Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 11

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 11
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 of management-defined
performance measures within the financial statements.

Management is currently assessing the detailed implications of applying
the new standard on the Consolidated Financial Statements.

The group will apply the new standard from its mandatory effective date
of 1 January 2027. Retrospective application is required, and so the comparative information for the financial year ending December 31,
2026 and December 31, 2025 will be restated in accordance with IFRS 18. The EU has still not endorsed this standard.

Other newly published accounting standards, amendments to accounting standards
and interpretations are not mandatory for December 31, 2024 reporting periods and have not been early adopted by the Company. These standards,
amendments or interpretations are not expected to have a material impact in the current or future reporting periods and on foreseeable
future transactions.

| B | Group accounting |

| (1) | Subsidiaries and transactions with non-controlling interests |

Subsidiaries are all entities over which Tenaris has control. Tenaris controls
an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. In some cases, the Company considers that it has the ability to affect returns through
its power over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able to prevail
at all of the subsidiary’s general meetings, which in turn allows Tenaris to nominate and appoint a majority of the subsidiary’s
board of directors. Subsidiaries are fully consolidated from the date on which control is obtained by the Company and are no longer consolidated
from the date control ceases.

The acquisition method is used to account for the acquisition of subsidiaries
by Tenaris. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities
incurred or assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, liabilities
and contingent liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition
date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest’s proportionate
share of the acquiree’s net identifiable assets. The excess of the aggregate of the consideration transferred and the amount of
any non-controlling interest in the acquiree over the fair value of the identifiable net assets