Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 14

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 14
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|:-----|--------------------------------------:|:--|:----|:-----|---------:|:--|:----|:-----|---------------------------------------:|:--|:----|:-----|----------:|:--|
| Net cash provided by operating activities |                                            |      |                               492,228 |   |     |      |  835,735 |   |     |      |                              2,866,218 |   |     |      | 4,395,073 |   |
| Capital expenditures                      |                                            |      |                              (181,870 | ) |     |      | (166,820 | ) |     |      |                               (693,956 | ) |     |      |  (619,445 | ) |
| Free cash flow                            |                                            |      |                               310,358 |   |     |      |  668,915 |   |     |      |                              2,172,262 |   |     |      | 3,775,628 |   |

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 December 31, |           |   |     |      |           |   |
|                                            |     |            2024 |           |   |     | 2023 |           |   |
| Cash and cash equivalents                  |     |                 |   675,256 |   |     |      | 1,637,821 |   |
| Other current investments                  |     |                 | 2,372,999 |   |     |      | 1,969,631 |   |
| Non-current investments                    |     |                 |   998,251 |   |     |      |   398,220 |