Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 20

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 20
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 these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult
to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, the Company is unable
to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases,
the Company has not accrued any provision for the potential outcome of these cases.

If a potential loss from a claim, lawsuit or other proceeding is considered probable and the
amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses
to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration
litigation and settlement strategies. In a limited number of ongoing cases, the Company was able to make a reliable estimate of the expected
loss or range of probable loss and, depending on the likelihood of occurrence, in some of such cases has accrued a provision for such
loss but believes that publication of this information on a case-by-case basis would seriously prejudice Tenaris’s position in the
ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information
with respect to the nature of the contingency but has not disclosed its estimate of the range of potential loss.

The Company believes that the aggregate provisions recorded for potential losses in these Consolidated
Condensed Interim Financial Statements are adequate based upon currently available information. However, if management’s estimates
prove incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a material adverse
effect on its results of operations, financial condition, net worth and cash flows.

See note 18 “Contingencies, commitments and restrictions to the distribution of profits”
to our unaudited consolidated condensed interim financial statements included in this half-year report for a summary description of Tenaris’s
material outstanding legal proceedings as of the date of such financial statements.

| 11 |

| Half-year report 2025 - Interim management report |

#### Business Overview
Operating and Financial Review and Prospects

The following discussion and analysis should be read in conjunction with the audited consolidated
financial statements and the related notes included in our annual report for the year ended December 31, 2024, and is based on, and should
be read in conjunction with, the unaudited consolidated condensed interim financial statements for the six-month period ended June 30