Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002693
Chunk: 7

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 7
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 expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain
or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow = Net cash (used in) provided by operating activities -
Capital expenditures.

Free cash flow is a non-IFRS alternative performance measure.

| (all amounts in thousands of U.S. dollars) |     | Three-month period ended March 31, |     2025 |   |     |     |     2024 |   |
|:-------------------------------------------|:----|:-----------------------------------|---------:|:--|:----|:----|---------:|:--|
| Net cash provided by operating activities  |     |                                    |  821,000 |   |     |     |  886,977 |   |
| Capital expenditures                       |     |                                    | (173,838 | ) |     |     | (172,097 | ) |
| Free cash flow                             |     |                                    |  647,162 |   |     |     |  714,880 |   |

Net Cash / (Debt)

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/debt is a non-IFRS alternative performance measure.

| (all amounts in thousands of U.S. dollars) |     | At March 31, |           |   |     |      |           |   |
|                                            |     |         2025 |           |   |     | 2024 |           |   |
| Cash and cash equivalents                  |     |              |   770,208 |   |     |      | 1,323,350 |   |
| Other current investments                  |     |              | 2,581,761 |   |     |      | 2,248,863 |   |
| Non-current investments                    |     |              | 1,007