Tenaris SA (TS) 2026 Q2 法說會逐字稿

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

各位好，感謝您撥冗等候。歡迎參加 Tenaris SA 第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想將會議交給今天的講者——投資人關係主管 Giovanni Sardagna。請開始。

Thank you, Carmen, and welcome to Tenaris 2026 second-quarter conference call. Before we start, I would like to remind you that we will be discussing forward-looking information in the call and that our actual results may vary from those expressed or implied during this call.

謝謝你，Carmen，也歡迎各位參加 Tenaris 2026 年第二季電話會議。在開始之前，我想提醒各位，我們將在本次電話會議中討論前瞻性資訊，而我們的實際結果可能與本次電話會議中所表達或暗示的內容有所不同。

With me on the call today are Gabriel Podskubka, our Chief Executive Officer; Carlos Gomez Alzaga, our Chief Financial Officer; and Guillermo Moreno, President of our US Operations.

今天與我一同參與電話會議的有：我們的執行長 Gabriel Podskubka；財務長 Carlos Gomez Alzaga；以及美國營運總裁 Guillermo Moreno。

Before passing over the call to Gabriel for his opening remarks, I would like to briefly comment our quarterly results. Our second-quarter sales reached $3 billion, down 4% year-on-year and sequentially, mainly reflecting the postponement of shipment to customers in the Middle East due to the effective closure of the Strait of Hormuz for most of the quarter.

在把電話交給 Gabriel 發表開場談話之前，我想先簡要評論我們的季度業績。我們第二季銷售額達到 30 億美元，年減 4%，且較上一季亦下降 4%，主要反映因霍爾木茲海峽在本季大部分時間實質關閉，導致對中東客戶的出貨延後。

Average selling prices in our tube operating segment were basically flat compared to the corresponding quarter of last year and sequentially. Our quarterly EBITDA decreased 12% sequentially to $649 million, while our net income decreased 13% to $492 million, mainly due to lower absorption of fixed costs in addition to higher raw material and logistic costs.

我們管材營運部門的平均銷售價格，與去年同期及上一季相比基本持平。本季 EBITDA 較上一季下降 12% 至 6.49 億美元，而淨利下降 13% 至 4.92 億美元，主要原因是固定成本吸收降低，並且原材料與物流成本上升。

With operating cash flow of $518 million and capital expenditure of $121 million, our free cash flow for the quarter was $396 million, following a dividend payment of $606 million in the quarter, our net cash position at the end of the quarter decreased to $3.6 billion. The Board of Directors approved the payment of an interim dividend of $0.59 per share or $1.18 per ADR, approximately $600 million that will be paid on the 25th of November.

本季營運現金流為 5.18 億美元、資本支出為 1.21 億美元，因此本季自由現金流為 3.96 億美元；在本季支付 6.06 億美元股利後，我們於季末的淨現金部位降至 36 億美元。董事會核准發放每股 0.59 美元（或每單位 ADR 1.18 美元）的期中股利，合計約 6 億美元，將於 11 月 25 日支付。

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

現在，我將請 Gabriel 在我們開放提問之前先說幾句話。

Thank you, Giovanni, and I would like to extend a warm welcome to all of you participating in our call today.

謝謝你，Giovanni，我也想向今天參與我們電話會議的各位致上誠摯的歡迎。

Our second quarter results clearly reflect the impact of the Middle East conflict and disruption in the Strait of Hormuz, as well as the consequent impact of logistics and energy cost increases. Even so, they also demonstrate the resilience of our performance based on the strength of our global positioning and the efficiency of our industrial operations.

我們第二季的結果清楚反映了中東衝突與霍爾木茲海峽受阻的影響，以及由此帶來的物流與能源成本上升。即便如此，這些結果也展現了我們績效的韌性，這建立在我們全球布局的優勢以及工業營運效率之上。

In the Middle East, shipments to Iraq, Kuwait and Qatar have been postponed as our customers were forced to reduce their operations and ships are unable to enter the Gulf. This situation will continue until the Hormuz Strait reopens. In Saudi Arabia and the Emirates, however, we were able to continue supply of OCTG to Aramco and ADNOC who have maintained their drilling operations fairly intact.

在中東，由於客戶被迫降低營運且船舶無法進入波斯灣，對伊拉克、科威特與卡達的出貨已被延後。在霍爾木茲海峽重新開放之前，這種情況將會持續。然而，在沙烏地阿拉伯與阿聯酋，我們仍能持續向 Aramco 與 ADNOC 供應 OCTG，因為他們的鑽井作業大致維持不受影響。

In other regions of the world, customers are advancing investments to meet the need for energy security and diversification of supply. Drilling activity in unconventional place is increasing in the United States, in Canada and also in Argentina. In the United States, we are adding work shifts at our industrial facilities. Our Bay City mill is producing at record levels, and we continue to invest to improve the production capabilities of our Koppel steel shop and our Ambridge seamless pipe mill.

在世界其他地區，客戶正加快投資，以滿足能源安全與供應多元化的需求。美國、加拿大以及阿根廷的非常規鑽井活動正在增加。在美國，我們正在工業設施增加工作班次。我們的 Bay City 工廠產量創下新高，我們也持續投資以提升 Koppel 鋼廠與 Ambridge 無縫鋼管廠的生產能力。

We are also extensively deploying a new high torque wedge connection, which we developed for longer laterals. In Canada, we have launched a major $230 million investment program to increase the effective production capacity of our mill in Sault Ste. Marie. These investments will strengthen our domestic supply capabilities for our Canadian customers.

我們也正在大規模部署一款新的高扭矩楔形接頭，該產品是我們為更長水平段所開發。在加拿大，我們已啟動一項規模重大的 2.3 億美元投資計畫，以提升我們位於 Sault Ste. Marie 工廠的有效產能。這些投資將強化我們對加拿大客戶的本地供應能力。

In Argentina, 9 high-spec rigs have been added in Vaca Muerta since the beginning of the year, bringing the total to 42 in operation today. In addition, YPF together with Eni and XRG are advancing in investment plans for the $30 billion Argentina LNG project for which an FID is expected at the end of this year.

在阿根廷，自年初以來，Vaca Muerta 已新增 9 座高規格鑽機，使目前運轉中的總數達到 42 座。此外，YPF 與 Eni 及 XRG 正推進 300 億美元的阿根廷 LNG 專案投資計畫，預期將於今年底作出最終投資決定（FID）。

We commented last time on the favorable outlook for long-cycle deep water projects. With technology advances and short-term development schedules, these projects have become more cost competitive and are well suited to support security and diversification of supply. Several FIDs were taken over the last three months. An example is the Cronos project sanctioned by Eni and Total Energies, which will take deep water gas from Cyprus to an LNG facility in Egypt.

我們上次曾提到長週期深水專案的有利展望。隨著技術進步與短期開發時程，這些專案的成本競爭力提升，並非常適合支援供應安全與多元化。過去三個月已有數項專案作出 FID。例如，Eni 與 Total Energies 核准的 Cronos 專案，將把賽普勒斯的深水天然氣輸送至埃及的 LNG 設施。

Tenaris has been supporting Eni in the definition and supply of the pipeline requirements and also on the OCTG needed for the four wells of the project. We inaugurated our new service center in Suriname, together with Total Energies and government officials. From this base, we manage the OCTG supply chain for the GranMorgu project. We also began deliveries of linepipe and coating for the Sakarya project in the Black Sea.

Tenaris 一直在協助 Eni 確認並供應該專案的管線需求，也提供該專案四口井所需的 OCTG。我們與 Total Energies 及政府官員一同為我們在蘇利南的新服務中心揭幕。以此為基地，我們管理 GranMorgu 專案的 OCTG 供應鏈。我們也開始為黑海的 Sakarya 專案交付管線管與塗層服務。

Our backlog of offshore projects has increased, and we expect this to be reflected in our sales from the fourth quarter and into 2027. This year, our raw material costs have increased and are impacting our results progressively. We are also increasing prices and in the fourth quarter, we should see this positive effect in our sales and margins.

我們的離岸專案在手訂單已增加，預期將自第四季起反映在銷售上，並延續至 2027 年。今年以來，我們的原材料成本上升，並逐步影響我們的業績。我們也正在調升價格，到了第四季，我們應可在銷售與利潤率上看到這項正面效果。

As we all adapt to a world of increased volatility and supply chain disruption, Tenaris is uniquely positioned to meet the diverse needs of its customers around the world with its global reach, differentiated service and technology and investments to strengthen its industrial system.

在我們共同適應波動性提高與供應鏈中斷的世界之際，Tenaris 憑藉其全球觸角、差異化服務與技術，以及強化工業體系的投資，具備獨特優勢，可滿足全球各地客戶多元的需求。

With this, we open the floor for questions.

接下來，我們開放提問。

(Operator Instructions)

(接線員指示)

Arun Jayaram, JPMorgan Securities.

Arun Jayaram，摩根大通證券。

Yeah, good morning, Gabriel and team. I was wondering, Gabriel, if you could review the board's decision and move on the dividend. Looks like you're effectively doubling the dividend rate and perhaps shifting a little bit away from the previous cash return strategy that included a mix of buybacks and still a strong dividend previously, but wondered if you could maybe talk a little bit about that move on the dividend. And do you view this as sustainable over the long-term?

是的，早安，Gabriel 以及團隊。我想請問，Gabriel，你是否可以回顧一下董事會在股利方面的決議與調整。看起來你們實質上把股利配發率加倍，並且可能稍微偏離先前的現金回饋策略（先前包含庫藏股回購的組合，同時也維持強勁的股利），但想請你談談這次提高股利的決策。你們認為這在長期而言是可持續的嗎？

Yeah, thank you, Arun, good morning and thank you for your question on this point. As you mentioned, the Board has decided to increase the interim dividend to $600 million, doubling, as you mentioned, given the strong balance sheet and sustained cash generation of the company. As you mentioned, the Board has favored distribution through dividends, given the simplicity and also as a means of preserving the liquidity of the company shares. So that's the rationale for the decision.

是的，謝謝你，Arun，早安，也謝謝你就這點提出問題。如你所提到的，鑑於公司強健的資產負債表以及持續的現金創造能力，董事會已決定將期中股利提高至6億美元，如你所說，相當於加倍。如你所提到的，董事會偏好以股利方式進行分配，原因在於其簡單明瞭，同時也可作為維持公司股票流動性的一種方式。這就是該決策的理由。

And in terms of sustainability and going forward, I believe that we can say that the Board remains committed to maintaining a level of shareholder returns that are broadly in line with the past levels and at the same time wishes to maintain financial flexibility in an environment of uncertainty, but that can also offer growth opportunities.

至於可持續性與未來展望，我認為我們可以說，董事會仍致力於維持與過去水準大致一致的股東回報，同時也希望在充滿不確定性、但也可能帶來成長機會的環境中，保有財務彈性。

Regarding sustainability and future, I would say at this time that it would be decided by the Board and subject to the approval of a shareholder Annual Meeting. But that said and based on past practice and our track record and our strong balance sheet, this could be a continuation in the amount of the dividend and the proposal for payment in May as well.

關於可持續性與未來，我會說目前仍將由董事會決定，並須經股東週年大會核准。不過，基於過往慣例、我們的歷史紀錄以及強健的資產負債表，這可能意味著股利金額的延續，以及同樣在5月提出支付的提案。

Great. Thank you for that color.

很好。謝謝你提供這些補充說明。

And my follow-up -- And we do appreciate just the uncertainty and the disruption caused by the Middle East conflict on your business there. Gabriel, could you maybe give us a little bit more detail on what your assumptions assume for the second half of '26 in terms of that disruption? And perhaps maybe if we separate that impact -- talk a little bit about how the underlying business is doing, because it sounds like you are expecting a nice improvement or reflection as we think about the fourth quarter in terms of your base business, again, excluding some of the noise associated with the Strait of Hormuz.

我的追問——我們也理解並感謝你們說明中東衝突對你們當地業務造成的不確定性與干擾。Gabriel，你能否更詳細說明一下，你們對2026年下半年在這些干擾方面的假設是什麼？另外，或許我們可以把這個影響拆開來看——談談基礎業務的表現如何，因為聽起來你們預期在第四季，若以核心業務來看（同樣排除與荷姆茲海峽相關的一些雜訊），會有不錯的改善或回升。

Sure, I think it's an important point on the assumption of the Strait Hormuz reopening or not. This is an important premise, and we have changed the premise that we had last quarter in which we believed, or at least the base case scenario for our guideline was given with a short resolution of Hormuz opening.

當然，我認為你提到荷姆茲海峽是否重新開放的假設非常重要。這是一個關鍵前提；我們已調整了上季的前提——當時我們相信，或至少我們指引的基本情境，是以荷姆茲在短期內解決並重新開放為基礎。

Today and given the uncertainty that we suffered the last few months, e are changing not the outlook but we're changing the premise on which we give our guidelines for the second semester of the year, and where we are considering that the opening of the Strait of Hormuz in the short-term will be an upside to our scenario, okay? Last quarter, we mentioned that we have about a business of $100 million of material that is going to the upper part of the Gulf, the one that is compromised due to the inability for ships to transit to Hormuz, this is Iraq, Kuwait and Qatar.

今天，鑑於過去幾個月我們所面臨的不確定性，我們不是在改變展望，而是在改變我們提供下半年指引所依據的前提；我們現在把「荷姆茲海峽短期內開放」視為我們情境的上行因素（upside），好嗎？上季我們提到，我們大約有1億美元的產品業務要運往波斯灣北部地區，因船舶無法通行荷姆茲而受到影響；這些地區包括伊拉克、科威特與卡達。

We have even enlarged this backlog, today the figure would be $130 million and this is the material that we have for that part of the Middle East that today is out of our forecast, if at any point in time, the conflict gets resolved or navigability in the strait is restored, it will take us 70 to 90 days to ship this material from our mills and invoice it in the upper part of the Gulf. This is an upside that we will have when and if this happens, and this will be a recurrent upside in our forecast. As for now, we have taken this out of our base case scenario.

我們甚至擴大了這部分的在手訂單（backlog）；目前金額約為1.3億美元。這些是我們原本要供應中東該區域、但目前不納入我們預測的產品。若衝突在任何時間點獲得解決，或海峽通航恢復，從我們的鋼管廠出貨並在波斯灣北部開立發票，將需要70到90天。這是當且僅當此事發生時我們將取得的上行空間，而且在我們的預測中會是一個反覆出現的上行因素。就目前而言，我們已將其自基本情境中排除。

Having said that, if we talk about the outlook, the guidance that we have given is, that in the second half of 2026, we expect revenues and EBITDA in line with the first half, with clearly a third quarter that is more affected and more in line with the second quarter and as you are anticipating an uptick and an interesting jump in the fourth quarter that it will reflect all the other things that are happening in the world because the higher price of oil that is driven by the Hormuz disruption is creating the conditions in the US, in Canada, in Argentina and also the strength of the offshore market to start showing and this has taken some time for these rigs to be added and for our mills to be ramped up and we will see an important jump of volume and to some extent some pricing as well in the fourth quarter of the year.

話雖如此，如果談到展望，我們給出的指引是：在2026年下半年，我們預期營收與EBITDA將與上半年大致相當；其中第三季會受到更明顯影響，表現更接近第二季；而如你所預期，第四季將出現回升與一個值得關注的跳升，因為荷姆茲干擾推升油價，正在美國、加拿大、阿根廷，以及離岸市場的強勁需求中創造條件開始顯現。這需要一些時間讓鑽機增加、讓我們的鋼管廠產能爬坡；我們將在第四季看到顯著的出貨量跳升，並在某種程度上也會看到一些價格面的改善。

This in a nutshell gives a description of the outlook with an important clarification on the premise on the upper part of Hormuz because as you know UAE and Saudi, the lower part of Hormuz, despite the difficulties they have been able to continue the drilling activity and we have been able to continue shipping with additional logistics and effort, but this part has been less affected, I would say. Hopefully this clarifies your point, Arun.

總結而言，這就是對展望的描述；同時也要就荷姆茲北部地區的前提做重要澄清。因為如你所知，阿聯與沙烏地（荷姆茲南部）儘管面臨困難，仍能持續鑽探活動，而我們也能透過額外的物流安排與努力持續出貨；我會說這一部分受到的影響相對較小。希望這能釐清你的問題，Arun。

Yes, thank you, sir.

是的，謝謝您，先生。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

Thank you. I'd like to follow-up on that progression into the fourth quarter here. And maybe, Gabriel, you could help us maybe translate this backlog opportunity of $100 million-plus that's being compromised. On a quarterly basis, if we were to sort of remove the effect of the Straight being impassable, I think if I work the math out, your fourth quarter EBITDA should be looking like your first quarter EBITDA in that $730 million range. If none of this stuff with the Straight were happening and you had a normal level of activity in the northern part of the Gulf, what would that look like?

謝謝。我想就第四季的走勢再追問一下。Gabriel，也許你可以協助我們把這個受到影響的1億美元以上在手訂單機會，換算成更具體的概念。以季度來看，如果我們把海峽無法通行的影響拿掉，我算下來，你們第四季的EBITDA應該會接近第一季，大約在7.3億美元的區間。如果海峽相關的狀況都沒有發生、而波斯灣北部維持正常活動水準，那會是什麼樣子？

I think you're having a very fair assumption of what the fourth quarter from what we're seeing with all the uncertainty that we are managing, but without this northern part of the Gulf, our projection for the fourth quarter will be pretty much in line with the first quarter that you're indicating. And if this conflict of Hormuz will assure navigability in the short-term, during the next few weeks, we will be able to ship and invoice this additional $130 million within the fourth quarter, still it's an upside -- it's still a possible upside and this will clearly increase and you would assume that the margin on the material that we are selling in Iraq, in Kuwait and in Qatar, is premium material, special grade, so it has a good average margin compared to the rest of the portfolio of Tenaris, so it would be a nice upside addition that will happen in the fourth quarter or thereafter , we would need 90 days for this to materialize.

我認為在我們目前所管理的各種不確定性之下，你對第四季的假設相當合理；但若不包含波斯灣北部這一塊，我們對第四季的預估將大致與你所指出的第一季水準一致。而如果荷姆茲的衝突在短期內、也就是接下來幾週內，能夠確保恢復通航，我們將能在第四季內出貨並開立這額外的1.3億美元；這仍然是一個上行因素——仍是可能的上行空間，而且你也可以假設，我們在伊拉克、科威特與卡達所銷售的產品屬於高階、特殊等級（premium material, special grade），因此相較於Tenaris其餘產品組合，平均毛利率更佳；所以這會是一個不錯的上行增量，可能在第四季或之後實現；我們需要90天讓它落地。

Yeah. Okay. That's very helpful. And then just following back up on the capital return, you've made the comment about a similar level of capital return to the prior periods with this new program. And just to clarify on that, so typically what Tenaris has done is pay an interim dividend that's about one-third of the total dividend., and then in May, we get a dividend that's the remaining two-thirds. I mean, I know it's ultimately a Board decision, but is that sort of the message that you're looking to deliver here?

是的。好的。這非常有幫助。接著回到資本回饋的問題，您提到在這個新方案下，資本回饋水準會與先前期間相近。我想再釐清一下，通常 Tenaris 的作法是先發放約占全年股利三分之一的期中股利，然後在五月再發放剩下的三分之二。我知道最終是董事會決定，但這是否就是您想在這裡傳達的訊息？

Yes, Marc. This is exactly – it’s not my decision, it's a Board decision, but based on past practices, one-third, two-third has been a bit the track record that the company showed. So, this is what I was implying.

是的，Marc。這正是——這不是我的決定，而是董事會的決定；但依照過往慣例，三分之一、三分之二一直是公司展現出來的軌跡紀錄。所以，這就是我所暗示的意思。

Great. Thank you very much. I'll turn it back.

太好了。非常感謝。我把時間交回去。

Sebastian Erskine, Rothschild & Company, Redburn.

Sebastian Erskine，Rothschild & Company，Redburn。

Yes, good morning. Good afternoon. Thanks for taking my questions. Just to focus in on kind of North American and two parts to this.

是的，早安。午安。謝謝讓我提問。我想聚焦在北美，分成兩個部分。

So North American sales are flat quarter on quarter. You've called out to the US OCTG strength offsetting Canada and Mexico. How much of that flat outcome reflects the fact that US pricing is still lagging, the pipe logics increase that we've seen, and maybe if you could give some color specifically on how you see that evolving in the second-half of the year for North America in terms of price and volume.

北美銷售季對季持平。您提到美國 OCTG 的強勁抵消了加拿大與墨西哥的影響。這個持平的結果，有多少反映了美國定價仍然落後於我們看到的 Pipe Logix 漲幅？另外，能否請您特別說明一下，您如何看待今年下半年北美在價格與出貨量方面的演變？

And then just a sort of bigger picture question on US pricing. I mean, obviously, we started to see the cycle turn. You're offsetting the step-up in hot roll coil prices. But at what level do you see imported OCTG coming back as a competitive threat again, even net of the Section 232? So how much headroom basically is there before you begin to approach some level of parity with imports? Would be helpful to get your thoughts on that.

接著是一個更宏觀的美國定價問題。顯然我們開始看到景氣循環轉向。您正在抵消熱軋鋼捲價格上升的影響。但在什麼價位水準下，進口 OCTG 會再次回來成為具競爭性的威脅，即使已扣除 232 條款的影響？也就是說，在您開始接近與進口品某種平價水準之前，基本上還有多少上行空間？希望能聽聽您的看法。

Thank you, Sebastian. I think on both questions related to US activity and pricing, I will ask Guillermo to add more color and maybe I will come back to the rest of North America and Canada and Mexico that complements our reporting group.

謝謝你，Sebastian。我想這兩個與美國活動與定價相關的問題，我會請 Guillermo 補充更多說明；之後我也會再回來談北美其他部分，也就是加拿大與墨西哥，作為我們報告分部的補充。

Thank you, Gabriel and Sebastian.

謝謝你，Gabriel，也謝謝你，Sebastian。

In the case of the US, let me first start with how we are seeing the market. So far, since the beginning of the conflict in Iran, we have seen activity increased by almost 10%, so an addition of around 50 rigs. And our view is that from now to the rest of the year, another 10 or 15 rigs will be added on top of those. Our expectation is that our shipments to the market will grow in line with the growth of activity as we capture additional sales because of the higher activity of our customers.

就美國而言，我先從我們如何看市場談起。截至目前，自伊朗衝突爆發以來，我們看到活動量增加了將近 10%，約新增 50 座鑽機。我們的看法是，從現在到今年剩餘時間，還會在此基礎上再增加 10 到 15 座鑽機。我們預期，隨著客戶活動提升、我們取得更多額外銷售，我們對市場的出貨將會與活動成長同步增加。

Regarding prices, well you know that normally our prices go in line with -- very much in line with the increase of Pipe Logix with a one-quarter delay, as we've explained in many conference calls. Since the beginning of the conflict or the beginning of the year, the seamless Pipe Logix has increased around 9% and in our view, an additional 5% is expected, at least 5% till the end of the year. And our prices will be reflecting these increases accordingly to the one-quarter delay that I mentioned before.

至於價格，你也知道，通常我們的價格會——非常大程度上——跟隨 Pipe Logix 的上升，但會落後一個季度，正如我們在許多電話會議中解釋過的。自衝突開始或自年初以來，無縫管的 Pipe Logix 大約上漲了 9%，而我們認為到年底至少還會再上漲 5%。我們的價格將會依照我剛才提到的「落後一季」機制，反映這些漲幅。

Regarding Canada and Mexico, we see the complete North America view, Mexico we see stable with a gradual increase in activity. Pemex has been clearly supported and funded by the higher prices of hydrocarbons in the recent month and the backing of the government. So, we see that stable and progressing and we see a lot of efforts of the government in Mexico creating incentives and conditions for private companies in different schemes to support with oil and gas activity in Mexico. So that is something that in volume will gradually progress and there is also the pricing effect in Mexico that is somehow linked with the international indicators of pricing that are also moving north.

至於加拿大與墨西哥，從完整的北美視角來看，墨西哥我們認為維持穩定，且活動量會逐步增加。Pemex 近月明顯受惠於較高的碳氫化合物價格，以及政府的支持與資金挹注。因此我們看到其穩定並持續推進；同時也看到墨西哥政府在不同方案下，努力為民間企業創造誘因與條件，以支持墨西哥的油氣活動。因此在出貨量方面會逐步改善；此外，墨西哥也存在某種定價效應，與國際定價指標連動，而這些指標也正在走高。

Regarding Canada, after a very strong season in the first quarter, it is natural in the second quarter of the year to have a seasonality decrease in volume and activity, but this is an area that is also where we have a good promising perspective of increase of drilling activity both in oil and gas. That's why we have made the decision on increase of capacity. So, this is an area where we have a unique setup and we believe that gradually we will grow our position and revenue in Canada as well.

至於加拿大，在第一季非常強勁之後，第二季出現出貨量與活動的季節性下滑是自然的；但這也是我們對油氣鑽探活動增加抱持良好、具前景看法的區域。這也是我們決定提高產能的原因。因此，這是一個我們具備獨特布局的市場，我們相信也將逐步提升我們在加拿大的市占與營收。

So overall, I think all the three main components of North America are going to start contributing in a positive direction in the quarters to come.

總體而言，我認為北美三個主要組成部分在接下來幾個季度都將開始朝正向方向貢獻。

Super, that's helpful. And just very quickly, just to follow-up on that point just in terms of the import level, that's fallen quite aggressively this year. But I'm just trying to work out, how much room is there in this pricing cycle, above which then you bring imports to become more competitive again, even net of the Section 232. I wonder if you maybe just give some thoughts on that parity level with the imports.

很好，這很有幫助。再很快追問一下，關於進口水準，今年下滑得相當明顯。但我想釐清的是，在這一輪定價循環中，價格上升到什麼程度之後，即使扣除 232 條款的影響，進口品又會變得更具競爭力？想請你談談與進口品的平價水準大概在哪裡。

Yes, I mean, 2026, as you said, imports have been contained and we expect to see similar levels in the coming quarter. The main reason of this containment, as you said are the Section 232 tariffs, but also the trade cases filed against unfairly traded imports. So assuming that we have a positive determination in the new trade case, we expect imports to stay contained and for them to start to grow, we will need a more relevant price increase.

是的，我的意思是，2026 年如你所說，進口已受到抑制，我們預期接下來一季也會維持類似水準。造成這種抑制的主要原因，如你所說，是 232 條款關稅，但也包括針對不公平貿易進口所提出的貿易案件。因此，假設新的貿易案件能得到正面裁定，我們預期進口將持續受控；而若要讓進口開始成長，則需要更顯著的價格上漲。

Brilliant. Thank you very much. I'll turn it back. Thanks very much for the color.

太好了。非常感謝。我把時間交回去。非常感謝提供的補充說明。

Isacco Brambilla, MedioBanca.

Isacco Brambilla，Mediobanca。

Hi. Good morning, everybody. Hope you can hear me well. Back of questions have already been answered. So I make just a couple. First, on profitability, is it correct to assume that the second quarter should represent the weakest quarter of 2026 for reviewing terms of the EBITDA margin with sequential improvement throughout the second half.

嗨。各位早安。希望你們聽得清楚。後面一些問題已經被回答了。所以我只問兩個。第一個，關於獲利能力，是否可以這樣假設：2026 年第二季在 EBITDA 利潤率的檢視上會是全年最弱的一季，且下半年將逐季改善。

Good morning, Isacco.I believe the second quarter and the third quarter will be similar in revenues and pretty much in line on EBITDA margin. So, I would say that second and third are looking very similar pretty much in line and we will see the uptick starting in the fourth quarter and going forward. So, second and third, I would say are very similar.

早安，Isacco。我認為第二季和第三季在營收上會相近，EBITDA 利潤率也大致持平。所以我會說第二季和第三季看起來非常相似、基本上持平；我們會從第四季開始看到回升並延續到之後。因此，第二季和第三季我會說非常相似。

The lower volume and the logistic extra cost and the same components that we explained, that reduction in the second quarter is still present in the third quarter.

較低的出貨量、物流額外成本，以及我們先前說明過的相同因素；第二季的那個下滑在第三季仍然存在。

Okay, so just to follow-up on that, as impacts from lower absorption of fixed cost and higher logistics and transportation for our third quarter reviews, we can take into account the same indication given together with the second quarter, so --

好的，那我追問一下：就第三季的檢視而言，因固定成本吸收不足以及物流與運輸成本較高所造成的影響，我們可以採用與第二季一起給出的相同指引，所以--

Yeah --

對--

Okay, thanks.

好的，謝謝。

Yeah, correct. While when you go to the fourth quarter, we are seeing a volume that is going to be north of 1,000,000 tons. So in that moment, I think the volume will start supporting and helping the absorption of fixed cost in the EBITDA margin that you're looking at.

對，正確。而到了第四季，我們看到出貨量將超過 1,000,000 噸。所以在那個時點，我認為出貨量將開始支撐並有助於固定成本的吸收，反映在你所關注的 EBITDA 利潤率上。

Brilliant. Thanks.

太好了。謝謝。

(Operator Instructions)

(接線員指示)

Jamie Franklin, Jefferies.

Jamie Franklin，Jefferies。

Oh, hi there. Thanks for taking my questions. Just a couple of quick ones. Just on the fracking operations, obviously the operating margin in your other line came down a little bit in 2Q. Of course, it's small numbers relative to the overall group, but just wondering what a normalized level of margin kind of looks like for this business going forward. And also if you can give us an update on the third set of equipment that's expected to be added by year end.

喔，你好。謝謝讓我提問。我有幾個很快的問題。先談壓裂作業，顯然你們「其他」業務線的營業利潤率在第二季小幅下滑。當然，相對於整個集團這是小數字，但想請教這項業務未來正常化的利潤率大概會落在什麼水準。另外，也請更新一下預計年底前新增的第三套設備的進度。

And then secondly, just on the 3Q impact, could you just dive a bit deeper into the seasonality and product mix effects that you mentioned please?

第二點，關於第三季的影響，你能否再更深入說明一下你提到的季節性與產品組合效應？

Sure, Jamie. On the first question, second quarter and third quarter. We will have some white space in our utilization of our two units of fracking in Argentina. And in the fourth quarter, we have our third unit starting operations, so we will see an uptick in the level of invoicing of this segment of the business. And in terms of margin and profitability I would not disclose it for competitive reasons, but I would say that this is a business that is with an EBITDA ratio contributing and accretive to the average of Tenaris.

當然，Jamie。關於第一個問題，第二季和第三季，我們在阿根廷兩套壓裂設備的稼動率上會有一些空檔。而在第四季，我們的第三套設備將開始運作，因此我們會看到該業務分部的開立發票水準上升。至於利潤率與獲利能力，基於競爭因素我不便揭露，但我會說這是一項 EBITDA 比率對 Tenaris 平均水準有貢獻、且具增益的業務。

On your second point regarding the mix third quarter, we have seasonality in Europe. Typically, the third quarter we have our shutdown of our operations in Europe and also many of our customers reduce the level of activity, of purchasing. So, there is a slight reduction on seamless volumes in the third quarter. And related to the additional mix point is that we are starting the shipment of the large Sakarya pipeline, a welded SAW pipeline from Brazil into Turkey. It started this quarter and will continue for three or four quarters.

關於你第二點、第三季的組合影響，我們在歐洲有季節性因素。通常第三季我們會在歐洲進行停工檢修，且許多客戶也會降低活動與採購水準。因此第三季無縫管的出貨量會略為下降。另外一個組合因素是，我們開始出貨 Sakarya 大型管線專案，這是從巴西運往土耳其的焊接 SAW 管線。本季已開始，並將持續三到四個季度。

And this has an average price and margin that is below the average of Tenaris, so it's a very interesting project, but from that point of view, has a slight effect on the mix. So, these are the color behind the seasonality and mix, which are particular to the third quarter.

該專案的平均售價與利潤率低於 Tenaris 的平均水準，因此這是一個非常有意思的專案，但從這個角度來看，對產品組合會有些微影響。以上就是第三季季節性與組合因素背後的補充說明。

Very helpful. Thank you.

非常有幫助。謝謝。

(Operator Instructions)

(接線員指示)

As I see no further questions in the queue, I will turn the call back to Giovanni Sardagna for final comments.

我看到佇列中沒有其他問題，我將把電話交回 Giovanni Sardagna 作最後結語。

Well, thank you, Carmen, and thank you all for joining us. And we talk soon. Thank you.

好的，謝謝你，Carmen，也謝謝各位加入我們。我們很快再聊。謝謝。

Thank you.

謝謝。

And this will conclude our conference. Thank you for participating, and you may now disconnect.

本次電話會議到此結束。感謝各位參與，現在可以斷線。