| 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, are:
|
|
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 exchange and commodities derivative contracts and hedge accounting
Tenaris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair values of exchange rate derivatives and those derivatives that were designated for hedge accounting as of December 31, 2025, and 2024 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
|
) |
Following is a summary of the hedge reserve evolution:
|
|
Equity reserve
Dec-2023
|
Movements 2024
|
|
|
Equity reserve
Dec-2024
|
|
|
Movements 2025
|
|
|
Equity reserve
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 the majority of the cash flow hedge reserve corresponding to derivatives instruments at December 31, 2025 will be recycled to the Consolidated Income Statement during 2026. For information on hedge accounting reserve, see section III.D to these Consolidated Financial Statements.
|