Company: TNRSF
Filing Date: 2025-05-01
Form Type: 6-K
Source: 0001171843-25-002693
Chunk: 1

Company: TENARIS SA
Filing Date: 2025-05-01
Form: 6-K
Chunk 1
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 25.5 | % |     |    |    |     |         |  28.7 | % |     |     |    |

*EBITDA in the fourth quarter of 2024 included a $67 million gain from
the partial reversal of a 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 $659 million, or 23.2% of sales.

In the first quarter, our sales were buoyed by seasonal volumes in Canada
and higher onshore sales in the USA while our average selling price declined. This was due to market and product mix effects with lower
sales of OCTG premium products in Mexico, Turkey and Saudi Arabia and lower sales of seamless line pipe for offshore projects. On a comparable
basis our EBITDA rose 6% and net income remained in line with the results of the previous quarter.

During the quarter, free cash flow amounted to $647 million following a
reduction in working capital of $224 million. After spending $237 million on share buybacks, our net cash position increased to $4.0 billion
at March 31, 2025.

Market Background and Outlook

Oil and gas drilling activity has been stable in most parts of the world
so far this year. Over the last month, however, the outlook for oil demand and prices has changed with a decline in expectations for global
economic growth and the announcement by OPEC+ that it would increase production. Oil and gas companies are likely to adjust their investment
plans over the short term in response to a lower oil and gas price environment while maintaining their medium and long term plans for
development of major projects.

US OCTG reference prices have continued to increase following the extension
of tariffs to imports of all steel products. These and further increases should offset much of the impact of the tariffs and higher steel
and scrap purchase costs on our US operations.

For the second quarter, we expect our sales to show a small increase as
our average selling price recovers and volumes remain close to the level of the first quarter and our EBITDA margin should be in line
with the first quarter.

Analysis of 2025 First Quarter Results

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and
welded pipes for the periods indicated below:

| Tubes Sales volume (thousand metric tons) |     | 1Q 2025 |