Company: TNRSF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001171843-25-004924
Chunk: 8

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 8
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 the first half of 2024. Results were mainly derived
from our oilfield services business in Argentina and from the sale of sucker rods.

Selling, general and administrative expenses, or SG&A,declined
from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of
sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization.

Other operating resultsamounted to a loss of $50 thousand in the
first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million
loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas.

Financial resultsamounted to a gain of $67 million in the first
half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months
of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in
the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar
denominated Argentine bond previously recognized in other comprehensive income.

Equity in earnings (losses) of non-consolidated companiesgenerated
a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly
derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million
loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

Income tax amounted to a charge of $187 million in the first half
of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several
subsidiaries.

Cash Flow and Liquidity of 2025 First Half

Net cash provided by operating activities during the first half of 2025
amounted to $1.5 billion (including a reduction in working capital of $250 million),