Company: TNRSF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001171843-25-004924
Chunk: 5

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 5
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5, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income
tax charge reflects better results at several subsidiaries.

Cash Flow and Liquidity of 2025 Second Quarter

Net cash generated by operating activities during the second quarter of
2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second
quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million.

With capital expenditures of $135 million, our free cash flow amounted
to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our
net cash position amounted to $3.7 billion at June 30, 2025.

Analysis of 2025 First Half Results

|                                      |     | 6M 2025 |   |     | 6M 2024 |   |     | Increase/(Decrease) |    |
| Net sales ($ million)                |     |   6,008 |   |     |   6,763 |   |     |                 (11 | %) |
| Operating income ($ million)         |     |   1,133 |   |     |   1,323 |   |     |                 (14 | %) |
| Net income ($ million)               |     |   1,060 |   |     |   1,098 |   |     |                  (4 | %) |
| Shareholders’ net income ($ million) |     |   1,038 |   |     |   1,072 |   |     |                  (3 | %) |
| Earnings per ADS ($)                 |     |    1.94 |   |     |    1.87 |   |     |                   4 | %  |
| Earnings per share ($)               |     |    0.97 |   |     |    0.93 |   |     |                   4 | %  |
| EBITDA* ($ million)                  |     |   1,429 |   |     |   1,637 |   |     |                 (13 | %) |
| EBITDA margin (% of net sales)       |     |    23.8 | % |