Securities Transactions by Persons Discharging Managerial Responsibilities under Regulation (EU) No 596/2014 on market abuse

On March 5, 2026, Tenaris S.A., a prominent global supplier of steel tubes and related services, disclosed that it received a notification of a securities transaction from an individual classified as a person discharging managerial responsibilities as per Regulation (EU) No 596/2014 concerning market abuse. This regulation aims to maintain market integrity by imposing transparency requirements on transactions by individuals in key managerial roles.

The notification has been duly filed with both the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) and the Luxembourg Stock Exchange, ensuring compliance with local and EU regulations. Investors and stakeholders can access this transaction notification via the Luxembourg Stock Exchange’s official site through the provided link: https://www.bourse.lu/oam-search. Furthermore, Tenaris has made it convenient for the public to view detailed information about all transactions reported by its managerial personnel. This information is available on its dedicated section on corporate governance and ethics, found at: https://www.tenaris.com/en/sustainability/governance-and-ethics/, where users can navigate to the "Share transactions" tab under "Share capital and votes".

Tenaris operates at the forefront of the energy sector, providing essential products and services that meet the demanding requirements of both the energy industry and various industrial applications. The company’s commitment to transparency and regulatory adherence underscores its dedication to ethical practices and good governance, factors crucial for maintaining investor trust and sustaining its market position. Giovanni Sardagna reiterated the company's ongoing initiatives to uphold regulatory standards and ensure that its operations align with best practices in market conduct. Stakeholders are encouraged to stay informed about such transactions to make well-founded investment decisions.

Analyzing recent securities transactions reported by Persons Discharging Managerial Responsibilities (PDMRs) under Regulation (EU) No 596/2014 is crucial for market participants looking to gauge insider sentiment and potential future stock performance. Tenaris S.A., a prominent player in the energy industry headquartered in Luxembourg, has recently filed notifications concerning transaction activities involving its PDMRs, a move consistent with regulatory compliance aimed at enhancing market transparency.

When management engages in share transactions, whether purchasing or selling, it can serve as a critical signal. A purchase by a PDMR often indicates investors' confidence in the company's future growth and can lead to positive market sentiment, potentially driving the stock price higher. Conversely, selling may raise alarms about the company's outlook or individual managers' confidence, potentially leading to stock price declines.

Investors should investigate the specifics of these reported transactions through the links provided in Tenaris's announcement or on their website. Such transactions occurring during earnings reports or significant corporate announcements suggest a deeper insight into management's perspective that investors should closely consider.

Given Tenaris's positioning as a leading supplier of steel tubes for the energy sector, fluctuations in global energy markets or shifts in regulatory landscapes can significantly impact performance. The industry's cyclical nature renders PDMR transactions particularly salient, as management's buy/sell decisions may closely correlate with anticipated shifts in demand.

In summary, investors should carefully analyze the reported transactions by Tenaris's PDMRs. Look for patterns or significant shifts in holdings that could reveal insights into managerial sentiment and projected performance. Aligning these insights with broader market trends in the energy industry could provide critical context for potential investment decisions.