Tenaris shares jumped over 4% following a strong Q4 earnings report, with EBITDA of $717 million, 7% above consensus estimates, and free cash flow of $665 million. The steel-pipe manufacturer’s performance eased concerns about a softening North American drilling market and U.S. steel tariffs. EBITDA margins reached 23.9%, exceeding forecasts, while revenue remained flat at $3 billion.

North American tube sales held steady at $1.45 billion despite subdued U.S. drilling activity. The company attributed resilience to stable demand in the U.S. and Canada and noted that tariffs had minimal impact on margins after restarting its Koppel steel shop. Tenaris returned $300 million in dividends and repurchased $537 million in shares, leaving a net cash position of $3.3 billion.

The board maintained a full-year dividend of $0.89 per share, with an interim payment of $0.60 scheduled for May. Executives expect first-quarter sales and margins to remain stable, though U.S. OCTG prices may adjust as cost pressures rise. Analysts highlighted the absence of negative surprises and reaffirmed stable guidance, though they kept a 'hold' rating with a €17 price target.

Oil prices above $70 per barrel also bolstered investor sentiment.