Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 13

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 13
---
 for by the equity method and are initially
recognized at cost (as defined by IAS 28, “Investments in Associates and Joint Ventures”). The Company’s investment
in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.

Associated companies are those entities in which Tenaris exerts significant influence in accordance
with IFRS, but does not have control.

Joint arrangements are combinations in which there are contractual agreements
by virtue of which two or more partner companies hold an interest in one or more companies that undertake operations or hold assets in
such a way that any financial or operating decision is subject to the unanimous consent of the partners (as defined by IFRS 11 “Joint
Arrangements”). A joint arrangement is classed as a joint operation if the parties hold rights to its assets and have obligations
in respect of its liabilities or as a joint venture if the venturers hold rights only to the investee's net assets.

Under the equity method of accounting, investments are initially recognized
at cost and adjusted thereafter to recognize Tenaris’s share of the post-acquisition profits or losses of the investee in profit
or loss, and Tenaris’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends
received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.

If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris’s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies are adjusted where necessary to ensure consistency with IFRS.

The Company’s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement underEquity in earnings
of non-consolidated companies. The Company’s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.

| - 12 - |

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

The main investments in non-consolidated companies are:

| a) | Ternium |

At December 31, 2024, Tenaris held 11.46% in the share capital of Ternium S.A.