15. Borrowings

15. Borrowings

(i) The tables below provide the Group’s borrowings per currency and the average interest rate and average remaining tenor for fixed rate borrowings.

The weighted average remaining fixed rate period reduced by more than one year through prepayment of a fixed rate loan in March 2026.

The weighted average interest rate on short-term borrowings from other Tata Steel companies was nil% (2025: 5.3%).

(ii) The maturity of borrowings is as follows:

The committed revolving credit facility matures in May 2027. As a consequence, the outstanding balance of €110 million is reported between one and two years. In the comparable figures, the drawn position of €310 million is reported between two and three years. The other positions on balance sheet date relate to lease financing transactions.

In addition, as the revolving credit facility ('RCF') is due to expire in May 2027, TSN has received a support letter from Tata Steel Global Holding Pte Ltd, demonstrating its commitment to support TSN in the rollover of the existing RCF with existing / and or new  banks  for a period of at least 6 months beyond the current termination date.

In March 2026, the Company has fully prepaid a bilateral annuity loan,  which explains the reduction of the outstanding position with a maturity of more than five years.

(iii) Amounts payable under leases are as follows:

The lease portfolio of the Group consists of leases of land, building, machinery, and vehicles.

(iv) The maturity of undrawn committed borrowing facilities of the Group is as follows:

To fund its operations, the Company has access to a committed revolving credit facility of €550 million (31 March 2025: €550 million). Each advance bears interest equal to EURIBOR + 1.50% per annum. Following total repayments of €200 million during the reporting period, €440 million was undrawn as of 31 March 2026 (31 March 2025: €240 million). The revolving credit facility is scheduled to mature in May 2027. The Company intends to pursue the extension and/or refinancing of this facility in the next financial year.

(v) Furthermore, the Group has several (uncommitted) short-term bank facilities in various countries to support daily treasury operations such as cash pooling as well as trade finance solutions, such as the issuance of guarantees and Letters of Credit.