Company: TNRSF
Filing Date: 2025-04-01
Form Type: 20-F
Source: 0001554855-25-000262
Chunk: 0

Company: TENARIS SA
Filing Date: 2025-04-01
Form: 20-F
Item: Item 17
Chunk 0
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Part III                                                      
  Item 17       Financial Statements      Financial Statements  
  Item 18       Financial Statements      Financial Statements  
  Item 19       Exhibits                  Exhibits              

   8  

  Annual Report 2024  

LETTER FROM THE CHAIRMAN

2024
was a good year for Tenaris in many aspects. We consolidated our leading
industry position with a number of distinct achievements, delivered solid
financial results accompanied by higher returns for shareholders, and completed
several investments which are improving our industrial efficiency and reducing
our environmental footprint.

It
was, however, marred by an accident that took place at the end of the year
which claimed the lives of two of our employees. The accident occurred in the
heavy equipment maintenance shop of our main plant in Argentina. This is a
major setback for Tenaris, which has an absolute commitment to safety with its
employees and its communities. We deeply regret the loss of life and are
reinforcing all our action on preventive activities with a focus on critical
risks.

For
the year, our EBITDA reached $3.1 billion and net income $2.1 billion on net
sales of $12.5 billion. Free cash flow amounted to $2.2 billion, all of which
was distributed to shareholders through dividends and share buy backs. We are
proposing to increase the annual dividend per share by 38% over that for the
previous year. At the same time, we maintained our net cash position of $3.6
billion.

In
North America, consolidation among major shale operators has continued. We are
strengthening our service differentiation with larger operators, who prize the
operational efficiency, reliability and quality that we provide through our Rig
DirectÒ service.
We now provide 24/7 digital well integrity solutions supported by technical
specialists and remote monitoring capabilities in addition to our more
established RunReady™ service
and have extended our range of Wedge Series 400™ connections.

ExxonMobil
honored us with their 2024 supplier of the year award for our efforts in supply
chain integration worldwide. We have served their operations in various parts
of the world over many years and, since 2024, we have been serving all their US
shale operations as well as their offshore operations in Guyana under long-term
agreements.

We
are establishing a leading position for 20K projects in the US deepwater