| Note 21 - Borrowings |
|
|
Year ended December 31,
|
|
|
|
2025
|
|
|
2024
|
|
|
Non-current
|
|
|
|
|
|
|
Bank borrowings
|
368
|
|
|
11,399
|
|
|
|
368
|
|
|
11,399
|
|
|
Current
|
|
|
|
|
|
|
Bank borrowings
|
305,151
|
|
|
411,541
|
|
|
Bank overdrafts
|
203
|
|
|
14,458
|
|
|
|
305,354
|
|
|
425,999
|
|
|
Total borrowings
|
305,722
|
|
|
437,398
|
|
The maturity of borrowings is as follows:
|
At December 31, 2025
|
1 year or less
|
|
|
1 - 2 years
|
|
|
2 – 3 years
|
|
|
Over 3 years
|
|
|
Total
|
|
|
Borrowings
|
305,354
|
|
|
-
|
|
|
92
|
|
|
276
|
|
|
305,722
|
|
|
Total borrowings
|
305,354
|
|
|
-
|
|
|
92
|
|
|
276
|
|
|
305,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest to be accrued
|
3,640
|
|
|
15
|
|
|
11
|
|
|
13
|
|
|
3,679
|
|
|
Total
|
308,994
|
|
|
15
|
|
|
103
|
|
|
289
|
|
|
309,401
|
|
|
At December 31, 2024
|
1 year or less
|
|
|
1 - 2 years
|
|
|
2 – 3 years
|
|
|
Over 3 years
|
|
|
Total
|
|
|
Borrowings
|
425,999
|
|
|
11,399
|
|
|
-
|
|
|
-
|
|
|
437,398
|
|
|
Total borrowings
|
425,999
|
|
|
11,399
|
|
|
-
|
|
|
-
|
|
|
437,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest to be accrued
|
6,270
|
|
|
672
|
|
|
-
|
|
|
-
|
|
|
6,942
|
|
|
Total
|
432,269
|
|
|
12,071
|
|
|
-
|
|
|
-
|
|
|
444,340
|
|
Significant borrowings include:
|
In millions of U.S. dollars
|
|
|
|
|
|
Disbursement date
|
Borrower
|
Type
|
Final maturity
|
Outstanding
|
|
2025
|
Tubos de Acero de Mexico S.A.
|
Bilateral
|
2026
|
150
|
|
2025
|
Tubos de Acero de Mexico S.A.
|
Bilateral
|
2026
|
50
|
|
2025
|
Tenaris Tubocaribe Ltda.
|
Bilateral
|
2026
|
30
|
|
|
|
|
|
|
As of December 31, 2025, and 2024, Tenaris was in compliance with all of its covenants, or obtained the necessary waivers from the applicable financial institution if the covenants were not met.
The weighted average annual interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, 2025, and 2024, considering hedge accounting where applicable.
|
|
2025
|
|
|
2024
|
|
|
Total borrowings
|
5.44%
|
|
|
6.52%
|
|
Breakdown of long-term and short-term borrowings by currency and rate is as follows:
Non-current borrowings
|
|
|
Year ended December 31,
|
|
|
Currency
|
Interest rates
|
2025
|
|
|
2024
|
|
|
SAR
|
Fixed
|
-
|
|
|
9,903
|
|
|
SAR
|
Variable
|
-
|
|
|
1,496
|
|
|
EUR
|
Fixed
|
368
|
|
|
-
|
|
|
Total non-current borrowings
|
|
368
|
|
|
11,399
|
|
Current borrowings
|
|
|
Year ended December 31,
|
|
|
Currency
|
Interest rates
|
2025
|
|
|
2024
|
|
|
USD
|
Variable
|
230,622
|
|
|
260,866
|
|
|
USD
|
Fixed
|
3,057
|
|
|
9,173
|
|
|
EUR
|
Fixed
|
41
|
|
|
14,278
|
|
|
ARS
|
Fixed
|
19
|
|
|
8,551
|
|
|
SAR
|
Variable
|
-
|
|
|
3,018
|
|
|
SAR
|
Fixed
|
71,501
|
|
|
130,113
|
|
|
Others
|
Variable
|
88
|
|
|
-
|
|
|
Others
|
Fixed
|
26
|
|
|
-
|
|
|
Total current borrowings
|
|
305,354
|
|
|
425,999
|
|
Borrowings evolution
|
|
Year ended December 31, 2025
|
|
|
|
2025
|
|
|
2024
|
|
|
At the beginning of the year
|
437,398
|
|
|
583,437
|
|
|
Translation differences
|
(632
|
) |
|
(6,805
|
) |
|
Proceeds and repayments, net
|
(117,114
|
) |
|
(128,761
|
) |
|
Interests accrued less payments
|
325
|
|
|
(3,707
|
) |
|
Overdrafts variation
|
(14,255
|
) |
|
(6,766
|
) |
|
At the end of the year
|
305,722
|
|
|
437,398
|
|
|