Tenaris posted excellent (consensus-beating) results for Q1 23. This stemmed from still supportive prices (more or less flat on average) but most of all volumes (+16% sequentially despite the high comparison basis). Cash generation was also impressive in the quarter. The outlook calls for a degree of slowdown from this very high level (as expected) but this raises the question of momentum seen from the investors’ point of view. We will revise our forecasts a tick upwards.