Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 10

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 10
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 gain of $36 million in 2023. In 2024 we recorded a $107 million loss from provision for the ongoing litigation related to
the acquisition of a participation in Usiminas. In 2023 other operating income includes a non-recurring gain of $33 million corresponding
to the transfer of the awards related to the Company’s Venezuelan nationalized assets.

Financial resultsamounted to a gain of $129 million in 2024, compared
to a gain of $221 million in 2023. While net finance income increased due to a higher net financial position, net foreign exchange results
decreased significantly in respect to the previous year.

Equity in earnings of non-consolidated companiesgenerated a gain
of $9 million in 2024, compared to a gain of $95 million in 2023. These results were mainly derived from our equity investment in Ternium
(NYSE:TX) and in 2024 were negatively affected by a $43 million loss from the provision for the ongoing litigation related to the acquisition
of a participation in Usiminas on our Ternium investment.

Income tax amounted to a charge of $480 million in 2024, compared
to $675 million in 2023. The lower income tax charge mainly reflects the reduction in results at several subsidiaries.

Cash Flow and Liquidity of 2024

Net cash provided by operating activities in 2024 amounted to $2.9 billion
(including a reduction in working capital of $287 million), compared to cash provided by operations of $4.4 billion (including a reduction
in working capital of $182 million) in 2023.

Capital expenditures amounted to $694 million in 2024, compared to $619
million in 2023. Free cash flow amounted to $2.2 billion in 2024, compared to $3.8 billion in 2023.

Following dividend payments of $758 million and share buybacks of $1.4
billion during 2024, our net cash position amounted to $3.6 billion at December 31, 2024.

Conference call

Tenaris will hold a conference call to discuss the above reported results,
on February 20, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

To listen to the conference please join through one of the following options:

ir.tenaris.com/events-and-presentations or