Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002693
Chunk: 4

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 4
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 of a provision for the ongoing litigation related to
the acquisition of a participation in Usiminas.

Financial results amounted to a gain of $35 million in the first
quarter of 2025, compared to a gain of $48 million in the previous quarter and a loss of $25 million in the first quarter of 2024. Financial
result of the quarter is mainly attributable to a $67 million net finance income from the net return of our portfolio investments offset
by net foreign exchange losses of $15 million and $16 million in fees paid in connection with the collection of $242 million from Pemex.

Equity in earnings of non-consolidated companies generated a gain
of $14 million in the first quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $48 million in the
first quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024
the result from Ternium´s investment included a $43 million gain from the partial reversal of a provision for the ongoing litigation
related to the acquisition of a participation in Usiminas, while in the first quarter of 2025 it includes a $5 million loss related to
the same ongoing litigation.

Income tax charge amounted to $81 million in the first quarter of
2025, compared to $123 million in the previous quarter and $85 million in the first quarter of 2024. The quarter income tax charge reflects
the positive net effect from foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, mainly
in Argentina, and the recognition of other deferred tax assets.

Cash Flow and Liquidity of 2025 First Quarter

Net cash generated by operating activities during the first quarter of
2025 was $821 million, compared to $492 million in the previous quarter and $887 million in the first quarter of 2024. During the first
quarter of 2025 cash generated by operating activities includes a net working capital reduction of $224 million.

With capital expenditures of $174 million, our free cash flow amounted
to $647 million during the quarter. Following share buybacks of $237 million in the quarter, our net cash position increased to $4.0 billion
at March 31, 2025.

Conference call

Tenaris will hold a conference call to discuss the above reported results,
on May 1, 2025, at 08:00