Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 76

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 76
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 to quantify the impact that the announced measures, if maintained, would have on its business or financial condition.

Carlos Gómez Álzaga

Chief Financial Officer

| 52 |

| Half-year report 2025 - Interim management report |

#### EXHIBIT I –
ALTERNATIVE PERFORMANCE MEASURES

EBITDA, Earnings before interest, tax, depreciation and amortization

EBITDA provides an analysis of the operating results excluding depreciation and amortization
and impairments, as they are non-cash variables which can vary substantially from company to company depending on accounting policies
and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before
working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies
and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Net income for the period + Income tax charge +/- Equity in Earnings (losses) of non-consolidated
companies +/- Financial results + Depreciation and amortization +/- Impairment charge/(reversal)

EBITDA is a non-IFRS alternative performance measure.

| (all amounts in thousands of U.S. dollars)                |     | Six-month period ended June 30, |      2025 |   |     |     |      2024 |   |
|:----------------------------------------------------------|:----|:--------------------------------|----------:|:--|:----|:----|----------:|:--|
| Income for the period                                     |     |                                 | 1,059,570 |   |     |     | 1,098,451 |   |
| Income tax                                                |     |                                 |   186,684 |   |     |     |   223,003 |   |
| Equity in (losses) earnings of non-consolidated companies |     |                                 |   (46,686 | ) |     |     |    34,340 |   |
| Financial Results                                         |     |                                 |   (66,921 | ) |     |     |   (32,421 | ) |
| Depreciation and amortization                             |     |                                 |   296,408 |   |     |     |   313,951 |   |
| EBITDA                                                    |     |                                 | 1,