Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 12

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 12
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 |      |   (17,276 | ) |     |      |                                (25,431 | ) |     |      |    (58,385 | ) |
| (Decrease) increase in cash and cash equivalents                                             |     |      |                                (6,583 | ) |     |      |   769,861 |   |     |      |                               (930,368 | ) |     |      |    583,549 |   |
| At December 31,                                                                              |     |      |                               660,798 |   |     |      | 1,616,597 |   |     |      |                                660,798 |   |     |      |  1,616,597 |   |

Exhibit I – Alternative performance measures

Alternative performance measures should be considered in addition to, not
as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation
and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending
on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects
cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation),
as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings
(losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

EBITDA is a non-IFRS alternative performance measure.

|                                                  | (all amounts in thousands of U.S. dollars) | 2024 | Three-month period ended December 31, |   |     | 2023 |           |   |     | 2024 | Twelve-month period ended December 31, |   |     | 2023 |           |   |
|:-------------------------------------------------|:-------------------------------------------|:-----|--------------------------------------:|:--|:----|:-----|----------:|:--|:----|:-----|---------------------------------------:|:--|:----|:-----|----------:|