Company: TNRSF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001171843-25-004924
Chunk: 12

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 12
---
. 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/debt 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 |   |

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 June 30, |   |     |            |   |
|                                            |     |        2025 |   |     |       2024 |