Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 27

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 27
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 |  2,483 |   |     |     |  2,452 |   |
| Non-current investments                                     |     |                                         |  1,003 |   |     |     |  1,121 |   |
| Current Borrowings                                          |     |                                         |   (320 | ) |     |     |   (560 | ) |
| Non-current borrowings                                      |     |                                         |     (4 | ) |     |     |    (21 | ) |
| Derivatives hedging borrowings and investments              |     |                                         |     (4 | ) |     |     |      - |   |
| Net cash                                                    |     |                                         |  3,729 |   |     |     |  3,843 |   |

Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion
(including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction
in working capital of $276 million) in the first half of 2024.

Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million
in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half
of 2024.

Following a dividend payment of $600 million in May 2025 and share buybacks
of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025.

| 16 |

| Half-year report 2025 - Interim management report |

#### Other Significant Events of the Period
Annual General Meeting of Shareholders

On May 6, 2025, the Company’s annual general meeting of shareholders approved all resolutions
on its agenda.

Among other resolutions adopted at the annual general meeting, shareholders acknowledged the
Company’s consolidated annual report for the year ended December 31, 2024, which includes the consolidated management report containing
the financial and non-financial information required by applicable law, and the related management certifications and external auditors’
reports on the 2024 consolidated financial statements, annual accounts and sustainability statement. The shareholders also approved the
consolidated financial statements as of and for the year ended December 31, 2024,