Operator

Good day, and thank you for standing by. Welcome to the First Quarter Tenaris S.A. Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to the Investor Relations Officer, Giovanni Sardagna. Please go ahead.

Giovanni Sardagna

Thank you, Carmen, and welcome to Tenaris 2026 First Quarter Conference Call. Before we start, I would like to remind you that we will be discussing forward-looking information during the call and that our actual results may vary from those expressed or implied in this call. With me on the call today are Gabriel Podskubka, our newly appointed Chief Executive Officer; Carlos Alzaga, our Chief Financial Officer; and Guillermo Moreno, President of our U.S. Operations. Before passing over the call to Gabriel for his opening remarks, I would like to briefly comment our quarterly results.

Our first quarter sales reached $3.1 billion, up 6% year-on-year and 4% sequentially despite the disruption in the Middle East caused by the conflict and the closure of the Strait of Hormuz. Our sales benefited from seasonally higher activity in Canada, a limited recovery of activity in Mexico, higher offshore sales in Brazil, some stock building in North Africa and an advance of shipment in Saudi Arabia.

Average selling prices in our Tubes