Tenaris beats profit forecasts; Euronext revenue rises 24.9% in third quarter

Tenaris beats profit expectations

Tenaris, the steel pipe maker and energy services group listed in Milan, reported third-quarter net profit of 521 million dollars, up 15% on a year earlier and well above the 407 million dollars analysts had estimated. Its shares closed 3.6% higher at 25.8 euros on 5 November, according to Il Messaggero. The beat came from stronger demand in North America and higher shipments to customers in the Middle East, even as raw material, energy and logistics costs rose. The EBITDA margin reached 24.4%, against 21.9% forecast by the analyst consensus and 23.7% a year earlier.

Actual521

Analyst estimate407

Actual

521 million dollars

Analyst estimate

407 million dollars

Data from the article text

Revenue and guidance

Revenue grew 4% to 3.102 billion dollars, ahead of the 2.972 billion dollars expected. Over the first nine months of the year, net profit climbed 4% to 1.578 billion dollars, while revenue rose 2%. The company expects revenue and EBITDA to increase again in the fourth quarter, citing higher demand and prices for oil country tubular goods in North America and more shipments for offshore projects. Chief executive Gabriel Podskubka, who succeeded Paolo Rocca in the top executive role in May 2026 while Rocca stayed on as chairman, said it was still too early to give guidance for the first quarter of 2027. He nonetheless expected revenue to be higher, pointing to volume gains and the existing backlog, while acknowledging an uncertain operating environment.

Actual3.102

Analyst estimate2.972

Actual

3.102 billion dollars

Analyst estimate

2.972 billion dollars

Data from the article text

Euronext and other results

Euronext reported third-quarter revenue of 547.4 million euros, up 24.9% from a year earlier, and adjusted net profit of 223.2 million euros, 32% higher. Adjusted EBITDA reached 364.2 million euros, a margin of 66.5%, which was 3.3 percentage points higher. Revenue from securities services rose 12.2% to 86.7 million euros, while market and data solutions revenue grew 14.1% to 192.2 million euros, helped by the consolidation of Euronext Athens. The exchange group will start a share buyback of up to 350 million euros on 9 November 2026, running for a maximum of twelve months. Chief executive Stéphane Boujnah said the quarter extended a run of ten consecutive quarters of double-digit growth and that the results confirmed the diversified business and the Innovate for Growth 2027 plan. On the same day, Pirelli reported nine-month revenue of 5.27 billion euros, up 1.6%, and Nexi reported nine-month revenue of 2.67 billion euros, up 1.1%.

Milan lags Europe as US tech sells off

European bourses started 5 November near their highs, with the Stoxx 600 index holding up while investors weighed the outcome of the US midterm elections and the durability of artificial intelligence spending. A sell-off on Wall Street then dragged on sentiment in Europe. Semiconductor shares fell on fears that a Democratic win in the midterms could slow the build-out of new data centres. By the afternoon Milan's index was down about 1%, the weakest in Europe according to Il Messaggero. STMicroelectronics and Technoprobe lost more than 7% in Milan at one point. Brent crude traded near 97 dollars a barrel, while the spread between Italian and German ten-year bonds ranged between 103 and 108 basis points during the day.