Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 77

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 77
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429,055 |   |     |     | 1,637,324 |   |

Net cash / (debt) position

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 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 is a non-IFRS alternative performance measure.

| (all amounts in thousands of U.S. dollars)     |     | At June 30, |           |   |     |      |           |   |
|                                                |     |        2025 |           |   |     | 2024 |           |   |
| Cash and cash equivalents                      |     |             |   572,289 |   |     |      |   850,236 |   |
| Other current investments                      |     |             | 2,482,514 |   |     |      | 2,452,375 |   |
| Non-current investments                        |     |             | 1,002,523 |   |     |      | 1,120,834 |   |
| Derivatives hedging borrowings and investments |     |             |    (3,698 | ) |     |      |         - |   |
| Current borrowings                             |     |             |  (319,919 | ) |     |      |  (559,517 | ) |
| Non-current borrowings                         |     |             |    (4,361 | ) |     |      |   (21,386 | ) |
| Net cash / (debt)                              |     |             | 3,729,348 |   |     |      | 3,842,542 |   |

| 54 |

| Half-year report 2025 - Interim management report |

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