Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 37

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 37
---
 are recorded in Selling, general and administrative expensesin the Consolidated Income Statement.

| - 26 - |

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

#### UEarnings per share
Earnings per share are calculated by dividing the income attributable to
the shareholders’ equity by the monthly weighted average number of common shares outstanding during the period.

There are no dilutive potential ordinary shares.

#### VFinancial instruments
Non-derivative financial instruments comprise investments in financial
debt instruments and equity, time deposits, contract assets, trade and other receivables, cash and cash equivalents, borrowings and trade
and other payables.

The Company classifies its financial instruments according to the following
measurement categories:

| § | those to be measured subsequently at fair value (either through OCI or through profit or loss), and |

| § | those to be measured at amortised cost. |

The classification depends on the Company’s business model for managing
the financial assets and contractual terms of the cash flows.

Financial assets are recognized on their settlement date. Financial assets
are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company
has transferred substantially all the risks and rewards of ownership.

At initial recognition, the Company measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable
to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses
in profit or loss.

Subsequent measurement of debt instruments depends on the Company’s
business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which
the Company classifies its debt instruments:

Amortized Cost: Assets that are held for collection of contractual
cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is
included in finance income using the effective interest rate method.

Exchange gains and losses and impairments related to the financial assets
are immediately recognized in the Consolidated Income Statement.

Fair value through other comprehensive income: Assets that are held
for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments
of principal and interest. Interest income from these financial assets is included in finance income