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

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 25
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 of 2% taking into account among
others, mainly the historical inflation rate.

For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.

Management judgment is required to estimate discounted future cash flows.
Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting
techniques.

Non-financial assets other than goodwill that suffered an impairment are
reviewed for possible reversal at each reporting date. For more information on impairment charges see note 5
to these Consolidated Financial Statements.

#### IOther investments
Other investments consist primarily of investments in financial instruments
and time deposits with a maturity of more than three months at the date of purchase.

Certain non-derivative financial assets that the Company held not for trading
have been categorized as financial assets at fair value through other comprehensive income (“FVOCI”), as the business model
objective is achieved by both holding financial assets in order to collect contractual cash flows and selling financial assets. They are
carried at fair value and interest income from these financial assets is included in finance income using the effective interest rate
method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred
to the Consolidated Income Statement when the financial asset is disposed. Exchange gains and losses and impairments related to the financial
assets are immediately recognized in the Consolidated Income Statement. FVOCI instruments with maturities greater than 12 months after
the balance sheet date are included in non-current assets.

Other investments in financial instruments and time deposits are categorized
as financial assets at fair value through profit or loss (“FVPL”) because such investments are held for trading and their
performance is evaluated on a fair value basis. The results of these investments are recognized in Financial Results in the Consolidated
Income Statement.

Purchases and sales of financial investments are recognized as of their
settlement date.

The fair values of quoted investments are generally based on current bid
prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using
standard valuation techniques. See section III Financial Risk Management.

| - 19 - |

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

#### JInvent