Company: TNRSF
Filing Date: 2025-07-31
Form Type: 6-K
Source: 0001171843-25-004924
Chunk: 4

Company: TENARIS SA
Filing Date: 2025-07-31
Form: 6-K
Chunk 4
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     | (45 | %) |
| Operating margin (% of sales) |     |    17.3 | % |     |    23.1 | % |     |     |    |     |    27.3 | % |     |     |    |

Net sales of other products and services increased 6% sequentially
and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw
materials and energy sold to third parties which had a lower margin.

Selling, general and administrative expenses, or SG&A,
amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter
and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees,
taxes, and other expenses.

Other operating resultsamounted to a loss of $6 million in the
second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024.
In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation
in Usiminas.

Financial results amounted to a gain of $32 million in the second
quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial
result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially
offset by foreign exchange and derivatives results.

Equity in earnings (losses) of non-consolidated companies generated
a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million
in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter
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 charge amounted to $105 million in the second quarter
of 202