Company: TNRSF
Filing Date: 2025-10-30
Form Type: 6-K
Source: 0001171843-25-006840
Chunk: 7

Company: TENARIS SA
Filing Date: 2025-10-30
Form: 6-K
Chunk 7
---
inas.

Financial resultsamounted to a gain of $104 million in the first nine months of 2025, compared to a gain of $81 million in the first nine months of 2024. While net finance income increased in the first nine months of 2025, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first nine months of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income.

Equity in earnings (losses) of non-consolidated companiesgenerated a gain of $38 million in the first nine months of 2025, compared to a loss of $27 million in the first nine months of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and Usiminas. The first nine months of 2024 were negatively affected by an $86 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

Income tax amounted to a charge of $358 million in the first nine months of 2025, compared to $357 million in the first nine months of 2024. Despite a lower income before equity in earnings and income tax, the tax charge for the first nine months of 2025 is similar to the previous period, mainly due to the lower net effect of foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, primarily in Argentina.

Cash Flow and Liquidity of 2025 First Nine Months

Net cash provided by operating activities during the first nine months of 2025 amounted to $1.8 billion (net of an increase in working capital of $62 million), compared to cash provided by operations of $2.4 billion (including a reduction in working capital of $324 million) in the first nine months of 2024.

Capital expenditures amounted to $495 million in the first nine months of 2025, compared to $512 million in the first nine months of 2024. Free cash flow amounted to $1.3 billion in the first nine months of 2025, compared to $1.9 billion in the first nine months of 2024.

Following a dividend payment of $600 million in May 2025 and share buybacks of $825 million during the first nine months of 2025, our net cash position amounted to $3.5 billion at