Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002693
Chunk: 8

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 8
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,444 |   |     |      |   976,206 |   |
| Current borrowings                         |     |              |  (345,183 | ) |     |      |  (608,278 | ) |
| Non-current borrowings                     |     |              |    (7,437 | ) |     |      |   (28,122 | ) |
| Net cash / (debt)                          |     |              | 4,006,793 |   |     |      | 3,912,019 |   |

Operating working capital days

Operating working capital is the difference between the main operating
components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency,
and short-term financial health.

Operating working capital days is calculated in the following manner:

Operating working capital days = [(Inventories + Trade receivables –
Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

Operating working capital days is a non-IFRS alternative performance measure.

| (all amounts in thousands of U.S. dollars) |     | At March 31, |            |   |     |      |            |   |
|                                            |     |         2025 |            |   |     | 2024 |            |   |
| Inventories                                |     |              |  3,519,237 |   |     |      |  3,911,719 |   |
| Trade receivables                          |     |              |  1,842,313 |   |     |      |  2,303,293 |   |
| Customer advances                          |     |              |   (228,086 | ) |     |      |   (239,342 | ) |
| Trade payables                             |     |              |   (831,716 | ) |     |      | (1,041,434 | ) |
| Operating working capital                  |     |              |  4,301,748 |   |     |      |  4,934,236 |   |
| Annualized quarterly sales                 |     |              | 11,688,848 |   |     |      | 13,766,176 |   |
| Operating working capital days             |     |              |        134 |   |     |      |        131 |   |