Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 39

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 39
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 an efficient coverage in the absence of
operative or natural hedges. Almost all of these transactions are forward exchange rates contracts. See note 26
to these Consolidated Financial Statements.

Tenaris does not enter into derivative financial instruments for trading
or other speculative purposes, other than non-material investments in structured products.

In the case of subsidiaries with functional currencies other than the U.S.
dollar, the results of hedging activities, reported in accordance with IFRS, may not reflect entirely the management’s assessment
of its foreign exchange risk hedging program. Intercompany balances between Tenaris’s subsidiaries may generate financial gains
(losses) to the extent that functional currencies differ.

The value of Tenaris’s financial assets and liabilities is subject
to changes arising from the variation of foreign currency exchange rates. The following table provides a breakdown of Tenaris’s
main financial assets and liabilities (including foreign exchange derivative contracts) which impact the Company’s profit and loss
as of December 31, 2024 and 2023.

| All amounts Long / (Short) in thousands of U.S. dollars |     | As of December 31, |          |   |     |      |          |   |
| Currency Exposure / Functional currency                 |     |               2024 |          |   |     | 2023 |          |   |
| Euro / U.S. dollar                                      |     |                    | (183,985 | ) |     |      | (203,608 | ) |
| Saudi Arabian Riyal / U.S. dollar                       |     |                    | (173,233 | ) |     |      | (181,931 | ) |
| Argentine Peso / U.S. dollar                            |     |                    | (40,565  | ) |     |      | (134,716 | ) |
| Brazilian Real / U.S. dollar                            |     |                    | (41,591  | ) |     |      | (25,680  | ) |

The main relevant exposures correspond to:

| § | Euro / U.S. dollar |

As of December 31, 2024 and 2023 consisting primarily of Euro-denominated
intercompany liabilities at certain subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the EUR/USD exchange
rate would have generated a pre-tax gain / loss of $1.8 million and $2.0 million as of December 31, 2024 and 2023, respectively, which