Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 88

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 88
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8,300 | ) |     |     | (11,150 | ) |
| Contracts with negative fair values |     |                         | (8,300 | ) |     |     | (11,150 | ) |
| Total                               |     |                         |   (816 | ) |     |     |  (1,349 | ) |

**Other derivatives include contracts which are designated to hedge positions
other than borrowings and investments.

Foreign exchange and commodities derivative contracts and hedge accounting

Tenaris applies hedge accounting to certain cash flow hedges of highly
probable forecast transactions. The net fair values of exchange rate derivatives and those derivatives that were designated for hedge
accounting as of December 31, 2024 and 2023 were as follows:**

|                   |     |               |     |      |     | Fair Value |        |   |     |      |        |   |     | Hedge Accounting Reserve |        |   |     |      |       |   |
| Purchase currency |     | Sell currency |     | Term |     |       2024 |        |   |     | 2023 |        |   |     |                     2024 |        |   |     | 2023 |       |   |
| BRL               |     | USD           |     | 2025 |     |            | (2,818 | ) |     |      |     49 |   |     |                          |  1,776 |   |     |      |    49 |   |
| EUR               |     | USD           |     | 2025 |     |            | (2,551 | ) |     |      |  5,557 |   |     |                          | (2,091 | ) |     |      |   624 |   |
| USD               |     | BRL           |     | 2025 |     |            |  1,579 |   |     |      | (1,009 | ) |     |                          |      - |   |     |      |     - |   |
| USD               |     | CAD           |     | 2025 |     |            |  1,465 |   |     |      |   (836 | ) |     |                          |      - |   |     |      |     - |   |
| USD               |     | EUR           |     | 2025 |     |            |  1,089