Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 8

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 8
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, thus negatively affecting demand
for our products and services and, ultimately, our future results of operations. In addition, adoption of new climate change legislation
in the countries in which Tenaris operates could result in incremental operating costs (such as incremental compliance costs and increased
insurance premiums) and unexpected capital expenditures and, eventually, affect our competitiveness and reduce our market share. Also,
shifts in customer preferences and failure to respond to shareholders’ demand for climate-related measures and environmental standards
could harm our reputation, adversely affect the ability or willingness of our customers or suppliers to do business with us, negatively
impact workforce management and planning, erode stakeholder support and restrict or reduce access to financial resources. Moreover, our
customers, investors, regulators, employees and other stakeholders have differing requirements, expectations, demands and perspectives
on these topics, which are continuing to evolve and diverge. We may not be able to meet the differing requirements, expectations and demands
of all of our stakeholders, which could harm our reputation, subject us to legal and operational risks, impact customer demand, and adversely
impact our financial condition and operating results.

| 5 |

| Half-year report 2025 - Interim management report |

Our business has been, and in the future could be, affected by severe weather in areas where
we operate, which could materially affect our operations and financial results. Extreme weather conditions and natural disasters such
as hurricanes, extreme wind, fires, flooding or coastal storm surges have resulted, and may in the future result, in the shutdown of our
facilities, evacuation of our employees, and activity disruptions at our clients’ well-sites or in our supply chain. For example,
the severe freeze in the United States and Mexico in early 2021, caused gas and power shortages in Texas, resulting in additional costs
and production disruptions and losses. Chronic climate changes, such as changes in precipitation patterns and rises in average temperatures
and sea levels, may result in increased operating costs or capital expenditures due to supply shortages or damage to facilities, higher
insurance premiums or reduced availability of insurance, decreases in revenue derived from lower production capacity, and write-offs or
early retirement of assets, all of which could adversely affect our financial condition, results of operations and cash flows.

We are subject to a wide range of local, state, provincial and national laws, local and international
regulations, permit requirements and decrees relating to the protection of human health and the environment, including laws and regulations
relating to hazardous materials and