Tenaris Balance Sheet (2009-2025) | TS

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Balance Sheet	Mar2009	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Assets
Current Assets
Cash & Equivalents	7.06B	6.04B	5.95B	1.52B	5.71B	0.00B	2,010.00B	0.84B	0.00B	0.00B	0.00B	0.82B	0.00B	0.00B	7.07B	2,012.00B	0.00B	0.62B	7.05B	614.53	0.00B	2,014.00B	0.00B	0.42B	0.00B	0.00B	0.00B	2,015.00B	0.00B	0.00B	4.99B	1.41B	0.43B	5.08B	5.22B	0.65B	5.58B	5.52B	5.67B	0.48B	0.90B	1.20B	1.54B	2,019.00B	4.69B	0.91B	1.01B	0.00B	0.70B	0.59B	0.51B	0.32B	0.00B	636.57	0.99B	1.09B	2,023.00B	0.00B	9.96B	1.64B	0.00B	0.00B	9.92B	9.24B	9.30B	9.16B	0.00B
Short-term Investments	0.06B	0.27B	0.53B	0.58B	0.65B	0.50B	0.64B	0.68B	0.67B	0.87B	0.63B	0.43B	0.42B	0.42B	0.89B	0.64B	0.80B	1.11B	1.44B	1.23B	1.53B	1.73B	2.16B	1.84B	2.38B	2.57B	2.34B	2.14B	2.04B	1.88B	1.83B	1.63B	1.61B	1.43B	1.15B	1.19B	1.00B	0.73B	0.79B	0.49B	0.43B	0.36B	0.32B	0.21B	0.17B	0.45B	0.62B	0.87B	0.65B	0.57B	0.46B	0.40B	0.35B	0.56B	0.43B	0.52B	1.08B	1.85B	2.50B	1.97B	2.25B	2.45B	2.80B	2.37B	2.58B	2.48B	2.44B
Cash & Current Investments	7.12B	6.31B	6.48B	2.10B	6.35B	0.51B	2,010.64B	1.52B	0.67B	0.87B	0.63B	1.25B	0.42B	0.42B	7.96B	2,012.64B	0.81B	1.73B	8.48B	1.23B	1.53B	2,015.73B	2.16B	2.26B	2.38B	2.57B	2.34B	2,017.14B	2.04B	1.88B	6.82B	3.04B	2.04B	6.52B	6.37B	1.84B	6.58B	6.25B	6.47B	0.97B	1.33B	1.56B	1.86B	2,019.21B	4.86B	1.36B	1.63B	0.87B	1.35B	1.16B	0.97B	0.72B	0.36B	0.56B	1.43B	1.61B	2,024.08B	1.85B	12.45B	3.61B	2.25B	2.45B	12.72B	11.61B	11.89B	11.64B	2.44B
Receivables - Net	7.66B	7.77B	7.79B	7.86B	7.93B	7.90B	8.16B	8.41B	8.64B	8.84B	8.54B	8.47B	9.07B	8.96B	9.03B	8.97B	8.97B	8.91B	8.99B	9.03B	9.13B	9.23B	9.09B	9.11B	9.03B	9.12B	9.02B	1.11B	9.22B	9.25B	9.24B	0.95B	1.01B	1.02B	1.07B	1.21B	1.55B	1.54B	1.66B	1.74B	1.53B	1.48B	1.31B	1.35B	1.18B	1.04B	0.91B	0.97B	0.91B	1.09B	1.11B	1.30B	1.72B	1.89B	2.01B	2.49B	2.83B	2.60B	2.17B	2.48B	2.30B	2.19B	2.08B	1.91B	1.84B	1.89B	2.15B
Receivables - Other																																0.32B				0.33B				0.31B				0.26B				0.23B			0.14B	0.30B	0.14B		0.14B	0.40B			0.14B	0.41B				0.05B	0.05B	0.06B	0.03B
Receivables	7.66B	7.77B	7.79B	7.86B	7.93B	7.90B	8.16B	8.41B	8.64B	8.84B	8.54B	8.47B	9.07B	8.96B	9.03B	8.97B	8.97B	8.91B	8.99B	9.03B	9.13B	9.23B	9.09B	9.11B	9.03B	9.12B	9.02B	1.11B	9.22B	9.25B	9.24B	1.28B	1.01B	1.02B	1.07B	1.54B	1.55B	1.54B	1.66B	2.05B	1.53B	1.48B	1.31B	1.61B	1.18B	1.04B	0.91B	1.20B	0.91B	1.09B	1.26B	1.60B	1.86B	1.89B	2.15B	2.89B	2.83B	2.60B	2.31B	2.90B	2.30B	2.19B	2.08B	1.96B	1.89B	1.95B	2.18B
Inventory	2.56B	2.15B	1.90B	1.69B	1.82B	2.06B	2.27B	2.46B	2.58B	2.77B	2.77B	-335.34B	2.86B	2.99B	2.99B	-174.67B	2.89B	2.70B	2.67B	2.70B	2.71B	2.77B	2.83B	2.78B	2.44B	2.14B	2.02B	1.84B	1.60B	1.53B	1.50B	1.56B	1.67B	1.99B	2.20B	2.37B	2.38B	2.53B	2.66B	2.52B	2.46B	2.43B	2.39B	2.27B	2.24B	1.86B	1.62B	1.64B	1.91B	2.15B	2.48B	2.67B	3.03B	3.37B	3.68B	3.99B	3.99B	3.88B	3.88B	3.92B	3.91B	3.83B	3.76B	3.71B	3.52B	3.49B	3.51B
Prepaid Assets																												0.15B				0.12B	0.17B	0.19B	0.18B	0.14B	0.18B	0.14B	0.16B	0.16B	0.14B	0.13B	0.11B	0.10B	0.10B	0.13B	0.08B	0.08B	0.08B	0.09B	0.12B	0.10B	0.13B	0.13B	0.21B	0.18B	0.17B	0.20B	0.25B	0.18B	0.29B	0.23B	0.25B	0.18B	0.17B	0.24B	0.31B
Current Assets		16.04B		5.62B		5.62B		5.96B				6.39B		6.57B		6.99B				6.90B				7.40B		7.17B		5.74B		5.12B		4.82B		5.08B		5.38B		5.52B		5.46B				5.67B		4.52B		4.29B		4.67B		4.98B		6.82B		8.47B		9.63B		10.50B		9.82B		9.24B
Non-Current Assets
Land & Improvements																																																0.06B				0.06B				0.06B				0.06B				0.06B
Property, Plant & Equipment (Net)	2.94B	3.12B	3.19B	3.25B	3.32B	3.33B	3.58B	3.78B	4.02B	4.21B	4.03B	4.05B	4.18B	4.22B	4.33B	4.43B	4.49B	4.54B	4.63B	4.67B	4.75B	4.86B	4.96B	5.16B	5.19B	5.37B	5.51B	11.87B	5.84B	5.95B	6.03B	6.00B	6.05B	6.12B	6.19B	6.23B	6.22B	6.14B	6.09B	6.06B	6.20B	6.17B	6.11B	6.09B	6.45B	6.37B	6.27B	6.19B	6.08B	6.02B	5.94B	5.82B	5.77B	5.66B	5.64B	5.56B	5.56B	5.78B	5.91B	6.08B	6.09B	6.09B	6.15B	6.12B	6.18B	6.17B	6.21B
Long-Term Investments	0.50B	0.58B	0.58B	0.60B	0.63B	0.64B	0.66B	0.67B	0.70B	0.70B	0.00B	0.67B	1.18B	1.10B	1.10B	0.98B	0.99B	0.93B	0.93B	0.91B	0.93B	0.94B	0.66B	1.84B	0.62B	0.60B	0.56B	0.49B	0.50B	0.52B	0.55B	0.25B	1.61B	0.60B	0.63B	0.64B	0.68B	0.66B	0.74B	0.11B	0.11B	0.02B	0.04B	0.02B	0.85B	0.04B	0.17B	0.24B	0.27B	0.29B	0.37B	1.38B	1.50B	0.18B	0.14B	1.54B	1.60B	0.37B	1.60B	1.61B	1.68B	1.12B	1.55B	1.54B	1.57B	1.00B	1.56B
Goodwill																																				1.29B				1.29B				1.32B				1.09B				1.08B				1.08B				0.94B				1.09B
Intangibles	3.76B	3.74B	-0.06B	3.67B	3.64B	3.58B	3.54B	3.58B	3.55B	3.51B	3.43B	3.38B	4.05B	3.29B	3.24B	3.20B	4.43B	3.13B	3.10B	3.07B	4.67B	2.99B	2.97B	2.76B	5.16B	2.67B	2.22B	5.25B	2.09B	2.03B	1.97B	5.17B	1.80B	1.76B	-0.01B	5.18B	1.64B	6.23B	1.59B	5.19B	1.58B	1.58B	1.57B	5.33B	1.47B	1.46B	1.44B	5.87B	1.41B	1.40B	1.38B	5.88B	1.37B	1.36B	1.35B	1.33B	1.33B	1.33B	1.34B	1.38B	1.36B	1.35B	1.36B	1.36B	1.36B	1.36B	1.36B
Goodwill & Intangibles	3.76B	3.74B	-0.06B	3.67B	3.64B	3.58B	3.54B	3.58B	3.55B	3.51B	3.43B	3.38B	4.05B	3.29B	3.24B	3.20B	4.43B	3.13B	3.10B	3.07B	4.67B	2.99B	2.97B	2.76B	5.16B	2.67B	2.22B	5.25B	2.09B	2.03B	1.97B	5.17B	1.80B	1.76B	-0.01B	6.47B	1.64B	6.23B	1.59B	6.48B	1.58B	1.58B	1.57B	6.65B	1.47B	1.46B	1.44B	6.95B	1.41B	1.40B	1.38B	6.96B	1.37B	1.36B	1.35B	2.42B	1.33B	1.33B	1.34B	2.32B	1.36B	1.35B	1.36B	2.45B	1.36B	1.36B	1.36B
Long-Term Deferred Tax	0.37B	0.22B	0.20B	0.20B	0.20B	0.22B	0.22B	0.21B	0.21B	0.23B	0.22B	0.23B	0.24B	0.23B	0.22B	0.22B	0.20B	0.19B	0.21B	0.20B	0.20B	0.22B	0.24B	0.27B	0.23B	0.21B	0.20B	0.20B	0.19B	0.20B	0.18B	0.14B	0.15B	0.15B	0.15B	0.15B	0.17B	0.18B	0.19B	0.18B	0.16B	0.21B	0.22B	0.23B	0.23B	0.23B	0.31B	0.21B	0.21B	0.24B	0.25B	0.25B	0.26B	0.26B	0.26B	0.21B	0.23B	0.22B	0.20B	0.79B	0.77B	0.82B	0.79B	0.83B	0.84B	0.84B	0.83B
Other Non-Current Assets		4.64B		4.61B		4.57B		4.63B				4.42B		4.75B		4.54B				4.35B				3.95B		3.75B		3.47B		3.31B		3.03B		3.02B		2.79B		2.83B		2.72B				3.08B		3.01B		3.24B		3.52B	4.89B	3.64B		3.69B		3.53B		3.85B		4.50B		5.19B
Non-Current Assets		-2.23B		7.86B		7.90B		8.41B				8.47B		8.96B		8.97B				9.03B				9.11B		9.12B		9.06B		9.25B		0.09B		9.14B		9.02B		8.97B		8.79B				9.17B		9.38B		9.43B		9.54B		9.47B		9.36B		0.00B		9.63B		10.58B		11.28B		11.21B
Assets	14.73B	13.80B	13.74B	13.48B	13.64B	13.52B	14.05B	14.36B	15.03B	15.14B	14.94B	14.86B	15.83B	15.53B	16.10B	15.96B	16.11B	15.94B	16.04B	15.93B	16.45B	16.76B	16.79B	16.51B	16.57B	16.28B	15.51B	14.80B	14.88B	14.37B	14.23B	14.00B	14.20B	14.23B	14.36B	14.40B	14.72B	14.49B	14.62B	14.25B	14.88B	14.98B	15.02B	14.84B	14.12B	13.90B	13.86B	13.72B	13.80B	14.21B	14.54B	14.45B	15.27B	16.18B	16.86B	17.55B	18.64B	19.26B	19.84B	21.08B	21.55B	21.10B	21.14B	20.45B	20.62B	20.41B	20.47B
Liabilities
Current Liabilities
Accounts Payables	3.28B	2.44B	2.13B	1.97B	1.92B	2.11B	2.16B	2.38B	2.54B	2.59B	2.62B	66.38B	2.63B	2.91B	3.09B	-19.72B	2.65B	2.59B	2.39B	2.12B	2.31B	2.57B	2.87B	2.60B	2.63B	2.59B	2.28B	1.75B	1.90B	1.75B	1.65B	0.56B	1.71B	1.95B	1.96B	2.07B	2.17B	2.21B	2.08B	1.72B	1.79B	1.96B	1.95B	1.78B	1.58B	1.37B	1.23B	1.17B	1.25B	1.46B	0.79B	1.56B	1.94B	2.67B	2.78B	1.18B	2.64B	2.60B	2.53B	1.11B	2.94B	3.16B	2.72B	2.64B	2.28B	2.68B	2.29B
Notes Payables	-0.01B	-0.01B	-0.01B	-0.01B	-0.01B	-0.03B	-0.02B	-0.02B	-0.04B	-0.06B	-0.01B	-0.01B	-0.02B	-0.05B	-0.01B	-0.06B	-0.02B	-0.01B	-0.02B	-0.02B	-0.01B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	-0.00B	0.00B	-0.00B	-0.00B	-0.00B		-0.00B	-0.00B	-0.00B	-0.51B	-0.00B	-0.84B	-0.87B	-0.00B	-0.52B	-0.47B	-0.00B	-0.00B	-0.00B	-0.00B	-0.40B	-0.00B	0.10B	-0.73B	-0.83B	-0.00B	-0.00B	-0.00B	-0.00B	-0.54B	-0.00B	-0.00B	-0.03B	-0.43B	-0.01B	-0.32B	-0.00B
Payables	3.27B	2.43B	2.12B	1.96B	1.91B	2.08B	2.14B	2.35B	2.50B	2.53B	2.61B	66.37B	2.61B	2.86B	3.08B	-19.78B	2.63B	2.58B	2.38B	2.10B	2.30B	2.57B	2.87B	2.60B	2.63B	2.59B	2.28B	1.75B	1.90B	1.75B	1.65B	0.56B	1.71B	1.95B	1.96B	2.07B	2.16B	2.21B	2.07B	1.21B	1.79B	1.11B	1.08B	1.78B	1.06B	0.90B	1.23B	1.17B	1.25B	1.46B	0.39B	1.56B	2.04B	1.94B	1.96B	1.18B	2.64B	2.60B	2.53B	0.57B	2.94B	3.16B	2.68B	2.21B	2.27B	2.36B	2.29B
Accumulated Expenses												21.57B				22.05B				37.36B				6.17B
Other Accumulated Expenses																																																	0.01B				0.02B
Short term Debt	1.53B	1.53B	1.53B	1.73B	1.53B	1.53B	1.53B	1.53B	0.82B	0.82B	0.82B		0.82B	0.82B	0.82B		0.77B	0.93B	0.77B		0.60B	0.65B	0.60B		0.42B	0.42B	0.52B		0.29B	0.29B	0.39B	0.47B	0.40B	0.40B	0.40B	0.43B	0.33B	0.33B	0.43B	0.33B	0.43B	0.43B	0.43B	0.30B	1.55B	1.55B	1.55B	0.30B	0.58B	0.58B	0.58B	0.22B	0.32B	0.32B	0.32B	0.68B	1.09B	1.09B	1.09B	0.54B	1.62B	1.62B	1.62B	0.43B	0.66B	0.66B	0.66B
Current Leases																																									0.19B	0.19B	0.20B	0.19B	0.20B	0.22B	0.22B	0.21B	0.19B	0.19B	0.18B	0.08B	0.09B	0.08B	0.08B	0.03B	0.08B	0.09B	0.09B	0.04B	0.10B	0.11B	0.10B	0.10B	0.09B	0.09B	0.10B
Current Taxes	0.44B	0.33B	0.32B	0.31B	0.29B	0.20B	0.22B	0.21B	0.23B	0.21B	0.27B	0.33B	0.39B	0.24B	0.26B	0.25B	0.24B	0.25B	0.24B	0.27B	0.32B	0.32B	0.34B	0.35B	0.30B	0.18B	0.14B	0.14B	0.16B	0.12B	0.09B	0.10B	0.10B	0.10B	0.11B	0.10B	0.11B	0.16B	0.21B	0.25B	0.24B	0.12B	0.13B	0.13B	0.12B	0.10B	0.09B	0.09B	0.02B	0.08B	0.11B	0.14B	0.17B	0.23B	0.29B	0.38B	0.51B	0.38B	0.38B	0.49B	0.48B	0.38B	0.29B	0.37B	0.30B	0.30B	0.35B
Current Deferred Revenue	0.26B	0.26B	0.15B	0.10B	0.07B	0.04B	0.09B	0.07B	0.09B	0.07B	0.08B	-16.17B	0.16B	0.16B	0.16B	78.45B	0.09B	0.03B	0.03B	0.06B	0.10B	0.09B	0.14B	0.13B	0.19B	0.21B	0.19B	0.13B	0.09B	0.07B	0.04B	0.04B	0.06B	0.08B	0.09B	0.06B	0.04B	0.09B	0.06B	0.06B	0.06B	0.04B	0.08B	0.08B	0.08B	0.07B	0.07B	0.05B	0.05B	0.04B	0.06B	0.09B	0.10B	0.34B	0.32B	0.24B	0.14B	0.10B	0.16B	0.26B	0.24B	0.30B	0.32B	0.21B	0.23B	0.14B	0.18B
Total Current Liabilities		2.44B		1.97B		2.11B		2.38B				2.40B		2.91B		2.83B		0.00B		2.12B				2.60B		2.59B		1.75B		1.75B		1.71B		1.95B		2.07B		2.21B		1.72B				1.78B		1.37B		1.17B		1.46B		1.56B		2.67B		2.79B		2.60B		2.90B		3.16B		2.64B
Non-Current Liabilities
Non-Current Debt	1.65B	1.02B	0.87B	0.79B	0.68B	0.75B	0.71B	1.02B	1.12B	1.07B	0.99B	-0.93B	0.81B	1.03B	1.34B	-1.74B	1.14B	1.09B	0.94B	-0.93B	0.74B	0.91B	1.11B	0.03B	1.15B	1.24B	0.97B	-0.97B	0.97B	0.79B	0.71B	0.03B	0.71B	0.82B	0.80B	0.93B	0.97B	0.81B	0.70B	-0.03B	-0.06B	-0.05B	-0.05B	0.04B	0.52B	-0.23B	-0.30B	-0.32B	-0.29B	-0.29B	-0.11B	-0.11B	0.34B	-0.02B	-0.05B	0.05B	0.54B	-0.05B	0.60B	0.05B	0.61B	-0.02B	0.49B	0.43B	0.35B	0.32B	0.33B
Liabilities from Discontinued Operations																																0.02B																1.17B			1.69B
Non-Current Deferred Tax Liability	1.04B	0.87B	0.87B	0.86B	0.84B	0.85B	0.89B	0.93B	0.93B	0.93B	0.85B	0.83B	0.80B	0.79B	0.78B	0.73B	0.70B	0.67B	0.72B	0.75B	0.74B	0.71B	0.70B	0.71B	0.72B	0.71B	0.75B	0.75B	0.68B	0.66B	0.63B	0.55B	0.56B	0.54B	0.51B	0.46B	0.41B	0.47B	0.47B	0.38B	0.36B	0.36B	0.38B	0.34B	0.42B	0.38B	0.42B	0.25B	0.28B	0.28B	0.29B	0.27B	0.26B	0.28B	0.28B	0.27B	0.33B	0.38B	0.45B	0.63B	0.49B	0.50B	0.48B	0.50B	0.47B	0.47B	0.46B
Operating Leases																	1,795.60B		2,075.68B																					0.23B				0.23B				0.26B			0.22B	0.12B	0.12B		0.12B	0.11B			0.12B	0.13B				0.14B
Other Non-Current Liabilities	0.25B	0.25B	0.25B	0.19B	0.22B	0.27B	0.29B	0.23B	0.26B	0.31B	0.36B	-30.06B	0.34B	0.45B	0.39B	6.20B	0.33B	0.37B	0.37B	0.28B	0.31B	0.34B	0.36B	0.36B	0.32B	0.37B	0.39B	0.29B	0.23B	0.25B	0.23B	0.28B	0.22B	0.22B	0.23B	0.22B	0.22B	0.22B	0.24B	0.25B	0.23B	0.24B	0.24B	0.50B	0.25B	0.24B	0.24B	0.53B	0.23B	0.25B	0.27B	0.23B	0.27B	0.32B	0.28B	0.23B	0.34B	0.37B	0.32B	0.69B	0.49B	0.64B	0.38B	0.59B	0.38B	0.79B	0.39B
Total Non-Current Liabilities	5.54B	4.35B	3.89B	3.57B	3.47B	3.42B	3.41B	3.58B	3.73B	3.67B	3.60B	33.75B	3.82B	4.21B	4.36B	-1.74B	3.89B	3.68B	3.45B	3.18B	3.28B	3.47B	3.59B	3.35B	3.41B	3.30B	3.00B	2.73B	2.68B	2.49B	2.38B	0.01B	2.34B	2.56B	2.54B	0.75B	2.65B	2.74B	2.59B	0.66B	2.44B	2.59B	2.62B	0.88B	2.45B	2.28B	2.26B	1.10B	2.10B	2.30B	2.33B	0.78B	2.35B	3.06B	3.25B	0.73B	3.11B	3.10B	3.12B	1.15B	3.45B	3.54B	3.34B	1.00B	2.85B	2.82B	2.82B
Total Liabilities	5.79B	4.60B	4.14B	3.76B	3.70B	3.70B	3.70B	3.81B	3.99B	3.99B	3.95B	3.69B	4.16B	4.65B	4.74B	4.46B	4.22B	4.05B	3.81B	3.46B	3.58B	3.82B	3.95B	3.70B	3.73B	3.67B	3.38B	3.02B	2.91B	2.74B	2.61B	2.59B	2.56B	2.78B	2.77B	2.82B	2.87B	2.96B	2.83B	2.38B	2.67B	2.83B	2.86B	2.66B	2.71B	2.52B	2.49B	2.27B	2.33B	2.55B	2.60B	2.34B	2.62B	3.38B	3.53B	3.52B	3.44B	3.47B	3.44B	4.05B	3.94B	4.18B	3.72B	3.64B	3.22B	3.61B	3.21B
Shareholder's Equity
Total Debt	3.18B	2.54B	2.39B	2.53B	2.21B	2.28B	2.24B	2.55B	1.94B	1.89B	1.81B	-0.93B	1.63B	1.84B	2.16B	-1.74B	1.91B	2.02B	1.71B	-0.93B	1.33B	1.56B	1.70B	0.03B	1.57B	1.65B	1.49B	-0.97B	1.25B	1.07B	1.11B	0.50B	1.11B	1.22B	1.20B	1.37B	1.30B	1.14B	1.13B	0.30B	0.37B	0.38B	0.38B	0.34B	2.08B	1.32B	1.25B	-0.01B	0.29B	0.29B	0.47B	0.11B	0.66B	0.30B	0.27B	0.73B	1.63B	1.04B	1.69B	0.58B	2.22B	1.60B	2.10B	0.85B	1.01B	0.98B	0.99B
Common Equity	8.93B	9.21B	9.60B	9.72B	9.94B	9.82B	10.35B	10.55B	11.03B	11.15B	10.99B	11.17B	11.67B	10.88B	11.35B	11.50B	11.89B	11.89B	12.23B	12.47B	12.86B	12.94B	12.84B	12.81B	12.84B	12.61B	12.12B	11.87B	11.97B	11.63B	11.62B	11.41B	11.64B	11.45B	11.59B	11.58B	11.85B	11.53B	11.79B	11.88B	12.22B	12.15B	12.16B	12.19B	11.41B	11.38B	11.37B	11.45B	11.47B	11.66B	11.94B	12.11B	12.65B	12.79B	13.33B	14.03B	15.19B	15.79B	16.40B	17.03B	17.61B	16.92B	17.42B	16.81B	17.40B	16.79B	17.26B
Shareholder's Equity				1.18B				1.18B				10.51B				11.33B	11.74B	11.72B	12.05B	12.29B	12.72B	12.79B	12.69B	12.65B	12.69B	12.46B	11.97B	11.87B	11.81B	11.47B	11.48B	11.29B	11.53B	11.34B	11.50B	11.58B	11.75B	11.43B	11.69B	11.78B	12.01B	11.94B	11.96B	11.99B	11.22B	11.19B	11.18B	1.18B	11.29B	11.49B	11.76B	12.11B		12.65B		14.03B				17.03B		16.71B		16.81B
Liabilities and Shareholders Equity	14.73B	13.80B	13.74B	13.48B	13.64B	13.52B	14.05B	14.36B	15.03B	15.14B	14.94B	14.86B	15.83B	15.53B	16.10B	15.96B	16.11B	15.94B	16.04B	15.93B	16.45B	16.76B	16.79B	16.51B	16.57B	16.28B	15.51B	14.80B	14.88B	14.37B	14.23B	14.00B	14.20B	14.23B	14.36B	14.40B	14.72B	14.49B	14.62B	14.25B	14.88B	14.98B	15.02B	14.84B	14.12B	13.90B	13.86B	13.72B	13.80B	14.21B	14.54B	14.45B	15.27B	16.18B	16.86B	17.55B	18.64B	19.26B	19.84B	21.08B	21.55B	21.10B	21.14B	20.45B	20.62B	20.41B	20.47B
Retained Earnings																																				0.12B				0.12B
Treasury Shares		1,180.54B		1,180.54B		1,180.54B		1,180.54B				1,180.54B				1,180.54B				1,180.54B				1,180.54B				1,180,536.83B		1,180.54B		1,180.54B		1.18B		1,180.54B		1.18B		1,180.54B				1,180.54B		1.18B		1,180.54B		1.18B		1,180.54B		1.18B		1.18B		1.18B

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Tenaris Balance Sheet (2009-2025) | TS

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