Company: TNRSF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001171843-25-004924
Chunk: 10

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 10
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, other measures of financial performance prepared in accordance with IFRS.

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation
and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending
on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects
cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation),
as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings
(losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

EBITDA is a non-IFRS alternative performance measure.

| (all amounts in thousands of U.S. dollars)                |     | Three-month period ended June 30, 
                              2025 |   |     |    2024 |   |     | Six-month period ended June 30, 
                            2025 |   |     |      2024 |   |
|:----------------------------------------------------------|:----|----------------------------------:|:--|:----|--------:|:--|:----|--------------------------------:|:--|:----|----------:|:--|
| Income for the period                                     |     |                           541,706 |   |     | 348,226 |   |     |                       1,059,570 |   |     | 1,098,451 |   |
| Income tax charge                                         |     |                           105,342 |   |     | 138,147 |   |     |                         186,684 |   |     |   223,003 |   |
| Equity in earnings (losses) of non-consolidated companies |     |                           (32,651 | ) |     |  82,519 |   |     |                         (46,686 | ) |     |    34,340 |   |
| Financial Results                                         |     |                           (31,663 | ) |     | (57,183 | ) |     |                         (66,921 | ) |     |   (32,421 |