Company: TNRSF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001171843-25-006840
Chunk: 12

Company: TENARIS SA
Filing Date: 2025-10-30
Form: 6-K
Chunk 12
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 creditors to assess the company’s leverage, financial strength, flexibility and risks.

Net cash/ debt is calculated in the following manner:

Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments - Borrowings (Current and Non-Current).

Net cash/debt is a non-IFRS alternative performance measure.

| (all amounts in thousands of U.S. dollars)     |     | At September 30, |           |   |     |      |           |   |
|                                                |     |             2025 |           |   |     | 2024 |           |   |
| Cash and cash equivalents                      |     |                  |   547,183 |   |     |      |   715,028 |   |
| Other current investments                      |     |                  | 2,442,088 |   |     |      | 2,798,807 |   |
| Non-current investments                        |     |                  |   823,781 |   |     |      | 1,013,474 |   |
| Derivatives hedging borrowings and investments |     |                  |    (2,179 | ) |     |      |         - |   |
| Current borrowings                             |     |                  |  (325,338 | ) |     |      |  (485,996 | ) |
| Non-current borrowings                         |     |                  |    (2,251 | ) |     |      |   (14,405 | ) |
| Net cash / (debt)                              |     |                  | 3,483,284 |   |     |      | 4,026,908 |   |

Operating working capital days

Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

Operating working capital days is calculated in the following manner:

Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

Operating working capital days is a non-IFRS alternative performance measure.

| (all amounts in thousands of U.S. dollars) |     | At September 30, |            |   |     |      |            |   |
|                                            |     |             2025 |            |   |     | 2024 |            |