Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 51

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 51
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2,847 |   |
| Difference in cost of sales                                                   |     |       |        |     |       |     |     |       |     44 |   |
| Differences in depreciation and amortization                                  |     |       |        |     |       |     |     |       |      2 |   |
| Differences in selling, general and administrative expenses                   |     |       |        |     |       |     |     |       |     (4 | ) |
| Differences in other operating income (expenses), net                         |     |       |        |     |       |     |     |       |     74 |   |
| IFRS - operating income                                                       |     |       |        |     |       |     |     |       |  2,963 |   |
| Financial income (expense), net                                               |     |       |        |     |       |     |     |       |     (6 | ) |
| Income before equity in earnings of non-consolidated companies and income tax |     |       |        |     |       |     |     |       |  2,957 |   |
| Equity in earnings of non-consolidated companies                              |     |       |        |     |       |     |     |       |    209 |   |
| Income before income tax                                                      |     |       |        |     |       |     |     |       |  3,166 |   |
| Net Sales                                                                     |     |       | 11,133 |     |       | 630 |     |       | 11,763 |   |
| Depreciation and amortization                                                 |     |       |    588 |     |       |  20 |     |       |    608 |   |

There are no material differences between IFRS and management view in total
revenues.

The differences between operating income under IFRS and the management
views are mainly related to the cost of goods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement
cost considered for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other minor timing differences.

| - 36 - |

| Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

The main difference in Other operating income (expenses), net, for
the