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1. Revenue

Summary of article:  The Group derives its revenue from contracts with customers for the transfer of goods at a point in time in the following major geographic regions. Substantially all revenue is derived from the sale of goods.

10. Inventories

Summary of article:  The value of inventories above is stated after impairment of €42 million (2025: €83 million) for obsolescence and write-downs to net realisable value. Work in progress includes semi-finished and partly processed materials.

11. Tax assets and tax liabilities

Summary of article:  To evaluate the deferred tax position, which includes the intercompany non-current tax receivable, an analysis is made of the expected future taxable profits as has been used for the impairment assessment.

12. Trade and other receivables

Summary of article:  (i) Trade receivables are further analysed as follows:

13. Cash and short-term deposits

Summary of article:  The distribution of the cash position per currency is stated in the table below:

14. Trade and other payables

Summary of article:  (i) Trade and other payables primarily comprise amounts outstanding for the purchase of raw materials and services, payables to group companies, and other statutory and operational liabilities.

15. Borrowings

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

16. Other non-current liabilities

Summary of article:  Other taxation and social security relate to deferred payroll taxes and are due for repayment within three years. These payroll tax deferrals were granted in response to the COVID 19 pandemic.

17. Financial instruments and risk management

Summary of article:  Capital is managed to ensure that the Group remains a going concern. Capital comprises equity and net interest-bearing borrowings. At reporting date, total available capital equals €2,845 (31 March 2025: €2,938 million).

18. Provisions for liabilities and charges

Summary of article:  (i) The rationalisation provision relates to costs arising from approved restructuring measures at Tata Steel Nederland (TSN) under the SCALE transition programme.