Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 14

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 14
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including as a result of increasing regulatory requirements aimed at transitioning to a lower-carbon economy),
may not be successfully implemented or could be delayed or abandoned. Even if we successfully implement our business strategy, it may
not yield the expected results, or decisions by our joint venture partners may frustrate our initiatives.

One element of our business strategy is to identify and pursue growth-enhancing strategic opportunities
by making significant capital investments and acquiring interests in, or businesses of, various companies. We must necessarily base any
assessment of potential acquisitions, joint ventures and capital investments, on assumptions with respect to timing, profitability, market
and customer behavior, and other matters that may subsequently prove to be incorrect. Our past or future acquisitions, significant investments
and alliances may not perform in accordance with our expectations and could adversely affect our operations and profitability. In addition,
new demands on our existing organization and personnel resulting from the integration of new acquisitions could disrupt our operations
and adversely affect our operations and profitability. Moreover, as part of future acquisitions, we may acquire assets that are unrelated
to our business, and we may not be able to integrate these assets or sell them under favorable terms and conditions. In addition, acquisitions
may be subject to challenges or investigations by governmental authorities, including antitrust and consumer-protection authorities. The
costs of complying with authorization or investigation procedures may be significant. Also, antitrust authorities are looking very closely
at the effects of acquisitions and may deny authorizations, impose conditions that may result in significant costs or deprive Tenaris
of the advantages and expected synergies of acquisitions, or initiate investigation upon challenges brought by third parties. Challenges
to acquisitions or other investments, and failure to obtain, or conditions imposed for the granting of, authorizations may prevent or
delay transactions, which could have an adverse effect on our financial condition and results of operations.

| 8 |

| Half-year report 2025 - Interim management report |

We are subject to tax laws in numerous foreign jurisdictions where we operate. The integrated
nature of our worldwide operations can produce conflicting claims from revenue authorities in different countries as to the profits to
be taxed in the individual countries, including disputes relating to transfer pricing. Most of the jurisdictions in which we operate have
double tax treaties with foreign jurisdictions, which provide a framework for mitigating the risk of double taxation on our results. However,
in case double taxation persists, dispute resolution mechanisms developed to resolve such conflicting claims are largely untried and can
be expected to be very lengthy. In recent