Company: TNRSF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001171843-25-004924
Chunk: 11

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 11
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 ) |
| Depreciation and amortization                             |     |                           150,002 |   |     | 138,509 |   |     |                         296,408 |   |     |   313,951 |   |
| EBITDA                                                    |     |                           732,736 |   |     | 650,218 |   |     |                       1,429,055 |   |     | 1,637,324 |   |

Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating
cash flow less capital 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) | 2025 | Three-month period ended June 30, |   |     | 2024 |          |   |     | 2025 | Six-month period ended June 30, |   |     | 2024 |           |   |
|:------------------------------------------|:-------------------------------------------|:-----|----------------------------------:|:--|:----|:-----|---------:|:--|:----|:-----|--------------------------------:|:--|:----|:-----|----------:|:--|
| Net cash provided by operating activities |                                            |      |                           673,147 |   |     |      |  935,201 |   |     |      |                       1,494,147 |   |     |      | 1,822,178 |   |
| Capital expenditures                      |                                            |      |                          (135,454 | ) |     |      | (161,318 | ) |     |      |                        (309,292 | ) |     |      |  (333,415 | ) |
| Free cash flow                            |                                            |      |                           537,693 |   |     |      |  773,883 |   |     |      |                       1,184,855 |   |     |      | 1,488,763 |   |

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