Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 54

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 54
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 has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the
customer. Revenues related to governmental institutions represent approximately 30%, 26%
and 22% in 2024, 2023 and 2022 respectively.

Tubes segment revenues by market:

(All amounts in millions of U.S. dollars)

| Revenues Tubes               |     | 2024 |        |     | 2023 |        |     | 2022 |        |
| Oil & gas                    |     |      | 10,689 |     |      | 12,488 |     |      |  9,543 |
| Oil & gas processing plants  |     |      |    548 |     |      |    818 |     |      |    738 |
| Industrial, power and others |     |      |    670 |     |      |    879 |     |      |    852 |
| Total                        |     |      | 11,907 |     |      | 14,185 |     |      | 11,133 |

The table above includes revenues from services performed on third party
tubes of $483.5 million, $164.8 million and $108.3 million for the years 2024, 2023 and 2022, respectively.

| - 37 - |

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

As of December 31, 2024 and 2023, the Company recognized contract liabilities
related to customer advances in the amount of $206.2 million and $263.7
million, respectively. Contract liabilities represent obligations to perform services or deliver products in the future for cash considerations
that have been received from customers. Each of these amounts are recognized as revenues during the subsequent years. In these periods,
no significant adjustments in revenues were performed related to previously satisfied performance obligations.

As of December 31, 2024 and 2023, the Company recognized contract assets
related to unbilled revenues in the amount of $50.8 million (including $14.2
million with related parties) and $47.5 million, respectively. Contract assets arise from revenue earned
for goods or services that is not yet billable to the customers.

#### 2Cost of sales
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