Company: TNRSF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001171843-25-006840
Chunk: 4

Company: TENARIS SA
Filing Date: 2025-10-30
Form: 6-K
Chunk 4
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38% sequentially and decreased 17% year on year. Sequentially, sales decreased mainly due to lower sales of oilfield services in Argentina.

Selling, general and administrative expenses, or SG&A, amounted to $435 million, or 14.6% of net sales, in the third quarter of 2025, compared to $484 million, 15.7% in the previous quarter and $454 million, 15.6% in the third quarter of 2024. Sequentially, the decrease in SG&A is mainly due to a reversal of provisions for contingencies, lower labor costs and lower logistic costs.

Financial results amounted to a gain of $37 million in the third quarter of 2025, compared to a gain of $32 million in the previous quarter and a gain of $48 million in the third quarter of 2024. The financial result of the quarter is mainly attributable to a $47 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results.

Equity in earnings (losses) of non-consolidated companies generated a loss of $9 million in the third quarter of 2025, compared to a gain of $33 million in the previous quarter and a gain of $8 million in the third quarter of 2024. This loss is mainly attributable to the result derived from our participation in Usiminas, partially offset by the positive result in Ternium (NYSE:TX).

Income tax charge amounted to $172 million in the third quarter of 2025, compared to $105 million in the previous quarter and $134 million in the third quarter of 2024. The quarter income tax charge includes the negative net effect from foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, mainly in Argentina.

Cash Flow and Liquidity of 2025 Third Quarter

Net cash generated by operating activities during the third quarter of 2025 was $318 million, compared to $673 million in the previous quarter and $552 million in the third quarter of 2024. During the third quarter of 2025 cash generated by operating activities is net of a working capital increase of $312 million.

With capital expenditures of $185 million, our free cash flow amounted to $133 million during the quarter. Following share buybacks of $351 million in the quarter, our net cash position amounted to $3.5 billion at September 30, 2025.

Analysis of 2025 First Nine Months Results

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