Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 22

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 22
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            |
| Current assets                                            |     |          |  9,156,898 |     |              |  9,236,180 |
| Property, plant and equipment, net                        |     |          |  6,168,254 |     |              |  6,121,471 |
| Other non-current assets                                  |     |          |  5,082,406 |     |              |  5,092,474 |
| Total assets                                              |     |          | 20,407,558 |     |              | 20,450,125 |
| Current liabilities                                       |     |          |  2,681,440 |     |              |  2,636,657 |
| Non-current borrowings                                    |     |          |      4,361 |     |              |     11,399 |
| Deferred tax liabilities                                  |     |          |    472,640 |     |              |    503,941 |
| Other non-current liabilities                             |     |          |    454,458 |     |              |    484,293 |
| Total liabilities                                         |     |          |  3,612,899 |     |              |  3,636,290 |
| Capital and reserves attributable to shareholders' equity |     |          | 16,583,542 |     |              | 16,593,257 |
| Non-controlling interests                                 |     |          |    211,117 |     |              |    220,578 |
| Equity                                                    |     |          | 16,794,659 |     |              | 16,813,835 |
| Total liabilities and equity                              |     |          | 20,407,558 |     |              | 20,450,125 |

| 13 |

| Half-year report 2025 - Interim management report |

Six-month period ended June 30, 2025, compared to six-month period ended June 30, 2024

Summary

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