The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented
in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and
adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow,
Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.
LUXEMBOURG, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS
and EXM Italy: TEN) ("Tenaris") today announced its results for the quarter
ended June 30, 2023 in comparison with its results for the quarter ended June
30, 2022.
Summary of 2023 Second Quarter Results
(Comparison with first quarter of 2023 and second quarter of 2022)

                                       ---------------------------------------
                                         2Q 2023     1Q 2023        2Q 2022
                                       ---------------------------------------
  Net sales ($ million)                    4,075   4,141   (2%)   2,800   46%
  Operating income ($ million)             1,278   1,351   (5%)     663   93%
  Net income ($ million)                   1,136   1,129     1%     634   79%
  Shareholders' net income ($ million)     1,123   1,129     0%     637   76%
  Earnings per ADS ($)                      1.90    1.91     0%    1.08   76%
  Earnings per share ($)                    0.95    0.96     0%    0.54   76%
  EBITDA ($ million)                       1,409   1,477   (5%)     806   75%
  EBITDA margin (% of net sales)           34.6%   35.7%          28.8%

Our second quarter sales were close to the record level we posted in the first quarter reflecting a high level of offshore sales and of shipments to US onshore
customers, as well as an increase in sales in the Middle East. These effects largely compensated for slightly lower pricing in the onshore Americas and lower
OCTG sales in Colombia and Canada, and lower pipeline sales in Argentina. Sales also included $20 million from Global Pipe Company (GPC), a Saudi large diameter
pipe producer which became a majority owned subsidiary of Tenaris Saudi Steel Pipe, from May 17, 2023. Our EBITDA and operating income declined 5% affected by
lower sales and an increase in SG&A expenses. On the other hand, our net income reached 28% of sales as it benefitted from an improvement in finance results and
higher income from non-consolidated companies.
Our free cash flow for the quarter reached a record level of $1.2 billion, net of capex of $165 million. Free cash flow included a reduction of working capital
of $294 million as our operating working capital days declined to a low level of
120 days during the quarter. After a dividend payment of $401 million in May 2023, our net cash position increased to $2.3 billion at June 30, 2023.
Market Background and Outlook
In the past month, oil prices have recovered above $80 per barrel as the prospects for the US economy brighten and Saudi Arabia confirms its commitment to production cuts. North American natural gas prices, however, remain at low levels, while LNG and European natural gas prices have fallen back to more normal levels.
In the United States, the decline in oil and gas drilling activity seen in the first half should bottom out before the end of the year. This decline together with the accumulation of excess OCTG inventories, following a surge in imports in the first part of the year, is being reflected in pipe prices, which will affect our results through the rest of the year. In Canada, while drilling activity has held up so far this year, some of the operators we serve are reducing activity as they face cash flow restrictions. In Latin America, offshore drilling in Brazil and Guyana is expected to remain at a high level, but onshore drilling is being affected by political uncertainty in Colombia, Ecuador and Argentina. In the Eastern Hemisphere, activity continues to increase
particularly in the Middle East and offshore.
Following record results in the first half, we expect that our sales and margins
will be significantly lower in the second half. Although we expect our sales in the Middle East, led by Saudi Arabia, and to offshore projects to increase further, this will not compensate for a decline in sales in North and South America, which will reflect onshore pricing and activity declines as well as lower pipeline shipments. Our free cash flow will remain at a good level with a further reduction in working capital.
Analysis of 2023 Second Quarter Results
Tubes
The following table indicates, for our Tubes business segment, sales volumes of
seamless and welded pipes for the periods indicated below:

                                          -----------------------------
 Tubes Sales volume (thousand metric tons) 2Q 2023   1Q 2023   2Q 2022
                                          -----------------------------
 Seamless                                      844   840    0% 815   4%
 Welded                                        255   283 (10%)  75 241%
 Total                                       1,099 1,123  (2%) 890  23%

The following table indicates, for our Tubes business segment, net sales by
geographic region, operating income and operating income as a percentage of net
sales for the periods indicated below:

                                       ---------------------------------------
  Tubes                                  2Q 2023     1Q 2023        2Q 2022
                                       ---------------------------------------
  (Net sales - $ million)
  North America                            2,142   2,229   (4%)   1,583   35%
  South America                              893     975   (8%)     462   93%
  Europe                                     270     252     7%     259    4%
  Asia Pacific, Middle East and Africa       612     519    18%     327   87%
  Total net sales ($ million)              3,918   3,975   (1%)   2,632   49%
  Operating income ($ million)             1,251   1,312   (5%)     636   97%
  Operating margin (% of sales)            31.9%   33.0%          24.2%

Net sales of tubular products and services decreased 1% sequentially but increased 49% year on year. On a sequential basis volumes sold decreased 2% due to a reduction in welded shipments while average selling prices increased 1%. In
North America, sales decreased as prices have started to adjust and due to seasonally lower sales in Canada. In South America we had lower sales for pipelines in Argentina following the completion of gas pipeline deliveries, lower sales in Colombia reflecting political uncertainty, partially offset by higher offshore sales in Brazil and Guyana. In Europe sales increased due to higher sales of line pipe and OCTG for offshore projects in Norway. In Asia Pacific, Middle East and Africa, we had higher sales in Saudi Arabia, including sales from Global Pipe Company, a large diameter welded pipe producer, subsidiary of Saudi Steel Pipe, which after an additional investment started to be consolidated since May 17, 2023.
Operating results from tubular products and services amounted to a gain of $1,251 million in the second quarter of 2023 compared to a gain of $1,312 million in the previous quarter and $636 million in the second quarter of 2022.
Our operating margin decreased slightly mainly due to the effect of higher SG&A expenses on lower sales.
Others
The following table indicates, for our Others business segment, net sales,
operating income and operating income as a percentage of net sales for the
periods indicated below:

                                -----------------------------------------
  Others                          2Q 2023      1Q 2023        2Q 2022
                                -----------------------------------------
  Net sales ($ million)               157     167    (6%)     168   (7%)
  Operating income ($ million)         27      40   (31%)      27     2%
  Operating margin (% of sales)     17.3%   23.8%           15.8%

Net sales of other products and services decreased 6% sequentially and 7% year on year. Sequentially, sales declined due to lower sales of oil services in Argentina and sucker rods, with their corresponding impact on operating income.
Selling, general and administrative expenses, or SG&A, amounted to $529 million,
or 13.0% of net sales, in the second quarter of 2023, compared to $487 million, 11.8% in the previous quarter and $412 million, 14.7% in the second quarter of 2022. Sequentially, our SG&A expenses increased mainly due to higher provisions and labour costs and as a percentage of sales they increased also due to the reduction in sales.
Financial results amounted to a gain of $40 million in the second quarter of 2023, compared to $21 million in the previous quarter and a loss of $11 million in the second quarter of 2022. The net financial income result of the quarter amounted to a gain of $9 million and additionally we had net foreign exchange transaction gains of $33 million.
Equity in earnings of non-consolidated companies generated a gain of $96 million
in the second quarter of 2023, compared to $53 million in the previous quarter and $103 million in the second quarter of 2022. These results are mainly derived
from our participation in Ternium (NYSE:TX).
Income tax charge amounted to $278 million in the second quarter of 2023,
compared to $296 million in the previous quarter and $120 million in the second quarter of 2022.
Cash Flow and Liquidity of 2023 Second Quarter
Net cash generated by operating activities during the second quarter of 2023 was
$1.3 billion, compared to $921 million in the first quarter of 2023 and $428 million in the second quarter of 2022. During the second quarter of 2023 cash generated by operating activities includes a net working capital reduction of $294 million.
With capital expenditures of $165 million, our free cash flow amounted to $1.2 billion during the quarter. After a dividend payment of $401 million in May 2023, our net cash position amounted to $2.3 billion at June 30, 2023, from $1.7
billion at March 31, 2023.
Analysis of 2023 First Half Results

                                     ------------------------------------
                                      6M 2023 6M 2022 Increase/(Decrease)
                                     ------------------------------------
 Net sales ($ million)                  8,216   5,168                 59%
 Operating income ($ million)           2,630   1,147                129%
 Net income ($ million)                 2,265   1,137                 99%
 Shareholders' net income ($ million)   2,252   1,139                 98%
 Earnings per ADS ($)                    3.81    1.93                 97%
 Earnings per share ($)                  1.91    0.97                 97%
 EBITDA ($ million)                     2,886   1,433                101%
 EBITDA margin (% of net sales)         35.1%   27.7%

Our sales in the first half of 2023 increased 59% compared to the first half of 2022 as volumes of tubular products shipped increased 30% and average selling prices increased 26% while sales in the Others segment decreased 2%. Following the increase in sales, EBITDA doubled thanks to the increase in margins, as the increase in prices of tubular products more than offset a 12% increase in unit cost of sales, year on year.
Cash flow provided by operating activities amounted to $2.3 billion during the first half of 2023, net of an increase in working capital of $167 million, which
reflects the recovery in activity levels. After capital expenditures of $282 million, our free cash flow amounted to $2.0 billion. Following a dividend payment of $401 million in May 2023, our net cash position amounted to $2.3 billion at the end of June 2023.
The following table shows our net sales by business segment for the periods
indicated below:

                        --------------------------------------------------
  Net sales ($ million)     6M 2023       6M 2022     Increase/(Decrease)
                        --------------------------------------------------
  Tubes                   7,892   96%   4,836   94%                   63%
  Others                    324    4%     332    6%                  (2%)
  Total                   8,216         5,168                         59%

Tubes
The following table indicates, for our Tubes business segment, sales volumes of
seamless and welded pipes for the periods indicated below:
------------------------------------
Tubes Sales volume (thousand metric tons) 6M 2023 6M 2022 Increase/(Decrease)

                                          ------------------------------------
 Seamless                                    1,684   1,587                  6%
 Welded                                        538     125                329%
 Total                                       2,222   1,712                 30%

The following table indicates, for our Tubes business segment, net sales by
geographic region, operating income and operating income as a percentage of net
sales for the periods indicated below:

                                     ------------------------------------
 Tubes                                6M 2023 6M 2022 Increase/(Decrease)
                                     ------------------------------------

(Net sales - $ million)

 North America                          4,371   2,930                 49%
 South America                          1,868     810                131%
 Europe                                   522     491                  6%
 Asia Pacific, Middle East and Africa   1,131     603                 87%
 Total net sales ($ million)            7,892   4,836                 63%
 Operating income ($ million)           2,563   1,107                131%
 Operating margin (% of sales)          32.5%   22.9%

Net sales of tubular products and services increased 63% to $7,892 million in the first half of 2023, compared to $4,836 million in the first half of 2022 due
to an increase of 30% in volumes and a 26% increase in average selling prices. Prices increased in all regions, while volumes increased in all regions except in Europe. Average drilling activity in the first half of 2023 increased 10% in the United States and Canada and 14% internationally compared to the first half of 2022.
Operating results from tubular products and services amounted to a gain of $2,563 million in the first half of 2023 compared to $1,107 million in the first
half of 2022. The improvement in operating results was driven by the recovery in
sales and margins. Following the increase in sales, operating income more than doubled thanks to the increase in margins, as the increase in prices more than offset a 12% increase in unit cost of sales, year on year.
Others
The following table indicates, for our Others business segment, net sales,
operating income and operating income as a percentage of net sales for the
periods indicated below:

                                ------------------------------------------
  Others                          6M 2023   6M 2022   Increase/(Decrease)
                                ------------------------------------------
  Net sales ($ million)               324       332                  (2%)
  Operating income ($ million)         67        40                   68%
  Operating margin (% of sales)     20.6%     12.0%

Net sales of other products and services decreased 2% to $324 million in the first half of 2023, compared to $332 million in the first half of 2022, mainly due to lower sales of excess raw materials and pipes for civil and industrial installations in Europe, partially offset by higher sales of products and services for energy applications: oilfield services in Argentina, sucker rods and coiled tubing.
Operating results from other products and services amounted to a gain of $67 million in the first half of 2023, compared to $40 million in the first half of 2022. Results were mainly derived from our sucker rods business and our oilfield
services business in Argentina.
Selling, general and administrative expenses, or SG&A, amounted to $1,016 million in the first half of 2023, representing 12.4% of sales, and $777 million
in the first half of 2022, representing 15.0% of sales. SG&A expenses increased mainly due to higher selling expenses (in particular commissions and freights) associated with higher sales and higher labor costs. However, they decreased as a percentage of sales due to the better absorption of fixed and semi-fixed components of SG&A expenses on higher sales.
Financial results amounted to a gain of $60 million in the first half of 2023,
compared to a loss of $13 million in the first half of 2022. Due to the increase
in our financial position and in interest rates, net finance income amounted to $26 million in the first six months of 2023, compared to $7 million in the first
half of 2022, which was negatively impacted by the decline in the fair value of certain financial instruments obtained in an operation of settlement of trade receivables. Additionally, other financial results amounted to a gain of $35 million in the first six months of 2023 compared to a $20 million loss in the first six months of 2022, these results being mainly related to foreign exchange
results.
Equity in earnings of non-consolidated companies generated a gain of $149 million in the first half of 2023, compared to a gain of $191 million in the first half of 2022. These results were mainly derived from our equity investment
in Ternium (NYSE:TX).
Income tax amounted to a charge of $574 million in the first half of 2023,
compared to $188 million in the first half of 2022. The increase in income tax reflects better results at several subsidiaries following the improvement in activity.
Cash Flow and Liquidity of 2023 First Half
Net cash provided by operating activities during the first half of 2023 amounted
to $2.3 billion (net of an increase in working capital of $167 million), compared to cash provided by operations of $401 million (net of an increase in working capital of $824 million) in the first half of 2022.
Capital expenditures amounted to $282 million in the first half of 2023,
compared to $141 million in the first half of 2022. Free cash flow amounted to $2.0 billion in the first half of 2023, compared to $260 million in the first half of 2022.
After a dividend payment of $401 million in May 2023, our net cash position increased to $2.3 billion at June 30, 2023, from $0.9 billion at December 31, 2022.
Tenaris Files Half-Year Report
Tenaris S.A. announces that it has filed its half-year report for the six-month period ended June 30, 2023 with the Luxembourg Stock Exchange. The half-year report can be downloaded from the Luxembourg Stock Exchange's website at www.luxse.com (http://www.luxse.com) and from Tenaris's website at ir.tenaris.com (https://ir.tenaris.com/).
Holders of Tenaris's shares and ADSs, and any other interested parties, may request a hard copy of the half-year report, free of charge, at 1-888-300-5432
(toll free from the United States) or 52-229-989-1159 (from outside the United States).
Conference call
Tenaris will hold a conference call to discuss the above reported results, on August 3, 2023, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.
To listen to the conference please join through one of the following options:
ir.tenaris.com/events-and-presentations (https://ir.tenaris.com/events-and- presentations) or
https://edge.media-server.com/mmc/p/ifwpyt85
If you wish to participate in the Q&A session please register at the following
link: https://register.vevent.com/register/BI5d29d2a63b7144cb966f56ed73ef36ba
Please connect 10 minutes before the scheduled start time.
A replay of the conference call will also be available on our webpage at
(http://ir.tenaris.com/): ir.tenaris.com/events-and-presentations
(https://ir.tenaris.com/events-and-presentations)
Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.
Consolidated Condensed Interim Income Statement

                                  Three-month period
 (all  amounts in  thousands of          ended          Six-month period ended
 U.S. dollars)                         June 30,                June 30,
                               ------------------------------------------------
                                   2023        2022        2023        2022
                               ------------------------------------------------
                                       Unaudited               Unaudited
 Net sales                        4,074,913   2,800,474   8,216,094   5,167,515
 Cost of sales                  (2,267,164) (1,735,342) (4,574,943) (3,257,284)
                               ------------------------------------------------
 Gross profit                     1,807,749   1,065,132   3,641,151   1,910,231
 Selling,      general      and
 administrative expenses          (528,736)   (411,740) (1,016,083)   (776,662)
 Other     operating     income
 (expense), net                       (823)       9,453       4,476      13,530
                               ------------------------------------------------
 Operating income                 1,278,190     662,845   2,629,544   1,147,099
 Finance Income                      45,866       6,441      93,753      15,266
 Finance Cost                      (36,379)     (6,127)    (67,924)     (7,962)
 Other financial results, net        30,074    (11,771)      34,551    (19,879)
                               ------------------------------------------------
 Income    before   equity   in
 earnings  of  non-consolidated
 companies and income tax         1,317,751     651,388   2,689,924   1,134,524
 Equity  in  earnings  of  non-
 consolidated companies              95,921     103,102     148,927     190,706
                               ------------------------------------------------
 Income before income tax         1,413,672     754,490   2,838,851   1,325,230
 Income tax                       (277,632)   (120,464)   (573,604)   (187,771)
                               ------------------------------------------------
 Income for the period            1,136,040     634,026   2,265,247   1,137,459
                               ------------------------------------------------

Attributable to:

 Shareholders' equity             1,123,029     636,718   2,251,656   1,139,492
 Non-controlling interests           13,011     (2,692)      13,591     (2,033)
                               ------------------------------------------------
                                  1,136,040     634,026   2,265,247   1,137,459
                               ------------------------------------------------

Consolidated Condensed Interim Statement of Financial Position
(all amounts in thousands of U.S.

 dollars)                             At June 30, 2023     At December 31, 2022
                                   ---------------------- ---------------------
                                         Unaudited

ASSETS
Non-current assets

 Property, plant and equipment, net 5,779,137              5,556,263
 Intangible assets, net             1,334,036              1,332,508
 Right-of-use assets, net             115,550                111,741
 Investments   in  non-consolidated
 companies                          1,603,609              1,540,646
 Other investments                    373,309                119,902
 Deferred tax assets                  219,704                208,870
 Receivables, net                     208,480  9,633,825     211,720  9,081,650
                                   -----------            -----------

Current assets

 Inventories, net                   3,884,364              3,986,929
 Receivables and prepayments, net     195,711                183,811
 Current tax assets                   321,152                243,136
 Trade receivables, net             2,597,353              2,493,940
 Derivative financial instruments      21,638                 30,805
 Other investments                  1,849,978                438,448
 Cash and cash equivalents            755,305  9,625,501   1,091,527  8,468,596
 Total assets                                 19,259,326             17,550,246
                                             ------------           -----------

EQUITY

 Shareholders' equity                         15,625,585             13,905,709
 Non-controlling interests                       160,894                128,728
 Total equity                                 15,786,479             14,034,437
                                             ------------           -----------

LIABILITIES
Non-current liabilities

 Borrowings                            50,997                 46,433
 Lease liabilities                     88,313                 83,616
 Deferred tax liabilities             376,676                269,069
 Other liabilities                    253,021                230,142
 Provisions                           108,308    877,315      98,126    727,386
                                   -----------            -----------

Current liabilities

 Borrowings                           642,294                682,329
 Lease liabilities                     29,725                 28,561
 Derivative financial instruments       6,702                  7,127
 Current tax liabilities              382,147                376,240
 Other liabilities                    372,976                260,614
 Provisions                            40,936                 11,185
 Customer advances                    100,596                242,910
 Trade payables                     1,020,156  2,595,532   1,179,457  2,788,423
                                   -----------            -----------
 Total liabilities                             3,472,847              3,515,809
                                             ------------           -----------
 Total equity and liabilities                 19,259,326             17,550,246
                                             ------------           -----------

Consolidated Condensed Interim Statement of Cash Flows

                                     Three-month period     Six-month period
 (all amounts in thousands of              ended                  ended
 U.S. dollars)                            June 30,              June 30,
                                  ---------------------------------------------
                                      2023        2022       2023       2022
                                  ---------------------------------------------
                                         Unaudited              Unaudited
 Cash   flows   from   operating

activities
Income for the period 1,136,040 634,026 2,265,247 1,137,459
Adjustments for:

 Depreciation and amortization         130,581    143,024     256,034   286,100
 Income    tax   accruals   less
 payments                            (131,682)     39,036      57,174    45,951
 Equity   in  earnings  of  non-
 consolidated companies               (95,921)  (103,102)   (148,927) (190,706)
 Interest      accruals     less
 payments, net                        (18,240)      (311)    (21,940)   (1,611)
 Changes in provisions                  31,976      3,591      39,933    10,479
 Reclassification   of  currency
 translation adjustment reserve              -   (71,252)           -  (71,252)
 Changes in working capital            293,795  (232,003)   (166,762) (823,824)
 Others,    including   currency
 translation adjustment                (4,915)     14,743    (18,355)     8,552
                                  ---------------------------------------------

Net cash provided by operating

 activities                          1,341,634    427,752   2,262,404   401,148
                                  ---------------------------------------------
 Cash   flows   from   investing

activities
Capital expenditures (165,161) (74,409) (282,249) (141,343)
Changes in advance to suppliers

 of    property,    plant    and
 equipment                               2,211    (1,290)       2,244  (19,855)
 Acquisition   of  subsidiaries,
 net of cash acquired                  (4,108)    (4,082)     (4,108)   (4,082)
 Loan     to    non-consolidated
 companies                             (1,235)          -     (1,235)         -
 Proceeds   from   disposal   of
 property,  plant  and equipment
 and intangible assets                   3,579     41,177       8,375    45,996
 Dividends  received  from  non-
 consolidated companies                 43,513     45,488      43,513    45,488
 Changes   in   investments   in
 securities                          (896,993)  (152,807) (1,787,629)  (43,571)
                                  ---------------------------------------------

Net cash used in investing

 activities                        (1,018,194)  (145,923) (2,021,089) (117,367)
                                  ---------------------------------------------
 Cash   flows   from   financing

activities
Dividends paid (401,383) (330,584) (401,383) (330,584)
Dividends paid to non-
controlling interest in

 subsidiaries                         (17,437)          -    (17,437)         -
 Changes in non-controllinginterests                               1,739      1,622       1,739     1,622
 Payments of lease liabilities        (13,011)   (12,727)    (23,769)  (28,405)
 Proceeds from borrowings              472,764    583,593   1,032,038   851,736
 Repayments of borrowings            (463,195)  (185,032) (1,143,087) (441,176)
                                  ---------------------------------------------
 Net  cash (used in) provided by
 financing activities                (420,523)     56,872   (551,899)    53,193
                                  ---------------------------------------------

--------------------------------- ---------------------------------------------
(Decrease) increase in cash and
cash equivalents (97,083) 338,701 (310,584) 336,974
--------------------------------- ---------------------------------------------
Movement in cash and cash
equivalents

 At the beginning of the period        861,414    314,319   1,091,433   318,067
 Effect of exchange rate changes       (9,060)   (17,092)    (25,578)  (19,113)

(Decrease) increase in cash and

 cash equivalents                     (97,083)    338,701   (310,584)   336,974
                                  ---------------------------------------------
                                       755,271    635,928     755,271   635,928
                                  ---------------------------------------------

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.   Three-month period ended   Six-month period ended June
 dollars)                        June 30,                       30,
                      ---------------------------------------------------------
                         2023           2022          2023          2022
                      ---------------------------------------------------------
 Income for the period 1,136,040            634,026 2,265,247         1,137,459
 Income tax charge       277,632            120,464   573,604           187,771

Equity in earnings of
non-consolidated

 companies              (95,921)          (103,102) (148,927)         (190,706)
 Financial Results      (39,561)             11,457  (60,380)            12,575

Depreciation and

 amortization            130,581            143,024   256,034           286,100
                      ---------------------------------------------------------
 EBITDA                1,408,771            805,869 2,885,578         1,433,199

Free Cash Flow
Free cash flow is a measure of financial performance, calculated as operating
cash flow less capital expenditures. FCF represents the cash that a company is
able to generate after spending the money required to maintain or expand its
asset base.
Free cash flow is calculated in the following manner:
Free cash flow = Net cash (used in) provided by operating activities - Capital
expenditures.
Free cash flow is a non-IFRS alternative performance measure.

 (all    amounts    in
 thousands   of   U.S.  Three-month period ended   Six-month period ended June
 dollars)                       June 30,                       30,
                      ---------------------------------------------------------
                         2023          2022          2023           2022
                      ---------------------------------------------------------

Net cash provided by

 operating activities  1,341,634           427,752 2,262,404            401,148
 Capital expenditures  (165,161)          (74,409) (282,249)          (141,343)
                      ---------------------------------------------------------
 Free cash flow        1,176,473           353,343 1,980,155            259,805

Net Cash / (Debt)
This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides
a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company's leverage, financial strength, flexibility and risks.
Net cash/ debt is calculated in the following manner:
Net cash = Cash and cash equivalents + Other investments (Current and Non-
Current)+/- Derivatives hedging borrowings and investments - Borrowings (Current
and Non-Current).
Net cash/debt is a non-IFRS alternative performance measure.

  (all amounts in thousands of U.S. dollars)            At June 30,
                                                 ------------------------
                                                     2023        2022
                                                 ------------------------
  Cash and cash equivalents                          755,305     636,571
  Other current investments                        1,849,978     559,827
  Non-current investments                            367,105     177,594
  Derivatives hedging borrowings and investments       7,901       5,738
  Current borrowings                               (642,294)   (727,497)
  Non-current borrowings                            (50,997)    (16,931)
                                                 ------------------------
  Net cash / (debt)                                2,286,998     635,302

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 June 30,
                                             ---------------------------
                                                  2023          2022
                                             ---------------------------
  Inventories                                    3,884,364    3,370,139
  Trade receivables                              2,597,353    1,890,697
  Customer advances                              (100,596)    (343,613)
  Trade payables                               (1,020,156)    (998,807)
                                             ---------------------------
  Operating working capital                      5,360,965    3,918,416
                                             ---------------------------
  Annualized quarterly sales                    16,299,652   11,201,896
                                             ---------------------------
  Operating working capital days                       120          128
                                             ---------------------------

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com
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