XML 109 R38.htm IDEA: XBRL DOCUMENT
v3.26.1

Note 26 - Derivative financial instruments | 12 Months Ended
--- | ---
Dec. 31, 2025
III. FINANCIAL RISK MANAGEMENT |
Note 26 - Derivative financial instruments | 26 Derivative financial instruments Net fair values of derivative financial instruments The net fair values of derivative financial instruments, in accordance with IFRS 13, a re:
| Year ended December 31, |
| 2025 |  |  | 2024 |
Other derivatives | 1,875 |  |  | 7,484 |
Contracts with positive fair values | 1,875 |  |  | 7,484 |
Derivatives hedging borrowings and investments | (2,669 | ) |  | - |
Other derivatives | (11,661 | ) |  | (8,300 | )
Contracts with negative fair values | (14,330 | ) |  | (8,300 | )
Total | (12,455 | ) |  | (816 | )
Other derivatives include contracts which are designated to hedge positions other than borrowings and investments. Foreign e xchange and commodities derivative contracts and hedge accounting Te naris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair values of exchange rate derivatives and those derivat iv es that were designated for hedge accounting as of December 31, 20 2 5, and 20 2 4 were as follows:
Purchase currency | Sell currency | Term | Fair value |  |  | Hedge accounting reserve |
2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
BRL | USD | 2026 | - |  |  | (2,818 | ) |  | - |  |  | 1,776 |
EUR | USD | 2026 | 757 |  |  | (2,551 | ) |  | 550 |  |  | (2,091 | )
USD | BRL | 2026 | 500 |  |  | 1,579 |  |  | (18 | ) |  | - |
USD | CAD | 2026 | (2,169 | ) |  | 1,465 |  |  | - |  |  | - |
USD | EUR | 2026/2027 | (3,989 | ) |  | 1,089 |  |  | (1,048 | ) |  | 383 |
MXN | USD | 2026 | 60 |  |  | 770 |  |  | - |  |  | - |
USD | KWD | 2026 | 212 |  |  | 569 |  |  | - |  |  | - |
USD | MXN | 2026 | (4,726 | ) |  | (282 | ) |  | - |  |  | - |
USD | NGN | 2026 | (43 | ) |  | (212 | ) |  | - |  |  | - |
USD | ARS | 2026 | 56 |  |  | - |  |  | 19 |  |  | - |
USD | COP | 2026 | (171 | ) |  | 202 |  |  | - |  |  | - |
USD | GBP | 2026 | (108 | ) |  | 134 |  |  | - |  |  | - |
USD | CNY | 2026 | (65 | ) |  | 73 |  |  | - |  |  | - |
RON | USD | 2026 | (39 | ) |  | (31 | ) |  | - |  |  | - |
Others |  | 2026 | (417 | ) |  | 5 |  |  | 77 |  |  | 120 |
Total |  |  | (10,142 | ) |  | (8 | ) |  | (420 | ) |  | 188 |
Commodity derivatives | Term | Fair value |  |  | Hedge accounting reserve |
2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
LME Scrap | 2026 | - |  |  | (1,974 | ) |  | - |  |  | (1,974 | )
PSV Gas | 2026 | (1,415 | ) |  | 1,097 |  |  | (1,415 | ) |  | 1,097 |
Nickel | 2026 | (194 | ) |  | 52 |  |  | (194 | ) |  | 52 |
Houston Ship Channel Gas | 2026 | - |  |  | 34 |  |  | - |  |  | 34 |
Electric Energy | 2026 | (301 | ) |  | (17 | ) |  | (301 | ) |  | (17 | )
TTF Gas | 2026 | (403 | ) |  | - |  |  | (403 | ) |  | - |
Total |  | (2,313 | ) |  | (808 | ) |  | (2,313 | ) |  | (808 | )
F ollowing is a summary of the hedge reserve evolution:
| Equity r eserve Dec-2023 | Movements 2024 |  |  | Equity r eserve Dec-2024 |  |  | Movements 2025 |  |  | Equity r eserve Dec-2025 |
Foreign Exchange & Commodities | 8,133 | (8,753 | ) |  | (620 | ) |  | (2,113 | ) |  | (2,733 | )
Total Cash flow Hedge | 8,133 | (8,753 | ) |  | (620 | ) |  | (2,113 | ) |  | (2,733 | )
Tenaris estimates that t he majority of the cash flow he dge reserve corresponding to derivatives instruments at December 31, 20 2 5 will be recycled to the Consolida ted Income Statement during 202 6. For informa tion on hedge accounting reserve, see s ection III.D to these Consolidated Financial Statements.

X
- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Note Expiry date 2027-01-01 -Name IAS -Number 1 -IssueDate 2025-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_10_e&doctype=Standard -URIDate 2025-03-27 + Details
Name: | ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration