Company: TNRSF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001171843-25-006840
Chunk: 11

Company: TENARIS SA
Filing Date: 2025-10-30
Form: 6-K
Chunk 11
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 465,073 |   |
| EBITDA                                                    |                                            |      |                  753,472 |   |     |      | 688,221 |   |     |      |               2,182,527 |   |     |      | 2,325,545 |   |

Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow = Net cash (used in) provided by operating activities - Capital expenditures.

Free cash flow is a non-IFRS alternative performance measure.

|                                           | (all amounts in thousands of U.S. dollars) | 2025 | Three-month period ended 
            September 30, |   |     | 2024 |          |   |     | 2025 | Nine-month period ended 
           September 30, |   |     | 2024 |           |   |
|:------------------------------------------|:-------------------------------------------|:-----|-------------------------:|:--|:----|:-----|---------:|:--|:----|:-----|------------------------:|:--|:----|:-----|----------:|:--|
| Net cash provided by operating activities |                                            |      |                  318,255 |   |     |      |  551,812 |   |     |      |               1,812,402 |   |     |      | 2,373,990 |   |
| Capital expenditures                      |                                            |      |                 (185,384 | ) |     |      | (178,671 | ) |     |      |                (494,676 | ) |     |      |  (512,086 | ) |
| Free cash flow                            |                                            |      |                  132,871 |   |     |      |  373,141 |   |     |      |               1,317,726 |   |     |      | 1,861,904 |   |

Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and