Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 40

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 40
---

would have been to a large extent offset by changes in currency translation adjustment included in Tenaris’s net equity position.

| - 28 - |

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

| § | Saudi Arabian Riyal / U. S. dollar |

As of December 31, 2024 and 2023 consisting primarily of Saudi
Arabian Riyal-denominated financial and trade payables. The Saudi Arabian Riyal is tied to the U.S. dollar.

| § | Argentine Peso / U.S. dollar |

As of December 31, 2024 and 2023 consisting primarily of Argentine
Peso-denominated financial, trade, social and fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S.
dollar. A change of 1% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $0.4 million and $1.3 million as of
December 31, 2024 and 2023 respectively.

| § | Brazilian Real / U.S. dollar |

As of December 31, 2024 and 2023 consisting primarily of Brazilian
Real-denominated liabilities at certain Brazilian subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the BRL/USD
exchange rate would have generated a pre/-tax gain / loss of $0.4 million and $0.3 million as of December 31, 2024 and 2023 respectively.

Considering the balances held as of December 31, 2024 on financial assets
and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous 1% favorable / unfavorable
movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain / loss of $5.8
million (including a loss / gain of $1.5 million due to foreign exchange derivative contracts), which
would be partially offset by changes to Tenaris’s net equity position of $1.4 million. For balances
held as of December 31, 2023, a simultaneous 1% favorable / unfavorable movement in the foreign currencies exchange rates relative to
the U.S. dollar, would have generated a pre-tax gain / loss of $6.7 million (including a loss / gain
of $