Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 60

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 60
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 at subsidiaries with functional currency U.S.
dollar, together with the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries
with functional currency U.S. dollar, offset by changes in currency translation adjustment reserve from an Italian subsidiary.

In 2022 mainly includes result from the Argentine peso and Japanese yen
depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated net financial position at subsidiaries with functional
currency U.S. dollar, together with the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities
in subsidiaries with functional currency U.S. dollar, largely offset by changes in currency translation adjustment reserve from an Italian
subsidiary.

Net foreign exchange derivatives contracts results:In 2024 includes
mainly losses on derivatives covering net receivables, fiscal and other liabilities in Brazilian real.

In 2023 includes mainly losses on derivatives covering net receivables
in Brazilian real.

In 2022 includes mainly losses on derivatives covering net receivables
in Brazilian real and net liabilities in Euro and Japanese yen.

Other:In 2024 includes approximately $84 million related to result
of U.S. dollar denominated Argentine bonds used to cancel commercial debt. For more information see note 29.

In 2024 also includes a $16 million loss related to a fee payable in connection
with a collection involving the Company’s Mexican subsidiary. See note III.A.(iv).

In 2023 and 2022 includes a net loss of $94.7 million and $29.8 million,
respectively, related to the transfer of Argentine sovereign bonds paid as dividend in kind from Argentinian subsidiaries to its foreign
shareholders.

| - 41 - |

| Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

#### 8Equity in earnings of non-consolidated companies
|                                                        |     | Year ended December 31, |  2024 |     |     |    2023 |   |     |     |    2022 |   |
|:-------------------------------------------------------|:----|:------------------------|------:|:----|:----|--------:|:--|:----|:----|--------:|:--|
| Earnings from non-consolidated companies               |     |                         | 8,548 |     |