Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 2

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 2
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3.61 |   |     |          |   6.65 |   |     |                     | (46 | %) |
| Earnings per share ($)               |     |          |   1.81 |   |     |          |   3.32 |   |     |                     | (45 | %) |
| EBITDA* ($ million)                  |     |          |  3,052 |   |     |          |  4,865 |   |     |                     | (37 | %) |
| EBITDA margin (% of net sales)       |     |          |   24.4 | % |     |          |   32.7 | % |     |                     |     |    |

*EBITDA in 12M 2024 includes a $107 million loss from the provision for
the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted
to $3,159 million, or 25.2% of sales.

Our sales in 2024 amounted to $12.5 billion with a decrease of 16% compared
to 2023, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas,
lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes
in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas
drilling activity. EBITDA and margins also declined to $3.1 billion, being further affected by a $107 million loss from a provision for
the ongoing litigation related to the acquisition of a participation in Usiminas. Net income amounted to $2.1 billion, or 17% of net sales,
and was affected by a reduction of $43 million from our participation in Ternium related to the same case.

Cash flow provided by operating activities amounted to $2.9 billion during
2024. This was used to fund capital expenditures of $694 million, with the remainder distributed to shareholders through dividend payments
of $758 million and share buybacks for $1,440 million in the year. We maintained a net cash position of $3.6 billion at the end of December
2024.

Change of Chief Financial Officer

Effective as of May 2, 2025, Mr.