Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 1

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 1
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 25.5 | % |     |         |  23.6 | % |     |    |    |     |         |  28.6 | % |     |     |    |

*EBITDA in fourth quarter of 2024 includes 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

Net sales in the fourth quarter were more resilient than expected as we
were able to reduce inventories and advance some shipments in the Middle East and Turkey, despite lower demand in Mexico, Argentina and
Saudi Arabia. Our EBITDA declined 4% on a comparable basis with the margin supported by a favorable product mix which offset the effect
of residual price declines in North America. Net income increased due to the partial reversal of the provision made in the second quarter
for the ongoing litigation related to the acquisition of a participation in Usiminas jointly with our associate company, Ternium.

During the quarter, our free cash flow amounted to $310 million and, after spending $299 million on dividends and $454 million on share buybacks, our net cash position declined to $3.6 billion at December 31, 2024.

Summary of 2024 Annual Results

|                                      |     | 12M 2024 |        |   |     | 12M 2023 |        |   |     | Increase/(Decrease) |     |    |
| Net sales ($ million)                |     |          | 12,524 |   |     |          | 14,869 |   |     |                     | (16 | %) |
| Operating income ($ million)         |     |          |  2,419 |   |     |          |  4,316 |   |     |                     | (44 | %) |
| Net income ($ million)               |     |          |  2,077 |   |     |          |  3,958 |   |     |                     | (48 | %) |
| Shareholders’ net income ($ million) |     |          |  2,036 |   |     |          |  3,918 |   |     |                     | (48 | %) |
| Earnings per ADS ($)                 |     |          |