Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 26

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 26
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 of a participation in Usiminas on our Ternium investment.

Income taxamounted to a charge of $187 million in the first half of 2025, compared to
$223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries.

| 15 |

| Half-year report 2025 - Interim management report |

Liquidity and Capital Resources

The following table provides certain information related to our cash generation and changes
in our cash and cash

equivalents position for the periods indicated below:

| Millions of U.S. dollars                                    |     | For the six-month period ended June 30, |   2025 |   |     |     |   2024 |   |
|:------------------------------------------------------------|:----|:----------------------------------------|-------:|:--|:----|:----|-------:|:--|
| Net cash provided by operating activities                   |     |                                         |  1,494 |   |     |     |  1,822 |   |
| Net cash used in investing activities                       |     |                                         |   (351 | ) |     |     | (1,298 | ) |
| Net cash used in financing activities                       |     |                                         | (1,230 | ) |     |     | (1,272 | ) |
| Decrease in cash and cash equivalents                       |     |                                         |    (87 | ) |     |     |   (748 | ) |
| Cash and cash equivalents at the beginning of the period    |     |                                         |    661 |   |     |     |  1,617 |   |
| Effect of exchange rate changes                             |     |                                         |     (3 | ) |     |     |    (20 | ) |
| Decrease in cash and cash equivalents                       |     |                                         |    (87 | ) |     |     |   (748 | ) |
| Cash and cash equivalents at period end (net of overdrafts) |     |                                         |    571 |   |     |     |    849 |   |
| Cash and cash equivalents at period end (net of overdrafts) |     |                                         |    571 |   |     |     |    849 |   |
| Bank overdrafts                                             |     |                                         |      1 |   |     |     |      2 |   |
| Other current investments                                   |     |