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

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 6
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     |    24.2 | % |     |                     |    |

* EBITDA in 6M 2024 includes a $171 million loss from the provision for
ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted
to $1,808 million, or 26.7% of sales.

Our sales in the first half of 2025 decreased 11% compared to the first
half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in
North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA
declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares
due to the share buyback.

Cash flow provided by operating activities amounted to $1.5 billion during
the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free
cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester,
our net cash position amounted to $3.7 billion at the end of June 2025.

The following table shows our net sales by business segment for the periods indicated below:

| Net sales ($ million) |     | 6M 2025 |     |    |   |     | 6M 2024 |     |    |   |     | Increase/(Decrease) |    |
| Tubes                 |     |   5,686 |     | 95 | % |     |   6,421 |     | 95 | % |     | (11                 | %) |
| Others                |     |     322 |     |  5 | % |     |     342 |     |  5 | % |     | (6                  | %) |
| Total                 |     |   6,008 |     |    |   |     |   6,763 |     |    |   |     | (11                 | %) |

Tubes

The following table indicates, for our Tubes business segment, sales volumes
of seamless and welded pipes