Company: TNRSF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001171843-25-006841
Chunk: 16

Company: TENARIS SA
Filing Date: 2025-10-30
Form: 6-K
Chunk 16
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 include assumptions regarding average purchase prices of previous periods, and management's past experience related to the conclusion of the share buyback program itself. A reasonable change in the inputs used would have not affected the fair value of the liability materially.

Borrowings are comprised primarily of fixed rate debt and variable rate debt with a short-term portion where interest has already been fixed. They are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that the fair value (level 2) of its main borrowings is approximately 99.1% of its carrying amount including interests accrued as of September 30, 2025, as compared with 98.3% as of December 31, 2024. Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting cash flows.

| 17 | Investments in non-consolidated companies |

This note supplements and should be read in conjunction with note 14 “Investments in non-consolidated companies” to the Company’s audited Consolidated Financial Statements for the year ended December 31, 2024.

|                                                             |     | Nine-month period ended 
 September 30,           |      2025 |   |     |     |      2024 |   |
|:------------------------------------------------------------|:----|:------------------------|----------:|:--|:----|:----|----------:|:--|
|                                                             |     | -Unaudited              |           |   |     |     |           |   |
| At the beginning of the period                              |     |                         | 1,543,657 |   |     |     | 1,608,804 |   |
| Translation differences                                     |     |                         |    28,120 |   |     |     |   (24,095 | ) |
| Equity in earnings / (losses) of non-consolidated companies |     |                         |    37,731 |   |     |     |   (26,735 | ) |
| Dividends and distributions received                        |     |                         |   (41,348 | ) |     |     |   (50,537 | ) |
| (Decrease) /increase in equity reserves and others          |     |                         |    (5,364 | ) |     |     |    43,239 |   |
| At the end of the period                                    |     |                         | 1,562,796 |   |     |