一些額外的阻力，我猜，這相當於 30% 到 25% 的幅度。我想我們之前討論過這個問題，25% 相當於大約 7000 萬美元的季度 EBITDA 或季度成本。

Is that the right way to think about the progression from 3Q to 4Q on an EBITDA basis? It sounds like maybe there could be some offsets. You mentioned the mix of more OCTG that should be a favorable benefit to margins. Maybe you could help us understand a little bit better the EBITDA progression from 3Q to 4Q.

這種看待第三季到第四季 EBITDA 成長的方式是否正確？聽起來可能會有一些偏差。您提到增加油田管材的比例應該會對利潤率產生有利影響。或許您可以幫助我們更了解 EBITDA 從第三季到第四季的變化。

Thank you, Marc. Well, in the next q, will see, as I mentioned, maybe some lower volume but potential sales in line or close to what we have seen in the third q but we expect the EBITDA to be lower in the range of single digit because of the impact of the tariff in our cost of sales. We are paying tariff on the bars of steel that we are bringing into the States for supporting our rolling mill.

謝謝你，馬克。嗯，正如我之前提到的，下一季銷售量可能會下降，但潛在銷售額將與第三季持平或接近，但由於關稅對銷售成本的影響，我們預計 EBITDA 將下降個位數。我們需要為進口到美國用於支持我們軋鋼廠的鋼條繳納關稅。

We pay the 50% tariff on this. But this tariff is getting in our inventory and is released gradually while we proceed in the cost of goods sold.

我們為此支付50%的關稅。但這項關稅已計入我們的庫存，並將隨著我們繼續計算銷售成本而逐步釋放。

So in the third quarter, we pay a higher number, a higher amount compared to what is included in our cost of sales. But in the fourth quarter, we expect an additional, let's say, that this tariff included in our inventory will get into our cost of sales. So we will have higher cost of sale for this reason. We expect this in the range of $40 million that will, let's say, affect our EBITDA in absolute terms.

因此，在第三季度，我們支付的金額比計入銷售成本的金額還要高。但到了第四季度，我們預計，假設這部分關稅計入我們的庫存，將會轉入我們的銷售成本。因此，我們的銷售成本會因此而增加。我們預計這將影響到我們的 EBITDA，具體影響幅度約為 4000 萬美元。

Then there are other factors that could contribute to this, but this is our estimate today. In terms of the margin, as we anticipated, also in the last conference we continue to expect margin in the range between 20% and 25%, not far, slightly lower than the one we had in the third quarter.

當然還有其他因素可能導致這種情況，但這是我們目前的估計。至於利潤率，正如我們在上次會議中預測的那樣，我們仍然預計利潤率將在 20% 到 25% 之間，不會相差太遠，略低於第三季度的利潤率。

Okay. That's very helpful, thank you. And just to clarify on the starting point for the EBITDA comment, was that the $753 million that included the $34 million gain? Or are you excluding that when you talk about being down single digits?

好的。非常感謝，這很有幫助。為了澄清一下關於 EBITDA 的評論的起點，是指包含 3,400 萬美元收益的 7.53 億美元嗎？或者，當你說落後個位數分差時，是否把這種情況排除在外了？

No, no. I'm talking about the adjusted EBITDA because I'm considering the EBITDA, without, let's say, the recovery with on the antidumping. We think that considering this, that is a normalized EBITDA in the coming quarter, we will have a lower EBITDA for the reason that I mentioned.

不，不。我指的是調整後的 EBITDA，因為我考慮的是 EBITDA，不包括反傾銷措施帶來的復甦。我們認為，考慮到這一點，即下一季的正常化 EBITDA，由於我提到的原因，我們的 EBITDA 將會降低。

Very clear. The other question I had was on the -- I think last quarter, we talked about some pipe that had been shipped from Asia before the second round of 232 and that was still in transit and that needed to get landed and integrated into the market before things stabilized, I guess. I mean, I understand that you mentioned the inventory on the ground is still a bit of a problem, but how do we see this type in transit issue playing out?

非常清楚。我還有另一個問題——我想上個季度我們討論過一些在第二輪 232 號提案出台之前從亞洲運出的管道，這些管道仍在運輸途中，需要在市場穩定之前完成卸貨並整合到市場中。我的意思是，我理解您提到地面庫存仍然存在一些問題，但是我們該如何看待這種運輸途中的問題？

Guillermo, maybe you can say if this is how this situation evolves?

吉列爾莫，你能說說事情的發展趨勢嗎？

Yes. Yes. This is correct, Marc. I mean, the impact of the additional 25% that were implemented in June, we said that we were going to start the full effect of this during the fourth quarter of the year. And this is what we expect.

是的。是的。沒錯，馬克。我的意思是，6 月實施的額外 25% 的稅收政策的影響，我們說過，我們將在今年第四季開始全面顯現其效果。這就是我們所預期的。

Now, due to the shutdown of the government of the -- in the US. We don't have import statistics, but our understanding is that they are going down, and we will see further reductions in the following quarters.

現在，由於美國政府停擺。我們沒有進口統計數據，但據我們了解，進口量正在下降，而且在接下來的幾個季度中，進口量還會進一步下降。

Thank you, I’ll turn it back.

謝謝，我會把它退回去。

Alessandro Pozzi, Mediobanca.

Alessandro Pozzi，Mediobanca。

Hi, good afternoon and thank you for taking the questions. The first one is on the outlook. You provided a good description of what you think is going to happen in Q4, any chance you can venture a little bit further out in Q1 and see what could be the main moving parts as we go into 2026. And also while we are on the topic maybe any color on the level of tender that you expect Middle East and the deep water for 2026.

您好，下午好，感謝您回答問題。第一個是關於前景的。您對第四季度可能發生的事情做了很好的描述，您能否稍微展望一下第一季度，看看進入 2026 年後可能出現的主要變化因素是什麼？另外，既然我們談到了這個話題，您認為中東和深水地區在 2026 年的招標水準會有什麼變化嗎？

And the second question is on Q3, strong sales, especially in North America, it feels like you are gaining some market share. But if you can maybe elaborate a bit more on the reason for the increase in sales in Q3 despite lower rig count in the US, of course, all US would be appreciated.

第二個問題是關於第三季的，銷售強勁，尤其是在北美，感覺你們正在獲得一些市場份額。但如果您能再詳細解釋一下儘管美國鑽井平台數量減少，但第三季銷售額卻成長的原因，當然，所有美國用戶都會非常感激。

Thank you, Alessandro. Just on the first point, which is the forecast. Let me -- I mean -- will be very relevant, what's happenrd with the tariff, because -- just to summarize, today, we are paying every quarter an amount in the range of $150 million this tariff. And as I say before, in the third quarter, only a part -- a substantial part of this enter into our cost of sales.

謝謝你，亞歷山德羅。先說第一點，也就是天氣預報。讓我——我的意思是——這將非常重要，關稅方面發生了什麼，因為——簡單來說，目前我們每個季度都要支付大約 1.5 億美元的關稅。正如我之前所說，在第三季度，只有一部分——或者說很大一部分——會進入我們的銷售成本。

But looking ahead in the coming quarter, we will have increasing cost getting into our cost of sales. But on the other side, we are doing -- taking action to reduce the tariff by increasing production into the States for steel, for pipe. We expect production in our Koppel plant, steel plant, to increase from now on, continuously, and contribute to a reduction in our import of this. And also, we are expanding our production in pipe.

但展望下一個季度，我們將面臨銷售成本上升的問題。但另一方面，我們正在採取行動，透過增加美國鋼鐵和管道的生產來降低關稅。我們預計從現在開始，我們位於科佩爾的鋼鐵廠的產量將持續成長，並有助於減少我們對鋼鐵的進口。此外，我們正在擴大管道生產規模。

So also the sum of the import that is complementing our sale will be reduced. So we have our own plan for reducing this.

因此，與我們的銷售形成互補的進口總額也會減少。所以我們有自己的減少這種現象的方案。

But there is also the negotiation underway. All the country from which we are shipping steel into the States, Argentina, Mexico, Europe, from Italy, and Romania, have a negotiating table with the United States and there could be some reduction or negotiation that may affect the 232 for steel, in this case, for steel semi-elaborated product, not for finished product probably. So this is not predictable today.

但目前談判仍在進行中。所有我們從中向美國出口鋼鐵的國家，包括阿根廷、墨西哥、歐洲、義大利和羅馬尼亞，都與美國進行了談判，可能會有一些減價或談判，這可能會影響到鋼鐵的 232 條款，在這種情況下，指的是鋼鐵半成品，而不是成品。所以，如今這種情況無法預測。

But I expect that over time, with Argentina, due to the extraordinary relation, the special relation that has been established between president Trump, president Milei and the administration, there's going to be a discussion on this. With Europe also maybe there could be an agreement in line with the UK agreement. And with Mexico also, there could be negotiating table.

但我預計，隨著時間的推移，由於川普總統、阿根廷總統米萊和美國政府之間建立了非同尋常的特殊關係，阿根廷將會就此議題展開討論。或許可以和歐洲達成類似英國協議的協議。而且，與墨西哥也可以進行談判。

So this will be relevant and will affect our performance also in the coming quarter, in the medium term. Probably, we won't see any change here in the fourth quarter apart from what I mentioned. But looking in 2026, we need to consider also a potential change in the level of tariff for our steel bars on top of what we can do ourselves. As far as the Middle East and the situation in this, I will ask Gabriel to comment on this.

因此，這將具有相關性，並將在下一季以及中期內影響我們的業績。除了我提到的那些之外，第四季可能不會有其他變化。但展望 2026 年，除了我們自己能做的事情之外，我們還需要考慮鋼材關稅水準可能發生的變化。至於中東局勢，我會請加布里埃爾對此發表評論。

Thank you, Paolo. Good morning Alessandro. The Middle East business, I would say, is overall stable at good levels if we break down the important components.

謝謝你，保羅。早安，亞歷山德羅。我認為，如果我們分析各個重要組成部分，中東業務總體上是穩定的，處於良好水平。

Saudi, as you know, has been decreasing activity in the first half of the year, but we see this drop in rigs stabilize. We believe that Saudi is bottom in its drilling activity. And even there are some early indications that there might be a rebound of rigs into 2026, but this is something a bit too early for us to factor in our forecast.

如您所知，沙烏地阿拉伯在今年上半年一直在減少石油活動，但我們看到鑽井平台數量的下降趨勢趨於穩定。我們認為沙烏地阿拉伯的鑽探活動已經觸底。雖然有一些早期跡象表明鑽井平台數量可能會在 2026 年反彈，但這對我們來說還為時過早，無法將其納入我們的預測中。

Another component of our business in Saudi is our pipeline business. And last month, in September, we started deliveries of the large CCS pipeline. So this is something that will accompany us well into 2026. So line pipe offsetting some of the lower OCTG in Saudi.

我們在沙烏地阿拉伯的另一項業務是管道業務。上個月，也就是 9 月份，我們開始交付大型 CCS 管道。所以，這種情況將持續到2026年。因此，輸油管可以抵消沙烏地阿拉伯部分較低層級的油田管材（OCTG）。

When we look outside Saudi, the key producers in the GCC: UAE, Kuwait, Iraq, they're all pressing ahead, increasing capacity and offsetting depletion in line with the call of OPEC of increasing crude production. So we see those plans steadily going ahead. Qatar, which is more of an LNG story, we see Qatargas preparing for the new campaign of the North Field West, 50 wells that would probably supply towards the end of '26 and '27.

當我們把目光投向沙烏地阿拉伯以外的地方，海灣合作委員會的主要產油國：阿聯酋、科威特、伊拉克，它們都在加緊推進，提高產能，以響應歐佩克提高原油產量的號召，彌補產能下降。所以我們看到這些計劃正在穩步推進。卡達的故事更與液化天然氣有關，我們看到卡達天然氣公司正在為北田西區的新項目做準備，該項目將開採 50 口井，預計將在 2026 年底和 2027 年開始供氣。

So overall, a lot of moving pieces, but I would say, the Middle East, stable and resilient into next year. There was also a comment on offshore, Alessandro. We commented that the shipment for offshore in the second half was a bit lower than the first half, where we had a lot of offshore pipelines in Brazil, in Subsaharan Africa that were not repeating in the second half.

總的來說，變數很多，但我認為，中東地區明年將保持穩定和韌性。亞歷山德羅也提到了離岸業務。我們評論說，下半年海上運輸量略低於上半年，我們在巴西和撒哈拉以南非洲有許多海上管道項目，但這些項目在下半年沒有繼續進行。

But as Paolo mentioned in the opening remarks, we are building a strong backlog into 2026. The Sakarya Phase 3 is a good example. And we are seeing some other projects moving ahead with likely FID in the first part of the year.

但正如保羅在開場白中提到的那樣，我們正在為 2026 年建立強大的訂單儲備。薩卡里亞三期工程就是一個很好的例子。我們也看到一些其他項目正在推進，很可能在今年上半年做出最終投資決定。

So overall, we are pretty much positive and constructive on the contribution of offshore into 2026.

總的來說，我們對離岸業務在 2026 年的貢獻持相當積極和建設性的態度。

Thank you, Gabriel. On the last point, that is the market share, I think we are gaining some market share.

謝謝你，加布里埃爾。關於最後一點，也就是市場份額，我認為我們正在獲得一些市場份額。

But let me tell you, I think the reality is that our clients are gaining market share for different reasons into the space of North America. I will let Guillermo to comment on this, even if this is, in your view, sustainable.

但讓我告訴你，我認為現實情況是，我們的客戶因為各種原因正在北美市場獲得市場份額。我會讓吉列爾莫來評論這件事，即使你認為這是可持續的。

Yes, I think that it is sustainable. Our clients are mainly the large operators that have shown much more resilience than the smallest one, and we expect this to continue.

是的，我認為這是可持續的。我們的客戶主要是大型營運商，他們比小型營運商表現出更強的韌性，我們預計這種情況還會繼續下去。

Now, regarding the correlation of demand of OCTG with rig count, there, we need to be very careful because as we have explained in other conference calls. Most of the operators, particular ours are increasing productivity and efficiency. And therefore, the impact on the demand of OCTG is on the downward trend is lower than if you just take into account the rig count. So you need to take both things into account. But indeed, our market share have slightly increased due to the resilience of our clients.

現在，關於油田管材需求與鑽機數量的相關性，我們需要非常謹慎，因為正如我們在其他電話會議中所解釋的那樣。大多數營運商，特別是我們公司的營運商，都在提高生產力和效率。因此，鑽機數量對油井管材需求下降趨勢的影響小於僅考慮鑽機數量的影響。所以你需要把這兩方面都考慮進去。但事實上，由於客戶的韌性，我們的市佔率略有成長。

Yeah. I would add just one comment. The large operator are more resilient in front of a perception of a reduction of the price of oil. They have more productive play. They operate in more productive play.

是的。我只想補充一點。大型業者對油價下跌的預期更具韌性。他們的比賽更有成效。他們在比賽中表現得更有成效。

They have better efficiencies. So the operator we are serving tends to be more stable and resilient even when the perception of price of oil over time may be subdued consider, let's say, maybe months ago.

它們的效率更高。因此，即使人們對石油價格的看法可能較為低迷（例如，幾個月前的情況），我們所服務的營運商也往往更加穩定和有韌性。

Okay. And sorry, on the -- you mentioned intensity. Can you give us maybe an update on where we are in terms of intensity now versus the, let's say, a year ago? And how much improvement there was?

好的。抱歉，關於——你提到了強度。能否簡單介紹一下，與一年前相比，我們目前的強度有何不同？改進幅度有多大？

Yes. You mean OCTG consumption?

是的。您指的是OCTG消耗量嗎？

Yes.

是的。

I would say that it's around 2% to 3% higher. So if you see a rig count reduction of 5% you need to consider that half of this has been compensated by an increase of productivity, right? The days that it takes them to drill a well, but also because they are extending the lateral lengths.

我認為大概高出 2% 到 3%。所以，如果鑽孔機數量減少了 5%，你需要考慮到其中一半的減少已被生產率的提高所彌補，對嗎？鑽井所需的時間，以及他們不斷延長水平井段長度，都會增加鑽井時間。

Thank you.

謝謝。

Sebastian Erskine, Rothschild & Company Redburn.

Sebastian Erskine，羅斯柴爾德公司雷德伯恩分公司。

Hi, good morning, thanks very much for taking my questions. The first one, just on Mexico. So you secured some work from Woodside for the Trion project. And I think recent news flow more broadly has been positive for Mexico as kind of Pemex's strategic plan is being flushed out and the mixed contracts are being signed. In your view, how much of a factor is Mexico going to be on a volume perspective in 2026 versus this year? What was the potential upside from that region?

您好，早安，非常感謝您回答我的問題。第一篇，只關於墨西哥。所以你已經從伍德賽德公司獲得了Trion計畫的部分工作。而且我認為，最近的新聞整體上對墨西哥來說是積極的，因為墨西哥國家石油公司（Pemex）的戰略計劃正在逐步完善，各種合約也在簽署中。您認為，從銷售量來看，墨西哥在 2026 年將比今年扮演多大的角色？該地區的潛在上漲空間是什麼？

Sorry for the region were -- we were mentioning which reasons can you repeat?

抱歉，我們當時在討論哪些原因，可以重複嗎？

Yes, sure. Just in Mexico -- just obviously -- yeah.

當然可以。就在墨西哥——很明顯——是的。

First of all, on the question of Trion and other private company that are, let's say, operating. What we see is that this is starting to moving on in different direction, also some of the contract -- the new contract that Pemex is giving for drilling are moving on.

首先，關於Trion和其他一些私人公司（比如說，它們正在運作）的問題。我們看到，事情開始朝著不同的方向發展，一些合約——墨西哥國家石油公司（Pemex）新簽訂的鑽井合約——也在推進中。

The first one has been assigned, so this will imply additional drilling in Mexico. This is one point, including the projects like Trion and Woodside that are going on. Second point is the financial situation of Pemex. After the refinancing operation for $12 billion Pemex is more -- I mean, is recovering ability to consider, let's say, payment to the supplier during the third Q, we didn't receive, but now we are receiving payment.

第一個鑽井任務已經完成，這意味著將在墨西哥進行額外的鑽探。這是其中一點，包括正在進行的 Trion 和 Woodside 等項目。第二點是墨西哥國家石油公司的財務狀況。在完成 120 億美元的再融資作業後，墨西哥石油公司 (Pemex) 的償付能力有所恢復——我的意思是，比如說，第三季度我們沒有收到供應商的款項，但現在我們正在收到款項。

And we expect during the fourth quarter to receive a substantial payment on our receivable, you'll notice the receivable has been going up. One of the reasons has been the delay in Pemex, but we expect this to improve and we expect the, let's say, the recovery in the financial position of Pemex to have an impact some moment.

我們預計在第四季將收到一筆可觀的應收帳款，您會注意到應收帳款一直在增加。其中一個原因是墨西哥國家石油公司（Pemex）的延誤，但我們預計這種情況會有所改善，我們預計，比如說，墨西哥國家石油公司財務狀況的恢復將在某個時候產生影響。

In our -- for the visibility that we have in the coming quarter, we do not see a major change. But we consider the refinancing a signal that over time, during 2026, there will be additional activity by the private company and maybe hopefully by Pemex also.

就我們目前對下一季的預期而言，我們預計不會有重大變化。但我們認為這次再融資是一個訊號，顯示隨著時間的推移，在 2026 年，這家私人公司將會有更多活動，或許墨西哥國家石油公司（Pemex）也會有更多活動。

Really appreciate that. And just a quick one on kind of unit raw material costs. It looks like you benefited from some kind of meaningful deflation in the third quarter, particularly in hot rolled coil.

非常感謝。最後簡單介紹一下單位原料成本。看來您在第三季受益於某種程度的通貨緊縮，尤其是在熱軋捲板方面。

Can you give an update what you're expecting on the input cost into the fourth quarter and for the moving parts kind of ex tariffs?

能否提供一下您對第四季度投入成本以及不含關稅的零件成本的預期？

We do not expect a major change because the situation of high inventory, that is basically containing the impact of tariff is also something that is to some extent, affecting the hot rolled coils. I mean the price of hot rolled coils is higher, but it's not higher as much as one could have expected for the size of the increase in the import of this.

我們預計不會有重大變化，因為庫存高企的情況基本上抑制了關稅的影響，而這也在一定程度上影響了熱軋捲板。我的意思是，熱軋捲板的價格是上漲了，但考慮到進口量的成長幅度，漲幅並沒有人們預期的那麼大。

I think that maybe, Carlos, you're looking at our -- the impact of hot rolled coils on our cost of sales, you can add something? I don’t see major change in this.

卡洛斯，我想你或許正在研究熱軋捲闆對我們銷售成本的影響，你能補充一些內容嗎？我認為這方面不會有太大變化。

No. small increase for next quarter, then flat and going down. The effect that we're going to see in our costs next quarter is the effect of tariffs, as you mentioned already. The impact of tariffs in our cost of goods sold will increase during this quarter to achieve almost the full effect of the tariffs.

不，下一季小幅增長，然後持平並下降。正如您剛才提到的，下個季度我們將看到成本方面受到關稅的影響。本季度，關稅對我們銷售成本的影響將會增加，幾乎會完全反映關稅的影響。

Thanks for that color, I’ll hand it back now.

謝謝你提供的這個顏色，我現在就還給你。

David Anderson, Barclays.

大衛安德森，巴克萊銀行。

Great, thank you. Just want to get back to the Middle East, if we could, please. Specifically on the emerging unconventional resource plays in Saudi and UAE. So Aramco just signed contracts in the third phase of Jafurah is now planning to drill something in the order of 400 or 500 wells next year.

太好了，謝謝。如果可以的話，我們只想回到中東。具體而言，是沙烏地阿拉伯和阿聯酋新興的非常規資源開發。所以，沙特阿美剛剛簽署了賈夫拉油田第三階段的合同，現在計劃明年鑽探大約 400 到 500 口井。

In the UAE, ADNOC has recently talked about 300 wells annually for 2027. Presumably, all that's going to be seamless as it is in the US. I was wondering if you could talk about this opportunity for Tenaris. I mean, if we just kind of run the rough numbers here, this seems like a pretty substantial uptick if we kind of use the same numbers that we see in the US shale and applied over there. Can you just talk about how important this is for your Middle East business over the next couple of years, please?

在阿聯酋，ADNOC最近談到，到2027年，每年將開採300口油井。想必這一切都會像在美國一樣順利進行。我想請您談談泰納瑞斯公司獲得的這個機會。我的意思是，如果我們粗略地計算一下，如果我們採用與美國頁岩油相同的數字並應用到那裡，這似乎是一個相當大的增長。請您談談這對您未來幾年在中東的業務有多重要？

Thank you, David. And Gabriel?

謝謝你，大衛。加布里埃爾呢？

Yes, David, indeed. We are excited about the unconventional opportunity in the Middle East. As you mentioned, this is something that is not new. Jafurah has been there and increasing rigs steadily over the last three years since the development started. And this is an area that we are participating. As of today, we have an important share in the seamless unconventional space in Saudi and that also demand pipelines for connectivity and transportation of gas in the Kingdom.

是的，大衛，的確如此。我們對中東這個非傳統的機會感到興奮。正如你所說，這並不是什麼新鮮事。自開發開始以來的三年裡，Jafurah 一直在該地區穩步增加鑽井平台數量。這是我們正在參與的領域。截至目前，我們在沙烏地阿拉伯非常規無縫能源領域佔據了重要份額，而該領域也需要管道來實現沙烏地阿拉伯王國的天然氣連接和運輸。

So this is exciting and is the part that has been more resilient in the decrease of rigs for Saudi that I was referring before. Clearly, the gas development in Saudi is the most resilient that they are targeting to replace oil for internal consumption.

所以這令人振奮，也是我之前提到的沙烏地阿拉伯鑽井平台數量減少中最具韌性的部分。顯然，沙烏地阿拉伯的天然氣開發是他們最希望取代石油以滿足國內消費需求的、最具韌性的計畫。

Going to UAE. There is also an opportunity of unconventional, is a bit smaller, but ADNOC is accelerating in their own operations and with partners they are bringing in and they have some partnerships of some concessions. And there, we are also leading in terms of market share and position all the unconventional plays.

前往阿聯酋。此外，還有非常規的機會，雖然規模較小，但 ADNOC 正在加速自身運營，並引入合作夥伴，他們已經建立了一些特許經營合作關係。而且，我們在市場佔有率和所有非常規領域也處於領先地位。

So within the broad scope of supply that we have with ADNOC, unconventional is an area that we are participating and leading. So it's an area that we expect growth as well going forward.

因此，在我們與 ADNOC 的廣泛供應範圍內，非常規油氣是我們正在參與和引領的領域。因此，我們預計該領域未來也將保持成長。

And just a quick follow-up. Where do you source that pipe? I don't think you manufacture any seamless in the Middle East. I know you've got a well good facility, I think you have a JV with Aramco in Saudi, but I don't think you have any seamless production over there. Where do you source that from a project like this? That's a lot of pipe.

還有一個後續問題。你們從哪裡採購這種管道？我認為中東地區不生產無縫鋼圈。我知道你們的工廠設施很好，我想你們在沙烏地阿拉伯和沙烏地阿美公司有合資企業，但我認為你們在那裡的生產還沒有完全銜接起來。像這樣的項目，你從哪裡取得這些資源？那可是好多管道啊。

Yeah. For the -- in Saudi Arabia for pipelines, we source domestically for our SAW large OD pipeline mill in Jubail. When you go to the OCTG side, there is a mix string of welded and seamless. The welded, we produce ERW welded for surface casing, domestically source from coils from Saudi and our production of pipes in the Kingdom. And for the seamless component, we source plain end from the local mills in Saudi and then we finish to our connection.

是的。對於沙烏地阿拉伯的管道設備，我們在朱拜勒的 SAW 大型外徑管道軋機採用國內採購的鋼材。當你走到油田管材（OCTG）那邊時，你會看到焊接管材和無縫管材混雜在一起。我們生產的焊接管材，包括用於地面套管的ERW焊接管材，均來自沙烏地阿拉伯的捲材，並在沙烏地阿拉伯王國生產管道。對於無縫組件，我們從沙烏地阿拉伯當地的軋鋼廠採購平端，然後進行加工連接。

When we go to UAE, all our material is brought from our main mills in Argentina and Mexico, and to a large extent, also threaded in our finishing facility that we have in Abu Dhabi. So it's a mix of combination of pieces with a heavy component of domestically produced.

當我們前往阿聯酋時，我們所有的原材料都來自我們在阿根廷和墨西哥的主要工廠，並且在很大程度上，也在我們在阿布達比的後加工工廠進行加工。所以它是各種零件的組合，其中國產部件佔很大比例。

Gabriel, thank you for the insights, I appreciate it.

Gabriel，謝謝你的見解，我很感激。

Kevin Roger, Kepler Cheuvreux.

凱文·羅傑，開普勒·舍弗勒。

Yes, good afternoon thank you. Yeah. two, if I may. The first one is on the profitability of the business based on the region, the different region. And I was wondering if you can give a bit of color on where do you stand US versus international right now in terms of profitability? Is there any big difference or the things that are normalizing close to the same level? That would be the first question, please.

是的，下午好，謝謝。是的，如果可以的話，我想說兩個。第一個問題是基於不同地區的企業獲利能力。我想請您簡要介紹一下，就獲利能力而言，您目前在美國市場和國際市場上的定位如何？是否存在顯著差異，還是說正在趨於一致的事項都處於相近水準？這是第一個問題。

And the second one is related on the working capital and maybe you have, in a way, given the answer with Pemex, but just trying to understand the $300 million negative movement in working cap in Q3, when you say that it's an increase in receivables. Is it something, in a way, a one-off that you expect to recover in Q4? Or there is something else beyond this movement, please?

第二個問題與營運資本有關，也許您已經以墨西哥石油公司 (Pemex) 為例給出了答案，但我只是想理解第三季度營運資本 3 億美元的負增長，您說這是應收帳款的增加。從某種程度上來說，這是一次性事件嗎？您預計第四季就能恢復嗎？或者，除了這場運動之外，還有其他嗎？

Thank you, Kevin. Well, on the first line, you know, Tenaris is selling in the different region, a very diversified portfolio of product. So it's pretty difficult to say profitability for the market.

謝謝你，凱文。首先，你知道，泰納瑞斯在不同的地區銷售的產品組合非常多樣化。因此，很難說這個市場是否有獲利能力。

For instance, when we're talking about offshore, depending if it is in Africa, in the Gulf or in the Southeast Asia or in the Mediterranean, we have a range of products, including line pipe with coating that following an acquisition of Shawcor in some cases represent an invoicing even superior or higher than the invoicing on pipes.

例如，當我們談到海上作業時，根據作業地點是在非洲、海灣地區、東南亞還是地中海地區，我們有一系列產品，包括帶塗層的管線管，在收購 Shawcor 之後，在某些情況下，這些產品的發票金額甚至高於普通管道的發票金額。

So it's difficult to do, differentiate on region. We have differentiation due by product. Some of the most competitive products are the onshore welded line pipe. There are examples in Argentina or in Saudi Arabia. These are, let's say, the tail of our profitability, while the most profitable area could be the line pipe coated with insulation for complex offshore product.

所以很難按地區來區分。我們透過產品實現差異化。最具競爭力的產品之一是陸上焊接管線管。阿根廷或沙烏地阿拉伯都有這樣的例子。可以說，這些是我們盈利能力的尾部，而最賺錢的領域可能是用於複雜海上產品的絕緣層的管線管道。

In the US, there is an average, but still in the US, there are also there differentiation between production casing and surface casing or tubing. So I wouldn't say there is a regionally driven profitability impact, I would say, is more driven by the mix of different projects and sales.

在美國，雖然存在平均值，但在美國，生產套管和表層套管或油管之間仍然存在差異。因此，我不會說盈利能力受到區域因素的影響，我認為，盈利​​能力更多地受到不同項目和銷售組合的影響。

When you talk about working capital, we are seeing the increase in the working capital, this is driven by the delay in payment of Pemex, and this is something that we expect we will be going in the opposite direction in the fourth quarter.

談到營運資金，我們看到營運資金增加，這是由於墨西哥國家石油公司（Pemex）的付款延遲造成的，我們預計第四季度情況將朝著相反的方向發展。

The other component of the increase in stock is due to the incorporation of tariffs into our stock will probably stay at the same level. So the inventory has a higher cost inventory or bars because of the impact of the tariffs. As we mentioned, the tariff had an impact in the third quarter in the range of $80 million and will increase something in the range of $40 million, incorporating in our inventory in the fourth quarter, this is the reason for some lower EBITDA.

庫存增加的另一個原因是關稅的納入，而我們的庫存可能會保持在同一水平。因此，由於關稅的影響，庫存成本較高，或庫存商品或酒吧的成本較高。正如我們之前提到的，關稅對第三季造成了約 8000 萬美元的影響，並將在第四季度增加約 4000 萬美元，計入我們的庫存，這就是 EBITDA 下降的原因。

It is also something that will remain relatively high. Then that is all what we can do in speeding up the receivable of some other areas like Middle East that maybe may contribute to improvement of the, let's say, to reduction of the need of working capital during the fourth Q. In this sense -- has been a kind of extraordinary, I would say, in terms of absorption.

而且這個數值還會維持在相對較高的水準。那麼，我們能做的就是加快中東等其他地區的應收帳款回收，這或許有助於改善第四季的營運資金需求，例如減少營運資金需求。從這個意義上講，就吸收能力而言，這可以說是非同尋常的。

Ok, perfect, thanks a lot for that, thanks.

好的，太好了，非常感謝。

Paul Redman, BNP Paribas.

保羅‧雷德曼，法國巴黎銀行。

Ok, thank you very much for your time, I had a quick question on inventory levels in the US and where you expect imports to fade quicker. Would that be more on the seamless or the welded front and where are inventories higher on either product?

好的，非常感謝您抽出時間，我有一個關於美國庫存水準的問題，您預計哪些地區的進口會更快減少。是無縫產品方面的需求較高，還是焊接產品的需求較高？這兩種產品的庫存哪個地方比較高？

And then secondly, for our press release earlier this month. Earlier this month, I think it was talking about San Faustin now being included in the buyback process. I just wanted to confirm whether there's any change here or anything else we should know about on that change in positioning? Thank you.

其次，還有我們本月稍早發布的新聞稿。我記得本月初的時候，曾報道聖福斯廷現在也被納入回購計畫。我只是想確認一下，這方面是否有任何變化，或者關於這種定位變化，我們還有其他需要了解的資訊嗎？謝謝。

Sorry, can you repeat the second question? Just to be sure I understand you well.

抱歉，您能再說一次第二個問題嗎？我只是想確認一下我是否理解你的意思。

Yes, your largest shareholder is now wanting to be included in the buyback process. I believe this is a change from its previous positioning. I just want to understand whether you're aware of any change in positioning here?

是的，你們最大的股東現在也想參與股票回購過程。我認為這與它之前的定位有所不同。我只是想了解您是否注意到這方面的定位有任何變化？

Yes. Okay. Understood. Now the first one is on inventory. Here, Guillermo, if you can.

是的。好的。明白了。現在第一件已經入庫了。吉列爾莫，如果你方便的話。

Yes, when we look at the imports, it's more on welded pipe than onseamless. And regarding the increase of inventories on the ground that we have seen lately has also been higher on the ERW than in seamless.

是的，從進口情況來看，焊接鋼管的進口量比無縫鋼管要多。至於我們最近看到的地面庫存增加情況，ERW 的庫存增加也高於 Seamless。

Now, looking forward, the expectation is that both ERW and seamless inventories on the ground will go down.

展望未來，預計地面上的 ERW 和無縫庫存都會下降。

On the second one, the controlling shareholder has informed that it may start selling share but will not go below a certain threshold. And then we'll see this in the public information because -- the shareholder is also by the rule is indicating when the movements are above the 1%. This is what we can see we can say about this.

關於第二點，控股股東已表示可能會開始出售股份，但不會低於某個特定門檻。然後我們會在公開資訊中看到這一點，因為——根據規定，股東也會在股價波動超過 1% 時做出指示。這就是我們對此可以得出的結論。

Rodrigo Almeida, Santander.

Rodrigo Almeida，桑坦德。

So just a couple of questions here from my side. The first one, I'm not sure if we talked about this during the call, but regarding Argentina, right, regarding the oilfield services business in Argentina. If you could give us an update on how things are evolving there? Are we talking a little bit about the Argentina macro environment, but how could this business say, help results maybe over the next few quarters. I think this will be nice to hear from you.

我這裡還有幾個問題。第一個問題，我不確定我們是否在通話中談到過，但關於阿根廷，對吧，關於阿根廷的油田服務業務。您能否向我們介紹一下那邊的情況進展如何？我們稍微談談阿根廷的宏觀環境，但這種環境可能會如何幫助企業在未來幾季取得業績？我想收到你的回覆。

And then I have another question here. When you look into South America, we saw a nice contracts recently signed with Petrobras, which I suppose could somewhat offset the Raia project that just ended. So if you could give us some color on how we pick about the South American operations going forward.

我還有一個問題。放眼南美，我們看到最近與巴西石油公司簽署了一份不錯的合同，我想這或許能在一定程度上彌補剛結束的 Raia 項目帶來的損失。所以，如果您能為我們介紹一下我們未來在南美洲開展業務時將如何選擇，那就太好了。

Thank you, Rodrigo. Well, about Argentina, as I comment, I think, the oil company, including YPF and all the other will have more access to financing and willingness of the investors to support this, has been clearly reacting to the results of the election in a very positive way.

謝謝你，羅德里戈。關於阿根廷，正如我所說，我認為，包括YPF在內的所有石油公司將更容易獲得融資，投資者也更願意支持這一點，這顯然對選舉結果做出了非常積極的反應。

What does this mean for us? Well, it means additional rigs that are coming into operation gradually because this, you cannot bring it. The number of rigs idle in the country is almost zero now. So will increase only slightly. But there will be action to bring into the country additional rigs for operations during 2026. It means that fracking operation will increase, and this is important for our division that is doing fracking in Argentina. We can expect increase in invoicing by fracking operations and all by our sales of pipe and services over time, will not be immediate, but will have an impact in the coming quarter.

這對我們意味著什麼？這意味著需要逐步投入運作的額外鑽井平台，因為這個，你不能把它運過來。目前全國閒置鑽井平台的數量幾乎為零。因此只會略微增加。但將會採取行動，將更多的鑽井平台引進該國，用於 2026 年的作業。這意味著水力壓裂作業將會增加，這對我們在阿根廷從事水力壓裂作業的部門來說非常重要。我們可以預期，隨著時間的推移，水力壓裂作業的發票金額以及管道和服務銷售的發票金額都會增加，這不會立即發生，但會在下一個季度產生影響。

So more sales. Now in the line pipe, the project of LNG, the SE project promoted by Pan America and together with partners like YPF and so is going on and will -- in the present situation, we will see the tender and the FID has been done in June and we expect in 2026 that the process of construction of pipe line will start and also the assignment of the contract for the pipes. This kind of movement are important from our point of view and will enhance the market for us.

這樣就能促進銷售。目前，LNG管道項目（即泛美能源公司與YPF等合作夥伴共同推進的SE項目）正在進行中，並且——就目前情況而言，我們將看到招標和最終投資決定已於6月完成，我們預計管道建設過程將於2026年開始，管道合約也將授予。從我們的角度來看，這種趨勢非常重要，並將提升我們的市場地位。

In the case of Petrobras, I will ask Gabriel comment on the contract.

關於巴西石油公司，我會請加布里埃爾就合約發表評論。

Yes. Thank you, Paolo. Rodrigo, in terms of drilling activity in Brazil, we see steadily increasing by Petrobras and the other majors that are playing in the deep water play in Brazil. And there are many moving parts of the supply of Tenaris, both in OCTG and line pipe. In OCTG, we have a long-term agreement with Petrobras and the other majors for the large OD connectors, which we produce locally in our facility in Confab.

是的。謝謝你，保羅。羅德里戈，就巴西的鑽探活動而言，我們看到巴西石油公司和其他在巴西深水區開展業務的大型石油公司的鑽探活動正在穩步增加。Tenaris 的供應涉及許多環節，包括油井管和輸油管。在油田管材領域，我們與巴西石油公司和其他主要石油公司簽訂了長期協議，供應大外徑連接器，這些連接器由我們在Confab的工廠本地生產。

We are also suppliers in certain fields of the seamless casing, as well with Petrobras. And we also have an important contract for completions of 13 Chrome and CRA given the -- sour service conditions of completions in Petrobras.

我們也是某些領域無縫套管的供應商，同時也是巴西石油公司的供應商。鑑於巴西石油公司完井作業的惡劣工況，我們還簽訂了一份重要的合同，負責 13 Chrome 和 CRA 油田的完井作業。

So we believe that this, together with the pipeline, the seamless pipeline bookings that are also carrying insulation coat. I will mention, I believe in the last few calls, Búzios 9 and Búzios 11. The contribution of these different segments will contribute to offset the conclusion of the big Raia SAW pipeline that we had and we enjoyed until the first half of this year. So a lot of moving parts and it's very interesting, the breadth of the portfolio and the position that Tenaris has in Brazil.

因此，我們相信，這與管道、無縫管道預訂以及帶有絕緣塗層的管道一起，將帶來改變。我相信在最近幾次通話中，我會提到 Búzios 9 和 Búzios 11。這些不同部分的貢獻將有助於抵消我們先前擁有並享受今年上半年的大型 Raia SAW 專案終止帶來的影響。所以涉及的環節很多，而且非常有趣的是，Tenaris 的產品組合範圍很廣，並且在巴西的地位也很高。

Thank you Gabriel.

謝謝你，加布里埃爾。

Thank you. At this time, I would now like to turn the conference back over to Giovanni Sardagna for closing remarks.

謝謝。現在，我謹將會議交還給喬瓦尼·薩爾達尼亞，請他作閉幕致詞。

Thank you, Gigi, and thank you all for joining us, and I hope to see you soon around and thank you.

謝謝Gigi，也謝謝大家的參與，希望很快能再見到你們，謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。