Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 9

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 9
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 either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses.
References in these Consolidated Financial Statements to “Tenaris” refer to the Company and its consolidated subsidiaries.
A list of the Company’s principal subsidiaries is included in note 33 to these Consolidated Financial
Statements.

The Company’s shares trade on the Italian Stock Exchange and the
Mexican Stock Exchange; and the Company’s American Depositary Securities (“ADS”) trade on the New York Stock Exchange.

These Consolidated Financial Statements were approved for issuance by the
Company’s Board of Directors on February 19, 2025. The Board of Directors has the power to amend and reissue these Consolidated
Financial Statements.

II. ACCOUNTING POLICIES

The accounting policies applied in the preparation of these Consolidated
Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

| A | Basis of presentation |

The Consolidated Financial Statements of Tenaris have been prepared in
accordance with International Financial Reporting Standards (“IFRS" or "IFRS Accounting Standards”), as issued by
the International Accounting Standards Board (“IASB”) and in accordance with IFRS as adopted by the European Union, under
the historical cost convention, as modified by the revaluation of certain financial assets and liabilities (including derivative instruments)
and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars
(“$”).

Whenever necessary, certain comparative amounts have been reclassified
to conform to changes in presentation in the current year.

The preparation of Consolidated Financial Statements in conformity with
IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of
assets, liabilities, contingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas involving
material estimates or judgements are: impairment testing of long-lived assets (notes II.H), impairment in investments in associates (note
II.B); income taxes -including recoverability of deferred tax assets- (note II.O); obsolescence of inventory (note II.J); contingencies
(note II.Q); allowance for trade receivables (note II.K); post-employment and other long-term benefits (note II.P); business combinations
(notes II.B); useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.H), fair value estimation
of certain